Martin Midstream Partners (MMLP) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2026 was $27.9 million, up from $27.1 million in Q2 2025, reflecting stable operational performance across segments.

• Net income for Q2 2026 was $2.6 million, reversing a net loss of $2.4 million in Q2 2025, primarily due to a $4.7 million gain on asset sales.

• Revenue for Q2 2026 rose to $213.6 million, up 18% year-over-year, driven by higher prices and volumes in specialty products and sulfur services.

• Quarterly cash distribution of $0.005 per common unit declared for Q2 2026, payable August 14, 2026.

• Outperformance in three of four operating segments offset continued weakness in the fertilizer division.

Financial highlights

• Total revenues for the six months ended June 30, 2026 were $401.3 million, up 8% year-over-year.

• Operating income for Q2 2026 was $19.3 million, up 29% from $14.9 million in Q2 2025.

• Net cash provided by operating activities was $12.2 million in Q2 2026, down from $30.9 million in Q2 2025.

• Distributable cash flow for Q2 2026 was $2.1 million, down from $6.7 million in Q2 2025.

• Adjusted Free Cash Flow for the first half of 2026 was negative $6.9 million, compared to positive $14.0 million in the prior year.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance is $90.0 million, revised down from a prior estimate of $104.4 million.

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

• Total distributable cash flow for 2026 is forecast at $8.3 million.

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

• Fertilizer division weakness expected to persist through year-end, but pure sulfur business anticipated to offset some pressure.