Black Stone Minerals Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	412.81	426.97	488.59	771.23	491.44	287.56
Revenue Growth (YoY)	-9.71%	-12.61%	-36.65%	56.93%	70.90%	-37.89%
Cost of Revenue	51.02	59.28	68.37	78.61	62.87	57.5
Gross Profit	361.79	367.69	420.23	692.62	428.58	230.06
Selling, General & Admin	53.18	52.08	51.46	53.65	48.45	42.98
Other Operating Expenses	-20.78	-5.43	-102.58	108.49	133.26	-54.06
Operating Expenses	80.73	94.58	-3.3	210.14	243.8	122
Operating Income	281.06	273.11	423.52	482.48	184.78	108.06
Interest Expense	-7.22	-3.11	-2.75	-6.29	-5.64	-10.41
Interest & Investment Income	0.37	1.67	1.87	0.05	0	0.04
Other Non Operating Income (Expenses)	-0.16	-0.34	-0.16	0.22	0.3	0.08
EBT Excluding Unusual Items	274.05	271.33	422.48	476.46	179.44	97.77
Merger & Restructuring Charges	-	-	-	-	-0.3	-
Gain (Loss) on Sale of Assets	-	-	0.07	0.02	2.85	24.05
Pretax Income	274.05	271.33	422.55	476.48	181.99	121.82
Earnings From Continuing Operations	274.05	271.33	422.55	476.48	181.99	121.82
Net Income	274.05	271.33	422.55	476.48	181.99	121.82
Preferred Dividends & Other Adjustments	29.47	29.47	21.78	21	21	21
Net Income to Common	244.59	241.86	400.77	455.48	160.99	100.82
Net Income Growth	-26.45%	-35.79%	-11.32%	161.82%	49.39%	-43.17%
Shares Outstanding (Basic)	211	211	210	209	208	207
Shares Outstanding (Diluted)	211	211	225	224	208	207
Shares Change (YoY)	-1.42%	-6.41%	0.29%	7.76%	0.71%	0.34%
EPS (Basic)	1.16	1.15	1.91	2.18	0.77	0.49
EPS (Diluted)	1.16	1.15	1.88	2.12	0.77	0.49
EPS Growth	-29.09%	-38.84%	-11.58%	175.70%	57.87%	-48.01%
Free Cash Flow	224.22	274.01	501.44	412.42	242.25	276.99
Free Cash Flow Per Share	1.06	1.30	2.23	1.84	1.16	1.34
Dividend Per Share	1.325	1.500	1.900	1.745	0.895	0.555
Dividend Growth	-22.06%	-21.05%	8.88%	94.97%	61.26%	-60.64%
Gross Margin	87.64%	86.12%	86.01%	89.81%	87.21%	80.01%
Operating Margin	68.08%	63.96%	86.68%	62.56%	37.60%	37.58%
Profit Margin	59.25%	56.65%	82.03%	59.06%	32.76%	35.06%
Free Cash Flow Margin	54.32%	64.18%	102.63%	53.47%	49.29%	96.33%
EBITDA	321.57	319.6	470.25	531.15	246.87	242.24
EBITDA Margin	77.90%	74.85%	96.25%	68.87%	50.23%	84.24%
D&A For EBITDA	40.51	46.49	46.73	48.67	62.09	134.18
EBIT	281.06	273.11	423.52	482.48	184.78	108.06
EBIT Margin	68.08%	63.96%	86.68%	62.56%	37.60%	37.58%
Revenue as Reported	434.94	433.7	592.22	663.6	359.26	342.75

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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