Martin Midstream Partners (MMLP) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2026 was $20.8 million, down from $27.8 million in Q1 2025, reflecting declines across most segments.

• Net loss for Q1 2026 widened to $6.8 million from $1.0 million in Q1 2025.

• Operations focus on terminalling, storage, transportation, sulfur services, and specialty products in the Gulf Coast region, serving major oil, gas, and chemical companies.

• Quarterly cash distribution declared at $0.005 per common unit.

• Full-year Adjusted EBITDA guidance revised downward to $90.0 million due to margin pressure and operational headwinds.

Financial highlights

• Revenues for Q1 2026 were $187.7 million, down from $192.5 million in Q1 2025.

• Distributable cash flow was negative at $(2.9) million, compared to $9.1 million in the prior year.

• Net cash used in operating activities was $(13.8) million, compared to $(6.0) million year-over-year.

• Interest expense remained high at $14.0 million in Q1 2026, similar to $14.1 million in Q1 2025.

• Quarterly cash distribution declared at $0.005 per common unit.

Outlook and guidance

• Revised full-year 2026 Adjusted EBITDA guidance is $90.0 million, down from a prior $104.4 million, due to ongoing fertilizer margin pressure and transportation driver shortages.

• Maintenance capital expenditures and plant turnaround costs for 2026 are projected at $27.7 million.

• Total adjusted free cash flow for 2026 is forecast at $4.0 million.

• Management expects to remain in compliance with all debt covenants for the next twelve months.

• No meaningful improvement expected in fertilizer market conditions for the remainder of the year.