BDCO has delivered two consecutive quarters of dramatically improved results, with cash building rapidly. The company is now generating significant free cash flow from its refinery operations. Monitor the Q3 2026 10-Q for sustainability of product differentials and whether the company initiates a dividend or buyback given the strong cash position.
Price Chart
Executive Summary
Blue Dolphin Energy reported a massive turnaround in Q2 2026, with net income of $17.7M ($1.19/share) vs a net loss of $1.7M (-$0.12/share) in Q2 2025. Revenue surged 155% YoY to $144.3M, driven by improved product differentials and favorable inventory impacts. Cash and equivalents jumped from $2.0M at year-end 2025 to $31.7M, reflecting strong cash generation. This follows a similarly strong Q1 2026, confirming the trend of dramatically improved operations.
Key Financial Metrics
Key Facts
- Q2 2026 net income of $17.7M vs net loss of $1.7M in Q2 2025
- Revenue of $144.3M, up 155% from $56.6M in Q2 2025
- Gross profit of $25.1M vs $0.6M in Q2 2025
- Consolidated EBITDA of $24.4M vs $0.1M in Q2 2025
- Cash and equivalents of $31.7M vs $2.0M at Dec 31, 2025
- EPS of $1.19 vs -$0.12 in Q2 2025
Financial Impact
Revenue up 155% YoY; net income swing of +$19.5M vs prior year quarter
Risk Factors
- Refining margins are cyclical and may revert to prior levels
- Geopolitical and market volatility could impact product differentials
- Single-refinery concentration risk in Nixon, Texas
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-028116 |
| Document: bdco20260522_8k.htm | 0001437749-26-028116 |
| Document: 0001437749-26-028116-index-headers.html | 0001437749-26-028116 |
| Document: 0001437749-26-028116-index.html | 0001437749-26-028116 |
| Document: 0001437749-26-028116.txt | 0001437749-26-028116 |
| 8-K Data (Synthetic) | 0001437749-26-028116 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $12.90 $12.74 | ▼ −1.24% | ▼ −0.72% | $12.25 (−5.04%) |
Aug 17, 2026 10w ago | 8-K | $5.62 $6.45 | ▲ +14.77% | ▲ +15.44% | $12.25 (+117.97%) |
May 18, 2026 23w ago | 8-K | $4.11 $4.23 | ▲ +2.92% | ▲ +3.57% | $12.25 (+198.05%) |
Apr 2, 2026 29w ago | 8-K | $2.70 $2.71 | ▲ +0.37% | ▼ −0.11% | $12.25 (+353.70%) |
US Market Status
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