Black Stone Minerals, L.P. (BSM) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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BSM Revenue Growth
Revenue Breakdown (FY 2025)
BSM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
BSM Revenue Analysis (2014–2025)
As of May 8, 2026, Black Stone Minerals, L.P. (BSM) generated trailing twelve-month (TTM) revenue of $468.2 million, reflecting explosive growth of +63.5% year-over-year. The most recent quarter (Q1 2026) recorded $188.5 million in revenue, up 98.0% sequentially.
Looking at the longer-term picture, BSM's 5-year compound annual growth rate (CAGR) stands at +7.3%, indicating steady revenue expansion. The company achieved its highest annual revenue of $784.3 million in 2022.
Revenue diversification analysis shows BSM's business is primarily driven by Natural Gas (90%), and Real Estate (10%). With over half of revenue concentrated in Natural Gas, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including VNOM (+77.8% YoY), TPL (+15.3% YoY), and DMLP (-3.0% YoY), BSM has underperformed the peer group in terms of revenue growth. Compare BSM vs VNOM →
BSM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BSMCurrent | $468M | +63.5% | +7.3% | 61.8% | |
 VNOM | $1.3B | +77.8% | +40.1% | 43.0% | |
 TPL | $798M | +15.3% | +21.4% | 74.2% | |
 DMLP | $153M | -3.0% | +26.6% | 37.5% | |
 NRP | $202M | -19.7% | +9.4% | 68.9% | |
 CTRA | $2.8B | +7.3% | +14.4% | 89.1% |
BSM Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $422.3M | -3.9% | $316.3M | 74.9% | $260.8M | 61.8% |
| 2024 | $439.4M | -12.3% | $335.0M | 76.2% | $273.1M | 62.2% |
| 2023 | $501.1M | -36.1% | $387.1M | 77.2% | $423.6M | 84.5% |
| 2022 | $784.3M | +55.1% | $657.9M | 83.9% | $482.5M | 61.5% |
| 2021 | $505.7M | +70.5% | $381.9M | 75.5% | $187.3M | 37.0% |
| 2020 | $296.6M | -39.8% | $157.1M | 53.0% | $132.1M | 44.5% |
| 2019 | $492.8M | -19.2% | $305.0M | 61.9% | $235.2M | 47.7% |
| 2018 | $609.6M | +41.9% | $404.1M | 66.3% | $318.4M | 52.2% |
| 2017 | $429.7M | +64.7% | $250.4M | 58.3% | $172.1M | 40.1% |
| 2016 | $260.8M | -33.6% | $104.1M | 39.9% | $27.5M | 10.5% |
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Start ComparisonBSM — Frequently Asked Questions
Quick answers to the most common questions about buying BSM stock.
Is BSM's revenue growth accelerating or slowing?
BSM revenue is accelerating at +63.5% year-over-year, exceeding the 5-year CAGR of +7.3%. TTM revenue reached $468M. Growth momentum has increased versus prior periods.
What is BSM's long-term revenue growth rate?
Black Stone Minerals, L.P.'s 5-year revenue CAGR of +7.3% reflects the sustained expansion pattern. Current YoY growth of +63.5% is above this long-term average.
How is BSM's revenue distributed by segment?
BSM reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.