Filing Flows › Black Stone Minerals, L.P. (BSM) › Q3 2026 › vs Q3 2025
Black Stone Minerals, L.P. (BSM) Q3 2026 vs Q3 2025 (year over year)
Black Stone Minerals, L.P.'s revenue fell $32.7M (-25%) from $132M in Q3 2025 to $99.7M in Q3 2026. The biggest changes: Revenue from contracts with customers +$24.7M (+23%). Operating margin 56.4% against 71.0% (-14.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 56.4% | 71.0% | -14.7 pts |
| Net margin | 45.1% | 63.7% | -18.6 pts |
| Free cash flow margin | 88.0% | 60.0% | +28.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Oil and condensate sales | $77.6M | $57.1M | $20.6M | +36% |
| Natural gas and natural gas liquids sales | $45.1M | $43.1M | $2.0M | +5% |
| Lease bonus and other income | $7.2M | $5.0M | $2.2M | +43% |
| Revenue from contracts with customers | $130M | $105M | $24.7M | +23% |
| Revenue | $99.7M | $132M | −$32.7M | -25% |
| Other revenues (net loss) | $30.2M | −$27.3M | $57.4M | — |
| Operating profit | $56.2M | $94.1M | −$37.9M | -40% |
| Costs & expenses | $43.5M | $38.4M | $5.1M | +13% |
| Pre-tax earnings | $52.4M | $91.7M | −$39.4M | -43% |
| Other expense, net | $3.8M | $2.4M | $1.5M | +62% |
| General & admin | $16.5M | $12.3M | $4.2M | +34% |
| Other operating costs | $27.0M | $26.1M | $958K | +4% |
| Net earnings | $45.0M | $84.4M | −$39.4M | -47% |
| Minority interests | $7.4M | $7.4M | $1K | 0% |
| Depreciation & amortization | $10.1M | $9.9M | $221K | +2% |
| Share-based compensation | $3.1M | $2.2M | $845K | +38% |
| Working capital & other | $44.2M | $3.3M | $40.9M | 13× |
| Operating cash flow | $102M | $99.8M | $2.6M | +3% |
| Free cash flow (OCF − capex) | $87.7M | $79.5M | $8.3M | +10% |
| Capital expenditures | $14.6M | $20.3M | −$5.7M | -28% |
Questions
How much did Black Stone Minerals, L.P.'s revenue grow year over year in Q3 2026?
Black Stone Minerals, L.P.'s revenue fell $32.7M (-25%) from $132M in Q3 2025 to $99.7M in Q3 2026.
What drove Black Stone Minerals, L.P.'s revenue change in Q3 2026?
Revenue from contracts with customers +$24.7M (+23%).