Dorchester Minerals, L.P. (DMLP) Income Statement

25Y historyFree accessUpdated daily

Revenue and margins are highly volatile due to NPI accounting, with gross margin swinging from 44.0% to 100.0% and 2026Q2 net margin at 55.1%, while EPS grew 148% YoY in 2026Q2.

Annual statement

DMLP Income Statement

Dorchester Minerals, L.P. (DMLP) annual income statement — 25-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01

Sales/Revenue	208.22M	152.83M	161.52M	163.8M	170.8M	93.42M	46.93M	78.8M	73.28M	57.29M	37.56M	31.86M	65.17M	65.87M	63.2M	53.96M	49.05M	43.63M	89.92M	65.36M	74.93M	79.77M	56.77M	49.22M	18.74M	26.78M
Revenue Growth %	38.18%	-5.38%	-1.39%	-4.1%	82.82%	99.08%	-40.45%	7.53%	27.9%	52.54%	17.87%	-51.11%	-1.06%	4.22%	17.12%	10.02%	12.42%	-51.48%	37.57%	-12.76%	-6.07%	40.51%	15.32%	162.7%	-30.03%	-
Cost of Goods Sold	77.33M	82.16M	57.14M	38.52M	31.97M	18.06M	17.6M	19.95M	14.46M	13.94M	11.6M	13.65M	15.51M	18.27M	21.38M	4.88M	4.17M	3.36M	4.77M	3.87M	4.06M	3.61M	1.21M	1.11M	2.81M	4.88M
COGS % of Revenue	-	53.76%	35.38%	23.52%	18.72%	19.33%	37.51%	25.31%	19.73%	24.33%	30.89%	42.83%	23.79%	27.74%	33.82%	9.03%	8.5%	7.71%	5.31%	5.92%	5.42%	4.52%	2.12%	2.26%	14.97%	18.23%
Gross Profit	130.89M	70.68M	104.38M	125.28M	138.83M	75.36M	29.33M	58.85M	58.82M	43.35M	25.96M	18.21M	49.66M	47.6M	41.83M	49.09M	44.88M	40.27M	85.15M	61.5M	70.87M	76.16M	55.56M	48.11M	15.93M	21.9M
Gross Margin %	62.86%	46.24%	64.62%	76.48%	81.28%	80.67%	62.49%	74.69%	80.27%	75.67%	69.11%	57.17%	76.21%	72.26%	66.18%	90.97%	91.5%	92.29%	94.69%	94.08%	94.58%	95.48%	97.88%	97.74%	85.03%	81.77%
Gross Profit Growth %	-	-32.29%	-16.68%	-9.76%	84.21%	156.98%	-50.17%	0.05%	35.67%	67.02%	42.5%	-63.32%	4.34%	13.8%	-14.8%	9.39%	11.44%	-52.71%	38.46%	-13.22%	-6.94%	37.07%	15.48%	201.98%	-27.24%	-
Operating Expenses	27.46M	13.32M	11.93M	11.16M	8.22M	5.19M	7.46M	6.09M	4.91M	4.93M	4.99M	4.97M	5.14M	4.2M	3.81M	22.44M	22.12M	19.31M	18.7M	19.16M	21.53M	23.74M	25.73M	28.36M	4.58M	3.69M
OpEx % of Revenue	-	8.72%	7.39%	6.82%	4.81%	5.55%	15.89%	7.72%	6.7%	8.61%	13.29%	15.59%	7.88%	6.37%	6.04%	41.58%	45.09%	44.27%	20.8%	29.31%	28.73%	29.76%	45.32%	57.62%	24.46%	13.78%
Selling, General & Admin	8.63M	13.32M	11.93M	11.16M	8.22M	5.19M	7.46M	6.09M	4.91M	4.93M	4.99M	4.97M	5.14M	4.2M	3.81M	4.09M	4.13M	3.71M	3.96M	3.59M	3.06M	2.88M	3.61M	2.92M	1.45M	1.58M
SG&A % of Revenue	-	8.72%	7.39%	6.82%	4.81%	5.55%	15.89%	7.72%	6.7%	8.61%	13.29%	15.59%	7.88%	6.37%	6.04%	7.58%	8.42%	8.51%	4.41%	5.49%	4.08%	3.61%	6.36%	5.94%	7.71%	5.92%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	0	0	0	0	0	0	0	0	0	0	7K	0	0	11K	18.35M	17.99M	15.6M	14.74M	15.57M	18.47M	20.86M	22.11M	25.44M	3.14M	2.1M
Operating Income	103.78M	57.35M	92.45M	114.12M	130.61M	70.17M	21.87M	52.77M	53.91M	38.42M	20.97M	13.25M	44.53M	43.4M	38.01M	42.18M	34.81M	20.95M	66.45M	42.34M	49.34M	52.42M	29.84M	-27.14M	10.61M	17.42M
Operating Margin %	49.84%	37.53%	57.24%	69.67%	76.47%	75.11%	46.6%	66.96%	73.57%	67.07%	55.83%	41.58%	68.32%	65.89%	60.14%	78.16%	70.97%	48.03%	73.89%	64.77%	65.85%	65.72%	52.56%	-55.13%	56.63%	65.07%
Operating Income Growth %	-	-37.96%	-18.99%	-12.63%	86.12%	220.91%	-58.56%	-2.12%	40.3%	83.26%	58.27%	-70.25%	2.6%	14.18%	-9.88%	21.18%	66.1%	-68.46%	56.94%	-14.19%	-5.87%	75.69%	209.95%	-355.7%	-39.1%	-
EBITDA	174.09M	123.81M	135.22M	140.62M	149.9M	80.86M	34.02M	66.32M	62.85M	47.73M	29.47M	23.32M	54.58M	56.54M	54.59M	60.53M	52.8M	36.55M	81.19M	57.87M	67.77M	73.24M	50.62M	-3.5M	12.74M	19.53M
EBITDA Margin %	83.61%	81.01%	83.71%	85.85%	87.76%	86.55%	72.49%	84.17%	85.77%	83.3%	78.48%	73.18%	83.75%	85.84%	86.38%	112.16%	107.64%	83.78%	90.28%	88.53%	90.45%	91.82%	89.17%	-7.1%	68%	72.93%
EBITDA Growth %	25.42%	-8.43%	-3.84%	-6.19%	85.38%	137.72%	-48.71%	5.52%	31.7%	61.93%	26.41%	-57.28%	-3.48%	3.57%	-9.8%	14.64%	44.43%	-54.98%	40.3%	-14.61%	-7.46%	44.68%	1547.97%	-127.44%	-34.75%	-
D&A (Non-Cash Add-back)	70.31M	66.46M	42.77M	26.5M	19.29M	10.69M	12.15M	13.56M	8.95M	9.3M	8.51M	10.07M	10.05M	13.14M	16.58M	18.35M	17.99M	15.6M	14.74M	15.53M	18.43M	20.82M	20.79M	23.64M	2.13M	2.1M
EBIT	103.78M	57.35M	92.45M	114.12M	130.61M	70.17M	21.87M	52.77M	53.91M	38.42M	20.97M	13.26M	44.53M	43.58M	38.02M	42.18M	34.81M	11.51M	66.45M	42.34M	49.34M	52.47M	29.84M	16.67M	11.35M	18.21M
Net Interest Income	0	0	0	0	0	0	0	0	0	8.01M	4.82M	995K	8.87M	10.35M	7.95M	15.53M	12.05M	9.45M	0	0	0	0	0	0	-15K	-36K
Interest Income	0	0	0	0	0	0	0	0	0	8.01M	4.82M	995K	8.87M	10.35M	7.95M	15.53M	12.05M	9.45M	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	15K	36K
Other Income/Expense	0	0	0	0	0	0	0	0	0	0	0	7K	712K	176K	11K	37K	76K	726K	334K	708K	869K	355K	240K	0	-4.09M	178K
Pretax Income	103.78M	57.35M	92.45M	114.12M	130.61M	70.17M	21.87M	52.77M	53.91M	38.42M	20.97M	13.26M	45.24M	43.58M	38.02M	42.22M	34.88M	21.68M	66.78M	43.05M	50.21M	-26.98M	31.69M	-117.21M	6.52M	17.6M
Pretax Margin %	49.84%	37.53%	57.24%	69.67%	76.47%	75.11%	46.6%	66.96%	73.57%	67.07%	55.83%	41.6%	69.42%	66.16%	60.16%	78.23%	71.12%	49.69%	74.27%	65.86%	67.01%	-33.82%	55.82%	-238.12%	34.82%	65.73%
Income Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-334K	0	0	-315K	-230K	46.58M	-1.61M	-142K
Effective Tax Rate %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-0.5%	0%	0%	1.17%	-0.73%	-39.74%	-24.75%	-0.81%
Net Income	104.63M	57.35M	92.45M	110.39M	130.61M	70.17M	21.87M	52.77M	53.91M	38.42M	20.97M	13.26M	45.24M	43.58M	38.02M	42.22M	34.88M	21.68M	66.78M	43.05M	50.21M	52.77M	30.08M	-26.83M	12.96M	18.35M
Net Margin %	50.25%	37.53%	57.24%	67.39%	76.47%	75.11%	46.6%	66.96%	73.57%	67.07%	55.83%	41.6%	69.42%	66.16%	60.16%	78.23%	71.12%	49.69%	74.27%	65.86%	67.01%	66.16%	52.98%	-54.5%	69.18%	68.53%
Net Income Growth %	93.72%	-37.96%	-16.25%	-15.48%	86.12%	220.91%	-58.56%	-2.12%	40.3%	83.26%	58.18%	-70.7%	3.82%	14.61%	-9.93%	21.02%	60.89%	-67.54%	55.14%	-14.26%	-4.86%	75.47%	212.11%	-306.95%	-29.36%	-
Net Income (Continuing)	103.78M	57.35M	92.45M	114.12M	130.61M	70.17M	21.87M	52.77M	53.91M	38.42M	20.97M	13.26M	45.24M	43.58M	38.02M	42.22M	34.88M	21.68M	66.78M	43.05M	50.21M	52.77M	30.08M	-26.83M	12.96M	18.35M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	-4.83M	-2M	113K	676K	982K	536K	1.23M	1.83M	1.78M	1.81M	2M	2.69M	3.25M	3.63M	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	2.14	1.20	2.13	2.85	3.35	1.94	0.61	1.50	1.67	1.18	0.66	0.42	1.42	1.37	1.20	1.33	1.11	0.72	2.30	1.48	1.72	1.82	1.07	-1.02	1.19	1.69
EPS Growth %	87.61%	-43.66%	-25.26%	-14.93%	72.68%	218.03%	-59.33%	-10.18%	41.53%	78.79%	57.14%	-70.42%	3.65%	14.17%	-9.77%	19.82%	54.17%	-68.7%	55.41%	-13.95%	-5.49%	70.09%	204.9%	-185.71%	-29.59%	-
EPS (Basic)	-	1.20	2.13	2.85	3.35	1.94	0.61	1.50	1.67	1.18	0.66	0.42	1.42	1.37	1.20	1.33	1.11	0.72	2.30	1.48	1.72	1.82	1.07	-1.02	1.19	1.69
Diluted Shares Outstanding	48.82M	47.65M	41.81M	38.78M	37.62M	35.05M	34.68M	34.13M	32.28M	31.49M	30.68M	30.68M	30.68M	30.68M	30.68M	30.68M	30.47M	29.04M	28.24M	28.24M	28.24M	28.24M	28.11M	26.3M	27.04M	10.86M
Basic Shares Outstanding	48.82M	47.65M	41.81M	38.78M	37.62M	35.05M	34.68M	34.13M	32.28M	31.49M	30.68M	30.68M	30.68M	30.68M	30.68M	30.68M	30.47M	29.04M	28.24M	28.24M	28.24M	28.24M	28.11M	26.3M	27.04M	10.86M
Dividend Payout Ratio	-	230.19%	158.49%	119.18%	100.99%	76.82%	220.62%	134.37%	107.6%	98.37%	129.74%	276.18%	133.82%	126.25%	149.57%	124.38%	149.64%	199.71%	118.6%	129.5%	163.9%	-	158.6%	-	90.42%	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStable

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Commodity price and NPI margin compression

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Volatility Masks Underlying Stability

DMLP's revenue swung from $31.0M in 2024Q1 to $58.9M in 2026Q1, but recent YoY growth turned negative at -5.4% in 2026Q2, per reported figures.

The revenue trajectory is highly erratic, with quarterly swings of over 80% peak-to-trough, reflecting unhedged commodity price exposure and variable operator activity. The latest quarter's 73.1% YoY growth is misleading because it compares against a depressed 2025Q2; sequential revenue declined 4.8% from 2026Q1, suggesting momentum is fading. Investors should monitor whether the negative YoY trend in 2026Q2 marks the start of a sustained downturn or merely a temporary dip in commodity prices.

Gross Margin Distorted by NPI Accounting

Gross margin fluctuated wildly from 44.0% to 100.0% across quarters, with 2026Q2 showing 100% due to zero COGS, as reported in financial statements.

The reported gross margin is not comparable to peers because Net Profits Interests are netted of operator costs, causing COGS to vary unpredictably. In 2026Q2, COGS was zero, inflating gross margin to 100%, while in 2025Q4 it was 46.5%. This accounting treatment obscures the true economics; the 37.5% net margin in 2026Q2 is more indicative of cash flow generation. The NPI segment's sensitivity to operator cost inflation could compress margins if oilfield service costs rise.

Operating Leverage Amplifies Price Swings

Operating margin ranged from 35.9% to 79.5% over the past ten quarters, with 2026Q2 at 55.1%, according to SEC filings.

DMLP's cost structure is predominantly variable, with SG&A averaging around $2.5M per quarter, so operating income scales almost directly with revenue. This creates high operating leverage: a 73% revenue surge in 2026Q2 translated into a 148% EPS jump, while a 33.8% revenue decline in 2025Q3 caused EPS to plummet 73.6%. The lack of fixed costs provides downside protection but also means no buffer against commodity price declines.

Cash-Based Earnings with No SBC Distortion

Net income and EPS are clean, with zero stock-based compensation reported across all quarters, and net margin averaging 45% over the period.

Earnings quality is high because there are no non-cash charges like SBC, and net income closely tracks operating income, with only minor tax effects. The 2025Q3 anomaly where net income ($10.8M) was far below operating income ($28.2M) suggests a one-time tax or other charge, warranting further investigation. The consistent pass-through of revenue to net income indicates a transparent, cash-generative model.

Lean Cost Structure with Minimal SG&A

SG&A averaged $2.5M per quarter, representing roughly 5-10% of revenue, while COGS is highly variable due to NPI netting, as per financial data.

The primary cost lines are production taxes and G&A, with SG&A remaining stable around $2-4M per quarter regardless of revenue. This discipline is evident in the 2026Q2 SG&A of $868K, the lowest in the period, despite revenue near its peak. The variability in COGS is not a reflection of cost control but rather the accounting treatment of NPI expenses, which are netted against revenue. Investors should focus on cash distribution coverage rather than GAAP margins.

2025Q3 Marked a Temporary Trough

Revenue hit a ten-quarter low of $32.4M in 2025Q2, followed by a sharp recovery to $58.9M by 2026Q1, as reported in quarterly statements.

The period from 2025Q2 to 2026Q1 represents a clear inflection, with revenue more than doubling from trough to peak, driven by a rebound in commodity prices and operator activity. However, the subsequent decline in 2026Q2 suggests the recovery may be losing steam. This volatility underscores the cyclicality of the business and the importance of commodity price forecasts in assessing DMLP's near-term performance.

Commodity Downturn Could Pressure Distributions

Despite zero debt and a fortress balance sheet, DMLP's unhedged revenue stream is vulnerable to price declines, with 2026Q2 revenue down 5.4% YoY.

Short-sellers would argue that DMLP's lack of hedging leaves it fully exposed to commodity price volatility, and the recent negative revenue growth may be the start of a prolonged downturn. The NPI segment could face margin compression if operators' costs rise, reducing the net profits available to DMLP. While the balance sheet provides resilience, a sustained low-price environment could force distribution cuts, as seen in 2025Q3 when EPS dropped 73.6%.

DMLP — Frequently Asked Questions

Quick answers to the most common questions about buying DMLP stock.

What was Dorchester Minerals, L.P.'s (DMLP) revenue in 2025?

For fiscal year 2025, Dorchester Minerals, L.P. (DMLP) reported total revenue of $152.8M. This represents a 470.7% increase compared to $26.8M in 2001.

Is Dorchester Minerals, L.P. (DMLP) profitable?

Dorchester Minerals, L.P. (DMLP) is profitable, generating $57.4M in net income for the fiscal year ending 2025 with a net profit margin of 37.5%.

What is Dorchester Minerals, L.P.'s operating profit margin?

Dorchester Minerals, L.P. (DMLP) reported an operating income of $57.4M, resulting in an operating profit margin of 37.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Dorchester Minerals, L.P.'s gross profit and gross margin?

Dorchester Minerals, L.P. (DMLP) generated $70.7M in gross profit for the year, representing a gross profit margin of 46.2%. This demonstrates the company's core pricing power and production efficiency.