Filing Flows › NGL Energy Partners LP (NGL) › Q1 FY26
NGL Energy Partners LP (NGL) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 7, 2025
NGL Energy Partners LP (NGL) reported revenue of $622M for the first quarter fiscal 2026 (Q1 FY26), -18% from a year earlier and -36% from the quarter before. Operating margin was 15.7%, net earnings $68.9M (11.1% of revenue).
NGL Energy Partners LP, Q1 FY26: revenue $622M (-18% year over year), operating margin 15.7%, net earnings $68.9M, operating cash flow $33.2M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $622M | -36% | -18% |
| Operating profit | $97.5M | -4% | +19% |
| Net earnings | $68.9M | +402% | +612% |
| Operating cash flow | $33.2M | -79% | — |
| Free cash flow | $11.1M | -91% | — |
What changed
Revenue was $622.2M in Q1 FY26, down 18% year over year and down 36% from the previous quarter. Product was the largest line at 70% of revenue. Product lost $153.5M year over year (down 26%), 112% of the total change.
Operating profit was $97.5M, a 15.7% margin (up 4.9 points year over year). Total costs fell 23% while revenue fell 18%. Net earnings were $68.9M, up 612% year over year. The effective tax rate was -0.3%.
Operating cash flow was $33.2M, 48% of net earnings. Non-cash charges added back $69.8M of depreciation and amortization. Working capital and other items used $106.2M. Capital expenditures of $22.1M left free cash flow of $11.1M.
Questions
What was NGL Energy Partners LP's revenue in the first quarter fiscal 2026?
NGL Energy Partners LP (NGL) reported revenue of $622M for the first quarter fiscal 2026 (Q1 FY26), -18% from a year earlier and -36% from the quarter before.
Was NGL Energy Partners LP profitable in the first quarter fiscal 2026?
Operating profit was $97.5M (15.7% of revenue) and net earnings $68.9M.