Filing Flows › NGL Energy Partners LP (NGL) › Q2 FY26
NGL Energy Partners LP (NGL) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 4, 2025
NGL Energy Partners LP (NGL) reported revenue of $675M for the second quarter fiscal 2026 (Q2 FY26), -11% from a year earlier and +8% from the quarter before. Operating margin was 14.0%, net earnings $29.3M (4.3% of revenue).
NGL Energy Partners LP, Q2 FY26: revenue $675M (-11% year over year), operating margin 14.0%, net earnings $29.3M, operating cash flow $40.5M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $675M | +8% | -11% |
| Operating profit | $94.3M | -3% | +16% |
| Net earnings | $29.3M | -58% | 12× |
| Operating cash flow | $40.5M | +22% | +502% |
| Free cash flow | $9.5M | -14% | — |
What changed
Revenue was $674.7M in Q2 FY26, down 11% year over year and up 8% from the previous quarter. Product was the largest line at 72% of revenue. Product lost $90.8M year over year (down 16%), 111% of the total change.
Operating profit was $94.3M, a 14.0% margin (up 3.2 points year over year). Total costs fell 14% while revenue fell 11%. The fastest-growing cost line was General & admin (+22%). Net earnings were $29.3M, up 1093% year over year. The effective tax rate was -0.2%.
Operating cash flow was $40.5M (up 502% year over year), 136% of net earnings. Non-cash charges added back $67.2M of depreciation and amortization. Working capital and other items used $56.6M. Capital expenditures of $30.9M left free cash flow of $9.5M.
Questions
What was NGL Energy Partners LP's revenue in the second quarter fiscal 2026?
NGL Energy Partners LP (NGL) reported revenue of $675M for the second quarter fiscal 2026 (Q2 FY26), -11% from a year earlier and +8% from the quarter before.
Was NGL Energy Partners LP profitable in the second quarter fiscal 2026?
Operating profit was $94.3M (14.0% of revenue) and net earnings $29.3M.