Filing Flows › Dorchester Minerals, L.P. (DMLP) › Q4 2025
Dorchester Minerals, L.P. (DMLP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Dorchester Minerals, L.P. (DMLP) reported revenue of $41.9M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +18% from the quarter before. Operating margin was 38.7%, net earnings $16.2M (38.7% of revenue).
Dorchester Minerals, L.P., Q4 2025: revenue $41.9M (+5% year over year), operating margin 38.7%, net earnings $16.2M, operating cash flow $34.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $41.9M | +18% | +5% |
| Operating profit | $16.2M | +45% | +14% |
| Net earnings | $16.2M | +45% | +14% |
| Operating cash flow | $34.3M | +0.2% | +9% |
What changed
Revenue was $41.9M in Q4 2025, up 5% year over year and up 18% from the previous quarter. Royalties was the largest line at 81% of revenue.
Operating profit was $16.2M, a 38.7% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 91% reached operating profit, above the 36% margin then. Total costs grew 1% against revenue growth of 5%. Net earnings were $16.2M, up 14% year over year. The effective tax rate was 0.0%.
Operating cash flow was $34.3M (up 9% year over year), 212% of net earnings. Non-cash charges added back $17.8M of depreciation and amortization.
Questions
What was Dorchester Minerals, L.P.'s revenue in the fourth quarter 2025?
Dorchester Minerals, L.P.
Was Dorchester Minerals, L.P. profitable in the fourth quarter 2025?
Operating profit was $16.2M (38.7% of revenue) and net earnings $16.2M.