Revenue growth remains cyclically volatile, ranging from a 52.0% surge in 2024Q1 to a 16.2% contraction by 2024Q4, while gross margins exhibit extreme variance peaking at 135.8% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 327.79M | 333.83M | 310.65M | 273.18M | 285.04M | 178.41M | 92.93M | 109.96M | 66.93M | 30.66M | 3.61M | 4.68M | 7.22M | 5.02M |
| Revenue Growth % | 4.73% | 7.46% | 13.72% | -4.16% | 59.77% | 91.97% | -15.48% | 64.3% | 118.25% | 750.22% | -23.02% | -35.11% | 43.9% | - |
| Cost of Goods Sold | 19.13M | 20.44M | 155.53M | 116.8M | 66.33M | 47.28M | 54.38M | 59.84M | 29.61M | 5.27B | 1.88M | 4.44M | 4.61M | 597.67K |
| COGS % of Revenue | - | 6.12% | 50.07% | 42.76% | 23.27% | 26.5% | 58.51% | 54.42% | 44.25% | 17196.95% | 52.26% | 94.68% | 63.9% | 11.91% |
| Gross Profit | 308.66M | 313.39M | 155.12M | 156.38M | 218.71M | 131.13M | 38.55M | 50.12M | 37.31M | -5.24B | 1.72M | 249.31K | 2.61M | 4.42M |
| Gross Margin % | 94.16% | 93.88% | 49.93% | 57.24% | 76.73% | 73.5% | 41.49% | 45.58% | 55.75% | -17096.95% | 47.74% | 5.32% | 36.1% | 88.09% |
| Gross Profit Growth % | - | 102.03% | -0.8% | -28.5% | 66.79% | 240.11% | -23.07% | 34.32% | 100.71% | -304558.56% | 590.7% | -90.44% | -41.02% | - |
| Operating Expenses | 174.93M | 180.56M | 118.13M | 46.5M | 81.79M | 81.82M | 289.29M | 30.81M | 21.5M | 28.61M | 2.5M | 2.54M | 2.28M | 8.26M |
| OpEx % of Revenue | - | 54.09% | 38.03% | 17.02% | 28.7% | 45.86% | 311.29% | 28.02% | 32.12% | 93.32% | 69.23% | 54.16% | 31.64% | 164.66% |
| Selling, General & Admin | 56.42M | 56.01M | 54.67M | 49.17M | 44.82M | 39.03M | 35.28M | 30.81M | 21.5M | 1.65M | 2.5M | 2.54M | 2.28M | 315.38K |
| SG&A % of Revenue | - | 16.78% | 17.6% | 18% | 15.72% | 21.87% | 37.96% | 28.02% | 32.12% | 5.38% | 69.23% | 54.16% | 31.64% | 6.29% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 124.55M | 63.46M | -2.67M | 36.98M | 42.79M | 254.01M | 0 | 0 | 26.97M | 0 | 0 | 0 | 0 |
| Operating Income | 133.73M | 132.83M | 36.99M | 109.87M | 136.92M | 49.31M | -250.73M | -32.89M | -48.17M | 2.05M | -5.77M | -30.96M | -7.09M | 1.26M |
| Operating Margin % | 40.8% | 39.79% | 11.91% | 40.22% | 48.03% | 27.64% | -269.8% | -29.91% | -71.97% | 6.68% | -159.92% | -660.86% | -98.26% | 25.03% |
| Operating Income Growth % | - | 259.05% | -66.33% | -19.75% | 177.66% | 119.67% | -662.43% | 31.72% | -2450% | 135.53% | 81.37% | -336.43% | -664.84% | - |
| EBITDA | 225.23M | 133.18M | 172.47M | 206.69M | 187.32M | 86.41M | -202.47M | 19.39M | -22.95M | 17.71M | -4.16M | -26.95M | -3.05M | 4.1M |
| EBITDA Margin % | 68.71% | 39.89% | 55.52% | 75.66% | 65.72% | 48.43% | -217.87% | 17.63% | -34.3% | 57.75% | -115.45% | -575.3% | -42.24% | 81.8% |
| EBITDA Growth % | 24.14% | -22.78% | -16.56% | 10.34% | 116.79% | 142.68% | -1144.35% | 184.46% | -229.61% | 525.33% | 84.55% | -783.87% | -174.3% | - |
| D&A (Non-Cash Add-back) | 91.5M | 348K | 135.47M | 96.81M | 50.41M | 37.1M | 48.26M | 52.27M | 25.21M | 15.66M | 1.6M | 4.01M | 4.04M | 2.85M |
| EBIT | 133.73M | 132.82M | 36.99M | 112.72M | 147.35M | 51.69M | -250.55M | -151.49M | -48.17M | 2.05M | -5.77M | -30.96M | -7.09M | 1.26M |
| Net Interest Income | -19.69M | -34.47M | -26.7M | -22.44M | -10.1M | -9.18M | -6.43M | -5.81M | -4.09M | 0 | -424.84K | -385.12K | -302.12K | 0 |
| Interest Income | 0 | 0 | 0 | 3.51M | 3.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.69M | 34.47M | 26.7M | 25.95M | 13.82M | 9.18M | 6.43M | 5.81M | 4.09M | 791.44K | 424.84K | 385.12K | 302.12K | 0 |
| Other Income/Expense | -54.68M | -34.48M | -26.7M | -23.1M | -3.38M | -6.8M | -6.24M | -5.73M | -4.09M | -830.75K | -424.84K | -385.12K | -302.12K | 0 |
| Pretax Income | 79.05M | 98.35M | 10.3M | 86.77M | 133.53M | 42.51M | -256.98M | -157.31M | -52.26M | 1.22M | -6.19M | -31.35M | -7.4M | -3.84M |
| Pretax Margin % | 24.12% | 29.46% | 3.32% | 31.76% | 46.85% | 23.83% | -276.52% | -143.06% | -78.08% | 3.97% | -171.7% | -669.09% | -102.44% | -76.57% |
| Income Tax | -1.69M | -1.3M | -771.33K | 3.77M | 2.74M | 74.1K | -885.19K | 899K | 25K | -39.3K | 19.85K | -32.2K | 16.97K | 0 |
| Effective Tax Rate % | -2.14% | -1.33% | -7.49% | 4.34% | 2.05% | 0.17% | 0.34% | -0.57% | -0.05% | -3.22% | -0.32% | 0.1% | -0.23% | 0% |
| Net Income | 74.42M | 90.95M | 12.25M | 66.45M | 111.93M | 33.86M | -159.54M | -158.21M | -50.46M | 1.22M | -6.21M | -31.31M | -7.41M | -3.84M |
| Net Margin % | 22.7% | 27.24% | 3.94% | 24.33% | 39.27% | 18.98% | -171.67% | -143.88% | -75.39% | 3.97% | -172.25% | -668.4% | -102.68% | -76.57% |
| Net Income Growth % | 176.72% | 642.24% | -81.56% | -40.63% | 230.52% | 121.23% | -0.84% | -213.54% | -4239.7% | 119.62% | 80.16% | -322.41% | -92.97% | - |
| Net Income (Continuing) | 80.74M | 99.65M | 11.07M | 83.01M | 130.79M | 42.44M | -256.09M | -158.21M | -52.28M | 1.22M | -6.21M | -31.31M | -7.41M | -3.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 48.01M | 82.52M | 83.27M | 157.19M | 210.79M | 19.25M | 77M | 281.16M | 297.76M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.62 | 0.46 | -76.16 | 0.91 | 1.72 | 0.51 | -4.85 | -7.47 | -2.74 | 0.07 | -0.38 | -28.30 | -6.70 | -7.50 |
| EPS Growth % | 441.92% | 100.6% | -8469.23% | -47.09% | 237.25% | 110.52% | 35.07% | -172.63% | -3807.71% | 119.45% | 98.66% | -322.39% | 10.68% | - |
| EPS (Basic) | - | 0.62 | -115.93 | 1.27 | 1.75 | 0.84 | -4.85 | -7.47 | -2.74 | 0.07 | -0.38 | -28.30 | -6.70 | -7.50 |
| Diluted Shares Outstanding | 119.08M | 121.31M | 116.05M | 93.06M | 65.84M | 60.96M | 34.53M | 21.19M | 18.44M | 16.5M | 16.33M | 1.11M | 1.11M | 512.15K |
| Basic Shares Outstanding | 93.13M | 90.8M | 76.24M | 66.6M | 54.11M | 40.4M | 34.53M | 21.19M | 18.43M | 16.34M | 16.33M | 1.11M | 1.11M | 512.15K |
| Dividend Payout Ratio | - | 189.87% | 1368.49% | 228.76% | 113.26% | 203.52% | - | - | - | 1134.1% | - | - | - | - |
Commodity price volatility exposure
According to the provided quarterly income statements, KRP's revenue growth has fluctuated significantly, ranging from a 52.0% surge in 2024Q1 to a 16.2% contraction by 2024Q4, reflecting the inherent sensitivity of royalty streams to underlying commodity price cycles and operator-driven production activity across its diverse acreage.
The inconsistent revenue trajectory suggests that KRP remains highly susceptible to external price realizations rather than internal volume growth. Investors should monitor whether the recent stabilization in revenue reflects a floor in production activity or merely a temporary pause in the broader commodity price decline.
Based on reported financial figures, KRP's gross margin has demonstrated extreme variance, swinging from a low of 49.2% in 2024Q1 to a peak of 135.8% in 2025Q4, which appears to be driven by accounting adjustments rather than fundamental shifts in the underlying royalty interest cost structure.
While the royalty model theoretically supports high margins, the observed volatility suggests that non-cash items or periodic adjustments to production taxes significantly distort the reported gross profit. Analysts should look past these quarterly swings to evaluate the long-term sustainability of the core royalty take-rate.
As reported in financial statements, KRP has maintained relatively disciplined SG&A expenses, which have hovered between $12.5 million and $15.1 million over the last ten quarters, indicating that management has successfully contained overhead costs despite the complexities of managing a vast, multi-basin royalty portfolio.
The ability to keep SG&A stable while revenue fluctuates suggests a scalable administrative infrastructure that does not require proportional increases in headcount to manage new acquisitions. This cost discipline is critical for preserving distributable cash flow during periods of commodity price weakness.
Based on the provided data, KRP's net income is frequently impacted by significant non-operating items, including a notable $20.8 million stock-based compensation charge in 2025Q4, which complicates the assessment of true operational profitability and suggests that GAAP earnings may not accurately reflect the cash-generating capacity of the business.
The presence of large, irregular stock-based compensation charges warrants further investigation into the company's long-term incentive alignment and its impact on unitholder dilution. Investors should prioritize cash-based metrics over GAAP net income to better gauge the actual economic performance of the royalty interests.
A critical challenge to the current narrative is that KRP's aggressive acquisition-led growth, as evidenced by recent large-scale deals, may lead to the accumulation of lower-quality, higher-decline acreage that could eventually compress margins and necessitate further equity issuance to sustain the current dividend payout levels.
While the current balance sheet appears healthy, the reliance on external growth to offset natural production declines in older wells may mask underlying portfolio degradation. If the organic replacement ratio fails to keep pace with depletion, the company may face a structural decline in cash flow per unit.
Quick answers to the most common questions about buying KRP stock.
For fiscal year 2025, Kimbell Royalty Partners, LP (KRP) reported total revenue of $333.8M. This represents a 6553.7% increase compared to $5.0M in 2013.
Kimbell Royalty Partners, LP (KRP) is profitable, generating $90.9M in net income for the fiscal year ending 2025 with a net profit margin of 27.2%.
Kimbell Royalty Partners, LP (KRP) reported an operating income of $132.8M, resulting in an operating profit margin of 39.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Kimbell Royalty Partners, LP (KRP) generated $313.4M in gross profit for the year, representing a gross profit margin of 93.9%. This demonstrates the company's core pricing power and production efficiency.