Filing Flows › Martin Midstream Partners L.P. (MMLP) › Q4 2025
Martin Midstream Partners L.P. (MMLP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Martin Midstream Partners L.P. (MMLP) reported revenue of $174M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +3% from the quarter before. Operating margin was 7.3%, net loss $2.9M (1.7% of revenue).
Martin Midstream Partners L.P., Q4 2025: revenue $174M (+2% year over year), operating margin 7.3%, net loss $2.9M, operating cash flow $22.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +3% | +2% |
| Operating profit | $12.7M | +84% | — |
| Net earnings | −$2.9M | — | — |
| Operating cash flow | $22.4M | — | -47% |
| Free cash flow | $15.6M | — | -52% |
What changed
Revenue was $174.2M in Q4 2025, up 2% year over year and up 3% from the previous quarter. Specialty products was the largest line at 33% of revenue.
Operating profit was $12.7M, a 7.3% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 207% reached operating profit, above the 4% margin then. Total costs fell 2% while revenue rose 2%. The quarter ended with a net loss of $2.9M, narrower than the previous quarter's $8.4M loss. Net interest and other expense of $14.8M was the main reason.
Operating cash flow was $22.4M (down 47% year over year). Non-cash charges added back $12.4M of depreciation and amortization and $30K of share-based compensation. Working capital and other items added $12.9M. Capital expenditures of $6.9M left free cash flow of $15.6M.
Questions
What was Martin Midstream Partners L.P.'s revenue in the fourth quarter 2025?
Martin Midstream Partners L.P.
Was Martin Midstream Partners L.P. profitable in the fourth quarter 2025?
Operating profit was $12.7M (7.3% of revenue) and net loss $2.9M.