Black Stone Minerals, L.P. (BSM)

Black Stone Minerals Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	299.93	271.33	422.55	476.48	181.99
Depreciation & Amortization	37.97	46.28	46.72	49.76	62.6
Stock-Based Compensation	9.62	8.56	10.83	17.39	12.22
Other Adjustments	-35.23	52.24	-7.43	-81.64	32.8
Change in Receivables	5.55	11.24	53.05	-39.51	-34.86
Changes in Accounts Payable	-0.29	1.04	-3.83	3.01	2.65
Changes in Other Operating Activities	-7.39	-1.65	-0.65	-0.5	-0.52
Operating Cash Flow	310.17	389.04	521.25	424.98	256.88
Operating Cash Flow Growth	-20.27%	-25.36%	22.65%	65.44%	-8.85%
Capital Expenditures	-119.11	-115.03	-19.81	-12.56	-14.64
Sale of Property, Plant & Equipment	0.83	2.8	0.07	11.35	0.32
Investing Cash Flow	-118.27	-112.24	-19.74	-1.22	-14.32
Short-Term Debt Issued	373	97	64	339	212
Short-Term Debt Repaid	-244	-72	-74	-418	-244
Net Short-Term Debt Issued (Repaid)	129	25	-10	-79	-32
Repurchase of Common Stock	-3.78	-4.45	-5.5	-2.99	-1.96
Net Common Stock Issued (Repurchased)	-3.78	-4.45	-5.5	-2.99	-1.96
Common Dividends Paid	-285.65	-336.93	-398.82	-322.4	-176.92
Preferred Share Dividends Paid	-29.47	-28.13	-21	-21	-21
Other Financing Activities	-3.04	-0.06	-0.22	-2.94	-3.6
Financing Cash Flow	-192.93	-344.57	-435.54	-428.34	-235.48
Net Cash Flow	-1.04	-67.76	65.98	-4.57	7.08
Free Cash Flow	191.06	274.01	501.44	412.42	242.25
Free Cash Flow Growth	-30.27%	-45.36%	21.58%	70.25%	-12.54%
FCF Margin	40.66%	63.18%	84.67%	62.15%	67.43%
Free Cash Flow Per Share	0.90	1.30	2.23	1.84	1.16
Levered Free Cash Flow	369.59	256.43	456.61	437.15	194.38
Unlevered Free Cash Flow	219.59	203.74	445.88	522.17	231.72

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q