Filing Flows › NGL Energy Partners LP (NGL) › Q3 FY26
NGL Energy Partners LP (NGL) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Feb 3, 2026
NGL Energy Partners LP (NGL) reported revenue of $910M for the third quarter fiscal 2026 (Q3 FY26), -7% from a year earlier and +35% from the quarter before. Operating margin was 12.1%, net earnings $47.2M (5.2% of revenue).
NGL Energy Partners LP, Q3 FY26: revenue $910M (-7% year over year), operating margin 12.1%, net earnings $47.2M, operating cash flow $182M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $910M | +35% | -7% |
| Operating profit | $110M | +16% | +30% |
| Net earnings | $47.2M | +61% | +249% |
| Operating cash flow | $182M | +351% | +19% |
| Free cash flow | $45.7M | +380% | -70% |
What changed
Revenue was $909.8M in Q3 FY26, down 7% year over year and up 35% from the previous quarter. Product was the largest line at 79% of revenue. Product lost $83.0M year over year (down 10%), 114% of the total change.
Operating profit was $109.7M, a 12.1% margin (up 3.4 points year over year). Total costs fell 11% while revenue fell 7%. Net earnings were $47.2M, up 249% year over year. The effective tax rate was -0.2%.
Operating cash flow was $182.3M (up 19% year over year), 378% of net income including minority interests. Non-cash charges added back $65.5M of depreciation and amortization. Working capital and other items added $68.6M. Capital expenditures of $136.6M left free cash flow of $45.7M.
Questions
What was NGL Energy Partners LP's revenue in the third quarter fiscal 2026?
NGL Energy Partners LP (NGL) reported revenue of $910M for the third quarter fiscal 2026 (Q3 FY26), -7% from a year earlier and +35% from the quarter before.
Was NGL Energy Partners LP profitable in the third quarter fiscal 2026?
Operating profit was $110M (12.1% of revenue) and net earnings $47.2M.