Filing Flows › Black Stone Minerals, L.P. (BSM) › Q2 2026 › vs Q2 2025
Black Stone Minerals, L.P. (BSM) Q2 2026 vs Q2 2025 (year over year)
Black Stone Minerals, L.P.'s revenue fell $10.5M (-7%) from $159M in Q2 2025 to $149M in Q2 2026. The biggest changes: Other revenues −$25.9M (-49%); Oil and condensate sales +$19.3M (+35%); Natural gas and natural gas liquids sales −$5.9M (-13%). Operating margin 73.9% against 76.7% (-2.8 pts).
Black Stone Minerals, L.P., Q2 2026: revenue $149M (-7% year over year), operating margin 73.9%, net earnings $99.0M, operating cash flow $93.0M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 73.9% | 76.7% | -2.8 pts |
| Net margin | 66.5% | 70.6% | -4.2 pts |
| Free cash flow margin | 39.3% | 33.1% | +6.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil and condensate sales | $75.2M | $55.8M | $19.3M | +35% |
| Natural gas and natural gas liquids sales | $40.3M | $46.2M | −$5.9M | -13% |
| Lease bonus and other income | $6.7M | $4.7M | $2.0M | +42% |
| Other revenues | $26.9M | $52.8M | −$25.9M | -49% |
| Revenue | $149M | $159M | −$10.5M | -7% |
| Operating profit | $110M | $122M | −$12.2M | -10% |
| Costs & expenses | $38.9M | $37.2M | $1.7M | +5% |
| Pre-tax earnings | $106M | $120M | −$13.7M | -11% |
| Other expense, net | $3.7M | $2.3M | $1.5M | +65% |
| General & admin | $16.1M | $13.9M | $2.2M | +15% |
| Other operating costs | $22.8M | $23.3M | −$463K | -2% |
| Net earnings | $99.0M | $113M | −$13.7M | -12% |
| Minority interests | $7.4M | $7.4M | −$1K | 0% |
| Depreciation & amortization | $9.4M | $9.2M | $215K | +2% |
| Share-based compensation | $2.5M | $2.0M | $520K | +27% |
| Working capital & other | $17.9M | $43.3M | −$25.4M | -59% |
| Operating cash flow | $93.0M | $80.5M | $12.5M | +16% |
| Free cash flow (OCF − capex) | $58.6M | $52.7M | $5.9M | +11% |
| Capital expenditures | $34.4M | $27.7M | $6.6M | +24% |
Questions
How much did Black Stone Minerals, L.P.'s revenue grow year over year in Q2 2026?
Black Stone Minerals, L.P.'s revenue fell $10.5M (-7%) from $159M in Q2 2025 to $149M in Q2 2026.
What drove Black Stone Minerals, L.P.'s revenue change in Q2 2026?
Other revenues −$25.9M (-49%); Oil and condensate sales +$19.3M (+35%); Natural gas and natural gas liquids sales −$5.9M (-13%).