Blue Dolphin Financials
This page shows Blue Dolphin (BDCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
For every $1 of reported earnings, Blue Dolphin generates $0.14 in operating cash flow (-$766K OCF vs -$5.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Blue Dolphin earns $-4.2 in operating income for every $1 of interest expense (-$1.5M vs $364K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Blue Dolphin generated $276.2M in revenue in fiscal year 2025. This represents a decrease of 13.0% from the prior year.
Blue Dolphin's EBITDA was $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 189.8% from the prior year.
Blue Dolphin reported -$5.6M in net income in fiscal year 2025. This represents an increase of 35.1% from the prior year.
Blue Dolphin earned $-0.38 per diluted share (EPS) in fiscal year 2025. This represents an increase of 34.5% from the prior year.
Cash & Balance Sheet
Blue Dolphin generated -$779K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 95.0% from the prior year.
Blue Dolphin had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Blue Dolphin's gross margin was 2.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Blue Dolphin's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Blue Dolphin's net profit margin was -2.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.
Capital Allocation
Blue Dolphin invested $13K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 71.7% from the prior year.
BDCO Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $70.4M+24.3% | $56.6M-32.4% | $83.7M+12.0% | $74.7M-9.0% | $82.1M+17.9% | $69.7M-23.5% | $91.0M-15.7% | $108.0M |
| Cost of Revenue | $70.3M+25.5% | $56.0M-27.8% | $77.6M+4.9% | $74.0M-13.4% | $85.4M+14.9% | $74.4M-6.9% | $79.8M-19.7% | $99.4M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | -$4.1M-134.3% | $11.8M+6.4% | $11.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.6M+132.0% | $704K-48.0% | $1.4M-54.0% | $2.9M+183.2% | $1.0M-29.2% | $1.5M+49.6% | $983K+1124.0% | -$96K |
| Operating Income | -$5.1M-710.3% | -$629K-114.5% | $4.3M+260.1% | -$2.7M+43.5% | -$4.8M+27.6% | -$6.6M-167.4% | $9.8M+8.9% | $9.0M |
| Interest Expense | $850K-45.3% | $1.6M+6.1% | $1.5M-2.8% | $1.5M-3.5% | $1.6M+5.3% | $1.5M-2.0% | $1.5M-1.0% | $1.5M |
| Income Tax | -$1.3M-176.7% | -$459K-172.3% | $635K+306.2% | -$308K+77.1% | -$1.3M+21.6% | -$1.7M-193.2% | $1.8M+267.8% | -$1.1M |
| Net Income | -$4.7M-171.5% | -$1.7M-176.7% | $2.2M+157.4% | -$3.9M+21.8% | -$5.0M+21.3% | -$6.3M-195.9% | $6.6M-24.3% | $8.8M |
| EPS (Diluted) | $-0.31-158.3% | $-0.12-180.0% | $0.15 | N/A | $-0.34+20.9% | $-0.43-197.7% | $0.44 | N/A |
BDCO Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $105.1M-5.1% | $110.8M+5.0% | $105.6M+3.6% | $101.9M-0.4% | $102.3M-3.5% | $105.9M-2.3% | $108.5M+2.3% | $106.1M |
| Current Assets | $49.4M-11.7% | $55.9M+10.8% | $50.5M+12.7% | $44.8M-1.2% | $45.3M-8.7% | $49.6M-6.1% | $52.8M+7.2% | $49.3M |
| Cash & Equivalents | $2.3M+183.8% | $819K-36.6% | $1.3M+1493.8% | $81K-88.1% | $683K+596.9% | $98K-99.1% | $11.1M-40.6% | $18.7M |
| Inventory | $33.9M-17.8% | $41.2M+9.1% | $37.8M+5.9% | $35.7M+4.9% | $34.0M-14.7% | $39.9M+39.1% | $28.7M+16.6% | $24.6M |
| Accounts Receivable | $9.2M+2.3% | $9.0M+6.0% | $8.5M+42.6% | $6.0M-18.3% | $7.3M+13.8% | $6.4M-45.8% | $11.8M+175.0% | $4.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $76.3M-1.3% | $77.3M+9.9% | $70.4M+2.1% | $68.9M+5.4% | $65.4M+2.1% | $64.1M+6.3% | $60.3M-6.5% | $64.5M |
| Current Liabilities | $72.4M-0.4% | $72.7M+11.9% | $65.0M+1.7% | $63.9M+80.5% | $35.4M+10.7% | $32.0M-39.1% | $52.5M-5.2% | $55.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $28.8M-14.0% | $33.5M-4.9% | $35.2M+6.8% | $33.0M-10.6% | $36.9M-11.9% | $41.9M-13.2% | $48.2M+15.9% | $41.6M |
| Retained Earnings | -$11.1M-72.8% | -$6.4M-36.6% | -$4.7M+32.3% | -$6.9M-128.9% | -$3.0M-254.3% | $2.0M-76.4% | $8.3M+391.5% | $1.7M |
BDCO Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $818K+150.4% | -$1.6M+6.1% | -$1.7M-309.1% | $826K+806.0% | -$117K+98.8% | -$10.1M-62.1% | -$6.3M-193.4% | $6.7M |
| Capital Expenditures | $307K | N/A | N/A | $46K | $0 | N/A | N/A | $0 |
| Free Cash Flow | $511K | N/A | N/A | $780K+766.7% | -$117K | N/A | N/A | $6.7M |
| Investing Cash Flow | -$307K-958.6% | -$29K | $0+100.0% | -$46K | $0 | $0 | $0 | $0 |
| Financing Cash Flow | $994K-15.7% | $1.2M-59.9% | $2.9M+312.5% | -$1.4M-296.9% | $702K+178.7% | -$892K-158.6% | -$345K+22.6% | -$446K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BDCO Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | -5.8%-18.8pp | 13.0%+2.7pp | 10.3% |
| Operating Margin | -7.2%-6.1pp | -1.1%-6.3pp | 5.2%+8.8pp | -3.6%+2.2pp | -5.8%+3.7pp | -9.5%-20.3pp | 10.8%+2.4pp | 8.4% |
| Net Margin | -6.7%-3.6pp | -3.0%-5.7pp | 2.7%+7.9pp | -5.2%+0.9pp | -6.1%+3.0pp | -9.1%-16.4pp | 7.3%-0.8pp | 8.1% |
| Return on Equity | -16.2%-11.1pp | -5.1%-11.5pp | 6.4%+18.2pp | -11.9%+1.7pp | -13.6%+1.6pp | -15.2%-28.9pp | 13.7%-7.3pp | 21.0% |
| Return on Assets | -4.5%-2.9pp | -1.6%-3.7pp | 2.1%+6.0pp | -3.8%+1.1pp | -4.9%+1.1pp | -6.0%-12.1pp | 6.1%-2.1pp | 8.3% |
| Current Ratio | 0.68-0.1 | 0.770.0 | 0.78+0.1 | 0.70-0.6 | 1.28-0.3 | 1.55+0.5 | 1.01+0.1 | 0.89 |
| Debt-to-Equity | 2.65+0.3 | 2.31+0.3 | 2.00-0.1 | 2.09+0.3 | 1.77+0.2 | 1.53+0.3 | 1.25-0.3 | 1.55 |
| FCF Margin | 0.7% | N/A | N/A | 1.0%+1.2pp | -0.1% | N/A | N/A | 6.2% |
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Frequently Asked Questions
What is Blue Dolphin's annual revenue?
Blue Dolphin (BDCO) reported $276.2M in total revenue for fiscal year 2025. This represents a -13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blue Dolphin's revenue growing?
Blue Dolphin (BDCO) revenue declined by 13% year-over-year, from $317.5M to $276.2M in fiscal year 2025.
Is Blue Dolphin profitable?
No, Blue Dolphin (BDCO) reported a net income of -$5.6M in fiscal year 2025, with a net profit margin of -2.0%.
What is Blue Dolphin's EBITDA?
Blue Dolphin (BDCO) had EBITDA of $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Blue Dolphin's gross margin?
Blue Dolphin (BDCO) had a gross margin of 2.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Blue Dolphin's operating margin?
Blue Dolphin (BDCO) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blue Dolphin's net profit margin?
Blue Dolphin (BDCO) had a net profit margin of -2.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blue Dolphin's free cash flow?
Blue Dolphin (BDCO) generated -$779K in free cash flow during fiscal year 2025. This represents a 95.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blue Dolphin's operating cash flow?
Blue Dolphin (BDCO) generated -$766K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Dolphin's capital expenditures?
Blue Dolphin (BDCO) invested $13K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Are Blue Dolphin's earnings high quality?
Blue Dolphin (BDCO) has an earnings quality ratio of 0.14x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blue Dolphin cover its interest payments?
Blue Dolphin (BDCO) has an interest coverage ratio of -4.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.