Black Stone Minerals LP
NYSE: BSM · ENERGY · OIL & GAS E&P
Updated 2026-06-05
Black Stone Minerals LP (BSM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $368.95M | $463.56M | $548.32M | $392.92M | $260.83M | $429.66M | $609.57M | $492.78M | $296.64M | $505.73M | $784.28M | $501.10M | $439.43M | $422.33M |
| Revenue growth (YoY) | — | +25.6% | +18.3% | -28.3% | -33.6% | +64.7% | +41.9% | -19.2% | -39.8% | +70.5% | +55.1% | -36.1% | -12.3% | -3.9% |
| Cost of revenue | $57.21M | $166.40M | $184.82M | $161.65M | $156.71M | $179.29M | $205.43M | $187.78M | $139.51M | $123.88M | $126.42M | $114.05M | $104.48M | $106.06M |
| Gross profit | $311.75M | $297.16M | $363.50M | $231.28M | $104.13M | $250.37M | $404.14M | $304.99M | $157.13M | $381.85M | $657.87M | $387.05M | $334.95M | $316.27M |
| Gross margin | 84.5% | 64.1% | 66.3% | 58.9% | 39.9% | 58.3% | 66.3% | 61.9% | 53.0% | 75.5% | 83.9% | 77.2% | 76.2% | 74.9% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $48.75M | $59.50M | $62.77M | $77.17M | $73.14M | $77.57M | $76.71M | $63.35M | $42.98M | $48.75M | $53.65M | $51.45M | $52.08M | $55.46M |
| Operating income | $159.94M | $179.81M | $181.71M | $-95.86M | $27.47M | $172.08M | $318.38M | $235.17M | $132.11M | $187.32M | $482.50M | $423.60M | $273.11M | $260.81M |
| Operating margin | 43.3% | 38.8% | 33.1% | -24.4% | 10.5% | 40.1% | 52.2% | 47.7% | 44.5% | 37.0% | 61.5% | 84.5% | 62.2% | 61.8% |
| EBITDA | $327.59M | $282.75M | $295.72M | $8.44M | $131.11M | $289.71M | $442.33M | $345.39M | $215.38M | $248.64M | $530.57M | $470.99M | $319.63M | $347.12M |
| EBITDA margin | 88.8% | 61.0% | 53.9% | 2.1% | 50.3% | 67.4% | 72.6% | 70.1% | 72.6% | 49.2% | 67.7% | 94.0% | 72.7% | 82.2% |
| EBIT | $159.94M | $180.31M | $183.76M | $-95.86M | $27.73M | $174.15M | $318.58M | $235.80M | $132.23M | $187.63M | $482.77M | $425.30M | $274.44M | $308.86M |
| Interest expense | — | $11.34M | $13.51M | $6.42M | $7.55M | $15.69M | $20.76M | $21.43M | $10.41M | $5.64M | $6.29M | $2.75M | $3.11M | $8.93M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 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% | 0.0% |
| Net income | $91.72M | $168.59M | $170.35M | $-100.05M | $20.20M | $157.19M | $295.54M | $214.37M | $121.82M | $181.99M | $476.48M | $422.55M | $271.33M | $299.93M |
| Net income growth (YoY) | — | +83.8% | +1.0% | -158.7% | +120.2% | +678.2% | +88.0% | -27.5% | -43.2% | +49.4% | +161.8% | -11.3% | -35.8% | +10.5% |
| Profit margin | 24.9% | 36.4% | 31.1% | -25.5% | 7.7% | 36.6% | 48.5% | 43.5% | 41.1% | 36.0% | 60.8% | 84.3% | 61.7% | 71.0% |
Frequently asked questions
What is Black Stone Minerals LP's revenue?
Black Stone Minerals LP's trailing twelve-month revenue is $410.17M, and consensus projects about $759.00M by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is BSM?
In its most recent fiscal year, BSM ran a gross margin of 74.89%, an operating margin of 61.75%, and a net margin of 71.02%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does BSM generate?
BSM produced $298.41M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is BSM's balance sheet healthy?
BSM holds $1.48M in cash and equivalents against $154.00M in long-term debt, on $1.13B of shareholder equity. That debt is best read against the cash flow the business throws off each year.