Black Stone Minerals, L.P. (BSM) Financial Statements & Analysis

Black Stone Minerals, L.P. (BSM) Income Statement

Black Stone Minerals, L.P. reported revenue of $422.33M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 1.1% from $426.97M a year earlier. Net income was $299.93M, down 0.3% year over year, a net margin of 71.0%. Gross margin was 79.6% and operating margin 61.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $115.43M, up 8.2% from the same quarter a year earlier.

Black Stone Minerals, L.P. Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Black Stone Minerals, L.P. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	422.33	426.97	488.59	784.28	505.73	296.64	492.78	609.57	429.66
Cost of Revenue	86.05	59.28	68.37	126.42	123.88	139.51	187.78	205.43	179.29
Gross Profit	336.28	374.42	523.85	657.87	381.85	157.13	304.99	404.14	250.37
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	55.46	52.08	51.46	53.65	48.75	42.98	63.35	76.71	77.57
Operating Expenses	75.47	101.31	100.40	175.37	194.53	25.02	69.82	85.76	79.22
Operating Income	260.81	273.11	423.45	482.50	187.33	132.11	235.17	318.38	172.08
Other Income/Expense
Interest Income	0.24	1.67	1.87	0.05	0.00	0.04	0.16	0.18	0.05
Interest Expense	8.93	-3.11	-2.75	6.29	5.64	10.41	21.44	20.76	15.69
Other Income/Expense	47.82	-1.78	-1.05	-6.02	-5.34	-10.29	-20.80	-22.82	-14.93
Income
Income Before Tax	299.93	271.33	422.55	476.48	181.99	121.82	214.37	295.56	157.15
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.07	0.00
Net Income	299.93	300.79	444.18	476.48	181.99	121.82	214.37	295.54	157.19
Net Income - Continuous Operations	299.93	271.33	422.55	476.48	181.99	121.82	214.37	295.54	157.19
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	345.75	319.60	470.25	530.57	248.64	215.38	345.39	442.33	289.71
EBIT	308.86	273.11	423.52	482.48	187.63	-	-	-	-
Depreciation & Amortization	36.89	46.49	46.73	47.80	61.02	83.15	109.58	123.76	115.56
Earnings Per Share
Basic EPS	1.00	1.00	2.00	2.00	1.00	-	1.00	1.00	1.00
Diluted EPS	1.00	1.00	2.00	2.00	1.00	-	1.00	1.00	1.00
Basic Shares Outstanding	211.67	210.68	209.97	209.38	208.18	206.71	205.97	217.61	192.55
Diluted Shares Outstanding	211.73	210.78	225.11	224.45	208.29	206.82	206.12	217.61	192.55

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Black Stone Minerals, L.P. Financial Statements

What was Black Stone Minerals, L.P.'s revenue in fiscal 2025?

Black Stone Minerals, L.P. reported revenue of $422.33M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 1.1% from $426.97M a year earlier.

Is Black Stone Minerals, L.P. profitable?

Yes. Black Stone Minerals, L.P. earned net income of $299.93M in fiscal 2025, a net margin of 71.0%. In fiscal 2024 it earned $300.79M.

What is Black Stone Minerals, L.P.'s operating margin?

Black Stone Minerals, L.P.'s operating income was $260.81M on revenue of $422.33M in fiscal 2025, an operating margin of 61.8%, compared with 64.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition