Martin Midstream Partners (MMLP) Q3 2026 earnings summary

Executive summary

• Q3 2026 Adjusted EBITDA was $23.6M, up $4.3M YoY and ahead of internal forecast; FY 2026 guidance increased to $94.0M.

• Pure sulfur and lubricants led Q3 gains, offsetting fertilizer and land-transport weakness; 9M Adjusted EBITDA was $72.3M.

Financial highlights

• Q3 revenue was $231.7M vs. $168.7M YoY; operating income was $10.2M vs. $6.9M.

• Q3 net loss narrowed to $4.1M from $8.4M, with diluted net loss per unit of $0.10 vs. $0.21; 9M net loss was $8.3M vs. $11.9M.

• 9M operating income was $37.5M vs. $36.2M; Adjusted EBITDA was $72.3M vs. $74.3M.

• Q3 distributable cash flow was $0.2M vs. $(3.4)M; 9M was $(0.6)M vs. $12.4M.

Outlook and guidance

• FY 2026 segment Adjusted EBITDA guidance totals $108.3M before $14.2M of unallocated SG&A, yielding total Adjusted EBITDA guidance of $94.0M.

• FY 2026 guidance includes maintenance capital expenditures of $25.8M, turnaround costs of $14.4M, net interest expense of $51.1M, net taxes of $2.9M and distributable cash flow of $(0.2)M.

• Estimated 2026 capital expenditures increased due to higher labor and material costs tied to Q3 fertilizer-plant turnarounds.

• Terminalling & Storage outlook remained supported by fixed-fee agreements; sulfur was expected to counter fertilizer weakness. DSM Semichem JV customer qualification continued ahead of an anticipated 2027 ramp.