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Genesis Energy LP (GEL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Genesis Energy LP (GEL) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $449M · 1¢ of every $1 of revenue kept as net profit · operating margin 15.4%
Genesis Energy LP made $449M in Q3 2026 (+8% Y/Y): Fee-based revenues $247M, Product sales $191M, Sulfur services $11.0M. Operating margin 15.4%, net earnings $2.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $449.3M in Q3 2026, up 9% year over year and down 16% from the previous quarter. Fee-based revenues was the largest line at 55% of revenue. Product sales added $33.6M year over year (up 21%), 95% of the total change. Sulfur services declined 29%.
Operating profit was $69.4M, a 15.4% margin (down 3.5 points year over year). Operating profit fell $9.2M even though revenue rose $35.2M versus Q3 2025, so costs grew faster than sales. Total costs grew 13% against revenue growth of 9%. The fastest-growing cost line was General & admin (+20%). Net earnings were $2.4M, down 74% year over year. The effective tax rate was 1.9%.
Operating cash flow was $78.4M (up 12% year over year), 544% of net income including minority interests. Non-cash charges added back $61.0M of depreciation and amortization and $4.3M of share-based compensation. Capital expenditures of $31.9M left free cash flow of $46.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $449M | +8% | 15.4% | $2.4M | $78.4M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $532M | +41% | 19.8% | $42.9M | $181M |
| Q1 2026 | 10-Q | May 7, 2026 | $447M | +12% | 17.2% | $6.8M | $81.7M |
| Q4 2025 | 10-K | Feb 18, 2026 | $441M | +10% | 20.4% | $19.9M | $111M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $414M | +4% | 19.0% | $9.2M | $70.3M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $377M | -12% | 17.9% | $10.0M | $47.0M |
| Q1 2025 | 10-Q | May 8, 2025 | $398M | -8% | 5.5% | −$460M | $24.8M |
Charts
Interactive views
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
Sells to
- SHEL — 11% of its revenue · Stated in 10-K (XBRL) · source
About Genesis Energy LP
We are a growth-oriented master limited partnership (“MLP”) formed in Delaware in 1996 focused on the midstream segment of the crude oil and natural gas industry. Our common units are traded on the New York Stock Exchange (“NYSE”), under the ticker symbol “GEL.” We provide an integrated suite of services (including transportation, storage, sulfur removal, blending, terminaling and processing) to crude oil and natural gas producers, refiners, and industrial and commercial enterprises. Our operations are primarily located in the Gulf of America and in the Gulf Coast region of the United States. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks, terminals, railcars, rail unloading facilities, barges and other vessels, and trucks.
In its own words, from its 10-K, filed Feb 18, 2026.
Genesis Energy LP against its Pipe Lines (No Natural Gas) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +42%. Operating margin: 15.4% against the peers' median 14.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GEL Genesis Energy LP | Q3 2026 | $449M | +8% | 15.4% |
| PAGP Plains GP Holdings LP | Q2 2026 | $17.7B | +66% | 2.2% |
| PAA Plains All American Pipeline LP | Q3 2026 | $15.2B | +31% | 3.4% |
| ENB Enbridge | Q3 2026 | $15.1B | +44% | 10.1% |
| DINO HF Sinclair | Q3 2026 | $10.9B | +50% | 24.6% |
| MPLX Mplx LP | Q3 2026 | $3.6B | -0.4% | 40.9% |
| DKL Delek Logistics Partners, LP | Q3 2026 | $372M | +42% | 14.4% |
Source: Genesis Energy LP 10-Q on SEC EDGAR · CIK 1022321 · Pipe Lines (No Natural Gas)
Guidance and outlook
13F: who owns GEL and who is buying
More on GEL
- How Genesis Energy LP makes money: revenue by segment
- Genesis Energy LP next earnings date and what analysts expect
- Genesis Energy LP stock forecast, price target and fair value
- Who owns Genesis Energy LP stock: holders, funds and Congress trades
- Genesis Energy LP guidance and outlook
- Is Genesis Energy LP a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Genesis Energy LP operating margin by quarter
- Genesis Energy LP net income by quarter
- Genesis Energy LP free cash flow by quarter
- Genesis Energy LP capital expenditures by quarter
- Genesis Energy LP Fee-based revenues revenue by quarter
- Genesis Energy LP Product sales revenue by quarter
- Genesis Energy LP Sulfur services revenue by quarter