Filing Flows › Black Stone Minerals, L.P. (BSM) › Q2 2026
Black Stone Minerals, L.P. (BSM) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
Black Stone Minerals, L.P. (BSM) reported revenue of $149M for the second quarter 2026 (Q2 2026), -7% from a year earlier and +151% from the quarter before. Operating margin was 73.9%, net earnings $99.0M (66.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $149M | +151% | -7% |
| Operating profit | $110M | +562% | -10% |
| Net earnings | $99.0M | 17× | -12% |
| Operating cash flow | $93.0M | +49% | +16% |
| Free cash flow | $58.6M | +15% | +11% |
What changed
Revenue was $149.0M in Q2 2026, down 7% year over year and up 151% from the previous quarter. Oil and condensate sales was the largest line at 50% of revenue. Natural gas and natural gas liquids sales lost $5.9M year over year (down 13%), 56% of the total change.
Operating profit was $110.1M, a 73.9% margin (down 2.8 points year over year). Total costs grew 5% against a revenue fall of 7%. The fastest-growing cost line was General & admin (+15%). Net earnings were $99.0M, down 12% year over year. The effective tax rate was 0.0%.
Operating cash flow was $93.0M (up 16% year over year), 87% of net income including minority interests. Non-cash charges added back $9.4M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items used $25.3M. Capital expenditures of $34.4M left free cash flow of $58.6M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the second quarter 2026?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the second quarter 2026?
Operating profit was $110M (73.9% of revenue) and net earnings $99.0M.