# Black Stone Minerals, L.P.: overview

BSM · NYSE · CIK 1621434 · [Energy](/sectors/energy.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/bsm.md) · [Financials](/companies/bsm/financials.md) · [Filings](/companies/bsm/filings.md) · [Insiders](/companies/bsm/insiders.md)

Latest reported revenue: [$122.1m](/filings/0001628280-26-052686.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 4, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-052686).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [103](/filings/0001621434-25-000133.md) | [104 d](/filings/0001621434-26-000018.md) | [115](/filings/0001628280-26-030534.md) | [107](/filings/0001628280-26-052686.md) | [105](/filings/0001621434-25-000133.md) | [95.2 d](/filings/0001621434-26-000018.md) | [124](/filings/0001628280-26-030534.md) | [122](/filings/0001628280-26-052686.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [90.2%](/filings/0001621434-25-000133.md) | [45.6% d](/filings/0001621434-26-000018.md) | [14.9%](/filings/0001628280-26-030534.md) | [114.6%](/filings/0001628280-26-052686.md) | [89.5%](/filings/0001621434-25-000133.md) | [78.6% d](/filings/0001621434-26-000018.md) | [13.4%](/filings/0001628280-26-030534.md) | [90.1%](/filings/0001628280-26-052686.md) |
| Net margin | % | [89.9%](/filings/0001621434-25-000133.md) | [44.4% d](/filings/0001628280-25-007730.md) | [13.8%](/filings/0001628280-26-030534.md) | [112.5%](/filings/0001628280-26-052686.md) | [87.2%](/filings/0001621434-25-000133.md) | [75.9% d](/filings/0001621434-26-000018.md) | [10.7%](/filings/0001628280-26-030534.md) | [87.1%](/filings/0001628280-26-052686.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:ProfitLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Net income: us-gaap:NetIncomeLoss. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [506](/filings/0001628280-24-005670.md) | [784](/filings/0001628280-25-007730.md) | [501](/filings/0001621434-26-000018.md) | [439](/filings/0001621434-26-000018.md) | [422](/filings/0001621434-26-000018.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [37.0%](/filings/0001628280-24-005670.md) | [61.5%](/filings/0001628280-25-007730.md) | [84.5%](/filings/0001621434-26-000018.md) | [62.2%](/filings/0001621434-26-000018.md) | [73.0%](/filings/0001621434-26-000018.md) |
| Net margin | % | [36.0%](/filings/0001628280-24-005670.md) | [60.8%](/filings/0001628280-25-007730.md) | [84.3%](/filings/0001628280-25-007730.md) | [61.7%](/filings/0001628280-25-007730.md) | [71.0%](/filings/0001621434-26-000018.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Net income: us-gaap:ProfitLoss.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/bsm/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $124.3m | 8,899,403 |  | Added +627,645 |
| [William Marsh Rice University](/funds/1674705.md) | 2026-06-30 | $79.1m | 5,663,476 |  | Unchanged |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $63.1m | 4,518,071 |  | Reduced −19,100 |
| [BANK OF AMERICA CORP /DE/](/funds/70858.md) | 2026-06-30 | $29.1m | 2,080,058 |  | Reduced −27,234 |
| [PENN DAVIS MCFARLAND INC](/funds/1108893.md) | 2026-06-30 | $27.4m | 1,958,137 |  | Reduced −1,451 |
| [INVESTMENT MANAGEMENT ASSOCIATES INC /ADV](/funds/52024.md) | 2026-06-30 | $25.8m | 1,848,184 |  | Reduced −52,818 |
| [NATIXIS](/funds/1274981.md) | 2026-06-30 | $22.1m | 1,579,900 |  | Unchanged |
| [AMERIPRISE FINANCIAL INC](/funds/820027.md) | 2026-06-30 | $16.5m | 1,181,399 |  | Unchanged |
| [Long Corridor Asset Management Ltd](/funds/1845501.md) | 2026-06-30 | $12.3m | 880,000 |  | Added +108,000 |
| [BROWN ADVISORY INC](/funds/1345929.md) | 2026-06-30 | $12.2m | 870,666 |  | Reduced −7,337 |

## Recent filings

[All 906 filings](/companies/bsm/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-04 | 20:49 ET | [10-Q](/filings/0001628280-26-052686.md) | Quarterly report, period 2026-06-30 | 0001628280-26-052686 |
| 2026-08-04 | 22:34 ET | [8-K](/filings/0001628280-26-052042.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-052042 |
| 2026-06-16 | 21:22 ET | [8-K](/filings/0001628280-26-043636.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001628280-26-043636 |
| 2026-05-05 | 20:12 ET | [10-Q](/filings/0001628280-26-030534.md) | Quarterly report, period 2026-03-31 | 0001628280-26-030534 |
| 2026-05-05 | 23:17 ET | [8-K](/filings/0001628280-26-030031.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-030031 |
| 2026-04-30 | 20:16 ET | [DEF 14A](/filings/0001193125-26-197340.md) | Proxy statement, period 2026-06-11 | 0001193125-26-197340 |
| 2026-02-24 | 21:59 ET | [10-K](/filings/0001621434-26-000018.md) | Annual report, period 2025-12-31 | 0001621434-26-000018 |
| 2026-02-24 | 23:43 ET | [8-K](/filings/0001621434-26-000015.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001621434-26-000015 |
| 2026-02-10 | 22:08 ET | [8-K](/filings/0001621434-26-000010.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001621434-26-000010 |
| 2026-01-07 | 21:14 ET | [8-K/A](/filings/0001621434-26-000005.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001621434-26-000005 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001621434-26-000018.md), filed Feb 24, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/d2740458-462a-4a1e-a190-bc66d8463eae)

## About the filer

- CIK: 1621434
- Tickers: BSM
- Exchange: NYSE
- SIC code: 1311 Crude Petroleum & Natural Gas
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.