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Oil & gas E&P · Energy · Fiscal year ends Dec 31
BKV reported revenue of $1.1B in the fiscal year ended Dec 2025, up 41.6% from the year before. Operating income was $304M, an operating margin of 26.6%, and net income was $179M. Operating cash flow of $280M less capital expenditure of $305M left free cash flow of −$25M. Net debt was $890M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 1,660 | 1,010 | 806 | 1,141 |
| Operating income | 305 | 241 | −64.2 | 304 |
| Pre-tax income | 473 | 162 | −176 | 225 |
| Income tax | 62.7 | 30.1 | −42.4 | 36.9 |
| Net income | 410 | 124 | −139 | 179 |
| Diluted EPS | 6.62 | 1.92 | −1.94 | 2.05 |
| Diluted shares | 62.0 | 64.4 | 71.3 | 86.8 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 166 | 105 | 81.2 | 248 |
| Inventory | – | 9.9 | 20.1 | 20.0 |
| Current assets | – | 312 | 235 | 511 |
| Goodwill | – | 18.4 | 18.4 | 18.4 |
| Total assets | – | 2,683 | 3,099 | 3,939 |
| Payables | – | 47.5 | 75.2 | 100 |
| Deferred revenue | – | 21.8 | 17.9 | 36.3 |
| Current liabilities | – | 412 | 237 | 565 |
| Short-term debt | – | – | 9.4 | 200 |
| Long-term debt | – | 579 | 850 | 938 |
| Total liabilities | – | 1,205 | 1,546 | 1,873 |
| Shareholders' equity | 1,037 | 1,291 | 1,501 | 1,986 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 349 | 260 | 115 | 280 |
| Capital expenditure | 0.0 | 202 | 105 | 305 |
| Free cash flow | 349 | 58.8 | 10.0 | −24.7 |
| Depreciation & amortisation | 130 | 256 | 256 | 197 |
| Stock-based compensation | 31.9 | 25.8 | 16.3 | 12.8 |
| Share buybacks | – | 0.6 | 0.0 | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −39.2% | −20.2% | 41.6% |
| Operating income growth (YoY) | – | −20.8% | −126.6% | – |
| EPS growth (YoY) | – | −71.0% | −201.0% | – |
| Operating margin | 18.3% | 23.9% | −8.0% | 26.6% |
| Net margin | 24.7% | 12.2% | −17.2% | 15.7% |
| Return on equityBlank when equity is negative | 39.6% | 9.6% | −9.2% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 10.6% | −2.2% | 9.0% |
| Free cash flow margin | 21.0% | 5.8% | 1.2% | −2.2% |
| Cash conversion (CFO ÷ net income) | 0.85x | 2.11x | −0.83x | 1.56x |
| Debt ÷ equity | – | 0.45x | 0.57x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 474 | 778 | 890 |
| Current ratio | – | 0.76x | 0.99x | 0.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.