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BKV Corporation (BKV)
NYSE:BKV
Earnings Data
Report Date
May 08, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.48Last Year’s EPS
0.41Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive tone: the company delivered strong operational execution across upstream, power, and CCUS in its first full public year, reported meaningful year-over-year financial improvement (adjusted EBITDAX +47% YoY), strengthened liquidity and the balance sheet, and raised CCUS targets driven by new partnerships. Key risks highlighted include weather-related downtime (Winter Storm Fern), outstanding PPAs required to fully de-risk and monetize the Temple power platform (timing uncertainty), and CCUS project FID/timing risk as the business scales toward the 1.5 Mtpa 2028 target. Overall, achievements and growth vectors materially outweigh the near-term execution and timing risks.Company Guidance
Transformational Year and Strong Financial Performance
2025 combined adjusted EBITDAX attributable to BKV was $109M in Q4 and $390M for the full year, representing a 19% increase quarter-over-quarter and a 47% increase year-over-year. Adjusted net income was $27M (Q4) and $120M (FY) or $0.29 and $1.40 per diluted share respectively. The company generated positive free cash flow for 2025 (excluding cash from the power JV) while spending $319M of total corporate capex—below the low end of original guidance—demonstrating capital discipline.
Upstream: Production Growth, Low Costs and Operational Records
Upstream delivered approximately 8% exit-to-exit organic production growth for 2025 and outperformed Q4 guidance with production at 940 MMcfe/d. Development & completion (D&C) costs were lowered to a peer-leading $545 per lateral foot. The company reported POW-driven uplift averaging ~22% above type curve through the first 150 days on ~30 new wells, set completions efficiency records (>22 horsepower-hours/day), drilled company-record laterals (including the longest Barnett well), and ended the year with ~6 Tcfe of 1P reserves with an estimated PV-10 of ~$3.1B.
Bedrock Acquisition Accretion
The Bedrock acquisition closed in Q3 and materially expanded the Fort Worth Basin footprint: added >100 MMcfe/d of production and nearly 1 Tcfe of proved reserves. Integration progressed ahead of plan with early-time performance, day-one LOE reductions, and early completions/refracs showing strong results; full-year Bedrock-related development spend was ~$245M.
Carbon Capture Momentum and Raised Injection Target
Carbon capture advanced meaningfully: secured CIP partnership (commitment up to $500M), Barnett Zero achieved cumulative injection >311,000 metric tons since Nov 2023, and the company refreshed its near-term CCUS injection target to 1.5 million tons per annum by 2028 (up from prior targets). Management cited project-level economics around ~$48/ton EBITDA on the projects underpinning the target.
Power Business Performance and Strategic JV
Temple Energy Complex (1.5 GW) produced >7,600 GWh in 2025 with combined average capacity factor of 57% in Q4 and 59% for the full year. Q4 average power price was $49.69/MWh with gas at $3.55/MMBtu (Q4 spark spread $24.54/MWh); FY spark spread averaged $25.36/MWh (up >15% vs prior year). Power JV adjusted EBITDA was $31M (Q4) and $127M (FY) at BKV's 50% interest; following the Jan 30 power JV transaction BKV now holds majority (75%) ownership and will consolidate starting Q1 2026. FY 2026 power JV EBITDA guidance is $135–$175M.
Balance Sheet Strength and Liquidity
Year-end total debt was $500M (only senior notes outstanding), net leverage was 0.9x, cash and equivalents were $199M, and total liquidity was $984M—more than double the prior year—providing flexibility for growth and project funding.
Capital Allocation Plan and Hedging Protection
2026 gross capex guidance of $410–$560M (including ~$135M of gross strategic power capex) with a net capital investment midpoint of $324M excluding power growth capital; management expects full-year 2026 net capex to be funded within cash flow. Hedging: ~60% of 2026 forecasted upstream production hedged at $3.85/MMBtu (gas) and NGLs hedged at $22/bbl; 40% of ERCOT generation hedged via HERCOs and ~100 MW with fixed spark spreads.
Operational Safety and Reliability
Zero reportable safety incidents in Q4; Temple plants weathered Winter Storm Fern without related downtime, demonstrating operational resilience and reliability as a selling point in PPA discussions.
BKV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BKV Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $29.71 | $30.00 | +0.98% |
Nov 17, 2025 | $27.95 | $28.02 | +0.25% |
Aug 12, 2025 | $20.06 | $21.45 | +6.93% |
May 09, 2025 | $19.18 | $20.47 | +6.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does BKV Corporation (BKV) report earnings?
BKV Corporation (BKV) is schdueled to report earning on May 08, 2026, Before Open (Confirmed).
What is BKV Corporation (BKV) earnings time?
BKV Corporation (BKV) earnings time is at May 08, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BKV EPS forecast?
BKV EPS forecast for the fiscal quarter 2026 (Q1) is 0.48.