Natural Gas was Bkv’s largest product and service line in fiscal 2025, bringing in $742.75M of $936.73M (79%).
| Product and Service | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Natural Gas | $1.06B | $567.52M | $424.25M | $742.75M |
| Merchant Energy Sales & Other | — | — | — | $288.98M |
| Bkv-Bpp Power, Llc | — | $274.62M | — | — |
| Ngls | $311.54M | — | $165.51M | — |
| Natural Gas, Ngl, & Oil Sales | $246.20M | $57.68M | $38.80M | $67.67M |
| Energy Retail Sales | — | $40.26M | $135.65M | — |
| Midstream Revenues | $12.68M | $27.70M | $23.11M | $10.46M |
| Marketing Revenues | $11.00M | $8.71M | — | $12.30M |
| Oil | $11.87M | $8.45M | $6.61M | $9.46M |
| Other Revenue | $117.00K | — | $6.63M | — |
| Related Party & Other | $2.80M | — | — | — |
| Solar Revenue | — | — | $128.00K | $398.00K |
| Physical Power Purchased | — | -$179.55M | -$151.99M | -$195.28M |
| Total | $1.66B | $805.39M | $648.69M | $936.73M |
Bkv brought in $936.73M from its eight product and service lines in fiscal 2025, the year ended December 31, 2025. Bkv regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $648.69M. Natural Gas was the largest at $742.75M (79.3%), ahead of Merchant Energy Sales & Other at $288.98M (30.8%) and Natural Gas, Ngl, & Oil Sales at $67.67M (7.2%). The other four lines brought in $32.62M combined.
Compared with fiscal 2024, Natural Gas grew 75.1% to $742.75M and Natural Gas, Ngl, & Oil Sales grew 74.4% to $67.67M.
Bkv began breaking out Merchant Energy Sales & Other in fiscal 2025, Solar Revenue in fiscal 2024 and Physical Power Purchased in fiscal 2023. Bkv stopped reporting Bkv-Bpp Power, Llc ($274.62M in fiscal 2023), Ngls ($165.51M in fiscal 2024), Energy Retail Sales ($135.65M in fiscal 2024) and two others as separate lines. The total is net of Physical Power Purchased, which took $195.28M off revenue in fiscal 2025.
Texas was Bkv’s largest region in fiscal 2025, bringing in $607.41M of $675.08M (90%).
| Geography | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|
| Texas | $1.06B | $452.17M | $607.41M |
| Pennsylvania | $246.20M | $62.31M | $67.67M |
| Total | $1.31B | $514.48M | $675.08M |
Bkv brought in $675.08M from its two regions in fiscal 2025, the year ended December 31, 2025. That is less than the $936.73M it reports by product and service, so these regions do not cover all of its revenue. Texas was the largest at $607.41M (90.0%), ahead of Pennsylvania at $67.67M (10.0%).
Compared with fiscal 2023, the previous year with figures, Texas grew 34.3% to $607.41M and Pennsylvania grew 8.6% to $67.67M.
Purchaser One was Bkv’s largest revenue line in fiscal 2024, bringing in $380.60M of $609.20M (62%).
| Concentration Risk Type | FY 2023 | FY 2024 |
|---|---|---|
| Purchaser One | $476.50M | $380.60M |
| Purchaser Two | $170.60M | $146.00M |
| Purchaser Three | $104.00M | $82.60M |
| Total | $751.10M | $609.20M |
Bkv brought in $609.20M from its three revenue lines in fiscal 2024, the year ended December 31, 2024. That was down 18.9% from $751.10M in fiscal 2023. Purchaser One was the largest at $380.60M (62.5%), ahead of Purchaser Two at $146.00M (24.0%) and Purchaser Three at $82.60M (13.6%).
Compared with fiscal 2023, every revenue line above 2% of revenue shrank. Purchaser Two held up best, down 14.4% to $146.00M, and Purchaser Three fell the most, down 20.6% to $82.60M.
Bkv (BKV) reports its revenue by product and service, by geography and by concentration risk type. In fiscal 2025, Natural Gas was its largest product and service line, bringing in $742.75M (79.3% of the total), followed by Merchant Energy Sales & Other at $288.98M (30.8%).
Natural Gas was Bkv's largest product and service line in fiscal 2025, bringing in $742.75M, or 79.3% of the $936.73M total across its eight product and service lines.
Texas was Bkv's largest region in fiscal 2025, bringing in $607.41M, or 90.0% of the $675.08M total across its two regions.
Purchaser One was Bkv's largest revenue line in fiscal 2024, bringing in $380.60M, or 62.5% of the $609.20M total across its three revenue lines.
Every figure comes from Bkv's annual financial filings, as reported. Each line keeps the name Bkv gives it, and years follow its fiscal calendar.
Bkv's revenue by product and service goes back to fiscal 2022, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.