BKV Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BKV Corp reported revenue of $1.0B (+73.6% year on year) and net income of $174.8M.
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Revenues and other income | $905.5M | $604.5M |
| Derivative gains (losses), net | $105.1M | ($34.2M) |
| Gain on sale of business | $0 | $7.1M |
| Gains (losses) on sales of assets, net | ($1.8M) | $3.5M |
| Total revenues and other operating income | $1.0B | $581.0M |
| Lease operating and workover | $152.9M | $137.0M |
| Taxes other than income | $50.8M | $35.0M |
| Gathering and transportation | $250.8M | $222.4M |
| Depreciation, depletion, amortization, and accretion | $157.5M | $217.5M |
| General and administrative | $124.4M | $104.5M |
| Other | $54.9M | $19.4M |
| Total operating expenses | $791.2M | $735.8M |
| Income (loss) from operations | $217.6M | ($154.8M) |
| Gains on contingent consideration liabilities | $0 | $9.7M |
| Earnings (losses) from equity affiliate | $14.9M | $10.4M |
| Loss on early extinguishment of debt | $0 | ($13.9M) |
| Interest expense | ($28.6M) | ($50.8M) |
| Interest income | $1.6M | $3.9M |
| Other income | $4.8M | $9.0M |
| Income (loss) before income taxes | $210.3M | ($186.5M) |
| Income tax benefit (expense) | ($35.4M) | $43.6M |
| Net income (loss) | $174.8M | — |
| Less: net income attributable to noncontrolling interest | $1.7M | — |
| Net income (loss) attributable to BKV | $173.1M | ($142.9M) |
| Basic (in USD per share) | $1.98 | -$2.00 |
| Diluted (in USD per share) | $1.98 | -$2.00 |
| Basic (in shares) | 86.6M | 71.3M |
| Diluted (in shares) | 86.8M | 71.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues and other income | $322.3M | $379.7M | $203.0M | $209.8M |
| Derivative gains, net | $143.3M | $53.1M | $74.9M | $112.2M |
| Total revenues and other operating income | $465.5M | $432.8M | $277.9M | $322.0M |
| Lease operating and workover | $44.5M | $45.1M | $36.9M | $34.2M |
| Fuel commodity costs | $42.8M | $57.1M | — | — |
| Purchased power | $29.5M | $27.4M | — | — |
| Marketing expense | $23.3M | — | — | — |
| Taxes other than income | $15.9M | $20.2M | $11.6M | $13.4M |
| Gathering and transportation | $68.1M | $67.8M | $61.8M | $63.0M |
| Depreciation, depletion, amortization, and accretion | $52.9M | $52.9M | $37.9M | $38.0M |
| Power operating and maintenance | $17.2M | $19.7M | — | — |
| General and administrative | $42.1M | $42.1M | $30.7M | $30.5M |
| Other operating expenses | $7.6M | $14.5M | $16.6M | $14.5M |
| Total operating expenses | $343.9M | $346.8M | $195.6M | $193.6M |
| Income from operations | $121.7M | $86.0M | $82.3M | $128.4M |
| Interest expense | ($28.9M) | ($27.1M) | ($6.5M) | ($5.5M) |
| Interest income | $2.2M | $1.5M | $274.0K | $162.0K |
| Other income | $2.5M | $2.9M | $568.0K | $440.0K |
| Income before income taxes | $97.5M | $63.3M | $97.7M | $132.6M |
| Income tax benefit (expense) | ($20.1M) | ($11.5M) | ($20.0M) | ($27.9M) |
| Net income | $77.3M | $51.8M | $77.7M | $104.7M |
| Less: net income (loss) attributable to noncontrolling interest | $1.5M | $7.8M | $863.0K | $163.0K |
| Net income attributable to BKV | $75.8M | $44.1M | $76.8M | $104.6M |
| Basic (in USD per share) | $0.68 | $0.42 | $0.90 | $1.23 |
| Diluted (in USD per share) | $0.67 | $0.42 | $0.90 | $1.23 |
| Basic (in shares) | 109.4M | 102.0M | 84.8M | 84.7M |
| Diluted (in shares) | 109.8M | 102.3M | 85.0M | 84.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Cash and cash equivalents | $199.4M | $14.9M |
| Accounts receivable | $112.0M | $65.8M |
| Prepaid expenses | $6.4M | $7.6M |
| Inventory | $6.1M | $6.3M |
| Commodity derivative assets, current | $61.8M | $0 |
| Other current assets | $2.2M | $0 |
| Current assets | $387.9M | $94.6M |
| Developed properties | $3.0B | $2.3B |
| Undeveloped properties | $13.2M | $10.8M |
| Midstream assets | $278.0M | $276.6M |
| Accumulated depreciation, depletion, and amortization | ($849.5M) | ($714.3M) |
| Total natural gas properties, net | $2.4B | $1.9B |
| Other property and equipment, net | $137.7M | $97.3M |
| Goodwill | $18.4M | $18.4M |
| Investment in BKV-BPP Power | $130.1M | $115.2M |
| Commodity derivative assets | $26.4M | $0 |
| Other noncurrent assets | $21.8M | $17.3M |
| Total assets | $3.1B | $2.2B |
| Accounts payable and accrued liabilities | $206.9M | $121.4M |
| Contingent consideration payable | $0 | $20.0M |
| Commodity derivative liabilities, current | $0 | $20.3M |
| Income taxes payable to related party | $810.0K | $1.4M |
| Other current liabilities | $10.1M | $3.1M |
| Total current liabilities | $217.9M | $166.2M |
| Asset retirement obligations | $230.4M | $198.8M |
| Commodity derivative liabilities | $5.8M | $47.4M |
| Deferred tax liability, net | $123.4M | $88.7M |
| Long-term debt, net | $486.8M | $165.0M |
| Other noncurrent liabilities | $5.2M | $5.5M |
| Total liabilities | $1.1B | $671.5M |
| Noncontrolling interest | $13.0M | — |
| Common stock | $1.6M | $1.5M |
| Treasury stock | ($6.7M) | ($6.7M) |
| Additional paid-in capital | $1.8B | $1.4B |
| Retained earnings | $288.8M | $117.1M |
| Total stockholders' equity | $2.0B | $1.6B |
| Noncontrolling interest | $8.7M | — |
| Total equity | $2.0B | — |
| Total liabilities, mezzanine equity, and equity | $3.1B | $2.2B |
| Treasury stock, at cost (in shares) | 214.0K | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $152.2M | $288.5M | $83.1M | $21.4M |
| Restricted cash | $16.1M | $16.0M | — | — |
| Accounts receivable | $151.5M | $153.0M | $98.6M | $59.6M |
| Prepaid expenses | $10.0M | $13.3M | $3.5M | $4.4M |
| Inventory | $18.0M | $18.8M | $6.4M | $7.0M |
| Commodity derivative assets, current | $99.4M | $72.2M | $9.5M | $556.0K |
| Other current assets | $10.7M | $6.2M | $408.0K | — |
| Total current assets | $457.8M | $568.0M | $201.5M | $98.4M |
| Developed properties | $3.1B | $3.0B | $2.9B | $2.4B |
| Undeveloped properties | $13.4M | $13.4M | $10.8M | $10.7M |
| Midstream assets | $279.6M | $278.3M | $276.8M | $276.8M |
| Accumulated depreciation, depletion, and amortization | ($922.1M) | ($884.5M) | ($813.0M) | ($780.0M) |
| Total natural gas properties, net | $2.4B | $2.4B | $2.4B | $1.9B |
| Other property, plant, and equipment, net | $1.1B | $1.1B | $124.1M | $104.3M |
| Deposits | $171.9M | $48.4M | — | — |
| Goodwill | $18.4M | $18.4M | $18.4M | $18.4M |
| Commodity derivative assets | $45.7M | $36.4M | $15.5M | $6.6M |
| Other noncurrent assets | $16.4M | $18.9M | $38.3M | $23.7M |
| Total assets | $4.2B | $4.2B | $2.9B | $2.3B |
| Accounts payable and accrued liabilities | $194.8M | $217.4M | $215.5M | $123.8M |
| Commodity derivative liabilities, current | $9.7M | $17.5M | $8.8M | $44.0M |
| Income taxes payable to related party | $0 | $978.0K | $2.3M | $2.3M |
| Payable to BPPUS for the BKV-BPP Power Joint Venture Transaction | $0 | $0 | — | — |
| Current portion of Temple I Loan Agreements | $176.0M | $176.0M | — | — |
| Current portion of long-term debt, net | $9.4M | $9.4M | — | — |
| Other current liabilities | $8.8M | $11.2M | $9.5M | $4.7M |
| Total current liabilities | $398.7M | $432.6M | $236.1M | $174.7M |
| Asset retirement obligations | $200.6M | $197.0M | $227.7M | $204.3M |
| Commodity derivative liabilities | $0 | $1.2M | $22.7M | $45.6M |
| Deferred tax liability, net | $160.3M | $140.1M | $106.5M | $86.6M |
| Long-term debt, net | $1.1B | $1.1B | $486.6M | $200.0M |
| Other noncurrent liabilities | $7.9M | $8.6M | $6.6M | $5.1M |
| Total liabilities | $1.8B | $1.9B | $1.1B | $716.4M |
| Noncontrolling interest | $30.2M | $18.6M | $6.0M | ($2.1M) |
| Common stock, $0.01 par value; 500,000 authorized shares; 109,417 and 96,872 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1.8M | 1.8M | 1.6M | 1.5M |
| Treasury stock, shares at cost; 214 shares as of June 30, 2026 and December 31, 2025 | -6.7M | -6.7M | -6.7M | -6.7M |
| Additional paid-in capital | $1.9B | $1.9B | $1.6B | $1.5B |
| Retained earnings | $426.4M | $352.4M | $219.0M | $142.7M |
| Total stockholders' equity | $2.3B | $2.2B | $1.8B | $1.6B |
| Noncontrolling interest | $75.9M | $80.0M | $6.8M | — |
| Total equity | $2.4B | $2.3B | $1.8B | — |
| Total liabilities, mezzanine equity, and equity | $4.2B | $4.2B | $2.9B | $2.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Net income (loss) | $174.8M | ($142.9M) |
| Depreciation, depletion, amortization, and accretion | $159.0M | $217.9M |
| Equity-based compensation | $12.8M | $16.3M |
| Deferred income tax (benefit) expense | $36.4M | ($44.8M) |
| Unrealized (gains) losses on derivatives, net | ($113.2M) | $146.7M |
| Gains on contingent consideration liabilities | $0 | ($9.7M) |
| Settlement of contingent consideration | ($20.0M) | ($20.0M) |
| Proceeds from the sale of call options | $0 | $23.5M |
| Payments for the purchase of put options | ($16.2M) | — |
| Write-off of capitalized software costs | $5.6M | — |
| Gain on sale of business | $0 | ($7.1M) |
| (Gains) losses on sale of assets, net | $1.8M | ($3.5M) |
| Transaction costs from sale of business | $0 | ($3.5M) |
| Earnings from equity affiliate | ($14.9M) | ($10.4M) |
| Distribution from equity affiliate | $0 | $0 |
| Loss on early extinguishment of debt | $0 | $13.9M |
| Other, net | $3.7M | ($3.9M) |
| Accounts receivable, net | ($35.5M) | ($4.7M) |
| Accounts receivable, related party | $3.8M | ($14.8M) |
| Accounts payable and accrued liabilities | $46.7M | ($32.2M) |
| Other changes in operating assets and liabilities | ($2.3M) | ($2.4M) |
| Net cash provided by operating activities | $242.7M | $118.5M |
| Asset acquisition | ($272.1M) | ($100.9M) |
| Cash acquired in consolidation of BKV-BPP Cotton Cove | $2.1M | — |
| Capital expenditures | ($300.2M) | — |
| Proceeds from sale of business | $0 | $132.6M |
| Proceeds from sales of assets | $6.9M | $5.1M |
| Loan advanced to equity affiliate | $0 | $0 |
| Loan repayment from equity affiliate | $0 | $0 |
| Other investing activities, net | ($1.6M) | ($649.0K) |
| Net cash provided by (used in) investing activities | ($564.9M) | $36.1M |
| Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions | $0 | $265.7M |
| Proceeds from the issuance of common stock, net of underwriting discounts and commissions | $170.6M | $0 |
| Proceeds on long-term debt | $500.0M | — |
| Proceeds from notes payable from related party | $0 | $0 |
| Payments on notes payable to related party | $0 | ($75.0M) |
| Proceeds under RBL Credit Agreement | $577.0M | $580.0M |
| Payments on RBL Credit Agreement | ($742.0M) | ($415.0M) |
| Payment on term loan agreement | $0 | ($456.0M) |
| Payment of debt issuance costs | ($15.9M) | ($8.1M) |
| Proceeds from draws on credit facilities | $0 | $44.0M |
| Payments on credit facilities | $0 | ($171.0M) |
| Payments of deferred offering costs | $0 | ($3.9M) |
| Debt extinguishment costs | $0 | ($10.2M) |
| Cash distributions to noncontrolling interest | ($1.2M) | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $129.2M | $51.8M | $103.8M | $26.1M |
| Depreciation, depletion, amortization, and accretion | $108.3M | $54.2M | $116.2M | $78.2M |
| Equity-based compensation expense | $10.3M | $3.9M | $9.1M | $6.1M |
| Deferred income tax expense (benefit) | $31.6M | $11.3M | $17.8M | ($2.1M) |
| Unrealized (gains) losses on derivatives, net | ($59.3M) | ($13.9M) | ($24.1M) | $31.1M |
| Impairment of asset held for sale | $3.5M | $0 | — | $2.4M |
| Settlement of contingent consideration | $0 | $0 | ($20.0M) | ($20.0M) |
| Payments for the purchase of put options | $0 | $0 | ($16.2M) | ($16.2M) |
| Other, net | $3.3M | $1.9M | $3.9M | $3.0M |
| Accounts receivable, net | ($13.0M) | ($13.4M) | ($18.2M) | $6.5M |
| Accounts receivable, related party | $868.0K | ($86.0K) | $34.0K | ($197.0K) |
| Accounts payable and accrued liabilities | ($32.5M) | ($23.5M) | $12.4M | ($17.5M) |
| Other changes in operating assets and liabilities | ($530.0K) | ($277.0K) | $2.2M | $2.2M |
| Net cash provided by operating activities | $181.7M | $72.0M | $173.3M | $98.8M |
| Asset acquisition | ($118.7M) | ($93.4M) | ($220.3M) | ($123.7M) |
| Deposits on fixed asset purchases | ($158.5M) | ($33.0M) | ($15.0M) | — |
| Capital expenditures | ($193.4M) | ($106.5M) | ($209.0M) | ($7.5M) |
| Proceeds from sales of assets | $473.0K | $171.0K | $6.9M | $1.3M |
| Other investing activities, net | $264.0K | $0 | $257.0K | $257.0K |
| Net cash used in investing activities | ($469.9M) | ($232.8M) | ($435.0M) | ($129.7M) |
| Proceeds from issuance of common stock, net of underwriting discounts and commissions | $185.5M | $186.2M | — | — |
| Acquisition of additional interest in BKV-BPP Power | ($115.1M) | — | — | — |
| Payment of debt issuance costs | ($892.0K) | ($892.0K) | ($4.4M) | ($720.0K) |
| Payments on Temple Term Loan Facility | ($19.9M) | ($2.5M) | — | — |
| Proceeds from Promissory Note | $46.0M | $46.0M | — | — |
| Payments on Temple I Loan Agreements | ($15.0M) | ($15.0M) | — | — |
| Proceeds under RBL Credit Agreement | $570.0M | $330.0M | $577.0M | $355.0M |
| Payments on RBL Credit Agreement | ($470.0M) | ($230.0M) | ($742.0M) | ($320.0M) |
| Net share settlements, equity-based compensation | ($2.1M) | ($2.1M) | ($1.6M) | ($1.2M) |
| Contributions from noncontrolling interest | $13.4M | $4.2M | $11.0M | $4.4M |
| Common stock issued from employee purchase plan | $277.0K | $277.0K | — | — |
| Net cash provided by financing activities | $192.1M | $201.1M | $330.0M | $37.4M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | ($96.0M) | $40.2M | $68.2M | $6.6M |
| Cash, cash equivalents, and restricted cash, beginning of period | $168.3M | $304.5M | $83.1M | $21.4M |
| Interest | $53.4M | $11.4M | $14.9M | $9.0M |
| Income tax | $978.0K | — | $197.0K | $197.0K |
| Increase (decrease) in accrued capital expenditures | ($2.4M) | $11.4M | $7.4M | $13.1M |
| Additions to asset retirement obligations | $109.0K | $40.0K | $147.0K | $80.0K |
| Lease liabilities arising from obtaining right-of-use assets | $5.7M | $5.0M | $0 | $0 |
| Modification of lease contracts | ($1.8M) | ($853.0K) | — | — |
| Revision of asset retirement obligations | ($35.2M) | ($35.2M) | — | — |
| Accretion of Class B Units to redemption value | $2.5M | $741.0K | $0 | $0 |
| Distributions payable to noncontrolling interest | $0 | — | $6.9M | $6.9M |
BKV Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.