Black Stone Minerals, L.P. (BSM) Cash Flow Statement
Where BSM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $310.2M −20.3% vs 2024
- Capital expenditures
- $11.8M 2.8% of revenue
- Free cash flow
- $298.4M 70.7% margin
- Returned to shareholders
- $318.9M 107% of free cash flow
- Change in cash
- −$1.0M cash at year-end $1.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BSM operating cash flow, capex and free cash flow
BSM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $196.7M2016 | $310.2M2025 | +5.2%/yr | |
| Capital expenditures | $221.7M2016 | $11.8M2025 | −27.8%/yr | |
| Free cash flow | −$25.1M2016 | $298.4M2025 | — | |
| Free cash flow margin | −9.6%2016 | 70.7%2025 | +80.3 pts | |
| Operating cash flow / net income | 9.742016 | 1.032025 | −8.71 | |
| Stock-based compensation | $43.1M2016 | $9.6M2025 | −15.4%/yr | |
| Dividends paid | $182.3M2016 | $315.1M2025 | +6.3%/yr | |
| Share buybacks (net) | $45.9M2016 | $3.8M2025 | −24.2%/yr | |
| Capex / revenue | 85.0%2016 | 2.8%2025 | −82.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSM cash flow by activity
BSM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BSM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $299.9M | $271.3M | $422.5M | $476.5M | $182.0M | $121.8M | $214.4M | $295.6M | $157.2M | $20.2M |
| Depreciation & amortization | $36.9M | $45.2M | $45.7M | $47.8M | $61.0M | $82.0M | $109.6M | $122.7M | $114.5M | $102.5M |
| Stock-based compensation | $9.6M | $8.6M | $10.8M | $17.4M | $12.2M | $3.7M | $20.5M | $30.1M | $33.0M | $43.1M |
| Change in working capital | −$2.1M | $11.5M | $48.8M | −$36.5M | −$32.5M | $10.1M | $33.7M | −$19.8M | −$11.9M | −$53.8M |
| Other non-cash items | −$34.1M | $52.5M | −$6.6M | −$80.2M | $34.1M | $64.2M | $34.6M | −$43.1M | −$10.9M | $84.7M |
| Cash from operating activities | $310.2M | $389.0M | $521.3M | $425.0M | $256.9M | $281.8M | $412.7M | $385.4M | $281.9M | $196.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$11.8M | −$4.2M | −$19.8M | −$12.6M | −$14.6M | −$4.8M | −$111.3M | −$297.3M | −$484.5M | −$221.7M |
| Investments (net) | — | −$112.2M | −$5.5M | −$1.2M | −$14.3M | $151.2M | −$48.6M | −$163.8M | −$454.2M | −$221.5M |
| Acquisitions & other investing | −$106.5M | $4.2M | $5.6M | $12.6M | $14.6M | $4.8M | $111.3M | $297.3M | $484.5M | $221.7M |
| Cash from investing activities | −$118.3M | −$112.2M | −$19.7M | −$1.2M | −$14.3M | $151.2M | −$48.6M | −$163.8M | −$454.2M | −$221.5M |
| Financing activities | ||||||||||
| Dividends paid | −$315.1M | −$365.1M | −$419.8M | −$343.4M | −$197.9M | −$161.3M | −$328.4M | −$268.5M | −$198.6M | −$182.3M |
| Share repurchases & issuance (net) | −$3.8M | −$4.4M | −$5.5M | −$3.0M | −$2.0M | −$5.0M | −$17.0M | −$12.7M | −$27.9M | −$45.9M |
| Net borrowing (repayment) | $129.0M | $25.0M | −$10.0M | −$81.9M | −$35.6M | −$273.0M | −$16.0M | −$352.7M | −$223.6M | $249.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $40.5M | $0 | $0 |
| Other financing | −$3.0M | −$64,000 | −$216,000 | $0 | $0 | $0 | $0 | $371.6M | $618.3M | −$111,000 |
| Cash from financing activities | −$192.9M | −$344.6M | −$435.5M | −$428.3M | −$235.5M | −$439.4M | −$361.4M | −$221.8M | $168.3M | $21.4M |
| Summary | ||||||||||
| Net change in cash | −$1.0M | −$67.8M | $66.0M | −$4.6M | $7.1M | −$6.3M | $2.7M | −$228,000 | −$4.1M | −$3.5M |
| Cash at end of period | $1.5M | $2.5M | $70.3M | $4.3M | $8.9M | $1.8M | $8.1M | $5.4M | $5.6M | $9.8M |
| Free cash flow | $298.4M | $384.8M | $501.4M | $412.4M | $242.2M | $277.0M | $301.4M | $88.0M | −$202.7M | −$25.1M |
| Free cash flow margin | 70.7% | 87.6% | 100.1% | 52.6% | 47.9% | 93.4% | 61.2% | 14.4% | −47.2% | −9.6% |
| Capex / revenue | 2.8% | 1.0% | 4.0% | 1.6% | 2.9% | 1.6% | 22.6% | 48.8% | 112.8% | 85.0% |
| Operating cash flow / net income | 1.03 | 1.43 | 1.23 | 0.89 | 1.41 | 2.31 | 1.93 | 1.30 | 1.79 | 9.74 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $106.4M | $13.3M | $72.2M | $91.7M | $120.0M | $15.9M | $46.3M | $92.7M | $68.3M | $63.9M | $147.6M | $62.1M |
| Depreciation & amortization | $9.4M | $9.8M | $8.3M | $10.2M | $9.2M | $9.1M | $10.9M | $11.3M | $11.4M | $11.6M | $11.7M | $12.4M |
| Stock-based compensation | $2.5M | $3.6M | $2.4M | $2.2M | $2.0M | $3.1M | $1.8M | $2.2M | $2.2M | $2.4M | $2.4M | $3.8M |
| Change in working capital | $9.6M | −$16.9M | $171,000 | $15.7M | −$1.6M | −$16.3M | $2.2M | $7.6M | $547,000 | $839,000 | $9.2M | −$13.0M |
| Other non-cash items | −$34.9M | $52.9M | −$18.0M | −$20.2M | −$49.1M | $53.0M | $29.7M | −$20.5M | $18.0M | $25.7M | −$36.9M | $51.5M |
| Cash from operating activities | $93.0M | $62.6M | $65.1M | $99.8M | $80.5M | $64.8M | $91.0M | $93.2M | $100.4M | $104.5M | $134.1M | $116.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.8M | −$150,000 | −$54.8M | −$11,000 | −$29.6M | −$13.5M | −$48.0M | −$15.3M | −$16,000 | −$24.0M | −$14.8M | −$2.4M |
| Investments (net) | — | — | — | −$20.7M | −$29.6M | −$13.1M | −$48.0M | −$12.5M | −$27.7M | −$24.0M | −$14.8M | −$2.3M |
| Acquisitions & other investing | −$33.9M | −$11.8M | −$45,000 | $11,000 | $29.6M | $13.5M | $48.0M | $15.3M | $16,000 | $24.0M | $14.8M | $2.4M |
| Cash from investing activities | −$40.8M | −$12.0M | −$54.9M | −$20.7M | −$29.6M | −$13.1M | −$48.0M | −$12.5M | −$27.7M | −$24.0M | −$14.8M | −$2.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$71.1M | −$71.1M | −$70.9M | −$70.9M | −$86.7M | −$86.5M | −$86.4M | −$86.4M | −$86.4M | −$105.9M | −$105.0M | −$105.0M |
| Share repurchases & issuance (net) | $0 | −$2.3M | −$22,000 | −$466,000 | $3.3M | −$3.3M | −$4.4M | $4.4M | −$68,000 | −$4.4M | $5.5M | −$5.5M |
| Net borrowing (repayment) | $9.0M | $33.0M | $59.0M | −$4.0M | $36.0M | $38.0M | $25.0M | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$36,000 | −$3.0M | −$15,000 | −$3.3M | −$31,000 | $4.4M | −$4.5M | −$6,000 | −$16,000 | −$5.6M | $5.5M |
| Cash from financing activities | −$62.1M | −$40.4M | −$14.9M | −$75.4M | −$50.8M | −$51.9M | −$61.4M | −$86.4M | −$86.5M | −$110.3M | −$105.1M | −$105.0M |
| Summary | ||||||||||||
| Net change in cash | −$9.9M | $10.1M | −$4.7M | $3.6M | $95,000 | −$95,000 | −$18.4M | −$5.7M | −$13.8M | −$29.8M | $14.3M | $9.4M |
| Cash at end of period | $1.7M | $11.6M | $1.5M | $6.2M | $2.5M | $2.4M | $2.5M | $21.0M | $26.7M | $40.5M | $70.3M | $56.0M |
| Free cash flow | $86.1M | $62.4M | $10.3M | $99.7M | $50.9M | $51.4M | $42.9M | $78.0M | $100.4M | $80.4M | $119.3M | $114.3M |
| Free cash flow margin | 70.5% | 33.1% | 10.8% | 128.0% | 47.7% | 44.6% | 41.2% | 75.6% | 87.1% | 68.9% | 87.5% | 83.6% |
| Capex / revenue | 5.6% | 0.1% | 57.6% | 0.0% | 27.8% | 11.7% | 46.0% | 14.8% | 0.0% | 20.6% | 10.8% | 1.7% |
| Operating cash flow / net income | 0.87 | 4.71 | 0.90 | 1.09 | 0.67 | 4.07 | 1.96 | 1.01 | 1.47 | 1.63 | 0.91 | 1.88 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BSM cash generation
In fiscal 2025 (ended December 31, 2025), Black Stone Minerals generated $310.2 million of cash from operations (down 20.3%) and spent $11.8 million on capital expenditures, leaving free cash flow of $298.4 million, 70.7% of revenue. It returned $318.9 million to shareholders through dividends ($315.1 million) and net share buybacks ($3.8 million). Cash and equivalents fell by $1.0 million over the year.
Related: BSM income statement, BSM balance sheet, BSM dividend history. See the BSM stock overview for the latest quote and news.
BSM cash flow FAQ
What is Black Stone Minerals's free cash flow?
Black Stone Minerals's free cash flow was $298.4 million in fiscal 2025: $310.2 million of operating cash flow minus $11.8 million of capital expenditures It was $384.8 million a year earlier..
How much cash does Black Stone Minerals generate from operations?
Black Stone Minerals generated $310.2 million of cash from operating activities in fiscal 2025, 1.03 times its net income of $299.9 million.
How much does Black Stone Minerals spend on capital expenditures?
Black Stone Minerals spent $11.8 million on capital expenditures in fiscal 2025, 2.8% of revenue, compared with $4.2 million the year before.
How much stock does Black Stone Minerals buy back?
Black Stone Minerals spent $3.8 million on net share repurchases in fiscal 2025.
How much does Black Stone Minerals pay in dividends?
Black Stone Minerals paid $315.1 million in dividends in fiscal 2025, 105.6% of free cash flow.