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 revenue of $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 a 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 focus on long-term charter coverage.

• Emphasizes strong risk management, optimal capital allocation, and ongoing fleet modernization.

Financial highlights

• Q4 2025 revenue increased 10% year-over-year to $365.6 million, driven by higher TCE rates; full-year revenue reached $1,344.1 million.

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

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

• Earnings per common unit for FY 2025 was $9.59, down from $11.98 in FY 2024.

Outlook and guidance

• 71% of 2026 available days fixed at an average rate of $26,865 per day, providing strong revenue visibility.

• $3.8 billion in contracted revenue through 2037, with $261 million in new long-term charters agreed.

• 29% of 2026 days open for market upside; 43% of 2027 days fixed at an average rate of $29,898.

• Major counterparties include Glencore, Maersk, and Aramco.

• $172.7 million contracted revenue in excess of cash operating costs for 2026.