Filing Flows › Energy › Black Stone Minerals, L.P. (BSM)
Black Stone Minerals, L.P. (BSM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Black Stone Minerals, L.P. (BSM) Q3 2026 earnings results →
Q3 2026 Revenue down 25% year over year to $99.7M · 45¢ of every $1 of revenue kept as net profit · operating margin 56.4%
Black Stone Minerals, L.P. made $99.7M in Q3 2026 (-25% Y/Y). Operating margin 56.4%, net earnings $45.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $99.7M in Q3 2026, down 25% year over year and down 33% from the previous quarter. Oil and condensate sales was the largest line at 78% of revenue.
Operating profit was $56.2M, a 56.4% margin (down 14.7 points year over year). Total costs grew 13% against a revenue fall of 25%. The fastest-growing cost line was General & admin (+34%). Net earnings were $45.0M, down 47% year over year. The effective tax rate was 0.0%.
Operating cash flow was $102.4M (up 3% year over year), 195% of net income including minority interests. Non-cash charges added back $10.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $36.8M. Capital expenditures of $14.6M left free cash flow of $87.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $99.7M | -25% | 56.4% | $45.0M | $102M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $149M | -7% | 73.9% | $99.0M | $93.0M |
| Q1 2026 | 10-Q | May 5, 2026 | $59.4M | +0.2% | 28.0% | $5.9M | $62.6M |
| Q4 2025 | 10-K | Feb 24, 2026 | $119M | +42% | 63.1% | $64.9M | $65.1M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $132M | -2% | 71.0% | $84.4M | $99.8M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $159M | +46% | 76.7% | $113M | $80.5M |
| Q1 2025 | 10-Q | May 6, 2025 | $59.3M | -44% | 29.0% | $8.6M | $64.8M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
Sells to
- XTO Energy Inc — 14% of its revenue · Stated in 10-K (XBRL) · source
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners and managers of oil and natural gas mineral interests in the United States. The Partnership owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.
In its own words, from its 8-K, filed Aug 4, 2026.
Black Stone Minerals, L.P. against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -25% against the peers' median +46%. Operating margin: 56.4% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BSM Black Stone Minerals, L.P. | Q3 2026 | $99.7M | -25% | 56.4% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Black Stone Minerals, L.P. 10-Q on SEC EDGAR · CIK 1621434 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns BSM and who is buying
More on BSM
- How Black Stone Minerals, L.P. makes money: revenue by segment
- Black Stone Minerals, L.P. next earnings date and what analysts expect
- Black Stone Minerals, L.P. stock forecast, price target and fair value
- Who owns Black Stone Minerals, L.P. stock: holders, funds and Congress trades
- Black Stone Minerals, L.P. guidance and outlook
- Is Black Stone Minerals, L.P. a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
Compare BSM with
- Black Stone Minerals, L.P. vs Diversified Energy (BSM vs DEC)
- Black Stone Minerals, L.P. vs Ring Energy (BSM vs REI)
- Black Stone Minerals, L.P. vs Prairie Operating (BSM vs PROP)
- Black Stone Minerals, L.P. vs Kimbell Royalty Partners, LP (BSM vs KRP)
- Black Stone Minerals, L.P. vs Vitesse Energy (BSM vs VTS)