Black Stone Minerals, L.P. (BSM) Income Statement
BSM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBSM revenue and net income
Where BSM's revenue goes
2025Each bar shows an amount and its share of revenue. BSM kept 71.0% of revenue as net income.
BSM profit margins
BSM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.9% | −18.6% | +7.3% | +0.7% |
| Gross profit | −5.6% | −21.7% | +15.0% | +3.2% |
| Operating income | −4.5% | −18.5% | +14.6% | — |
| Net income | +10.5% | −14.3% | +19.7% | — |
| EPS (diluted) | −15.7% | −16.7% | +2.2% | +1.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BSM quarterly EPS vs estimates
Black Stone Minerals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.20).
BSM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $422.3M | $439.4M | $501.1M | $784.3M | $505.7M | $296.6M | $492.8M | $609.6M | $429.7M | $260.8M |
| Cost of revenue | $106.1M | $104.5M | $114.0M | $126.4M | $123.9M | $139.5M | $187.8M | $205.4M | $179.3M | $156.7M |
| Gross profit | $316.3M | $335.0M | $387.1M | $657.9M | $381.9M | $157.1M | $305.0M | $404.1M | $250.4M | $104.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $55.5M | $52.1M | $51.5M | $53.7M | $48.7M | $43.0M | $63.4M | $76.7M | $77.6M | $73.1M |
| Total operating expenses | $55.5M | $61.8M | −$36.5M | $175.4M | $194.5M | $25.0M | $69.8M | $85.8M | $79.2M | $74.7M |
| Operating income | $260.8M | $273.1M | $423.6M | $482.5M | $187.3M | $132.1M | $235.2M | $318.4M | $172.1M | $27.5M |
| Interest income | $237,000 | $1.7M | $1.9M | $53,000 | $1,000 | $35,000 | $159,000 | $183,000 | $49,000 | $656,000 |
| Interest expense | $8.9M | $3.1M | $2.8M | $6.3M | $5.6M | $10.4M | $21.4M | $20.8M | $15.7M | $7.5M |
| Income before taxes | $299.9M | $271.3M | $422.5M | $476.5M | $182.0M | $121.8M | $214.4M | $295.6M | $157.2M | $20.2M |
| Income taxes | — | — | $21.8M | $6.0M | −$55.1M | −$71.5M | −$87.7M | −$2.1M | −$98.2M | −$95.3M |
| Net income | $299.9M | $271.3M | $422.5M | $476.5M | $182.0M | $121.8M | $214.4M | $295.5M | $157.2M | $20.2M |
| EBITDA | $345.7M | $319.6M | $471.0M | $530.6M | $248.6M | $214.2M | $345.4M | $439.0M | $287.4M | $130.2M |
| EPS (diluted) | $1.18 | $1.40 | $2.00 | $2.04 | $1.19 | $1.06 | $1.09 | $1.72 | $0.98 | $0.54 |
| Gross margin | 74.9% | 76.2% | 77.2% | 83.9% | 75.5% | 53.0% | 61.9% | 66.3% | 58.3% | 39.9% |
| Operating margin | 61.8% | 62.2% | 84.5% | 61.5% | 37.0% | 44.5% | 47.7% | 52.2% | 40.1% | 10.5% |
| Net margin | 71.0% | 61.7% | 84.3% | 60.8% | 36.0% | 41.1% | 43.5% | 48.5% | 36.6% | 7.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.1M | $188.5M | $95.2M | $77.9M | $106.7M | $115.3M | $104.3M | $103.2M | $115.2M | $116.8M | $136.4M | $136.7M |
| Cost of revenue | $22.8M | $25.9M | $29.8M | $26.1M | $21.2M | $21.5M | $23.9M | $26.0M | $27.4M | $27.1M | $30.0M | $31.4M |
| Gross profit | $99.3M | $162.6M | $65.4M | $51.8M | $85.5M | $93.8M | $80.4M | $77.1M | $87.8M | $89.7M | $106.4M | $105.3M |
| Sales, general & admin | $16.1M | $16.8M | $14.1M | $12.3M | $13.9M | $15.2M | $11.8M | $12.8M | $13.4M | $14.1M | $12.5M | $14.4M |
| Total operating expenses | $16.1M | $16.8M | $14.1M | $12.3M | −$36.8M | $76.6M | $32.9M | −$16.0M | $19.3M | $25.7M | −$41.2M | $43.3M |
| Operating income | $83.2M | $145.7M | $51.3M | $39.5M | $122.3M | $17.2M | $47.5M | $93.1M | $68.5M | $64.0M | $147.6M | $62.0M |
| Interest income | $57,000 | $32,000 | $55,000 | $62,000 | $56,000 | $64,000 | $190,000 | $344,000 | $462,000 | $670,000 | $826,000 | $511,000 |
| Interest expense | $3.8M | $3.4M | $2.8M | $2.4M | $2.3M | $1.4M | $1.1M | $724,000 | $626,000 | $629,000 | $674,000 | $621,000 |
| Income before taxes | $106.4M | $13.3M | $72.2M | $91.7M | $120.0M | $15.9M | $46.3M | $92.7M | $68.3M | $63.9M | $147.6M | $62.1M |
| Income taxes | — | — | — | — | — | — | — | $31.7M | — | $7.4M | $32.6M | −$11.6M |
| 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 |
| EBITDA | $119.6M | $26.4M | $83.4M | $104.4M | $131.5M | $26.5M | $58.4M | $104.7M | $80.3M | $76.2M | $160.1M | $75.1M |
| EPS (diluted) | $0.47 | $0.28 | $0.31 | $0.30 | $0.28 | $0.29 | $0.33 | $0.31 | $0.37 | $0.39 | $0.65 | $0.52 |
| Gross margin | 81.3% | 86.3% | 68.7% | 66.5% | 80.1% | 81.4% | 77.1% | 74.8% | 76.2% | 76.8% | 78.0% | 77.0% |
| Operating margin | 68.1% | 77.3% | 53.9% | 50.7% | 114.6% | 14.9% | 45.6% | 90.2% | 59.5% | 54.8% | 108.2% | 45.4% |
| Net margin | 87.1% | 7.0% | 75.9% | 117.8% | 112.5% | 13.8% | 44.4% | 89.9% | 59.3% | 54.7% | 108.3% | 45.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BSM's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BSM financial results
In fiscal year 2025 (ended December 31, 2025), Black Stone Minerals reported revenue of $422.3 million, down 3.9% from the year before. It had net income of $299.9 million (up 10.5%), a net profit margin of 71.0%. Diluted earnings per share came to $1.18. Over five years revenue grew at an average rate of 7.3% a year.
See the BSM stock overview for the latest quote and news, or the BSM chart for price history and technical indicators.
BSM income statement FAQ
What is Black Stone Minerals's annual revenue?
Black Stone Minerals reported total revenue of $422.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 3.9% from $439.4 million the previous year.
Is Black Stone Minerals profitable?
Yes. Black Stone Minerals reported net income of $299.9 million in fiscal 2025, a net profit margin of 71.0%; its operating margin was 61.8%.
What is Black Stone Minerals's gross margin?
Black Stone Minerals's gross margin was 74.9% in fiscal 2025: for every $100 of revenue, Black Stone Minerals kept $75 after the direct cost of its products and services.
How fast is Black Stone Minerals growing?
Revenue grew 7.3% a year on average over the last five fiscal years, from $296.6 million to $422.3 million.
What are Black Stone Minerals's earnings per share?
Black Stone Minerals earned $1.18 per diluted share in fiscal 2025, compared with $1.40 a year earlier.
When will Black Stone Minerals report its next earnings?
Black Stone Minerals is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Black Stone Minerals's fiscal year end?
Black Stone Minerals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.