Kimbell Royalty Partners LP (KRP) financial statements: income statement, balance sheet and cash flow
Kimbell Royalty Partners LP'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), Kimbell Royalty Partners LP reported revenue of $333.8M (+7.9% year on year) and net income of $99.7M (+800.2% year on year).
Income statement
Kimbell Royalty Partners LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$321.7M
$310.7M
$267.6M
$285.0M
Gain (loss) on commodity derivative instruments, net
$12.1M
($1.3M)
$20.9M
($37.0M)
Total revenues
$333.8M
$309.3M
$294.1M
$248.1M
Production and ad valorem taxes
$20.4M
$20.4M
$20.3M
$16.2M
Depreciation and depletion expense
$124.6M
$135.1M
$96.5M
$50.1M
Impairment of oil and natural gas properties
$0
$62.1M
$18.2M
$0
Marketing and other deductions
$16.4M
$16.1M
$12.6M
$13.4M
General and administrative expense
$39.7M
$38.5M
$35.7M
$29.1M
Total costs and expenses
$201.0M
$272.3M
$184.2M
$111.1M
Operating income
$132.8M
$37.0M
$109.9M
$136.9M
Interest expense
($34.5M)
($26.7M)
($26.0M)
($13.8M)
Other expense
($12.0K)
—
($180.8K)
$4.0M
Net income before income taxes
$98.3M
$10.3M
$86.8M
$133.5M
Income tax (benefit) expense
($1.3M)
($771.3K)
$3.8M
$2.7M
Net income
$99.7M
$11.1M
$83.0M
$130.8M
Distribution and accretion on Series A preferred units
($34.9M)
($21.1M)
($6.3M)
—
Net (income) loss and distributions and accretion on Series A preferred units attributable to non-controlling interests
($8.7M)
$1.3M
($16.5M)
($18.8M)
Distribution to Class B unitholders
($58.0K)
($70.7K)
($88.8K)
($42.2K)
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP
$56.0M
($8.8M)
$60.1M
$111.9M
Net income per unit attributable to common units Kimbell Royalty Partners, LP (basic) (in dollar per share)
$0.62
-$0.12
$0.93
$1.75
Net income per unit attributable to common units Kimbell Royalty Partners, LP (diluted) (in dollar per share)
$0.62
-$0.12
$0.91
$1.72
Weighted average number of common units outstanding Basic (in units)
90.8M
76.2M
66.6M
54.1M
Weighted average number of common units outstanding Diluted (in units)
121.3M
116.0M
93.1M
65.8M
Kimbell Royalty Partners LP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$106.4M
$84.2M
$77.2M
$77.2M
Gain (loss) on commodity derivative instruments, net
$6.1M
($18.7M)
$3.4M
$9.3M
Total revenues
$112.5M
$65.5M
$80.6M
$86.5M
Production and ad valorem taxes
$8.2M
$5.9M
$5.6M
$5.7M
Depreciation and depletion expense
$30.2M
$29.3M
$31.0M
$30.5M
Marketing and other deductions
$4.2M
$5.2M
$5.1M
$3.0M
General and administrative expense
$10.2M
$9.4M
$10.1M
$9.6M
Total costs and expenses
$52.8M
$49.7M
$51.8M
$48.8M
Operating income
$59.7M
$15.8M
$28.8M
$37.8M
Interest expense
($8.4M)
($8.2M)
($9.8M)
($8.9M)
Net income before income taxes
$51.3M
$7.6M
$19.1M
$28.8M
Income tax expense
$4.0M
$703.0K
($3.3M)
$2.2M
Net income
$47.3M
$6.9M
$22.3M
$26.7M
Distribution and accretion on Series A preferred units
($2.6M)
($2.6M)
($2.7M)
($24.3M)
Net income and distributions and accretion on Series A preferred units attributable to non-controlling interests
($6.3M)
($366.0K)
($2.6M)
($314.0K)
Distribution to Class B unitholders
($9.0K)
($9.0K)
($14.0K)
($14.0K)
Net income attributable to common units of Kimbell Royalty Partners, LP
$38.4M
$4.0M
$17.0M
$2.0M
Net income per unit attributable to common units Kimbell Royalty Partners, LP (Basic) (in dollar per share)
$0.40
$0.04
$0.19
$0.02
Net income per unit attributable to common units Kimbell Royalty Partners, LP (Diluted) (in dollar per share)
$0.40
$0.04
$0.19
$0.02
Weighted average number of common units outstanding Basic (in units)
96.3M
93.1M
91.2M
91.2M
Weighted average number of common units outstanding Diluted (in units)
118.9M
119.1M
118.2M
122.9M
Balance sheet
Kimbell Royalty Partners LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$44.0M
$34.2M
$31.0M
$24.6M
Oil, natural gas and NGL receivables
$36.6M
$45.9M
$59.0M
$47.0M
Derivative assets
$6.5M
$2.4M
$11.4M
—
Accounts receivable and other current assets
$1.4M
$2.8M
$1.7M
$3.6M
Total current assets
$88.5M
$85.3M
$103.1M
$75.2M
Property and equipment, net
$629.0K
$267.1K
$589.9K
$953.8K
Oil and natural gas properties, using full cost method of accounting ($174,189 and $115,200 excluded from depletion at December 31, 2025 and December 31, 2024, respectively)
$2.3B
$2.0B
$2.0B
$1.5B
Less: accumulated depreciation, depletion and impairment
($1.1B)
($1.0B)
($827.0M)
($712.7M)
Total oil and natural gas properties, net
$1.1B
$1.0B
$1.2B
$753.3M
Right-of-use assets, net
$4.6M
$3.7M
$2.2M
$2.5M
Derivative assets
$2.6M
$565.9K
$2.9M
$754.8K
Loan origination costs, net
$9.7M
$5.3M
$7.3M
$3.0M
Total assets
$1.2B
$1.1B
$1.3B
$1.1B
Accounts payable
$3.1M
$6.5M
$6.6M
$1.2M
Other current liabilities
$7.1M
$6.0M
$6.2M
$4.9M
Total current liabilities
$10.2M
$12.7M
$13.0M
$18.8M
Operating lease liabilities, excluding current portion
$4.4M
$3.6M
$1.9M
$2.2M
Derivative liabilities
$28.0K
$254.7K
$208.7K
$12.6M
Long-term debt
$441.5M
$239.2M
$294.2M
$233.0M
Total liabilities
$456.2M
$256.4M
$309.3M
$263.3M
Series A preferred units (162,500 and 325,000 units issued and outstanding as of December 31, 2025 and 2024, respectively)
$158.8M
$316.0M
$314.4M
—
Common units (93,396,488 units and 80,969,651 units issued and outstanding as of December 31, 2025 and 2024, respectively)
$531.1M
$463.5M
$670.5M
$601.8M
Class B units (14,491,540 units and 14,524,120 units issued and outstanding as of December 31, 2025 and 2024, respectively)
$724.0K
$726.2K
$1.0M
$774.2K
Total Kimbell Royalty Partners, LP unitholders' equity
$531.8M
$464.2M
$671.6M
$602.6M
Non-controlling interest in OpCo
$82.5M
$83.3M
$42.5M
($26.1M)
Total unitholders' equity
$614.4M
$547.5M
$714.0M
$576.5M
Total liabilities, mezzanine equity and unitholders' equity
Oil and natural gas properties, using full cost method of accounting ($190,380 and $174,189 excluded from depletion at June 30, 2026 and December 31, 2025, respectively)
$2.4B
$2.3B
$2.3B
$2.3B
Less: accumulated depreciation, depletion and impairment
($1.2B)
($1.2B)
($1.1B)
($1.1B)
Total oil and natural gas properties, net
$1.2B
$1.1B
$1.2B
$1.2B
Right-of-use assets, net
$4.4M
$4.5M
$4.7M
$4.8M
Derivative assets
$984.0K
$395.0K
$563.0K
$267.0K
Loan origination costs, net
$9.4M
$9.5M
$4.4M
$4.9M
Total assets
$1.3B
$1.2B
$1.3B
$1.3B
Accounts payable
$4.1M
$2.9M
$4.5M
$3.1M
Other current liabilities
$8.8M
$6.6M
$11.9M
$13.1M
Derivative liabilities
$961.0K
$7.1M
—
—
Total current liabilities
$13.8M
$16.5M
$16.4M
$16.2M
Operating lease liabilities, excluding current portion
$4.2M
$4.3M
$4.5M
$4.6M
Derivative liabilities
$749.0K
$3.1M
—
$669.0K
Long-term debt
$478.7M
$440.9M
$448.5M
$462.1M
Total liabilities
$497.5M
$464.9M
$469.4M
$483.5M
Series A preferred units (162,500 units issued and outstanding as of June 30, 2026 and December 31, 2025)
$159.2M
$159.0M
$158.6M
$158.4M
Common units (98,652,268 units and 93,396,488 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
$575.0M
$521.4M
$541.0M
$555.9M
Class B units (16,051,322 units and 14,491,540 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
$802.0K
$456.0K
$724.0K
$724.0K
Total Kimbell Royalty Partners, LP unitholders' equity
$575.9M
$521.9M
$541.8M
$556.6M
Non-controlling interest in OpCo
$93.7M
$48.0M
$84.1M
$86.4M
Total unitholders' equity
$669.5M
$569.9M
$625.8M
$643.0M
Total liabilities, mezzanine equity and unitholders' equity
$1.3B
$1.2B
$1.3B
$1.3B
Cash flow statement
Kimbell Royalty Partners LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$99.7M
$11.1M
$83.0M
$130.8M
Depreciation and depletion expense
$124.6M
$135.1M
$96.5M
$50.1M
Impairment of oil and natural gas properties
$0
$62.1M
$18.2M
$0
Amortization of right-of-use assets
$348.0K
$349.2K
$336.1K
$319.7K
Amortization of loan origination costs
$2.4M
$2.1M
$1.9M
$1.9M
Unit-based compensation
$16.3M
$16.4M
$13.1M
$11.1M
Forfeiture of restricted units
($57.0K)
—
—
($19.8K)
(Gain) loss on derivative instruments, net of settlements
($7.2M)
$12.2M
($26.4M)
($14.3M)
Oil, natural gas and NGL receivables
$9.3M
$13.1M
($12.0M)
($11.8M)
Accounts receivable and other current assets
$1.4M
($1.1M)
$1.9M
($511.3K)
Accounts payable
($917.0K)
($89.1K)
$509.4K
$399.3K
Other current liabilities
$1.0M
($21.2K)
$1.3M
$1.6M
Operating lease liabilities
($303.0K)
($382.1K)
($348.7K)
($324.9K)
Net cash provided by operating activities
$246.5M
$250.9M
$174.3M
$166.6M
Purchases of property and equipment
($734.0K)
($188.3K)
($141.3K)
($163.1K)
Proceeds from sale of property and equipment
$12.0K
—
—
—
Purchase of oil and natural gas properties
($222.8M)
($21.6K)
($490.7M)
($141.3M)
Net cash used in investing activities
($223.5M)
($209.9K)
($246.7M)
($374.7M)
Proceeds from equity offering, net of issuance costs
$163.6M
—
$110.7M
$116.1M
Redemption of Class B contributions on converted units
($2.0K)
($316.2K)
($316)
($470.0K)
Redemption of Series A preferred units
($179.9M)
—
—
—
Distribution to common unitholders
($149.4M)
($135.9M)
($120.4M)
($107.4M)
Distribution to OpCo unitholders
($23.2M)
($31.7M)
($31.6M)
($19.3M)
Distribution to Series A preferred unitholders
($14.6M)
($19.5M)
($961.6K)
—
Distribution to Class B unitholders
($58.0K)
($70.7K)
($88.8K)
($42.2K)
Borrowings on long-term debt
$695.6M
$5.0M
$201.1M
$199.2M
Repayments on long-term debt
($493.3M)
($60.0M)
($139.9M)
($183.3M)
Payment of loan origination costs
($6.8M)
($63.4K)
($6.7M)
($662.3K)
Restricted units repurchased for tax withholding
($5.1M)
($4.9M)
($4.9M)
($3.3M)
Net cash (used in) provided by financing activities
($13.2M)
($247.5M)
$78.4M
$226.1M
NET INCREASE IN CASH AND CASH EQUIVALENTS
$9.8M
$3.2M
$6.0M
$18.0M
CASH AND CASH EQUIVALENTS, beginning of period
$34.2M
$31.0M
$25.0M
$7.1M
CASH AND CASH EQUIVALENTS, end of period
$44.0M
$34.2M
$31.0M
$25.0M
Cash paid for interest
$31.9M
$25.3M
$23.7M
$11.2M
Cash (refund from) paid for taxes
($3.9M)
—
$2.3M
$3.1M
Deemed distribution to Series A preferred units
$1.1M
$1.6M
$473.6K
—
Distribution on Series A preferred units in accounts payable
$2.5M
$4.9M
$4.9M
—
Recognition of tenant improvement asset
$73.0K
$125.0K
$125.0K
$125.0K
Right-of-use assets obtained in exchange for operating lease liabilities