Filing Flows › Dorchester Minerals, L.P. (DMLP) › Q3 2025
Dorchester Minerals, L.P. (DMLP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Dorchester Minerals, L.P. (DMLP) reported revenue of $35.4M for the third quarter 2025 (Q3 2025), -34% from a year earlier and +9% from the quarter before. Operating margin was 31.5%, net earnings $11.2M (31.5% of revenue).
Dorchester Minerals, L.P., Q3 2025: revenue $35.4M (-34% year over year), operating margin 31.5%, net earnings $11.2M, operating cash flow $34.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.4M | +9% | -34% |
| Operating profit | $11.2M | -10% | -69% |
| Net earnings | $11.2M | -10% | -69% |
| Operating cash flow | $34.3M | +12% | -22% |
What changed
Revenue was $35.4M in Q3 2025, down 34% year over year and up 9% from the previous quarter. Royalties was the largest line at 89% of revenue. Royalties lost $13.6M year over year (down 30%), 75% of the total change.
Operating profit was $11.2M, a 31.5% margin (down 36.5 points year over year). Total costs grew 42% against a revenue fall of 34%. The fastest-growing cost line was Other operating costs (+50%). Net earnings were $11.2M, down 69% year over year. The effective tax rate was 0.0%.
Operating cash flow was $34.3M (down 22% year over year), 307% of net earnings. Non-cash charges added back $17.0M of depreciation and amortization. Working capital and other items added $6.1M.
Questions
What was Dorchester Minerals, L.P.'s revenue in the third quarter 2025?
Dorchester Minerals, L.P.
Was Dorchester Minerals, L.P. profitable in the third quarter 2025?
Operating profit was $11.2M (31.5% of revenue) and net earnings $11.2M.