Filing Flows › Black Stone Minerals, L.P. (BSM) › Q3 2025
Black Stone Minerals, L.P. (BSM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Black Stone Minerals, L.P. (BSM) reported revenue of $132M for the third quarter 2025 (Q3 2025), -2% from a year earlier and -17% from the quarter before. Operating margin was 71.0%, net earnings $84.4M (63.7% of revenue).
Black Stone Minerals, L.P., Q3 2025: revenue $132M (-2% year over year), operating margin 71.0%, net earnings $84.4M, operating cash flow $99.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $132M | -17% | -2% |
| Operating profit | $94.1M | -23% | +1% |
| Net earnings | $84.4M | -25% | -1% |
| Operating cash flow | $99.8M | +24% | +7% |
| Free cash flow | $79.5M | +51% | +1% |
What changed
Revenue was $132.5M in Q3 2025, down 2% year over year and down 17% from the previous quarter. Oil and condensate sales was the largest line at 43% of revenue. Oil and condensate sales lost $6.9M year over year (down 11%), 290% of the total change.
Operating profit was $94.1M, a 71.0% margin (up 2.0 points year over year). Total costs fell 8% while revenue fell 2%. Net earnings were $84.4M, down 1% year over year. The effective tax rate was 0.0%.
Operating cash flow was $99.8M (up 7% year over year), 109% of net income including minority interests. Non-cash charges added back $9.9M of depreciation and amortization and $2.2M of share-based compensation. Capital expenditures of $20.3M left free cash flow of $79.5M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the third quarter 2025?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the third quarter 2025?
Operating profit was $94.1M (71.0% of revenue) and net earnings $84.4M.