Revenue growth reached 68.2% in 2026Q1, yet operating margins remain constrained at 8.7% due to rising costs and volatility in core profitability.
| Sales/Revenue | 1.02B | 895.64M | 604.53M | 739.28M | 1.66B | 889.53M | 122.53M |
| Revenue Growth % | 51.33% | 48.16% | -18.23% | -55.47% | 86.64% | 625.94% | - |
| Cost of Goods Sold | 540.09M | 611.95M | 217.53M | 223.37M | 118.91M | 92.28M | 87.34M |
| COGS % of Revenue | - | 68.32% | 35.98% | 30.21% | 7.16% | 10.37% | 71.28% |
| Gross Profit | 482.09M | 283.7M | 387M | 515.91M | 1.54B | 797.25M | 35.19M |
| Gross Margin % | 47.16% | 31.68% | 64.02% | 69.79% | 92.84% | 89.63% | 28.72% |
| Gross Profit Growth % | - | -26.69% | -24.99% | -66.53% | 93.33% | 2165.5% | - |
| Operating Expenses | 284.14M | 124.36M | 541.8M | 358.29M | 1.24B | 776.93M | 45.1M |
| OpEx % of Revenue | - | 13.88% | 89.62% | 48.46% | 74.49% | 87.34% | 36.8% |
| Selling, General & Admin | 229.91M | 124.36M | 241.46M | 265.33M | 280.06M | 172.57M | 60.7M |
| SG&A % of Revenue | - | 13.88% | 39.94% | 35.89% | 16.87% | 19.4% | 49.54% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 300.33M | 92.95M | 956.69M | 604.36M | -15.6M |
| Operating Income | 197.95M | 159.34M | -154.8M | 157.62M | 304.56M | 20.32M | -9.91M |
| Operating Margin % | 19.37% | 17.79% | -25.61% | 21.32% | 18.34% | 2.28% | -8.09% |
| Operating Income Growth % | - | 202.93% | -198.21% | -48.25% | 1398.62% | 305.14% | - |
| EBITDA | 371M | 318.29M | 63.09M | 382.05M | 434.6M | 119.16M | 80.28M |
| EBITDA Margin % | 36.3% | 35.54% | 10.44% | 51.68% | 26.18% | 13.4% | 65.52% |
| EBITDA Growth % | 4493.18% | 404.5% | -83.49% | -12.09% | 264.73% | 48.42% | - |
| D&A (Non-Cash Add-back) | 173.05M | 158.95M | 217.89M | 224.43M | 130.04M | 98.83M | 90.19M |
| EBIT | 374.64M | 253.06M | -135.71M | 222.16M | 509.96M | -172.85M | -2.65M |
| Net Interest Income | -47.77M | -41.79M | -46.9M | -73.88M | -36.02M | -2.13M | -1.59M |
| Interest Income | 2.92M | 991K | 3.86M | 3.14M | 1.14M | 8K | 121K |
| Interest Expense | 50.69M | 42.78M | 50.76M | 77.02M | 37.17M | 2.13M | 1.71M |
| Other Income/Expense | 183.49M | 50.93M | -31.67M | -12.48M | 168.23M | -195.31M | 5.54M |
| Pretax Income | 381.44M | 210.28M | -186.47M | 145.14M | 472.79M | -174.99M | -4.36M |
| Pretax Margin % | 37.32% | 23.48% | -30.85% | 19.63% | 28.48% | -19.67% | -3.56% |
| Income Tax | 76.09M | 35.43M | -43.6M | 28.23M | 62.65M | -40.53M | 38.98M |
| Effective Tax Rate % | 19.95% | 16.85% | 23.38% | 19.45% | 13.25% | 23.16% | -893.26% |
| Net Income | 295.87M | 173.13M | -142.87M | 116.92M | 410.14M | -138.21M | -43.35M |
| Net Margin % | 28.95% | 19.33% | -23.63% | 15.82% | 24.7% | -15.54% | -35.37% |
| Net Income Growth % | 261.72% | 221.18% | -222.2% | -71.49% | 396.76% | -218.85% | - |
| Net Income (Continuing) | 305.35M | 174.84M | -142.87M | 116.92M | 410.14M | -134.46M | -43.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 98.64M | 27.42M | 0 | 59.99M | 62.71M | 49.84M | 42.29M |
| EPS (Diluted) | 2.89 | 1.95 | -2.02 | 1.39 | 4.88 | -2.03 | -0.52 |
| EPS Growth % | 245.37% | 196.53% | -245.32% | -71.52% | 340.39% | -290.38% | - |
| EPS (Basic) | - | 1.96 | -2.10 | 1.39 | 4.88 | -2.03 | -0.52 |
| Diluted Shares Outstanding | 102.3M | 92.67M | 70.64M | 84.13M | 84.13M | 84.13M | 84.13M |
| Basic Shares Outstanding | 102.02M | 92.07M | 68.02M | 84.13M | 84.13M | 84.13M | 84.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Commodity price basis volatility
According to recent financial disclosures, BKV's revenue growth has accelerated significantly, reaching 68.2% in 2026Q1, a sharp reversal from the contraction observed in early 2024, suggesting that the company's aggressive consolidation strategy and production scaling efforts are beginning to manifest in the top-line results.
The recent surge in revenue appears to be driven by a combination of production volume increases and potential improvements in realized pricing. Investors should monitor whether this growth trajectory is sustainable or if it remains highly sensitive to regional basis differentials in the Barnett Shale.
As reported in the company's income statements, gross margins have experienced significant volatility, dropping to 23.6% in 2026Q1 from peak levels above 80% in 2025, which highlights the inherent difficulty in maintaining high profitability while managing the rising lifting costs of mature, legacy wellbores.
The sharp decline in gross margin suggests that the company's cost structure is increasingly burdened by the maintenance requirements of its asset base. This trend warrants further investigation into whether midstream efficiencies are sufficient to offset the escalating variable costs associated with aging infrastructure.
Based on BKV's reported figures, operating income has struggled to scale consistently with revenue, as evidenced by the 8.7% operating margin in 2026Q1, indicating that the company's fixed cost base remains a significant hurdle to achieving meaningful operating leverage in the current commodity price environment.
The inability to consistently expand operating margins despite top-line growth suggests that SG&A and production costs are rising in tandem with revenue. This may indicate that the company is currently prioritizing volume maintenance over the optimization of its existing cost structure.
As indicated by the quarterly income statements, net income has fluctuated wildly, swinging from a loss of $78.7M in 2025Q1 to a profit of $44.1M in 2026Q1, which suggests that reported earnings are heavily influenced by non-operating items and commodity derivative adjustments rather than core operational performance.
The inconsistency in net income highlights the risks associated with relying on headline EPS figures for this entity. Analysts should focus on stripping out these non-recurring impacts to determine the true underlying profitability of the upstream and midstream segments.
Quick answers to the most common questions about buying BKV stock.
For fiscal year 2025, BKV Corporation (BKV) reported total revenue of $895.6M. This represents a 630.9% increase compared to $122.5M in 2020.
BKV Corporation (BKV) is profitable, generating $173.1M in net income for the fiscal year ending 2025 with a net profit margin of 19.3%.
BKV Corporation (BKV) reported an operating income of $159.3M, resulting in an operating profit margin of 17.8%. This margin reflects the operational efficiency of the business before interest and taxes.
BKV Corporation (BKV) generated $283.7M in gross profit for the year, representing a gross profit margin of 31.7%. This demonstrates the company's core pricing power and production efficiency.