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Black Stone Minerals, L.P. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$87.7M in Q3 2026 · $214M over twelve months

Operating cash flow$102M
Capital spending−$14.6M
Free cash flow+$87.7M
Cash / net income2.0×

Analysis

In Q3 2026, Black Stone Minerals, L.P. generated $102M of operating cash flow and spent $14.6M on capital projects, leaving free cash flow of $87.7M. That is $8.3M more than in Q3 2025 ($79.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $323M; the largest uses were other financing ($294M), capital spending ($109M), other investing ($20.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($100M); the cash balance fell by $677K.

Operating cash flow was $102M against net income of $52.4M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$10.1M, payables +$4.0M, prepaid and other assets +$3.1M.

Free cash flow

Black Stone Minerals, L.P.: free cash flow by quarterBlack Stone Minerals, L.P.: free cash flow by quarter$45.7MQ4 2024$54.6MQ1 2025$52.7MQ2 2025$79.5MQ3 2025$16.3MQ4 2025$51.0MQ1 2026$58.6MQ2 2026$87.7MQ3 2026
Operating cash flow less capital spending.
Black Stone Minerals, L.P.: operating cash flow against capital spendingBlack Stone Minerals, L.P.: operating cash flow against capital spendingOperating cash flowCapital spending$91.0M$45.2MQ4 2024$64.8M$10.3MQ1 2025$80.5M$27.7MQ2 2025$99.8M$20.3MQ3 2025$65.1M$48.8MQ4 2025$62.6M$11.5MQ1 2026$93.0M$34.4MQ2 2026$102M$14.6MQ3 2026
Latest (Q3 2026): Operating cash flow $102M, Capital spending $14.6M.

Capital allocation, year by year

Black Stone Minerals, L.P.: where the cash came from (up) and went (down), by fiscal yearBlack Stone Minerals, L.P.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksFY2021: Operating cash flow $257MFY2021: Net borrowing −$32.0MFY2021: Capital spending −$10.0MFY2021: Buybacks −$2.0M$257MFY2021FY2022: Operating cash flow $425MFY2022: Net borrowing −$79.0MFY2022: Capital spending −$11.9MFY2022: Buybacks −$3.0M$425MFY2022FY2023: Operating cash flow $521MFY2023: Net borrowing −$10.0MFY2023: Capital spending −$14.6MFY2023: Buybacks −$5.5M$521MFY2023FY2024: Operating cash flow $389MFY2024: Net borrowing $25.0MFY2024: Capital spending −$109MFY2024: Buybacks −$4.4M$414MFY2024FY2025: Operating cash flow $310MFY2025: Net borrowing $129MFY2025: Capital spending −$107M$439MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were capital spending ($253M) and net borrowing ($121M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.5M
Debtnone
Net cash$5.5M

Black Stone Minerals, L.P. funds itself: free cash flow was $214M over the last twelve months, with $5.5M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Black Stone Minerals, L.P.: sources (+) and uses (−) of cash, Q3 2026Black Stone Minerals, L.P.: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$102MOther financing−$75.5MCapital spending−$14.6MOther investing−$7.5MCash drawn (+) / kept (−)−$3.8MNet borrowing (+) / repaid (−)−$1.0M
Black Stone Minerals, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Black Stone Minerals, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$323MOther financing−$294MCapital spending−$109MNet borrowing (+) / repaid (−)$100MOther investing−$20.4MCash drawn (+) / kept (−)$677K

From profit to cash

Black Stone Minerals, L.P.: net income to operating cash flow, Q3 2026Black Stone Minerals, L.P.: net income to operating cash flow, Q3 2026Net income$52.4MDepreciation & amortization$10.1MStock-based pay$3.1MPayables$4.0MPrepaid and other assets$3.1MOperating cash flow$102M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$102M−$14.6M−$1.0M−$3.8M$87.7M
Q2 2026$93.0M−$34.4M$9.0M$9.9M$58.6M
Q1 2026$62.6M−$11.5M$33.0M−$10.1M$51.0M
Q4 2025$65.1M−$48.8M$59.0M$4.7M$16.3M
Q3 2025$99.8M−$20.3M−$76.0M−$3.6M$79.5M
Q2 2025$80.5M−$27.7M$36.0M−$95K$52.7M
Q1 2025$64.8M−$10.3M$38.0M$95K$54.6M
Q4 2024$91.0M−$45.2M$25.0M$18.4M$45.7M

Black Stone Minerals, L.P.: income statement and cash flow

Black Stone Minerals, L.P., Q3 2026: revenue $99.7M (-25% year over year), operating margin 56.4%. The chart follows the revenue to costs, profit and cash.

Black Stone Minerals, L.P.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.