Black Stone Minerals, L.P. (BSM) Revenue History
Annual and quarterly revenue from 2012 to present
BSM Revenue Over Time (2012–2025)
BSM Revenue Growth History
6 of 13 years with positive growth- FY2012 revenue growth
- N/A
- FY2013 revenue growth
- +25.6%
- FY2014 revenue growth
- +18.3%
- FY2015 revenue growth
- -28.3%
- FY2016 revenue growth
- -33.6%
- FY2017 revenue growth
- +64.7%
- FY2018 revenue growth
- +41.9%
- FY2019 revenue growth
- -19.2%
- FY2020 revenue growth
- -39.8%
- FY2021 revenue growth
- +70.5%
- FY2022 revenue growth
- +55.1%
- FY2023 revenue growth
- -36.1%
- FY2024 revenue growth
- -12.3%
- FY2025 revenue growth
- -3.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $188.5M | +63.5% |
| Q4 2025 | $95.2M | -8.7% |
| Q3 2025 | $77.9M | -24.5% |
| Q2 2025 | $106.7M | -7.3% |
| Q1 2025 | $115.3M | -1.3% |
| Q4 2024 | $104.3M | -23.5% |
| Q3 2024 | $103.2M | -24.5% |
| Q2 2024 | $115.2M | +9.0% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
BSM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
BSM Revenue Analysis (2012–2025)
Current Revenue & Growth
As of June 22, 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.
Historical Growth Trajectory
BSM's 5-year compound annual growth rate (CAGR) stands at +7.3%, indicating steady revenue expansion. The 3-year CAGR of -18.6% is below the 5-year average, signalling a growth deceleration in recent years. Black Stone Minerals, L.P.'s highest annual revenue of $784.3 million was recorded in 2022.
Revenue by Segment
BSM's revenue is primarily driven by Natural Gas (90%), and Real Estate (10%). With over half of revenue concentrated in Natural Gas, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Energy sector peers — including VNOM (+77.8% YoY), TPL (+15.3% YoY), and DMLP (-3.0% YoY) — BSM has outperformed the peer group in 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 (2012–2025)
| 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% |
| 2015 | $392.9M | -28.3% | $231.3M | 58.9% | $-95,855,000 | -24.4% |
| 2014 | $548.3M | +18.3% | $363.5M | 66.3% | $181.7M | 33.1% |
| 2013 | $463.6M | +25.6% | $297.2M | 64.1% | $179.8M | 38.8% |
| 2012 | $369.0M | - | $311.7M | 84.5% | $159.9M | 43.3% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
14+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
BSM — Frequently Asked Questions
Quick answers to the most common questions about buying BSM stock.
Is BSM's revenue growth accelerating or slowing?
BSM revenue growth is accelerating. TTM revenue reached $468M, up +63.5% year-over-year — ahead of the 5-year CAGR of +7.3%. This indicates the business is expanding faster than its historical baseline.
What is BSM's revenue history from 2012 to 2026?
Black Stone Minerals, L.P. (BSM) revenue history spans 2012 to 2026. TTM revenue as of 2026 is $468M, growing at +63.5% YoY. The 5-year CAGR is +7.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is BSM's long-term revenue growth rate (CAGR)?
Black Stone Minerals, L.P.'s 5-year revenue CAGR of +7.3% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +63.5% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for BSM.
Why does BSM's quarterly revenue fluctuate?
BSM quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Black Stone Minerals, L.P.'s revenue data from 2012 to 2026 shows full historical quarterly detail on this page.
How is BSM's revenue distributed by segment?
BSM reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does BSM's revenue compare to industry peers?
Black Stone Minerals, L.P. (BSM) with TTM revenue of $468M and +63.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.