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NGL Energy Partners LP cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$23.4M in Q2 FY27 · $69.0M over twelve months

Operating cash flow$94.6M
Capital spending−$118M
Free cash flow−$23.4M

Analysis

In Q2 FY27, NGL Energy Partners LP generated $94.6M of operating cash flow and spent $118M on capital projects, leaving free cash flow of −$23.4M. That is $32.9M less than in Q2 FY26 ($9.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $464M; the largest uses were net borrowing (+) / repaid (−) ($519M), capital spending ($395M), other investing ($46.7M); besides operations, cash came from other financing ($505M), asset & business sales ($13.0M); the cash balance fell by $1.1M.

Operating cash flow was $94.6M against net income of −$42.6M. The largest differences: receivables −$73.3M, payables +$69.7M, depreciation & amortization +$68.0M.

Free cash flow

NGL Energy Partners LP: free cash flow by quarterNGL Energy Partners LP: free cash flow by quarter$152MQ3 FY25$117MQ4 FY25$11.1MQ1 FY26$9.5MQ2 FY26$45.7MQ3 FY26$78.4MQ4 FY26−$31.7MQ1 FY27−$23.4MQ2 FY27
Operating cash flow less capital spending.
NGL Energy Partners LP: operating cash flow against capital spendingNGL Energy Partners LP: operating cash flow against capital spendingOperating cash flowCapital spending$154M$1.7MQ3 FY25$155M$37.9MQ4 FY25$33.2M$22.1MQ1 FY26$40.5M$30.9MQ2 FY26$182M$137MQ3 FY26$110M$31.6MQ4 FY26$77.0M$109MQ1 FY27$94.6M$118MQ2 FY27
Latest (Q2 FY27): Operating cash flow $94.6M, Capital spending $118M.

Capital allocation, year by year

NGL Energy Partners LP: where the cash came from (up) and went (down), by fiscal yearNGL Energy Partners LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY22: Operating cash flow $206MFY22: Net borrowing $112MFY22: Asset sales $82.0MFY22: Capital spending −$142MFY22: Buybacks −$90K$400MFY22FY23: Operating cash flow $445MFY23: Net borrowing $22.0MFY23: Asset sales $157MFY23: Capital spending −$148MFY23: Buybacks −$99K$625MFY23FY24: Operating cash flow $376MFY24: Net borrowing $2.8BFY24: Asset sales $69.2MFY24: Capital spending −$152MFY24: Buybacks −$84K$3.2BFY24FY25: Operating cash flow $297MFY25: Net borrowing $102MFY25: Asset sales $115MFY25: Capital spending −$246MFY25: Buybacks −$2.1M$515MFY25FY26: Operating cash flow $366MFY26: Net borrowing $277MFY26: Asset sales $161MFY26: Capital spending −$221MFY26: Buybacks −$47.6M$804MFY26
Over these 5 years operating cash flow totalled $1.7B; the largest uses were capital spending ($910M) and buybacks ($50.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.6M
Debt$3.3B
Net debt$3.3B
Due within a year$11.5M

NGL Energy Partners LP funds itself: free cash flow was $69.0M over the last twelve months, and $7.6M of cash and investments stands against $3.3B of debt ($11.5M due within a year, 0.7× covered by cash).

NGL Energy Partners LP: debt maturities by year (FY26)NGL Energy Partners LP: debt maturities by year (FY26)$11.5MYear 1$11.6MYear 2$1.0BYear 3$12.0MYear 4$10.5MYear 5$2.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $7.6M of cash and investments now.

Where the cash came from and went

NGL Energy Partners LP: sources (+) and uses (−) of cash, Q2 FY27NGL Energy Partners LP: sources (+) and uses (−) of cash, Q2 FY27Capital spending−$118MOperating cash flow$94.6MNet borrowing (+) / repaid (−)$68.5MOther financing−$21.9MOther investing−$19.3MCash drawn (+) / kept (−)−$2.5MPartners−$1.9MAsset & business sales$409K
NGL Energy Partners LP: sources (+) and uses (−) of cash, TTM to Q2 FY27NGL Energy Partners LP: sources (+) and uses (−) of cash, TTM to Q2 FY27Net borrowing (+) / repaid (−)−$519MOther financing$505MOperating cash flow$464MCapital spending−$395MOther investing−$46.7MBuybacks−$18.6MAsset & business sales$13.0MPartners−$3.8MCash drawn (+) / kept (−)$1.1M

From profit to cash

NGL Energy Partners LP: net income to operating cash flow, Q2 FY27NGL Energy Partners LP: net income to operating cash flow, Q2 FY27Net income−$42.6MDepreciation & amortization$68.0MStock-based pay$4.2MDeferred taxes−$62KGains on disposals$64.4MOther non-cash$2.3MReceivables−$73.3MInventory−$25.4MPayables$69.7MDeferred revenue$9.0MPrepaid and other assets−$702KOther liabilities−$11.0MOperating cash flow$94.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$94.6M−$118M—$68.5M−$2.5M−$23.4M
Q1 FY27$77.0M−$109M—$38.9M$3.4M−$31.7M
Q4 FY26$110M−$31.6M−$2.8M−$645M−$2.0M$78.4M
Q3 FY26$182M−$137M−$15.7M$18.7M$2.2M$45.7M
Q2 FY26$40.5M−$30.9M−$21.0M$31.8M−$3.2M$9.5M
Q1 FY26$33.2M−$22.1M−$8.1M−$73.8M$208K$11.1M
Q4 FY25$155M−$37.9M—−$119M$34K$117M
Q3 FY25$154M−$1.7M—−$49.8M−$1.2M$152M

NGL Energy Partners LP: income statement and cash flow

NGL Energy Partners LP, Q2 FY27: revenue $987M (+46% year over year), operating margin 2.4%. The chart follows the revenue to costs, profit and cash.

NGL Energy Partners LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.