Filing Flows › Black Stone Minerals, L.P. (BSM) › Q3 2026
Black Stone Minerals, L.P. (BSM) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
Black Stone Minerals, L.P. (BSM) reported revenue of $99.7M for the third quarter 2026 (Q3 2026), -25% from a year earlier and -33% from the quarter before. Operating margin was 56.4%, net earnings $45.0M (45.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.7M | -33% | -25% |
| Operating profit | $56.2M | -49% | -40% |
| Net earnings | $45.0M | -55% | -47% |
| Operating cash flow | $102M | +10% | +3% |
| Free cash flow | $87.7M | +50% | +10% |
What changed
Revenue was $99.7M in Q3 2026, down 25% year over year and down 33% from the previous quarter. Oil and condensate sales was the largest line at 78% of revenue.
Operating profit was $56.2M, a 56.4% margin (down 14.7 points year over year). Total costs grew 13% against a revenue fall of 25%. The fastest-growing cost line was General & admin (+34%). Net earnings were $45.0M, down 47% year over year. The effective tax rate was 0.0%.
Operating cash flow was $102.4M (up 3% year over year), 195% of net income including minority interests. Non-cash charges added back $10.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $36.8M. Capital expenditures of $14.6M left free cash flow of $87.7M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the third quarter 2026?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the third quarter 2026?
Operating profit was $56.2M (56.4% of revenue) and net earnings $45.0M.