Navios Maritime Partners (NMM) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 net income of $117.3 million and EBITDA of $224.8 million; full-year net income of $285.3 million and EBITDA of $744.6 million, with Q4 revenue at $365.6 million and full-year revenue at $1,344.1 million.

• Earnings per common unit were $3.99 for Q4 and $9.59 for FY 2025; annual distribution increased by 20% to $0.24 per unit effective Q1 2026.

• Fleet consists of 171 vessels across tanker, dry bulk, and container segments, with a young average age of 9.6 years and vessel value up to $8.8 billion including newbuilds.

• Market capitalization at $1.7 billion as of February 2026, with $3.8 billion in contracted revenue and a strong risk management culture.

• Net loan-to-value (LTV) reduced to 30.9% at year-end; available liquidity of $580 million.

Financial highlights

• Q4 2025 revenue increased 10% year-over-year to $365.6 million, driven by higher TCE rates despite fewer available days.

• Q4 2025 adjusted EBITDA was $207.4 million, up $25.2 million year-over-year; adjusted net income for Q4 was $100 million.

• Full-year 2025 adjusted EBITDA was $727.6 million, down $4 million year-over-year; adjusted net income for 2025 was $295.7 million, down $45.8 million.

• Cash and cash equivalents at year-end 2025 were $413.5 million, with available liquidity of $580 million.

• Net debt to book capitalization improved to 31.7% at year-end 2025.

Outlook and guidance

• 71% of 2026 available days fixed at an average rate of $26,865 per day, providing strong earnings visibility; $3.8 billion in contracted revenue through 2037.

• Contracted revenue for 2026 exceeds cash operating costs by $172.7 million, with 15,565 days open or indexed to spot market.

• Portfolio positioning: containers 99% fixed, tankers 84% fixed, dry bulk with strategic spot exposure.

• Ongoing pursuit of long-term charters; $261 million in new charter commitments secured in Q4 2025 and year-to-date.

• Major counterparties include Glencore, Maersk, and Aramco.