Filing Flows › Black Stone Minerals, L.P. (BSM) › Q4 2025
Black Stone Minerals, L.P. (BSM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Black Stone Minerals, L.P. (BSM) reported revenue of $119M for the fourth quarter 2025 (Q4 2025), +42% from a year earlier and -10% from the quarter before. Operating margin was 63.1%, net earnings $64.9M (54.6% of revenue).
Black Stone Minerals, L.P., Q4 2025: revenue $119M (+42% year over year), operating margin 63.1%, net earnings $64.9M, operating cash flow $65.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $119M | -10% | +42% |
| Operating profit | $74.9M | -20% | +58% |
| Net earnings | $64.9M | -23% | +66% |
| Operating cash flow | $65.1M | -35% | -28% |
| Free cash flow | $16.3M | -79% | -64% |
What changed
Revenue was $118.7M in Q4 2025, up 42% year over year and down 10% from the previous quarter. Oil and condensate sales was the largest line at 39% of revenue.
Operating profit was $74.9M, a 63.1% margin (up 6.3 points year over year). Of the extra revenue versus a year earlier, 78% reached operating profit, above the 57% margin then. Total costs grew 21% against revenue growth of 42%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $64.9M, up 66% year over year. The effective tax rate was 0.0%.
Operating cash flow was $65.1M (down 28% year over year), 90% of net income including minority interests. Non-cash charges added back $8.7M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $18.2M. Capital expenditures of $48.8M left free cash flow of $16.3M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the fourth quarter 2025?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the fourth quarter 2025?
Operating profit was $74.9M (63.1% of revenue) and net earnings $64.9M.