Revenue volatility remains a persistent challenge, with the company reporting a 12.1% growth in 2026Q1 following a period of sharp contraction, while operating margins remain constrained at 17.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.68B | 1.63B | 2.97B | 3.18B | 2.79B | 2.13B | 1.82B | 2.48B | 2.91B | 2.03B | 1.71B | 2.25B | 3.85B | 4.13B | 4.07B | 3.09B | 2.1B | 1.44B | 2.14B | 1.2B | 918.37M | 1.08B | 927.14M | 657.9M | 911.81M | 3.34B | 4.32B | 2.16B | 2.23B | 3.37B | 372M |
| Revenue Growth % | -26% | -45.03% | -6.63% | 13.91% | 31.22% | 16.49% | -26.45% | -14.83% | 43.6% | 18.45% | -23.77% | -41.59% | -6.98% | 1.59% | 31.73% | 47.03% | 46.4% | -32.98% | 78.53% | 30.63% | -14.87% | 16.35% | 40.93% | -27.85% | -72.7% | -22.76% | 100.12% | -3.25% | -33.78% | 806.69% | - |
| Cost of Goods Sold | 1.3B | 1.29B | 2.65B | 2.78B | 2.15B | 1.99B | 1.42B | 2.16B | 2.59B | 1.78B | 1.46B | 2.02B | 3.66B | 3.98B | 3.91B | 2.91B | 1.96B | 1.35B | 2B | 1.14B | 888.26M | 1.06B | 906M | 644.16M | 888.69M | 3.32B | 4.3B | 2.14B | 2.21B | 3.35B | 368.5M |
| COGS % of Revenue | - | 78.87% | 89.36% | 87.56% | 77.13% | 93.56% | 77.58% | 86.88% | 88.97% | 87.84% | 85.28% | 90.12% | 95.24% | 96.19% | 96.16% | 94.2% | 93.36% | 93.79% | 93.52% | 94.91% | 96.72% | 98.04% | 97.72% | 97.91% | 97.46% | 99.41% | 99.52% | 98.94% | 98.74% | 99.3% | 99.06% |
| Gross Profit | 376.1M | 344.53M | 315.53M | 395.2M | 637.82M | 136.88M | 409.15M | 325.39M | 321.16M | 246.66M | 252.05M | 221.86M | 183.24M | 157.55M | 156.11M | 179.12M | 139.59M | 89.12M | 138.79M | 61.06M | 30.1M | 21.12M | 21.14M | 13.74M | 23.11M | 19.82M | 20.66M | 22.9M | 28.2M | 23.6M | 3.5M |
| Gross Margin % | 22.4% | 21.13% | 10.64% | 12.44% | 22.87% | 6.44% | 22.42% | 13.12% | 11.03% | 12.16% | 14.72% | 9.88% | 4.76% | 3.81% | 3.84% | 5.8% | 6.64% | 6.21% | 6.48% | 5.09% | 3.28% | 1.96% | 2.28% | 2.09% | 2.54% | 0.59% | 0.48% | 1.06% | 1.26% | 0.7% | 0.94% |
| Gross Profit Growth % | - | 9.19% | -20.16% | -38.04% | 365.96% | -66.55% | 25.74% | 1.32% | 30.2% | -2.14% | 13.61% | 21.08% | 16.31% | 0.92% | -12.84% | 28.31% | 56.64% | -35.79% | 127.32% | 102.82% | 42.55% | -0.09% | 53.84% | -40.56% | 16.65% | -4.09% | -9.77% | -18.79% | 19.49% | 574.29% | - |
| Operating Expenses | 59.77M | 86.34M | 102.44M | 65.78M | 322.8M | 61.19M | 655.11M | 52.69M | 66.9M | 66.42M | 45.63M | 65M | 50.69M | 46.79M | 42.42M | 96.66M | 166.96M | 62.74M | 100.9M | 66.43M | 21.52M | 15.9M | 21.16M | 13.17M | 15.6M | 65.8M | 18.97M | 19.8M | 19.2M | 14.9M | 1.9M |
| OpEx % of Revenue | - | 5.3% | 3.45% | 2.07% | 11.57% | 2.88% | 35.9% | 2.12% | 2.3% | 3.27% | 2.66% | 2.89% | 1.32% | 1.13% | 1.04% | 3.13% | 7.95% | 4.37% | 4.71% | 5.54% | 2.34% | 1.47% | 2.28% | 2% | 1.71% | 1.97% | 0.44% | 0.92% | 0.86% | 0.44% | 0.51% |
| Selling, General & Admin | 63.22M | 86.34M | 59.43M | 65.78M | 66.6M | 61.19M | 57.34M | 52.69M | 66.9M | 66.42M | 45.63M | 65M | 50.69M | 46.79M | 42.42M | 34.47M | 113.41M | 40.41M | 29.5M | 25.92M | 13.57M | 9.66M | 13.83M | 8.77M | 8.29M | 11.69M | 10.94M | 11.6M | 11.5M | 8.6M | 1.4M |
| SG&A % of Revenue | - | 5.3% | 2% | 2.07% | 2.39% | 2.88% | 3.14% | 2.12% | 2.3% | 3.27% | 2.66% | 2.89% | 1.32% | 1.13% | 1.04% | 1.12% | 5.4% | 2.82% | 1.38% | 2.16% | 1.48% | 0.9% | 1.49% | 1.33% | 0.91% | 0.35% | 0.25% | 0.54% | 0.51% | 0.26% | 0.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.33M | 0 | 43M | 0 | 256.2M | 0 | 597.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.19M | 53.56M | 62.74M | 71.4M | 40.51M | 7.95M | 6.24M | 7.33M | 4.41M | 7.31M | 54.11M | 8.03M | 8.2M | 7.7M | 6.3M | 500K |
| Operating Income | 315.96M | 258.19M | 213.1M | 329.42M | 315.01M | 75.7M | -245.96M | 272.7M | 170.25M | 220.55M | 206.43M | 156.87M | 132.55M | 110.76M | 113.69M | 82.45M | -27.38M | 21.37M | 37.89M | -5.38M | 8.58M | 5.22M | -23K | 567K | 7.51M | -45.98M | 1.69M | 3.1M | 9M | 8.7M | 1.6M |
| Operating Margin % | 18.82% | 15.84% | 7.18% | 10.37% | 11.29% | 3.56% | -13.48% | 10.99% | 5.84% | 10.87% | 12.05% | 6.98% | 3.45% | 2.68% | 2.79% | 2.67% | -1.3% | 1.49% | 1.77% | -0.45% | 0.93% | 0.48% | -0% | 0.09% | 0.82% | -1.38% | 0.04% | 0.14% | 0.4% | 0.26% | 0.43% |
| Operating Income Growth % | - | 21.16% | -35.31% | 4.57% | 316.15% | 130.78% | -190.19% | 60.18% | -22.81% | 6.84% | 31.59% | 18.34% | 19.68% | -2.58% | 37.89% | 401.1% | -228.14% | -43.6% | 804.95% | -162.62% | 64.44% | 22795.65% | -104.06% | -92.45% | 116.34% | -2824.05% | -45.55% | -65.56% | 3.45% | 443.75% | - |
| EBITDA | 555.69M | 490.26M | 526.25M | 609.61M | 611.22M | 385.44M | 49.36M | 592.51M | 493.95M | 484.04M | 439.42M | 307.01M | 223.46M | 175.55M | 174.86M | 144.38M | 26.17M | 88.96M | 109.26M | 35.03M | 16.86M | 11.63M | 7.61M | 8.1M | 13.33M | -38.44M | 9.72M | 11.3M | 16.7M | 15M | 2.1M |
| EBITDA Margin % | 33.1% | 30.07% | 17.74% | 19.19% | 21.92% | 18.13% | 2.71% | 23.88% | 16.96% | 23.86% | 25.66% | 13.67% | 5.81% | 4.25% | 4.3% | 4.67% | 1.25% | 6.2% | 5.1% | 2.92% | 1.84% | 1.08% | 0.82% | 1.23% | 1.46% | -1.15% | 0.22% | 0.52% | 0.75% | 0.44% | 0.56% |
| EBITDA Growth % | 22.81% | -6.84% | -13.67% | -0.26% | 58.58% | 680.82% | -91.67% | 19.95% | 2.05% | 10.15% | 43.13% | 37.39% | 27.29% | 0.4% | 21.11% | 451.63% | -70.58% | -18.58% | 211.92% | 107.75% | 45.04% | 52.72% | -6.05% | -39.2% | 134.67% | -495.43% | -13.98% | -32.34% | 11.33% | 614.29% | - |
| D&A (Non-Cash Add-back) | 239.73M | 232.07M | 313.16M | 280.19M | 296.2M | 309.75M | 295.32M | 319.81M | 323.7M | 263.49M | 233M | 150.14M | 90.91M | 64.8M | 61.17M | 61.93M | 53.56M | 67.59M | 71.37M | 40.4M | 8.28M | 6.41M | 7.63M | 7.54M | 5.81M | 7.55M | 8.03M | 8.2M | 7.7M | 6.3M | 500K |
| EBIT | 328.82M | 258.19M | 244.16M | 381.45M | 275.01M | 97.36M | 56.5M | 320.16M | 218.9M | 254.88M | 206.43M | 518.9M | 170.9M | 110.76M | 125.02M | 82.98M | -30.94M | 22.92M | 38.86M | -3.72M | 8.58M | 5.79M | -23K | 567K | 7.51M | -45.98M | 1.69M | 3.1M | 9M | 8.7M | 1.6M |
| Net Interest Income | -262.67M | -264.73M | -287.24M | -244.66M | -226.16M | -233.72M | -209.78M | -219.44M | -229.19M | -176.76M | -139.95M | -100.6M | -66.64M | -48.58M | -40.92M | -35.77M | -20.81M | -12.88M | -12.94M | -10.1M | -1.37M | -2.03M | -926K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 14K | 53K | 70K | 458K | 385K | 198K | 71K | 44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 262.67M | 264.73M | 287.24M | 244.66M | 226.16M | 233.72M | 209.78M | 219.44M | 229.19M | 176.76M | 139.95M | 100.6M | 66.64M | 48.58M | 40.94M | 35.78M | 20.86M | 12.95M | 13.39M | 10.48M | 1.57M | 2.1M | 970K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -228.97M | -226.88M | -244.31M | -183.09M | -182.71M | -212.06M | -153.03M | -171.98M | -180.54M | -142.43M | -92M | 268.7M | -23.5M | -25.91M | -27.6M | -32.42M | -20.57M | -12.11M | -12.43M | -8.83M | -243K | 980K | -33K | 236K | -2.89M | -44.13M | -239K | 800K | -200K | 1.1M | 100K |
| Pretax Income | 86.98M | 31.31M | -31.21M | 146.33M | 132.3M | -136.36M | -398.99M | 100.72M | -10.29M | 78.12M | 114.42M | 425.57M | 109.05M | 84.85M | 87.11M | 50.03M | -47.95M | 9.26M | 25.46M | -14.21M | 8.34M | 6.2M | -56K | 803K | 4.63M | -90.12M | 1.45M | 3.9M | 8.8M | 9.8M | 1.7M |
| Pretax Margin % | 5.18% | 1.92% | -1.05% | 4.61% | 4.74% | -6.42% | -21.87% | 4.06% | -0.35% | 3.85% | 6.68% | 18.94% | 2.84% | 2.05% | 2.14% | 1.62% | -2.28% | 0.65% | 1.19% | -1.18% | 0.91% | 0.57% | -0.01% | 0.12% | 0.51% | -2.7% | 0.03% | 0.18% | 0.39% | 0.29% | 0.46% |
| Income Tax | 774K | 806K | 1.79M | -19K | 3.17M | 1.67M | 1.33M | 655K | 1.5M | -3.96M | 3.34M | 3.99M | 2.85M | 845K | -9.21M | -1.22M | 2.59M | 3.08M | -362K | -654K | -11K | 2.62M | 1.39M | -12.76M | 2.42M | -2.37M | 1.51M | 800K | 1.9M | 800K | 300K |
| Effective Tax Rate % | 0.89% | 2.57% | -5.74% | -0.01% | 2.4% | -1.22% | -0.33% | 0.65% | -14.55% | -5.07% | 2.92% | 0.94% | 2.61% | 1% | -10.57% | -2.43% | -5.4% | 33.27% | -1.42% | 4.6% | -0.13% | 42.29% | -2480.36% | -1588.42% | 52.32% | 2.63% | 104% | 20.51% | 21.59% | 8.16% | 17.65% |
| Net Income | 35.47M | -8.21M | -63.95M | 117.72M | 75.46M | -165.07M | -416.68M | 96M | -6.08M | 82.65M | 113.25M | 422.53M | 106.2M | 86.11M | 96.32M | 51.25M | -48.46M | 8.06M | 26.09M | -13.55M | 8.38M | 3.42M | -1.41M | 13.32M | 5.09M | -43.61M | 181K | 2.3M | 7.1M | 7.9M | 1.3M |
| Net Margin % | 2.11% | -0.5% | -2.16% | 3.71% | 2.71% | -7.77% | -22.84% | 3.87% | -0.21% | 4.07% | 6.61% | 18.81% | 2.76% | 2.08% | 2.37% | 1.66% | -2.31% | 0.56% | 1.22% | -1.13% | 0.91% | 0.32% | -0.15% | 2.02% | 0.56% | -1.31% | 0% | 0.11% | 0.32% | 0.23% | 0.35% |
| Net Income Growth % | 106.52% | 87.16% | -154.32% | 56.01% | 145.71% | 60.38% | -534.04% | 1680.23% | -107.35% | -27.02% | -73.2% | 297.85% | 23.33% | -10.6% | 87.94% | 205.76% | -701% | -69.09% | 292.54% | -261.68% | 145.42% | 341.86% | -110.6% | 161.63% | 111.68% | -24195.03% | -92.13% | -67.61% | -10.13% | 507.69% | - |
| Net Income (Continuing) | 86.21M | 30.5M | -33.01M | 146.35M | 129.13M | -138.03M | -400.31M | 100.07M | -11.79M | 82.08M | 111.08M | 421.58M | 106.2M | 84M | 97.34M | 51.37M | -50.54M | 6.18M | 25.82M | -13.55M | 8.35M | 3.69M | -949K | -419K | 5.09M | -44.08M | 181K | 2.3M | 7.1M | 7.9M | 1.3M |
| Discontinued Operations | 0 | 8.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | -999 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 467.13M | 469.91M | 412.82M | 369.45M | 310.16M | 554.31M | 140.08M | 121.42M | -11.2M | -8.08M | -10.28M | -8.35M | 0 | 0 | 0 | 0 | 0 | 23.06M | 24.8M | 570K | 522K | 522K | 517K | 517K | 515K | 515K | 520K | 34.5M | 30M | 28.2M | 26.3M |
| EPS (Diluted) | 0.29 | -0.73 | -1.24 | 0.22 | 1.05 | -1.13 | -3.27 | 0.18 | -0.05 | 0.50 | 1.00 | 4.09 | 1.18 | 1.03 | 1.23 | 0.75 | -1.19 | 0.01 | 0.59 | -0.65 | 0.59 | 0.35 | -0.15 | 1.50 | 0.58 | -5.06 | 0.02 | 0.27 | 0.80 | 0.90 | 0.15 |
| EPS Growth % | 96.53% | 41.13% | -663.64% | -79.05% | 192.92% | 65.44% | -1916.67% | 462.9% | -109.92% | -50% | -75.55% | 246.61% | 14.56% | -16.26% | 64% | 163.03% | - | -99.14% | 190.77% | -210.17% | 68.57% | 333.33% | -110% | 158.62% | 111.46% | -25400% | -92.59% | -66.25% | -11.11% | 500% | - |
| EPS (Basic) | - | -0.73 | -1.24 | 0.22 | 1.05 | -1.13 | -3.27 | 0.18 | -0.05 | 0.50 | 1.00 | 4.09 | 1.18 | 1.03 | 1.23 | 0.75 | -1.19 | 0.01 | 0.59 | -0.65 | 0.59 | 0.35 | -0.15 | 1.50 | 0.58 | -5.06 | 0.02 | 0.27 | 0.80 | 0.90 | 0.15 |
| Diluted Shares Outstanding | 122.46M | 122.46M | 122.46M | 122.53M | 122.58M | 122.58M | 122.58M | 122.58M | 122.58M | 121.55M | 113.43M | 103M | 90.06M | 83.96M | 78.36M | 67.94M | 40.56M | 39.6M | 39.02M | 20.75M | 13.78M | 9.55M | 9.31M | 8.71M | 8.63M | 8.62M | 8.62M | 8.52M | 8.81M | 8.78M | 8.67M |
| Basic Shares Outstanding | 122.46M | 122.46M | 122.46M | 122.54M | 122.58M | 122.58M | 122.58M | 122.58M | 122.58M | 121.55M | 113.43M | 103M | 90.06M | 83.96M | 78.36M | 67.94M | 40.56M | 39.47M | 38.96M | 20.75M | 13.78M | 9.55M | 9.31M | 8.71M | 8.63M | 8.62M | 8.62M | 8.52M | 8.61M | 8.78M | 8.67M |
| Dividend Payout Ratio | - | - | - | 62.46% | 97.47% | - | - | 280.91% | - | 389.46% | 273.77% | 60.68% | 188.75% | 195.61% | 147.82% | 220.19% | - | 745.02% | 193.7% | - | 121.7% | 169.78% | - | 9.92% | 34.56% | - | 11048.07% | 765.22% | 246.48% | - | 6692.31% |
High leverage and volatility
As reported in recent financial statements, GEL experienced significant top-line fluctuations, including a 12.1% revenue increase in 2026Q1 following a period of sharp contraction, suggesting that the company's revenue profile remains highly sensitive to commodity price cycles and throughput volume shifts across its diverse midstream segments.
The erratic revenue trajectory reflects the company's exposure to both long-term fee-based offshore contracts and more volatile industrial mineral sales. Investors should monitor whether the recent growth signals a sustainable recovery in throughput or merely a temporary rebound from previous cyclical lows.
Based on reported figures, gross margins have shown a modest recovery to 21.1% in 2026Q1, yet the historical data indicates persistent vulnerability to input cost inflation, particularly within the energy-intensive sodium minerals segment and the operational requirements of the marine transportation fleet.
While the recent margin improvement suggests better cost absorption, the company's reliance on fixed-cost subsea infrastructure makes it difficult to maintain profitability during periods of lower volume. The inability to consistently sustain margins above 20% warrants further investigation into the pricing power of its mineral assets.
According to recent SEC filings, GEL's operating income has struggled to scale proportionally with gross profit, as evidenced by the 17.9% operating margin in 2026Q1, which highlights the heavy burden of fixed operating expenses and depreciation inherent in its specialized subsea and mining asset base.
The company's operating leverage appears limited by the high maintenance requirements of its infrastructure, which prevents significant flow-through of gross profit to the bottom line. This suggests that incremental revenue gains may be largely offset by the rising costs of maintaining aging or complex industrial assets.
As indicated by the provided income statement data, net income has been highly inconsistent, swinging from a significant loss of $469.1M in 2025Q1 to a modest profit of $6.8M in 2026Q1, reflecting the impact of non-operating items and potential accounting adjustments on reported EPS.
The wide variance in net income suggests that GAAP figures may not accurately reflect the underlying cash-generating capability of the business. Analysts should focus on the impact of non-cash charges and potential one-time adjustments that appear to distort the true operational performance of the partnership.
Based on the reported financial data, the persistent volatility in net income and the historical reliance on debt-funded expansion raise questions regarding the long-term sustainability of distributions, particularly if the company cannot maintain consistent positive net margins in a high-interest-rate environment.
Short-term observers may focus on the potential for margin compression if soda ash prices soften or if offshore production volumes decline. The company's complex capital structure and history of distribution cuts suggest that investors should remain cautious about the durability of current cash returns.
Quick answers to the most common questions about buying GEL stock.
For fiscal year 2025, Genesis Energy, L.P. (GEL) reported total revenue of $1.63B. This represents a 338.3% increase compared to $372.0M in 1996.
Genesis Energy, L.P. (GEL) reported a net loss of $8.2M for the fiscal year ending 2025.
Genesis Energy, L.P. (GEL) reported an operating income of $258.2M, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Genesis Energy, L.P. (GEL) generated $344.5M in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.