Filing Flows › BKV (BKV) › How it makes money
How BKV (BKV) makes money
BKV (BKV) made $390M of revenue in the third quarter 2026 (Q3 2026), +22% from a year earlier. Natural gas, NGL, and oil sales brought in $238M (61%); Power brought in $87.4M (22%); Marketing revenues brought in $65.1M (17%). Of every dollar of revenue, 17¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Natural gas, NGL, and oil sales | $238M | 60.9% | — | +4% |
| ↳ Power revenues | $87.4M | 22.4% | — | +3% |
| ↳ Merchant energy sales and other | $80.5M | 20.6% | — | -21% |
| ↳ NGLs | $65.9M | 16.9% | — | +66% |
| ↳ Oil | $3.7M | 1.0% | — | +116% |
| Power | $87.4M | 22.4% | — | +3% |
| Marketing revenues | $65.1M | 16.7% | — | +846% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $390M | 100.0% |
| Operating profit | $67.2M | 17.2% |
| Income tax | $3.0M | 0.8% |
| Net earnings | $29.4M | 7.5% |
| Operating cash flow | $164M | 42.2% |
| Free cash flow | $83.0M | 21.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $390M | +37% |
| Q2 2026 | $322M | +20% |
| Q1 2026 | $377M | +38% |
| Q4 2025 | $505M | +31% |
| Q3 2025 | $200M | +50% |
| Q2 2025 | $207M | +55% |
| Q1 2025 | $231M | +48% |
From BKV's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does BKV make money?
BKV (BKV) made $390M of revenue in the third quarter 2026 (Q3 2026), +22% from a year earlier. Natural gas, NGL, and oil sales brought in $238M (61%); Power brought in $87.4M (22%); Marketing revenues brought in $65.1M (17%). Of every dollar of revenue, 17¢ was left as operating profit, 8¢ was left as net earnings.
What is BKV's biggest business?
Natural gas, NGL, and oil sales: $238M in the third quarter 2026, 61% of revenue, +4% from a year earlier.
What is BKV's profit margin?
Net earnings were $29.4M, 7.5% of revenue, in the third quarter 2026; the operating margin was 17.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.