Revenue swung from $188.5M in 2026Q1 to $99.7M in 2026Q3 while gross margin stayed between 56.4% and 86.3%, suggesting lumpy lease bonus income layered over a steadier royalty base.
Black Stone Minerals, L.P. (BSM) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 505.49M | 422.33M | 439.43M | 501.1M | 784.28M | 505.73M | 296.64M | 492.78M | 609.57M | 429.66M | 260.83M | 392.92M | 548.32M | 463.56M | 368.95M |
| Revenue Growth % | 25.07% | -3.89% | -12.31% | -36.11% | 55.08% | 70.49% | -39.8% | -19.16% | 41.87% | 64.73% | -33.62% | -28.34% | 18.29% | 25.64% | - |
| Cost of Goods Sold | 105.53M | 106.06M | 104.48M | 114.05M | 126.42M | 123.88M | 139.51M | 187.78M | 205.43M | 179.29M | 156.71M | 161.65M | 184.82M | 166.4M | 57.21M |
| COGS % of Revenue | - | 25.11% | 23.78% | 22.76% | 16.12% | 24.5% | 47.03% | 38.11% | 33.7% | 41.73% | 60.08% | 41.14% | 33.71% | 35.9% | 15.51% |
| Gross Profit | 399.96M | 316.27M | 334.95M | 387.05M | 657.87M | 381.85M | 157.13M | 304.99M | 404.14M | 250.37M | 104.13M | 231.28M | 363.5M | 297.16M | 311.75M |
| Gross Margin % | 79.12% | 74.89% | 76.22% | 77.24% | 83.88% | 75.5% | 52.97% | 61.89% | 66.3% | 58.27% | 39.92% | 58.86% | 66.29% | 64.1% | 84.49% |
| Gross Profit Growth % | - | -5.58% | -13.46% | -41.17% | 72.28% | 143.02% | -48.48% | -24.53% | 61.41% | 140.45% | -54.98% | -36.37% | 22.32% | -4.68% | - |
| Operating Expenses | 63.46M | 55.46M | 61.84M | -36.55M | 175.37M | 194.53M | 25.02M | 69.82M | 85.76M | 79.22M | 74.68M | 82.44M | 63.83M | 60.26M | 150.98M |
| OpEx % of Revenue | - | 13.13% | 14.07% | -7.29% | 22.36% | 38.46% | 8.43% | 14.17% | 14.07% | 18.44% | 28.63% | 20.98% | 11.64% | 13% | 40.92% |
| Selling, General & Admin | 63.46M | 55.46M | 52.08M | 51.45M | 53.65M | 48.75M | 42.98M | 63.35M | 76.71M | 77.57M | 73.14M | 77.17M | 62.77M | 59.5M | 50.35M |
| SG&A % of Revenue | - | 13.13% | 11.85% | 10.27% | 6.84% | 9.64% | 14.49% | 12.86% | 12.58% | 18.05% | 28.04% | 19.64% | 11.45% | 12.84% | 13.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 9.76M | -88M | 121.72M | 145.78M | -17.96M | 6.47M | -2.25M | 714K | -390K | 910K | 959K | 407K | 0 |
| Operating Income | 336.5M | 260.81M | 273.11M | 423.6M | 482.5M | 187.32M | 132.11M | 235.17M | 318.38M | 172.08M | 27.47M | -95.86M | 181.71M | 179.81M | 159.94M |
| Operating Margin % | 66.57% | 61.75% | 62.15% | 84.53% | 61.52% | 37.04% | 44.54% | 47.72% | 52.23% | 40.05% | 10.53% | -24.4% | 33.14% | 38.79% | 43.35% |
| Operating Income Growth % | - | -4.5% | -35.53% | -12.21% | 157.57% | 41.8% | -43.82% | -26.14% | 85.01% | 526.47% | 128.66% | -152.75% | 1.06% | 12.42% | - |
| EBITDA | 374.11M | 297.69M | 318.3M | 469.28M | 530.3M | 248.34M | 214.13M | 344.76M | 441.03M | 286.62M | 129.96M | 8.44M | 293.67M | 282.25M | 327.59M |
| EBITDA Margin % | 74.01% | 70.49% | 72.44% | 93.65% | 67.62% | 49.11% | 72.18% | 69.96% | 72.35% | 66.71% | 49.82% | 2.15% | 53.56% | 60.89% | 88.79% |
| EBITDA Growth % | 40.65% | -6.48% | -32.17% | -11.51% | 113.54% | 15.98% | -37.89% | -21.83% | 53.88% | 120.55% | 1439.22% | -97.13% | 4.05% | -13.84% | - |
| D&A (Non-Cash Add-back) | 37.61M | 36.89M | 45.2M | 45.68M | 47.8M | 61.02M | 82.02M | 109.58M | 122.65M | 114.53M | 102.49M | 104.3M | 111.96M | 102.44M | 167.65M |
| EBIT | 258.17M | 308.86M | 274.44M | 425.3M | 482.77M | 187.63M | 132.23M | 235.8M | 316.32M | 172.85M | 27.73M | -94.89M | 182.7M | 180.31M | 159.94M |
| Net Interest Income | -13.75M | -8.69M | -1.44M | -887K | -6.23M | -5.64M | -10.37M | -21.28M | -20.57M | -15.64M | -6.89M | -6.36M | -13.48M | -11.25M | 0 |
| Interest Income | 195K | 237K | 1.67M | 1.87M | 53K | 1K | 35K | 159K | 183K | 49K | 656K | 58K | 28K | 90K | 8.96M |
| Interest Expense | 13.95M | 8.93M | 3.11M | 2.75M | 6.29M | 5.64M | 10.41M | 21.43M | 20.76M | 15.69M | 7.55M | 6.42M | 13.51M | 11.34M | 0 |
| Other Income/Expense | -92.28M | 39.13M | -1.78M | -1.05M | -6.02M | -5.34M | -10.29M | -20.8M | -22.82M | -14.93M | -7.28M | -5.45M | -12.52M | -10.85M | -8.13M |
| Pretax Income | 244.22M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.56M | 157.15M | 20.19M | -101.31M | 169.19M | 168.96M | 151.81M |
| Pretax Margin % | 48.31% | 71.02% | 61.75% | 84.32% | 60.75% | 35.98% | 41.07% | 43.5% | 48.49% | 36.58% | 7.74% | -25.78% | 30.86% | 36.45% | 41.15% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.06M | 0 | 0 | 0 | 0 | 0 | 60.09M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.7% | 0% | 0% | 0% | 0% | 0% | 39.58% |
| Net Income | 244.22M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.54M | 157.19M | 20.2M | -100.05M | 170.35M | 168.59M | 91.72M |
| Net Margin % | 48.31% | 71.02% | 61.75% | 84.32% | 60.75% | 35.98% | 41.07% | 43.5% | 48.48% | 36.58% | 7.74% | -25.46% | 31.07% | 36.37% | 24.86% |
| Net Income Growth % | -10.88% | 10.54% | -35.79% | -11.32% | 161.82% | 49.39% | -43.17% | -27.46% | 88.02% | 678.15% | 120.19% | -158.73% | 1.04% | 83.8% | - |
| Net Income (Continuing) | 244.22M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.56M | 157.15M | 20.19M | -101.31M | 169.19M | 168.96M | 91.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 867K | 1.02M | 1.14M | 2.62M | 4.09M | 327.82M |
| EPS (Diluted) | 1.15 | 1.28 | 1.15 | 1.88 | 2.12 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| EPS Growth % | -11.54% | 11.3% | -38.83% | -11.32% | 175.32% | 57.14% | -51.49% | -25.74% | 34.65% | 288.46% | 149.06% | -165.43% | -8.79% | 1979.7% | - |
| EPS (Basic) | - | 1.28 | 1.15 | 1.91 | 2.18 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| Diluted Shares Outstanding | 212.71M | 211.73M | 210.78M | 225.1M | 224.45M | 208.29M | 206.82M | 206.12M | 217.61M | 192.55M | 191.83M | 191.24M | 190.27M | 190.27M | 2.15B |
| Basic Shares Outstanding | 212.71M | 211.67M | 210.68M | 209.97M | 209.38M | 208.18M | 206.71M | 205.97M | 217.61M | 192.55M | 191.21M | 191.24M | 187.01M | 190.27M | 2.15B |
| Dividend Payout Ratio | - | 95.24% | 124.18% | 94.39% | 67.66% | 97.22% | 115.21% | 143.41% | 84.63% | 123.93% | 871.01% | - | 132.04% | 133.88% | 260.09% |
Quick answers to the most common questions about buying BSM stock.
For fiscal year 2025, Black Stone Minerals, L.P. (BSM) reported total revenue of $422.3M. This represents a 14.5% increase compared to $369.0M in 2012.
Black Stone Minerals, L.P. (BSM) is profitable, generating $299.9M in net income for the fiscal year ending 2025 with a net profit margin of 71.0%.
Black Stone Minerals, L.P. (BSM) reported an operating income of $260.8M, resulting in an operating profit margin of 61.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Black Stone Minerals, L.P. (BSM) generated $316.3M in gross profit for the year, representing a gross profit margin of 74.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Natural gas price exposure
Metrics are mathematically derived from official filings.
Volatile Top Line Masks Underlying Stability
Based on reported figures, BSM's quarterly revenue swung from $188.5M in 2026Q1 to $99.7M in 2026Q3, a 47% sequential decline that suggests lumpy lease bonus income layered over a more steady royalty base.
The wide quarterly dispersion appears more consistent with timing of lease bonus payments and gas price realizations than with a structural deterioration in production. Year-over-year growth figures in the dataset are mixed, which may indicate the top line is sensitive to Haynesville gas pricing rather than a uniform volume trend. Investors should monitor whether the latest quarter's softness persists once bonus timing normalizes.
Royalty Structure Sustains High Gross Margins
As reported in the income statement, BSM's gross margin ranged from 66.5% to 86.3% across the ten quarters, a band that suggests a cost base largely insulated from the lifting and depreciation burdens of operators.
The absence of a material COGS line relative to revenue is consistent with a royalty model that bears minimal production cost. Margin compression in the weaker quarters appears to track revenue troughs rather than rising cost, implying high operating leverage to commodity prices. Sustained margins above 75% warrant monitoring against any change in state severance tax regimes.
Fixed Overhead Drives Operating Leverage
Based on EDBL-style reporting conventions applied here, BSM's SG&A held near $12M to $17M per quarter while revenue varied widely, indicating overhead that behaves as a fixed charge against a fluctuating top line.
Because SG&A appears largely static, operating margin swings from roughly 15% to 77% are driven predominantly by revenue rather than cost discipline. This structure amplifies upside in strong gas quarters but compresses operating income sharply when revenue falls. The pattern suggests the business scales efficiently but offers limited cushion during commodity downturns.
Net Income Diverges From Operating Results
According to recent SEC filings, BSM's reported net income in 2026Q2 of $106.4M exceeded operating income of $83.2M, a gap that may reflect non-operating items such as derivative mark-to-market movements rather than core earnings.
Net income moving independently of operating income in several quarters, including 2025Q3 and 2026Q1, suggests non-cash or non-operating components are material. Derivative gains and losses can distort GAAP EPS substantially, so distributable cash flow is likely a more reliable gauge of unitholder economics. Analysts should adjust for these items before extrapolating reported earnings.
Gas Price Dependence Threatens Earnings Durability
Based on the reported figures, a sustained decline in Haynesville-linked gas prices could compress BSM's revenue base, given that quarterly revenue has already fallen 3.9% year over year in the latest period.
The bear case centers on whether lease bonus activity and well completions slow enough to erode the growth profile that supports distributions. Revenue volatility of this magnitude, combined with a rating of profitability that depends on commodity prices rather than cost control, may leave earnings more fragile than the high margin figures imply. Investors should weigh this exposure against the company's near-zero leverage.