Revenue declined 2.5% year-over-year to $187.7 million in 2026Q1, while gross margins experienced extreme volatility, collapsing from 56.5% in 2025Q2 to 9.9% in the most recent quarter.
Martin Midstream Partners L.P. (MMLP) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 807.18M | 716.11M | 707.62M | 797.96M | 1.02B | 882.43M | 672.14M | 847.12M | 972.65M | 946.12M | 827.39M | 1.04B | 1.64B | 1.63B | 1.49B | 1.24B | 912.12M | 662.38M | 1.21B | 765.82M | 576.38M | 438.44M | 294.14M | 192.73M | 149.91M | 163.12M | 199.81M | 172.9M |
| Revenue Growth % | 13.17% | 1.2% | -11.32% | -21.68% | 15.46% | 31.29% | -20.66% | -12.91% | 2.8% | 14.35% | -20.2% | -36.86% | 0.53% | 9.61% | 20.47% | 35.63% | 37.7% | -45.44% | 58.52% | 32.87% | 31.46% | 49.06% | 52.62% | 28.57% | -8.1% | -18.36% | 15.57% | - |
| Cost of Goods Sold | 627.41M | 627.25M | 347.82M | 691.79M | 679.59M | 589.85M | 418.39M | 552.86M | 761.48M | 698.77M | 563.79M | 733.65M | 1.35B | 1.35B | 1.24B | 990.9M | 693.9M | 457.26M | 1.01B | 618.69M | 459.17M | 351.82M | 229.84M | 150.77M | 110.51M | 119.77M | 150.06M | 129.93M |
| COGS % of Revenue | - | 87.59% | 49.15% | 86.69% | 66.7% | 66.84% | 62.25% | 65.26% | 78.29% | 73.86% | 68.14% | 70.76% | 82.18% | 82.68% | 83.17% | 80.1% | 76.08% | 69.03% | 83.49% | 80.79% | 79.66% | 80.24% | 78.14% | 78.23% | 73.72% | 73.42% | 75.1% | 75.15% |
| Gross Profit | 179.77M | 88.86M | 359.8M | 106.18M | 339.29M | 292.58M | 253.75M | 294.26M | 211.18M | 247.34M | 263.61M | 303.2M | 292.69M | 282.95M | 250.77M | 246.17M | 218.22M | 205.13M | 200.43M | 147.13M | 117.21M | 86.62M | 64.3M | 41.96M | 39.4M | 43.35M | 49.75M | 42.96M |
| Gross Margin % | 22.27% | 12.41% | 50.85% | 13.31% | 33.3% | 33.16% | 37.75% | 34.74% | 21.71% | 26.14% | 31.86% | 29.24% | 17.82% | 17.32% | 16.83% | 19.9% | 23.92% | 30.97% | 16.51% | 19.21% | 20.34% | 19.76% | 21.86% | 21.77% | 26.28% | 26.58% | 24.9% | 24.85% |
| Gross Profit Growth % | - | -75.3% | 238.87% | -68.71% | 15.96% | 15.3% | -13.77% | 39.34% | -14.62% | -6.17% | -13.06% | 3.59% | 3.45% | 12.83% | 1.87% | 12.81% | 6.38% | 2.34% | 36.23% | 25.53% | 35.32% | 34.71% | 53.23% | 6.51% | -9.12% | -12.86% | 15.8% | - |
| Operating Expenses | 145.88M | 42M | 302.5M | 40.83M | 288.03M | 235.5M | 207.25M | 236.16M | 254.26M | 106.82M | 184.34M | 233.04M | 221.38M | 200.27M | 176.93M | 206.49M | 178.04M | 170.71M | 151.05M | 118.96M | 92.8M | 67.66M | 49.57M | 31.47M | 30.82M | 32.11M | 40.29M | 38.22M |
| OpEx % of Revenue | - | 5.87% | 42.75% | 5.12% | 28.27% | 26.69% | 30.83% | 27.88% | 26.14% | 11.29% | 22.28% | 22.48% | 13.48% | 12.26% | 11.87% | 16.69% | 19.52% | 25.77% | 12.44% | 15.53% | 16.1% | 15.43% | 16.85% | 16.33% | 20.56% | 19.68% | 20.16% | 22.1% |
| Selling, General & Admin | 30.31M | 42M | 48.5M | 40.83M | 41.81M | 41.01M | 40.9M | 41.43M | 37.68M | 38.95M | 34.38M | 36.79M | 36.32M | 29.4M | 25.49M | 162.86M | 137.52M | 19.77M | 16.94M | 11.98M | 10.98M | 8.13M | 8.38M | 6.1M | 6.62M | 7.51M | 7.88M | 8.75M |
| SG&A % of Revenue | - | 5.87% | 6.85% | 5.12% | 4.1% | 4.65% | 6.08% | 4.89% | 3.87% | 4.12% | 4.16% | 3.55% | 2.21% | 1.8% | 1.71% | 13.17% | 15.08% | 2.99% | 1.4% | 1.57% | 1.9% | 1.85% | 2.85% | 3.17% | 4.42% | 4.61% | 3.94% | 5.06% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.04M | 0 | 254M | 0 | 246.22M | 194.49M | 166.35M | 194.73M | 216.58M | 67.87M | 149.96M | 196.26M | 185.06M | 170.88M | 151.44M | 43.63M | 40.52M | 150.93M | 134.11M | 106.97M | 81.82M | 59.53M | 41.19M | 25.36M | 24.2M | 24.59M | 32.41M | 29.47M |
| Operating Income | 33.89M | 46.86M | 57.3M | 65.35M | 51.26M | 57.28M | 46.5M | 58.1M | 44.79M | 59.81M | 72.66M | 70.15M | 67.87M | 82.67M | 73.83M | 39.68M | 40.18M | 34.42M | 49.59M | 28.88M | 26.61M | 18.96M | 14.73M | 10.5M | 8.58M | 11.24M | 9.46M | 4.74M |
| Operating Margin % | 4.2% | 6.54% | 8.1% | 8.19% | 5.03% | 6.49% | 6.92% | 6.86% | 4.6% | 6.32% | 8.78% | 6.77% | 4.13% | 5.06% | 4.95% | 3.21% | 4.4% | 5.2% | 4.09% | 3.77% | 4.62% | 4.32% | 5.01% | 5.45% | 5.72% | 6.89% | 4.74% | 2.74% |
| Operating Income Growth % | - | -18.22% | -12.33% | 27.48% | -10.5% | 23.18% | -19.97% | 29.74% | -25.13% | -17.68% | 3.57% | 3.36% | -17.9% | 11.97% | 86.09% | -1.24% | 16.72% | -30.59% | 71.74% | 8.52% | 40.34% | 28.73% | 40.3% | 22.41% | -23.73% | 18.81% | 99.54% | - |
| EBITDA | 84.99M | 97.06M | 108.08M | 115.25M | 107.54M | 114.03M | 107.96M | 118.16M | 106.27M | 145.01M | 164.79M | 162.4M | 136.7M | 134.91M | 115.9M | 84.63M | 80.83M | 73.93M | 80.81M | 52.32M | 44.21M | 31.59M | 23.48M | 15.26M | 13.06M | 15.37M | 15.88M | 11.66M |
| EBITDA Margin % | 10.53% | 13.55% | 15.27% | 14.44% | 10.55% | 12.92% | 16.06% | 13.95% | 10.93% | 15.33% | 19.92% | 15.66% | 8.32% | 8.26% | 7.78% | 6.84% | 8.86% | 11.16% | 6.66% | 6.83% | 7.67% | 7.2% | 7.98% | 7.92% | 8.71% | 9.42% | 7.95% | 6.74% |
| EBITDA Growth % | -8.85% | -10.2% | -6.22% | 7.16% | -5.69% | 5.62% | -8.63% | 11.19% | -26.72% | -12% | 1.47% | 18.8% | 1.33% | 16.41% | 36.94% | 4.7% | 9.34% | -8.52% | 54.46% | 18.35% | 39.95% | 34.52% | 53.85% | 16.83% | -14.98% | -3.22% | 36.2% | - |
| D&A (Non-Cash Add-back) | 51.1M | 50.2M | 50.79M | 49.9M | 56.28M | 56.75M | 61.46M | 60.06M | 61.48M | 85.19M | 92.13M | 92.25M | 68.83M | 52.24M | 42.06M | 44.96M | 40.66M | 39.51M | 31.22M | 23.44M | 17.6M | 12.63M | 8.75M | 4.76M | 4.49M | 4.12M | 6.41M | 6.91M |
| EBIT | 33.91M | 47.81M | 55.71M | 61.66M | 51.26M | 57.28M | 41.17M | 58.11M | 45.09M | 48.25M | 79.74M | 86.04M | 52.18M | 29.89M | 71.34M | 49.43M | 43.93M | 41.79M | 63.3M | 40.12M | 34.71M | 20.79M | 14.73M | 10.5M | 8.58M | 11.24M | 9.46M | -125.19M |
| Net Interest Income | -678K | -57.79M | -57.71M | -60.29M | -53.66M | -54.11M | -46.21M | -51.69M | -52.35M | -47.74M | -45.1M | -45.58M | -56.66M | -42.49M | -30.66M | -32.56M | -35.32M | -19M | -21.43M | -14.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | -4K | 0 | 0 | 0 | 0 | 0 | 30K | 943K | 2.26M | 2.25M | 752K | 0 | 0 | 0 | 0 | 0 | 0 | 299K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 678K | 57.79M | 57.71M | 60.29M | 53.66M | 54.11M | 46.21M | 51.69M | 52.38M | 48.69M | 47.36M | 47.83M | 57.41M | 42.49M | 30.66M | 24.52M | 27.39M | 19M | 19.78M | 14.53M | 12.47M | 6.91M | 3.33M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -42.37M | -56.83M | -58.3M | -63.98M | -53.67M | -54.11M | -51.54M | -51.68M | -52.31M | -46.64M | -40.34M | -31.94M | -73.1M | -94.06M | -33.16M | -22.43M | -23.5M | -11.63M | -8.84M | -3.29M | -4.37M | -5.08M | -2.4M | 894K | -417K | -3.83M | -7.69M | -6.86M |
| Pretax Income | -8.48M | -9.97M | -1.01M | 1.37M | -2.41M | 3.17M | -5.04M | 6.42M | -7.23M | 17.49M | 32.38M | 38.21M | -5.23M | -12.6M | 40.68M | 24.93M | 16.54M | 22.8M | 43.52M | 25.58M | 22.24M | 13.88M | 12.33M | 11.98M | 8.16M | 7.41M | 1.78M | -2.12M |
| Pretax Margin % | -1.05% | -1.39% | -0.14% | 0.17% | -0.24% | 0.36% | -0.75% | 0.76% | -0.74% | 1.85% | 3.91% | 3.69% | -0.32% | -0.77% | 2.73% | 2.02% | 1.81% | 3.44% | 3.58% | 3.34% | 3.86% | 3.17% | 4.19% | 6.22% | 5.44% | 4.54% | 0.89% | -1.23% |
| Income Tax | -1.44M | 4.77M | 4.2M | 5.92M | 7.93M | 3.38M | 1.74M | 1.9M | 369K | 352K | 726K | 1.05M | 1.14M | 753K | 3.56M | 585K | 517K | 592K | 711K | 644K | 0 | 0 | 3.33M | 1.32M | 1.96M | 2.73M | 847K | -501K |
| Effective Tax Rate % | 16.95% | -47.85% | -415.54% | 432.29% | -329.33% | 106.66% | -34.48% | 29.6% | -5.11% | 2.01% | 2.24% | 2.74% | -21.74% | -5.98% | 8.74% | 2.35% | 3.13% | 2.6% | 1.63% | 2.52% | 0% | 0% | 27% | 11% | 24.01% | 36.89% | 47.66% | 23.63% |
| Net Income | -6.98M | -14.45M | -5.08M | -4.44M | -10.33M | -211K | -6.77M | -174.95M | 55.66M | 19.92M | 31.65M | 38.38M | -11.71M | -13.35M | 101.99M | 24.34M | 16.02M | 22.2M | 42.81M | 24.94M | 22.24M | 13.88M | 12.33M | 11.98M | 6.2M | 4.68M | 930K | -1.62M |
| Net Margin % | -0.86% | -2.02% | -0.72% | -0.56% | -1.01% | -0.02% | -1.01% | -20.65% | 5.72% | 2.1% | 3.83% | 3.7% | -0.71% | -0.82% | 6.84% | 1.97% | 1.76% | 3.35% | 3.53% | 3.26% | 3.86% | 3.17% | 4.19% | 6.22% | 4.14% | 2.87% | 0.47% | -0.94% |
| Net Income Growth % | 66.1% | -184.56% | -14.27% | 57% | -4797.63% | 96.88% | 96.13% | -414.34% | 179.45% | -37.08% | -17.53% | 427.89% | 12.35% | -113.09% | 318.98% | 51.93% | -27.84% | -48.14% | 71.66% | 12.12% | 60.25% | 12.61% | 2.88% | 93.24% | 32.54% | 403.01% | 157.44% | - |
| Net Income (Continuing) | -7.04M | -14.74M | -5.21M | -4.55M | -10.33M | -211K | -6.77M | 4.52M | -7.83M | 13.01M | 27M | 37.16M | -6.37M | -14.56M | 37.12M | 24.34M | 16.02M | 22.2M | 43.56M | 24.94M | 22.24M | 13.88M | 12.08M | 11.74M | 6.2M | 4.68M | 930K | -1.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -179.47M | 63.49M | 21.1M | 4.65M | 1.22M | 0 | 901K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 1.44M | 1.56M | 1.67M | 1.89M | 1.91M | 2.15M | 6.63M | 7.31M | 7.41M | 13.03M | 14.73M | 6.39M | 8.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -0.37 | -0.13 | -0.11 | -0.26 | -0.01 | -0.17 | -4.44 | 1.11 | 0.44 | 0.65 | 0.58 | -0.49 | -0.49 | 3.96 | 0.92 | 0.63 | 1.17 | 2.72 | 1.67 | 1.69 | 1.58 | 1.45 | 1.64 | 0.40 | 1.61 | 0.32 | -0.56 |
| EPS Growth % | 66.63% | -184.62% | -18.18% | 57.69% | - | 96.82% | 96.17% | -500% | 152.27% | -32.31% | 12.07% | 218.37% | 0% | -112.37% | 330.43% | 46.03% | -46.15% | -56.99% | 62.87% | -1.18% | 6.96% | 8.97% | -11.59% | 310% | -75.16% | 403.13% | 157.14% | - |
| EPS (Basic) | - | -0.37 | -0.13 | -0.11 | -0.26 | -0.01 | -0.17 | -4.44 | 1.11 | 0.44 | 0.65 | 0.58 | -0.49 | -0.54 | 3.96 | 0.92 | 0.63 | 1.17 | 2.72 | 1.67 | 1.69 | 1.58 | 1.45 | 1.64 | 0.40 | 1.61 | 0.32 | -0.56 |
| Diluted Shares Outstanding | 38.96M | 38.89M | 38.83M | 38.77M | 38.73M | 38.69M | 38.66M | 38.66M | 38.92M | 38.16M | 35.38M | 35.37M | 30.79M | 26.56M | 23.36M | 19.55M | 17.53M | 14.68M | 14.53M | 14.02M | 12.6M | 8.58M | 8.35M | 7.15M | 7.15M | 2.9M | 2.9M | 2.9M |
| Basic Shares Outstanding | 38.96M | 38.89M | 38.83M | 38.77M | 38.73M | 38.69M | 38.66M | 38.66M | 38.91M | 38.1M | 35.35M | 35.31M | 30.79M | 26.4M | 23.36M | 19.55M | 17.52M | 14.68M | 14.53M | 14.02M | 12.6M | 8.58M | 8.35M | 7.15M | 7.15M | 2.9M | 2.9M | 2.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 138.12% | 386.31% | 329.01% | 347.36% | - | - | 75.04% | 264.96% | 353.86% | 213.76% | 106.79% | 151.98% | 144.13% | 136.65% | 141.6% | 110.13% | - | - | - | - |
Quick answers to the most common questions about buying MMLP stock.
For fiscal year 2025, Martin Midstream Partners L.P. (MMLP) reported total revenue of $716.1M. This represents a 314.2% increase compared to $172.9M in 1999.
Martin Midstream Partners L.P. (MMLP) reported a net loss of $14.4M for the fiscal year ending 2025.
Martin Midstream Partners L.P. (MMLP) reported an operating income of $46.9M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Martin Midstream Partners L.P. (MMLP) generated $88.9M in gross profit for the year, representing a gross profit margin of 12.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and solvency constraints
Metrics are mathematically derived from official filings.
Stagnant Revenue Amidst Volatile Demand
According to the provided financial data, MMLP's revenue trajectory remains inconsistent, with the most recent quarter showing a 2.5% year-over-year decline to $187.7 million, reflecting the inherent sensitivity of its Gulf Coast logistics and NGL wholesale segments to broader energy market fluctuations and seasonal demand shifts.
The partnership's top-line performance appears to lack a clear growth catalyst, oscillating between modest gains and contractions over the last ten quarters. This suggests that the business is largely tethered to external refinery utilization rates rather than internal volume expansion, warranting caution regarding the durability of future revenue streams.
Structural Margin Compression and Volatility
As reported in financial statements, MMLP's gross margin has experienced significant volatility, collapsing from a peak of 56.5% in 2025Q2 to just 9.9% in 2026Q1, which highlights the partnership's vulnerability to commodity price swings and the high fixed-cost nature of its specialized sulfur and transportation assets.
The dramatic variance in gross margins suggests that the partnership may be struggling to pass through input costs effectively, particularly within its NGL wholesale business. Investors should monitor whether these margin swings are indicative of structural inefficiencies or merely temporary accounting impacts from inventory valuation adjustments.
Persistent Net Losses Obscure Performance
Based on MMLP's reported figures, the partnership has struggled to maintain consistent profitability, posting a net loss of $6.8 million in 2026Q1, a trend that appears driven by heavy depreciation charges and interest expenses that consistently outweigh the partnership's operating income generation across most recent periods.
The recurring net losses suggest that the partnership's capital-intensive asset base may be creating a structural drag on bottom-line results. Analysts should look beyond headline net income to evaluate distributable cash flow, as the current earnings profile appears insufficient to support meaningful capital returns or debt reduction.
Liquidity Risks and Solvency Concerns
Data from recent filings indicates a precarious liquidity position, with cash balances reported at a nominal $49,000, suggesting that the partnership is operating with virtually no margin for error and remains heavily reliant on revolving credit facilities to meet its ongoing operational and debt service obligations.
This extreme lack of cash reserves may indicate that any disruption in cash flow could trigger a liquidity crisis, forcing the partnership to rely on external financing at potentially unfavorable terms. The market's focus on this liquidity constraint appears justified, as it limits management's flexibility to navigate cyclical downturns or unexpected capital requirements.