GEL earnings analysis
What we found in GEL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Genesis Energy, L.P. reported a strong Q1 2026 with revenue of $446.6 million and EPS of $0.06, exceeding estimates. The results reflect significant growth in operating income due to improved segment margins and a reduction in general and administrative expenses, along with a remarkable recovery compared to a loss of $36.6 million in Q1 2025.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase
- Revenue rose to $446.6 million, a 12% increase from $398 million in Q1 2025.
- Positive EPS
- Achieved diluted EPS of $0.06, a notable improvement from the loss of $4.06 in Q1 2025.
- Operating Income Growth
- Operating income increased by $54.6 million, reflecting improved operational performance.
- Decreased Administrative Expenses
- General and administrative expenses dropped by $23.1 million, contributing to improved profitability.
- Strong Segment Margins
- Total Segment Margin increased by $35 million to $156.4 million, up 29% from Q1 2025.
- Higher Cash Flow
- Operating cash flow increased to $81.7 million from $24.8 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Commodity Prices
- Significant reliance on crude oil pricing, which averages $72.74 per barrel in the 2026 Quarter.
- Operational Risks in Marine Segment
- Marine transportation Segment Margin declined by 7%, reflecting lower day rates and regulatory dry-dock impacts.
- Interest Rate and Debt Levels
- Long-term debt stands at approximately $3.22 billion, raising servicing cost concerns amid rising interest rates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.06
- Segment
- Offshore pipeline transportation
- Segment
- Marine transportation
- Segment
- Onshore transportation and services
What they said about what is next.
Management anticipates full-year Adjusted EBITDA growth of 15-20% from a baseline of $500-510 million.
The filing reads better than the one before it.
What came before.
- 10-K · February 18, 2026
- Genesis Energy, L.P. reported a significant decrease in net income to $(440.4) million for 2025, which was driven primarily by a loss associated with the sale of its Alkali Business. The company's revenue for 2025…
- 10-Q · October 30, 2025
- Genesis Energy, L.P. reported an increase in revenue for Q3 2025, achieving $414 million, up 4% from the previous year. Despite this growth, the company faced a continued net loss of $0.05 per share, falling short of…
- 10-Q · July 31, 2025
- Genesis Energy, L.P. reported Q2 2025 results with total revenue of $377 million, reflecting a decline of 12% compared to Q2 2024. EPS improved to -$0.12 from -$0.25 year-over-year, despite challenges in cash flow from…
- 10-Q · May 8, 2025
- Genesis Energy, L.P. reported a revenue of $398.3 million for Q1 2025, a decline of 8% from $434 million in Q1 2024. The net loss from continuing operations was $36.6 million, worsening from a profit of $11.4 million in…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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