Black Stone Minerals, L.P. (BSM) Cash Flow: Operating & Free Cash Flow

Black Stone Minerals, L.P. (BSM) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Black Stone Minerals, L.P. generated $310.17M of operating cash flow and spent $11.76M on capital expenditures. That left free cash flow of $298.41M, up 8.9% from $274.01M a year earlier, or 70.7% of revenue. It returned $318.90M to shareholders through $315.12M in dividends and $3.78M in share buybacks.

Black Stone Minerals, L.P. Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Black Stone Minerals, L.P. (BSM) - 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
Operating Activities
Net Income	299.93	271.33	422.55	476.48	181.99	121.82	214.37	295.56	157.15
Depreciation & Amortization	36.89	46.28	0.00	47.80	61.02	82.02	109.58	122.65	114.53
Deferred Income Tax	0.00	0.00	0.00	0.00	-61.02	-82.02	0.00	-14.83	-27.83
Stock Based Compensation	9.62	8.56	10.83	17.39	12.22	3.73	20.48	30.13	33.04
Change in Working Capital	-2.13	10.64	48.81	-36.45	-32.49	10.07	33.69	-19.85	-11.93
Change in Accounts Receivable	5.55	11.24	53.05	-39.51	-34.86	16.49	35.04	-31.53	-6.08
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.34	-0.18
Change in Accounts Payable	-0.29	1.04	-3.83	3.01	2.65	-5.93	-1.19	11.47	-3.59
Change in Other Working Capital	-7.39	-1.65	-0.41	0.05	-0.29	-0.50	-0.17	-0.13	-2.09
Other Operating Activities	-34.14	52.24	39.06	-80.24	95.17	146.20	34.60	-28.29	16.89
Net Cash from Operating Activities	310.17	389.04	521.25	424.98	256.88	281.81	412.72	385.38	281.85
Investing Activities
Capital Expenditures	-11.76	-115.03	-19.81	-12.56	-14.64	-4.82	-111.30	-297.34	-484.52
Acquisitions	-117.98	0.00	0.00	11.35	0.32	156.06	0.00	131.83	30.27
Other Investing Activities	11.46	-108.02	0.07	0.00	0.00	0.00	62.68	133.53	30.27
Net Cash from Investing Activities	-118.27	-112.24	-19.74	-1.22	-14.32	151.25	-48.62	-163.80	-454.25
Financing Activities
Debt Repayment	129.00	-72.00	-10.00	-79.00	-32.00	-273.00	-16.00	22.00	72.00
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.54	325.93
Common Stock Repurchased	-3.78	-4.45	-5.50	-2.99	-1.96	-5.04	-16.97	-12.69	-27.89
Dividends Paid	-315.12	-336.93	-419.82	-343.40	-197.92	-161.34	-328.42	-268.49	-198.58
Other Financing Activities	-3.04	-0.06	-0.22	-2.94	-3.60	0.00	0.00	-3.16	-3.20
Net Cash from Financing Activities	-192.93	-344.57	-435.54	-428.34	-235.48	-439.38	-361.39	-221.80	168.27
Summary
Net Change in Cash	-1.04	-67.76	65.98	-4.57	7.08	-6.32	2.71	-0.23	-4.13
Cash at Beginning of Period	2.52	70.28	4.31	8.88	1.80	8.12	5.41	5.64	9.77
Cash at End of Period	1.48	2.52	70.28	4.31	8.88	1.80	8.12	5.41	5.64
Free Cash Flow	298.41	274.01	501.44	412.42	242.25	276.99	301.42	88.04	-202.67
Supplemental Disclosures
Interest Paid	-	1.96	1.74	4.33	4.04	-	-	-	-

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. Cash Flow

What is Black Stone Minerals, L.P.'s free cash flow?

Black Stone Minerals, L.P. generated free cash flow of $298.41M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $310.17M minus $11.76M of capital expenditures. That was up 8.9% from $274.01M a year earlier. Free cash flow equaled 70.7% of revenue.

How much does Black Stone Minerals, L.P. spend on capital expenditures?

Black Stone Minerals, L.P. spent $11.76M on capital expenditures in fiscal 2025, compared with $115.03M a year earlier. That equals 3.8% of operating cash flow.

Does Black Stone Minerals, L.P. pay dividends or buy back shares?

Yes. In fiscal 2025 Black Stone Minerals, L.P. returned $315.12M in dividends and $3.78M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition