Filing Flows › Genesis Energy LP (GEL) › Q4 2025
Genesis Energy LP (GEL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Genesis Energy LP (GEL) reported revenue of $441M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 20.4%, net earnings $19.9M (4.5% of revenue).
Genesis Energy LP, Q4 2025: revenue $441M (+10% year over year), operating margin 20.4%, net earnings $19.9M, operating cash flow $111M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $441M | +6% | +10% |
| Operating profit | $89.9M | +14% | +564% |
| Net earnings | $19.9M | +116% | — |
| Operating cash flow | $111M | +58% | +50% |
| Free cash flow | $87.0M | +101% | — |
What changed
Revenue was $440.8M in Q4 2025, up 10% year over year and up 6% from the previous quarter. Fee-based revenues was the largest line at 58% of revenue.
Operating profit was $89.9M, a 20.4% margin (up 17.0 points year over year). Of the extra revenue versus a year earlier, 183% reached operating profit, above the 3% margin then. Total costs fell 9% while revenue rose 10%. The fastest-growing cost line was General & admin (+49%). Net earnings were $19.9M. The effective tax rate was 0.2%.
Operating cash flow was $110.8M (up 50% year over year), 323% of net income including minority interests. Non-cash charges added back $62.9M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items added $8.2M. Capital expenditures of $23.8M left free cash flow of $87.0M.
Questions
What was Genesis Energy LP's revenue in the fourth quarter 2025?
Genesis Energy LP (GEL) reported revenue of $441M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +6% from the quarter before.
Was Genesis Energy LP profitable in the fourth quarter 2025?
Operating profit was $89.9M (20.4% of revenue) and net earnings $19.9M.
Source: Genesis Energy LP 10-K on SEC EDGAR.