10-Q · April 27, 2026
Martin Midstream reported Q1 2026 revenue of $187.674 million and a net loss of $6.760 million (loss per unit $0.17). Adjusted EBITDA fell to $20.778 million from $27.828 million a year ago and operating income declined…
Earnings analysis · 10-Q
MMLP earnings analysis
Filed July 27, 2026 · Our reading of the company's report
The latest report
Martin Midstream Partners posted an 18% year-over-year increase in Q2 revenue to $213.600 million and returned to profitability with $2.647 million of net income, or $0.07 per diluted unit. Operating income improved 29%…
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Martin Midstream Partners posted an 18% year-over-year increase in Q2 revenue to $213.600 million and returned to profitability with $2.647 million of net income, or $0.07 per diluted unit. Operating income improved 29% to $19.258 million, driven chiefly by Specialty Products growth and a $4.450 million terminalling asset-sale gain, but Sulfur Services profitability and Transportation margins weakened. The principal offset is liquidity quality: six-month operating cash flow shifted to negative $1.577 million and Q2 Adjusted Free Cash Flow was negative $0.880 million amid working-capital use and substantial debt.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.07
- Operating margin
- 9.0%
What stood out
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Revenue growth returned partnership to profit
Q2 revenue increased $32.924 million, or 18%, year over year to $213.600 million from $180.676 million; it also rose from $188 million in Q1 2026. Net income was $2.647 million versus a $2.407 million loss, producing diluted EPS of $0.07 versus a $0.06 loss per unit.
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Operating income and margin improved
Operating income increased to $19.258 million from $14.883 million, lifting operating margin to 9.0% from 8.2% a year earlier and 4.1% in Q1 2026. Adjusted EBITDA increased to $27.918 million from $27.148 million.
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Specialty Products delivered strong growth
Specialty Products was the largest growth engine: revenue rose $22.851 million, or 38%, to $83.192 million and operating income rose $0.976 million, or 27%, to $4.610 million. Volumes increased 8% and margin per barrel increased $0.60, or 6%.
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Asset sale boosted terminalling earnings
Terminalling and Storage operating income rose to $8.806 million from $3.000 million, aided by a $4.450 million gain on disposition of a non-core asset. Segment revenue increased 6% to $25.719 million, principally from $1.1 million of higher underground-storage revenue.
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Distribution retained and liquidity remains available
The quarterly distribution was maintained at $0.005 per common unit, or $0.020 annualized, payable August 14, 2026. The partnership reported $48.3 million of covenant-adjusted incremental revolver capacity at June 30.
What to watch
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Working capital drove negative cash flow
Cash generation deteriorated: operating cash flow was negative $1.577 million for the first six months of 2026, versus positive $24.896 million a year earlier, and Q2 Adjusted Free Cash Flow was negative $0.880 million versus positive $5.877 million. Management attributed the six-month cash-flow change partly to a $22.9 million increase in working-capital outflows.
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Sulfur volume and margin pressure
Sulfur Services revenue increased 13% to $50.070 million, but operating income declined 27% to $4.368 million. Product volumes fell 26%, including a 31% drop in sulfur volumes and a 16% drop in fertilizer volumes, while higher sulfur and ammonia costs pressured fertilizer affordability.
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High debt burden and tighter revolver
Liquidity is constrained by $0.05 million of cash, $62.0 million outstanding on the $115.0 million revolver, and $400.0 million of 11.5% senior secured notes due 2028. The March amendment reduced revolving availability from $130.0 million to $115.0 million and requires leverage to step down to 5.00x by September 30, 2027.
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Transportation costs outpaced revenue
Transportation revenue rose 6% to $61.257 million, but operating income fell 17% to $5.137 million as operating expenses increased $4.500 million, or 10%. Land freight revenue declined with a 3% reduction in total miles, while offshore revenue fell $1.0 million on lower rates and utilization during planned inspections.
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No risk-factor updates; related-party concentration
The filing reports no material changes to risk factors from the 2025 Form 10-K. However, related-party exposure remains significant: Martin Resource Management represented 13% of Q2 revenue and related-party costs were approximately 24% of total costs and expenses.
Management's outlook
The 10-Q provides no quantitative revenue, EPS, or EBITDA outlook. Management states it expects to remain in compliance with debt covenants for the next 12 months.
Earlier filings 4
10-K · February 23, 2026
Martin Midstream (MMLP) describes a Gulf Coast‑focused, vertically integrated midstream business with fee‑based contracts across terminalling & storage, transportation, sulfur services and specialty products. Revenue…
10-Q · October 20, 2025
Martin Midstream reported Q3 2025 revenue of $168,717 (in thousands), down sequentially and roughly flat year-over-year, with operating income and margins meaningfully compressed and a diluted loss per unit of $(0.21).…
10-Q · October 21, 2024
Martin Midstream reported Q3 revenue of $170,934,000 and a limited partners' EPS loss of $(0.08), with operating income of $12,651,000. Gross margin remained around 58.5% while operating margin compressed to ~7.4%;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.