Black Stone Minerals, L.p. income statement
In fiscal 2025, Black Stone Minerals, L.p. reported revenue of $470m, up 8.4% on the year before, operating income of $308m (a 65.6% margin) and net income of $270m. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 464 | 548 | 393 | 261 | 430 | 610 | 488 | 343 | 359 | 664 | 592 | 434 | 470 | 491 |
| General and administrative | 60 | 63 | 77 | 73 | 78 | 77 | 63 | 43 | 49 | 54 | 51 | 52 | 55 | 63 |
| Operating income | 180 | 182 | −96 | 27 | 172 | 318 | 235 | 132 | 187 | 482 | 424 | 273 | 308 | 258 |
| Interest expense | 11 | 14 | 6 | 8 | 16 | 21 | 21 | 10 | 6 | 6 | 3 | 3 | 9 | 14 |
| Net income | 169 | 169 | −102 | 20 | 157 | 296 | 214 | 122 | 182 | 476 | 423 | 271 | 270 | 215 |
| EBITDA | 282 | 294 | 8 | 130 | 287 | 441 | 345 | 214 | 248 | 530 | 469 | 318 | 345 | 296 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 59 | 159 | 132 | 119 | 124 | 149 | 100 |
| General and administrative | 12 | 15 | 14 | 12 | 14 | 17 | 16 | 16 |
| Operating income | 48 | 17 | 122 | 94 | 75 | 17 | 110 | 56 |
| Interest expense | 1 | 1 | 2 | 2 | 3 | 3 | 4 | 4 |
| Net income | 68 | 9 | 113 | 84 | 65 | 6 | 99 | 45 |
| EBITDA | 58 | 26 | 131 | 104 | 84 | 26 | 119 | 66 |
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