BKV (BKV) financial statements
BKV reported revenue of $1.1B in fiscal 2025, down 11.8% a year over 3 years.
Net income was $179M and the operating margin 26.6%, against 18.3% in 2022.
Free cash flow was -$25M.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BKV's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.7B | $739M | $605M | $1.1B |
| Selling, general and admin | $149M | $134M | $110M | $132M |
| Operating income | $305M | $241M | -$64M | $304M |
| Pre-tax income | $473M | $162M | -$176M | $225M |
| Income tax | $63M | $30M | -$42M | $37M |
| Net income | $410M | $124M | -$139M | $179M |
| EPS (diluted) | $6.62 | $1.92 | -$1.94 | $2.05 |
| Diluted shares | 62M | 64M | 71M | 87M |
| Operating margin | 18.3% | 32.6% | -10.6% | 26.6% |
| Net margin | 24.7% | 16.7% | -22.9% | 15.7% |
Balance sheet
Fiscal years, from BKV's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $166M | $105M | $81M | $248M |
| Inventory | — | $10M | $20M | $20M |
| Total current assets | — | $312M | $235M | $511M |
| Goodwill | — | $18M | $18M | $18M |
| Total assets | — | $2.7B | $3.1B | $3.9B |
| Total current liabilities | — | $412M | $237M | $565M |
| Long-term debt | — | — | $850M | $938M |
| Total liabilities | — | $1.2B | $1.5B | $1.9B |
| Shareholders' equity | $1.0B | $1.3B | $1.5B | $2.0B |
| Net debt | -$166M | -$105M | $778M | $890M |
Cash flow
Fiscal years, from BKV's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $349M | $260M | $115M | $280M |
| Capital spending | — | $202M | $105M | $305M |
| Free cash flow | — | $59M | $10M | -$25M |
| Stock-based compensation | $32M | $26M | $16M | $13M |
| Share buybacks (net) | — | -$600,000 | $0 | — |
| Free cash flow margin | — | 7.9% | 1.7% | -2.2% |
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Open BKV in InvestinglyQuestions
What was BKV's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does BKV generate?
-$25M in fiscal 2025 (operating cash flow minus capital spending).
From BKV's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.