Filing Flows › Black Stone Minerals, L.P. (BSM) › Q1 2026
Black Stone Minerals, L.P. (BSM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Black Stone Minerals, L.P. (BSM) reported revenue of $59.4M for the first quarter 2026 (Q1 2026), +0.2% from a year earlier and -50% from the quarter before. Operating margin was 28.0%, net earnings $5.9M (9.9% of revenue).
Black Stone Minerals, L.P., Q1 2026: revenue $59.4M (+0.2% year over year), operating margin 28.0%, net earnings $5.9M, operating cash flow $62.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.4M | -50% | +0.2% |
| Operating profit | $16.6M | -78% | -3% |
| Net earnings | $5.9M | -91% | -31% |
| Operating cash flow | $62.6M | -4% | -4% |
| Free cash flow | $51.0M | +213% | -7% |
What changed
Revenue was $59.4M in Q1 2026, roughly flat year over year and down 50% from the previous quarter. Natural gas and natural gas liquids sales was the largest line, $63.4M against total revenue of $59.4M (other lines net negative). Natural gas and natural gas liquids sales added $5.2M year over year (up 9%), 4835% of the total change. Lease bonus and other income declined 8%.
Operating profit was $16.6M, a 28.0% margin (down 0.9 points year over year). Operating profit fell $526K even though revenue rose $107K versus Q1 2025, so costs grew faster than sales. Total costs grew 2% against flat revenue. The fastest-growing cost line was General & admin (+11%). Net earnings were $5.9M, down 31% year over year. The effective tax rate was 0.0%.
Operating cash flow was $62.6M (down 4% year over year), 471% of net income including minority interests. Non-cash charges added back $9.8M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $36.0M. Capital expenditures of $11.5M left free cash flow of $51.0M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the first quarter 2026?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the first quarter 2026?
Operating profit was $16.6M (28.0% of revenue) and net earnings $5.9M.