BKV on NYSE
BKV Corp
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
26.6%Operating margin3
15.7%Net margin3
41.6%Revenue growth, 20253
9.0%Return on equity3
0.47×Debt to equity3
-$24.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Merchant Energy Sales And Other brought in 25% of the revenue BKV Corp broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Merchant Energy Sales And Other | $413.9M | $234.5M | $289.0M |
| BKV-BPP Power, LLC | $274.6M | $218.3M | $248.8M |
| Power Revenues | $274.6M | $218.3M | $248.8M |
| Natural Gas Liquids (NGL) | $187.9M | $165.5M | $173.1M |
| Energy Retail Sales | $40.3M | $135.7M | $154.7M |
| Marketing | $8.7M | $10.7M | $12.3M |
| Other Revenue | $4.0M | $6.6M | $11.7M |
| Natural Gas, Midstream | $16.2M | $12.6M | $10.5M |
| Crude Oil, Condensate, and Natural Gas Liquids (NGL) | $8.4M | $6.6M | $9.5M |
| Related Party Revenues | $3.6M | $3.1M | $1.8M |
| Solar Revenue | $128.0K | $398.0K |
Business segments
BKV Upstream Midstream, LLC brought in 55% of the revenue BKV Corp broke down this way in fiscal 2024.
Business segments by year
| Business segments | 2023 | 2024 |
|---|---|---|
| BKV Upstream Midstream, LLC | $967.2M | $553.2M |
| BKV-BPP Power, LLC | $326.6M | $459.9M |
Regions
TX brought in 94% of the revenue BKV Corp broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| TX | $947.3M | $764.9M | $1.1B |
| PA | $62.3M | $40.8M | $67.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs81¢$924.8M
- Income tax3¢$36.9M
- Profit16¢$179.2M
Out of $1.1B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$305.1M
Out of $280.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues and other income | $1.0B | $1.3B | |
| Derivative gains, net | $379.9M | $207.5M | $290.7M |
| Gain on sale of business | $7.1M | ||
| Gains (losses) on sales of assets, net | -$1.8M | $3.5M | $2.2M |
| Total revenues and other operating income | $1.5B | $1.0B | $1.3B |
| Lease operating and workover | $152.9M | $137.0M | $150.6M |
| Fuel commodity costs | $180.4M | $118.7M | $94.2M |
| Purchased power | $114.0M | $108.3M | $27.8M |
| Taxes other than income | $66.4M | $47.9M | $81.1M |
| Gathering and transportation | $250.8M | $222.4M | $249.0M |
| Depreciation, depletion, amortization, and accretion | $195.7M | $255.5M | $255.1M |
| Power operating and maintenance | $78.4M | $81.1M | $56.4M |
| General and administrative | $131.6M | $110.0M | $133.6M |
| Other operating expenses | $56.7M | $21.2M | $14.3M |
| Total operating expenses | $1.2B | $1.1B | $1.1B |
| Income (loss) from operations | $303.7M | -$64.2M | $241.1M |
| Gains on contingent consideration liabilities | $9.7M | $38.4M | |
| Interest income | $4.1M | $7.3M | $4.7M |
| Loss on early extinguishment of debt | -$13.9M | ||
| Other income | $9.3M | $9.0M | $5.4M |
| Income (loss) before income taxes | $225.2M | -$175.8M | $162.1M |
| Income tax benefit (expense) | -$36.9M | $42.4M | -$30.1M |
| Net income (loss) | $188.3M | -$133.4M | $132.0M |
| Less: net income attributable to noncontrolling interest | $9.2M | $5.3M | $8.5M |
| Net income (loss) attributable to BKV | $179.2M | -$138.7M | $123.6M |
| Basic (in USD per share) | $2.05 | -$1.94 | $2.03 |
| Diluted (in USD per share) | $2.05 | -$1.94 | $1.92 |
| Basic (in shares) | 86.6M shares | 71.3M shares | 60.7M shares |
| Diluted (in shares) | 86.8M shares | 71.3M shares | 64.4M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $248.4M | $81.2M | $105.0M |
| Restricted cash | $15.8M | $15.8M | $157.1M |
| Prepaid expenses | $14.7M | $15.7M | |
| Inventory | $20.0M | $20.1M | |
| Commodity derivative assets, current | $63.9M | $8.9M | |
| Other current assets | $8.2M | $6.7M | |
| Total current assets | $511.4M | $235.0M | |
| 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, plant, and equipment, net | $944.4M | $936.8M | |
| Deposits | $14.2M | $7.0M | |
| Goodwill | $18.4M | $18.4M | |
| Commodity derivative assets | $26.4M | ||
| Other noncurrent assets | $17.1M | $13.3M | |
| Total assets | $3.9B | $3.1B | |
| Accounts payable and accrued liabilities | $229.5M | $162.5M | |
| Contingent consideration payable | $20.0M | ||
| Commodity derivative liabilities, current | $8.5M | $40.1M | |
| Income taxes payable to related party | $810.0K | $1.4M | |
| Payable to BPPUS for the BKV-BPP Power Joint Venture Transaction | $115.1M | ||
| Current portion of Temple I Loan Agreements | $191.0M | ||
| Current portion of long-term debt, net | $9.4M | $9.4M | |
| Other current liabilities | $10.3M | $3.3M | |
| Total current liabilities | $564.6M | $236.7M | |
| Asset retirement obligations | $230.4M | $198.8M | $193.2M |
| Commodity derivative liabilities | $5.8M | $47.6M | |
| Payable to BPPUS for the BKV-BPP Power Joint Venture Transaction | $115.1M | ||
| Deferred tax liability, net | $128.8M | $92.8M | |
| Noncurrent portion of Temple I Loan Agreements | $210.0M | ||
| Long-term debt, net | $937.7M | $639.8M | |
| Other noncurrent liabilities | $5.2M | $5.5M | |
| Total liabilities | $1.9B | $1.5B | |
| Noncontrolling interest | $13.0M | ||
| Common stock, $0.01 par value; 500,000 authorized shares; 96,872 and 84,600 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.6M | $1.5M | |
| Treasury stock, shares at cost; 214 shares as of December 31, 2025 and 2024 | -$6.7M | -$6.7M | |
| Additional paid-in capital | $1.7B | $1.4B | |
| Retained earnings | $309.1M | $131.3M | |
| Total stockholders' equity | $2.0B | $1.5B | |
| Noncontrolling interest | $68.0M | $51.8M | |
| Total equity | $2.1B | $1.6B | $1.3B |
| Total liabilities, mezzanine equity, and equity | $3.9B | $3.1B | |
| Common stock par value (in USD per share) | $0.01 | $0.01 | |
| Common stock, authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock, issued (in shares) | 96.9M shares | 84.6M shares | |
| Common stock, outstanding (in shares) | 96.9M shares | 84.6M shares | |
| Treasury stock, at cost (in shares) | 214.0K shares | 214.0K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $188.3M | -$133.4M | $132.0M |
| Depreciation, depletion, amortization, and accretion | $197.2M | $255.9M | $256.2M |
| Equity-based compensation expense | $12.8M | $16.3M | $25.8M |
| Deferred income tax expense (benefit) | $37.9M | -$43.6M | $34.3M |
| Unrealized (gains) losses on derivatives, net | -$118.0M | $82.6M | -$74.9M |
| Gains on contingent consideration liabilities | -$9.7M | -$38.4M | |
| Settlement of contingent consideration | -$20.0M | -$20.0M | -$65.0M |
| Payments for the purchase of put options | -$16.2M | ||
| Proceeds from the sale of call options | $23.5M | ||
| Write-off of capitalized software costs | $5.6M | ||
| Gain on sale of business | -$7.1M | ||
| (Gains) losses on sale of assets, net | $1.8M | -$3.5M | -$2.0M |
| Transaction costs from sale of business | -$3.5M | ||
| Loss on early extinguishment of debt | $13.9M | ||
| Other, net | $8.3M | -$789.0K | $4.0M |
| Accounts receivable, net | -$46.8M | -$13.0M | $86.1M |
| Accounts receivable, related party | $3.8M | -$14.8M | -$143.0K |
| Accounts payable and accrued liabilities | $28.3M | -$27.9M | -$90.9M |
| Other changes in operating assets and liabilities | -$2.6M | $438.0K | -$6.7M |
| Net cash provided by operating activities | $280.4M | $115.4M | $260.3M |
| Asset acquisition | -$272.1M | -$480.3M | |
| Cash acquired in consolidation of BKV-BPP Cotton Cove | $2.1M | ||
| Capital expenditures | -$305.1M | -$105.4M | -$201.5M |
| Proceeds from sale of business | $132.6M | ||
| Proceeds from sales of assets | $6.9M | $5.1M | $3.3M |
| Proceeds from insurance claim | $2.6M | $8.3M | |
| Other investing activities, net | -$8.1M | -$649.0K | $7.0M |
| Net cash provided by (used in) investing activities | -$576.4M | $34.3M | -$663.1M |
| Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions | $265.7M | ||
| Proceeds from issuance of common stock, net of underwriting discounts and commissions | $170.6M | $150.0M | |
| Proceeds on long-term debt | $500.0M | ||
| Payment of debt issuance costs | -$15.9M | -$8.1M | -$3.1M |
| Payments on Temple Term Loan Facility | -$24.5M | -$10.0M | -$63.6M |
| Payments on Temple I Loan Agreements | -$19.0M | -$43.8M | |
| Proceeds under RBL Credit Agreement | $577.0M | $580.0M | |
| Payments on RBL Credit Agreement | -$742.0M | -$415.0M | |
| Payment on term loan agreement | -$456.0M | -$114.0M | |
| Payments on notes payable to related party | -$75.0M | ||
| Proceeds on Power Plant Loan | $10.0M | ||
| Payment on Power Plant Loan | -$10.0M | ||
| Proceeds from draws on credit facilities | $44.0M | $375.5M | |
| Payments on credit facilities | -$171.0M | -$338.5M | |
| Payments of deferred offering costs | -$3.9M | -$2.9M | |
| Debt extinguishment costs | -$10.2M | ||
| Distributions to noncontrolling interest | -$10.0M | ||
| Net share settlements, equity-based compensation | -$1.6M | -$53.2M | -$3.0M |
| Cash distributions to noncontrolling interest | -$1.2M | ||
| Cash contributions from noncontrolling interest | $19.8M | ||
| Other financing activities | -$2.1M | -$8.2M | |
| Net cash provided by (used in) financing activities | $463.3M | -$314.8M | $498.5M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $167.3M | -$165.1M | $95.6M |
| Income tax | $232.0K | $6.0K | $1.5M |
| Equity issued as consideration for acquisition | $124.3M | ||
| Conversion of mezzanine equity to common stock upon initial public offering | $43.0M | ||
| Conversion of equity-based compensation to common stock upon initial public offering | $75.0M | ||
| Income tax deconsolidation | $1.8M | $10.5M | |
| Reclassification of deferred offering costs to additional paid-in capital upon initial public offering | $11.6M | ||
| Increase (decrease) in accrued capital expenditures | $18.2M | $16.9M | -$23.2M |
| Additions to asset retirement obligations | $226.0K | $42.0K | $89.0K |
| Lease liabilities arising from obtaining right-of-use assets | $23.0K | $494.0K | $3.1M |
| Increase (decrease) in accrued equity transaction costs | $501.0K | -$341.0K | -$604.0K |
| Adjustment of minority ownership puttable shares to redemption value | $17.0M | $2.7M | |
| Adjustment of equity-based compensation to redemption value | $9.3M | $15.6M | |
| Impact of redemption of shares issued in settlement of equity-based compensation and other on additional paid-in capital, common stock, and treasury stock | $2.1M | $781.0K | |
| Accretion of Class B Units to redemption value | $1.4M | $0 | $0 |
Recent filings
- Oct 7, 20268-K
- Sep 29, 20264
- Sep 25, 20268-K
- Sep 14, 20268-K
- Sep 10, 20268-K
- Aug 21, 20264
- Aug 21, 20264
- Aug 21, 20264
- Aug 21, 2026144
- Aug 20, 2026144
- Aug 20, 2026S-3ASR
- Aug 19, 202610-K/A
- Aug 17, 20264
- Aug 14, 2026144
- Aug 6, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARBKV Corp filings on SEC EDGAR
- 2SEC EDGARBKV Corp filings on SEC EDGAR
- 3SEC EDGARBKV Corp 10-K for fiscal 2025
- 4
- 5SEC EDGARBKV Corp 10-K for fiscal 2022
- 6SEC EDGARBKV Corp 10-Q for fiscal 2026
- 7SEC EDGARBKV Corp 10-Q for fiscal 2026