Filing Flows › Black Stone Minerals, L.P. (BSM) › Q3 2026 › vs Q2 2026
Black Stone Minerals, L.P. (BSM) Q3 2026 vs Q2 2026 (quarter over quarter)
Black Stone Minerals, L.P.'s revenue fell $49.2M (-33%) from $149M in Q2 2026 to $99.7M in Q3 2026. The biggest changes: Revenue from contracts with customers +$7.8M (+6%). Operating margin 56.4% against 73.9% (-17.5 pts).
Black Stone Minerals, L.P., Q3 2026: revenue $99.7M (-25% year over year), operating margin 56.4%, net earnings $45.0M, operating cash flow $102M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 56.4% | 73.9% | -17.5 pts |
| Net margin | 45.1% | 66.5% | -21.3 pts |
| Free cash flow margin | 88.0% | 39.3% | +48.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Oil and condensate sales | $77.6M | $75.2M | $2.5M | +3% |
| Natural gas and natural gas liquids sales | $45.1M | $40.3M | $4.8M | +12% |
| Lease bonus and other income | $7.2M | $6.7M | $481K | +7% |
| Revenue from contracts with customers | $130M | $122M | $7.8M | +6% |
| Revenue | $99.7M | $149M | −$49.2M | -33% |
| Other revenues (net loss) | $30.2M | −$26.9M | $57.0M | — |
| Operating profit | $56.2M | $110M | −$53.9M | -49% |
| Costs & expenses | $43.5M | $38.9M | $4.6M | +12% |
| Pre-tax earnings | $52.4M | $106M | −$54.0M | -51% |
| Other expense, net | $3.8M | $3.7M | $136K | +4% |
| General & admin | $16.5M | $16.1M | $394K | +2% |
| Other operating costs | $27.0M | $22.8M | $4.2M | +18% |
| Net earnings | $45.0M | $99.0M | −$54.0M | -55% |
| Minority interests | $7.4M | $7.4M | $1K | 0% |
| Depreciation & amortization | $10.1M | $9.4M | $719K | +8% |
| Share-based compensation | $3.1M | $2.5M | $573K | +23% |
| Working capital & other | $44.2M | −$17.9M | $62.1M | — |
| Operating cash flow | $102M | $93.0M | $9.4M | +10% |
| Free cash flow (OCF − capex) | $87.7M | $58.6M | $29.1M | +50% |
| Capital expenditures | $14.6M | $34.4M | −$19.7M | -57% |
Questions
How much did Black Stone Minerals, L.P.'s revenue grow quarter over quarter in Q3 2026?
Black Stone Minerals, L.P.'s revenue fell $49.2M (-33%) from $149M in Q2 2026 to $99.7M in Q3 2026.
What drove Black Stone Minerals, L.P.'s revenue change in Q3 2026?
Revenue from contracts with customers +$7.8M (+6%).