10-K · February 24, 2026
Dorchester Minerals presents a capital-light, royalty/NPI business that prioritizes distributions and a conservative balance sheet: the partnership agreement requires quarterly distributions equal to 100% of available…
Earnings analysis · 10-Q
DMLP earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Dorchester Minerals, L.P. reported strong Q1 2026 results with net income of $29.14 million, translating to EPS of $0.59 and revenues of $58.88 million, significantly up from $43.16 million in revenue and $0.36 EPS in…
Read full summary
Dorchester Minerals, L.P. reported strong Q1 2026 results with net income of $29.14 million, translating to EPS of $0.59 and revenues of $58.88 million, significantly up from $43.16 million in revenue and $0.36 EPS in Q1 2025. Despite these positive trends, the Partnership faces volatility in oil and gas prices driven by geopolitical conflicts and market dynamics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.59
- Operating margin
- 40.0%
What stood out
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Significant Revenue Increase
Q1 2026 revenue of $58.88 million increased 36% compared to $43 million in Q1 2025.
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Improved EPS Performance
Q1 2026 EPS of $0.59 represents a substantial rise from $0.36 in Q1 2025.
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Increased Oil Sales Volumes
Oil sales volumes for Royalty Properties rose from 1,482 mbbls in Q1 2025 to 1,663 mbbls in Q1 2026.
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Legal Settlement Benefits
The recognition of prior volume sales due to a legal settlement contributed positively to the performance.
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Stable Operating Margins
Operating margin remained relatively stable at around 40% despite revenue fluctuations.
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Strong Cash Distribution
A quarterly distribution of $0.475036 per common unit was declared, reflecting solid cash flow.
What to watch
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Oil Price Volatility
Recent geopolitical events have caused significant oil price volatility that could impact future revenues.
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Regulatory Changes Impact
Changes in tariff and trade policies could disrupt market pricing and operational costs.
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Market Demand Fluctuations
Economic downturns, inflation, and interest rate changes could adversely impact overall market demand.
Management's outlook
No changes to revenue or EPS guidance were provided; outlook deferred.
Earlier filings 4
10-Q · August 7, 2025
Dorchester reported Q2 2025 operating revenues of $32,395,000 (down from $37,360,000 in Q2 2024) and net income per common unit of $0.25 (down from $0.57). Depreciation, depletion and amortization rose sharply to…
10-Q · May 8, 2025
Revenue rose to $43,164,000 in Q1 2025 (from $30,979,000 in Q1 2024), driven by higher Royalty Properties volumes and gas prices, while net income fell slightly to $17,642,000 and diluted net income per unit declined to…
10-Q · August 1, 2024
Q2 2024 results showed revenue growth and higher EPS but mixed cash/segment signals. Total operating revenues rose to $37.36M (Q2 2023: $30.62M), and diluted net income per unit increased to $0.57 (Q2 2023: $0.50).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.