Martin Midstream Partners (MMLP) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 adjusted EBITDA was $24.8 million, up from $23.3 million in the prior year period, with full-year 2025 adjusted EBITDA totaling $99.0 million, down from $110.6 million in 2024.

• Net loss for 2025 was $14.7 million, with interest expense of $57.8 million and income tax expense of $4.8 million.

• Ended 2025 with total debt of $439.1 million and liquidity of $31.4 million under the revolving credit facility.

• Declared a quarterly cash dividend of $0.005 per common unit.

• Transaction expenses related to a potential merger with Martin Resource Management Corporation noted in 2025 financials.

Financial highlights

• Full year 2025 revenue was $716.1 million, up from $707.6 million in 2024.

• 4Q25 segment adjusted EBITDA: Transportation $8.9M, Terminalling & Storage $10.1M, Sulfur Services $5.7M, Specialty Products $3.6M.

• Full-year 2025 segment adjusted EBITDA: Transportation $30.8M, Terminalling & Storage $35.9M, Sulfur Services $30.8M, Specialty Products $16.4M.

• Maintenance capital expenditures and plant turnaround costs for 2025 were $26.6 million.

• Distributable cash flow for 2025 was $16.6 million, down from $24.1 million in 2024.

Outlook and guidance

• 2026 adjusted EBITDA guidance is $96.5 million, with segment contributions: Transportation $31.4M, Terminalling & Storage $31.6M, Sulfur Services $30.3M, Specialty Products $17.6M.

• Maintenance capital expenditures and plant turnaround costs for 2026 are projected at $32.4 million, including $10.0 million in turnaround costs.

• Total capital spending for 2026 expected to be $36.5 million, mainly due to scheduled refinery turnaround activity.

• Adjusted free cash flow for 2026 is forecast at $5.8 million.

• 2026 distributable cash flow is forecast at $9.9 million.