Revenue trajectory remains highly erratic with quarterly figures fluctuating between $622.2 million and $1.5 billion, while gross margins are frequently compressed by commodity marketing activities to as low as 11.2%.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 |
|---|
| Sales/Revenue | 3.16B | 3.47B | 4.15B | 5.68B | 7.95B | 5.23B | 7.58B | 8.69B | 16.91B | 13.02B | 11.74B | 16.8B | 9.7B | 4.42B | 1.31B | 735.51M | 809.63M | 734.99M |
| Revenue Growth % | -9.02% | -16.47% | -26.87% | -28.55% | 52.05% | -31.08% | -12.72% | -48.61% | 29.83% | 10.9% | -30.11% | 73.23% | 119.55% | 237.11% | 78.17% | -9.16% | 10.16% | - |
| Cost of Goods Sold | 2.41B | 2.76B | 3.45B | 4.96B | 7.43B | 4.49B | 6.87B | 8.2B | 16.62B | 12.55B | 11.07B | 16.15B | 9.25B | 4.11B | 1.22B | 708.22M | 752.15M | 706.42M |
| COGS % of Revenue | 76.33% | 79.61% | 83.1% | 87.38% | 93.46% | 85.97% | 90.58% | 94.31% | 98.31% | 96.34% | 94.26% | 96.13% | 95.4% | 92.99% | 92.87% | 96.29% | 92.9% | 96.11% |
| Gross Profit | 747.21M | 707.38M | 701.76M | 716.5M | 519.88M | 733.2M | 714.3M | 494.12M | 285.63M | 477.11M | 674.15M | 649.9M | 445.82M | 309.8M | 93.45M | 27.29M | 57.48M | 28.57M |
| Gross Margin % | 23.67% | 20.39% | 16.9% | 12.62% | 6.54% | 14.03% | 9.42% | 5.69% | 1.69% | 3.66% | 5.74% | 3.87% | 4.6% | 7.01% | 7.13% | 3.71% | 7.1% | 3.89% |
| Gross Profit Growth % | 5.63% | 0.8% | -2.06% | 37.82% | -29.09% | 2.65% | 44.56% | 72.99% | -40.13% | -29.23% | 3.73% | 45.78% | 43.9% | 231.52% | 242.42% | -52.52% | 101.18% | - |
| Operating Expenses | 362.75M | 378.02M | 539.85M | 472.51M | 436.84M | 1.12B | 717.64M | 333.1M | 319.91M | 431.21M | 457.99M | 521.61M | 339.26M | 222.5M | 78.42M | 710.76M | 47.72M | 19.14M |
| OpEx % of Revenue | 11.49% | 10.9% | 13% | 8.32% | 5.5% | 21.5% | 9.46% | 3.83% | 1.89% | 3.31% | 3.9% | 3.1% | 3.5% | 5.04% | 5.98% | 96.64% | 5.89% | 2.6% |
| Selling, General & Admin | 362.75M | 55.59M | 121.63M | 71.48M | 63.55M | 325.03M | 113.66M | 107.41M | 98.13M | 116.57M | 139.54M | 149.43M | 79.86M | 52.7M | 63.31M | 710.76M | 40.96M | 16.65M |
| SG&A % of Revenue | 11.49% | 1.6% | 2.93% | 1.26% | 0.8% | 6.22% | 1.5% | 1.24% | 0.58% | 0.9% | 1.19% | 0.89% | 0.82% | 1.19% | 4.83% | 96.64% | 5.06% | 2.27% |
| Research & Development | 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 | 0 | 322.43M | 418.22M | 401.03M | 373.29M | 798.92M | 603.97M | -30.42M | 656K | 27.76M | 5.58M | 37.17M | 86K | 447K | 15.11M | 0 | 6.75M | 2.49M |
| Operating Income | 384.46M | 329.36M | 161.91M | 243.99M | 83.04M | -390.75M | -3.33M | 126.73M | -17.17M | 255.08M | -104.6M | 87.11M | 106.56M | 87.31M | 15.03M | 6.66M | 9.77M | 9.43M |
| Operating Margin % | 12.18% | 9.49% | 3.9% | 4.3% | 1.04% | -7.48% | -0.04% | 1.46% | -0.1% | 1.96% | -0.89% | 0.52% | 1.1% | 1.98% | 1.15% | 0.91% | 1.21% | 1.28% |
| Operating Income Growth % | 16.73% | 103.41% | -33.64% | 193.81% | 121.25% | -11627.28% | -102.63% | 837.91% | -106.73% | 343.86% | -220.08% | -18.26% | 22.06% | 480.88% | 125.64% | -31.79% | 3.55% | - |
| EBITDA | 645.9M | 596.6M | 443.98M | 534.09M | 389.25M | -72.97M | 273.52M | 339.19M | 197.94M | 485.12M | 131.02M | 297.59M | 239.22M | 164.82M | 32.22M | 9.44M | 13.52M | 12.72M |
| EBITDA Margin % | 20.46% | 17.2% | 10.69% | 9.4% | 4.9% | -1.4% | 3.61% | 3.9% | 1.17% | 3.73% | 1.12% | 1.77% | 2.47% | 3.73% | 2.46% | 1.28% | 1.67% | 1.73% |
| EBITDA Growth % | 8.26% | 34.38% | -16.87% | 37.21% | 633.43% | -126.68% | -19.36% | 71.35% | -59.2% | 270.26% | -55.97% | 24.4% | 45.14% | 411.58% | 241.22% | -30.15% | 6.27% | - |
| D&A (Non-Cash Add-back) | 261.44M | 267.25M | 282.06M | 290.11M | 306.21M | 317.78M | 276.85M | 212.46M | 215.12M | 230.03M | 235.62M | 210.47M | 132.65M | 77.51M | 17.19M | 2.78M | 3.75M | 3.29M |
| EBIT | 384.46M | 327.75M | 98.35M | 267.95M | 71.55M | 90.94M | -9.92M | 86.5M | -25.88M | 296.29M | -54.38M | 156.69M | 108.55M | 83.06M | 16.09M | 11.56M | 10.28M | 9.74M |
| Net Interest Income | -254.19M | -279.65M | -254.62M | -258.7M | -254.68M | -198.8M | -181.18M | -160M | -192.85M | -142.44M | -121.08M | -105.55M | -57.49M | -31.73M | -7.62M | 788K | -2.11M | -1.46M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.73M | 6.3M | 8.61M | 12M | 4.58M | 1.36M | 1.26M | 0 | 120K | 120K | 162K |
| Interest Expense | 254.19M | 280.08M | 254.62M | 258.7M | 254.68M | 198.8M | 181.18M | 164.72M | 199.15M | 150.48M | 133.09M | 110.12M | 58.85M | 32.99M | 7.62M | 2.85M | 2.23M | 1.62M |
| Other Income/Expense | -563.24M | -269.25M | -318.18M | -234.73M | -266.17M | -250.06M | -176.87M | -204.95M | -206.4M | -109.27M | -82.86M | -60.85M | -56.87M | -37.24M | -6.57M | 2.04M | -1.72M | -1.31M |
| Pretax Income | -178.78M | 60.1M | -156.27M | 9.25M | -183.13M | -640.81M | -180.2M | -78.22M | -225.03M | 145.81M | -187.46M | 26.26M | 49.7M | 50.06M | 8.46M | 6.11M | 8.04M | 8.12M |
| Pretax Margin % | -5.66% | 1.73% | -3.76% | 0.16% | -2.3% | -12.26% | -2.38% | -0.9% | -1.33% | 1.12% | -1.6% | 0.16% | 0.51% | 1.13% | 0.65% | 0.83% | 0.99% | 1.11% |
| Income Tax | -276K | -4.88M | 1.46M | 219K | 971K | -3.39M | 345K | 1.23M | 1.35M | 1.94M | -367K | -3.62M | 937K | 1.88M | 601K | 2.48M | 0 | 3.25M |
| Effective Tax Rate % | 0.15% | -8.13% | -0.93% | 2.37% | -0.53% | 0.53% | -0.19% | -1.58% | -0.6% | 1.33% | 0.2% | -13.79% | 1.89% | 3.75% | 7.1% | 40.57% | 0% | 40.07% |
| Net Income | -180.18M | 39.37M | -143.75M | 51.39M | -184.76M | -639.82M | -397.01M | 360.05M | -70.88M | 137.04M | -201.95M | 16.66M | 47.66M | 47.94M | 7.88M | 3.64M | 8.04M | 4.95M |
| Net Margin % | -5.71% | 1.13% | -3.46% | 0.9% | -2.32% | -12.24% | -5.23% | 4.14% | -0.42% | 1.05% | -1.72% | 0.1% | 0.49% | 1.09% | 0.6% | 0.49% | 0.99% | 0.67% |
| Net Income Growth % | -557.68% | 127.39% | -379.76% | 127.81% | 71.12% | -61.16% | -210.27% | 608% | -151.72% | 167.86% | -1312.14% | -65.04% | -0.59% | 508.68% | 116.61% | -54.79% | 62.52% | - |
| Net Income (Continuing) | -178.5M | 64.99M | -157.73M | 9.04M | -184.1M | -637.42M | -180.54M | -79.45M | -22.48M | 94.8M | -187.1M | 50.19M | 48.76M | 48.19M | 7.86M | 10.12M | 8.04M | 4.87M |
| Discontinued Operations | 1.01M | -21.83M | 14.6M | 43.46M | 0 | -1.77M | -218.24M | 418.85M | -47.13M | 49.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -32.09M | 20.67M | -34.6M | -36.04M | -35.08M | 17.28M | 21.56M | 58.75M | 83.5M | 26.75M | 41.07M | 547.33M | 5.27M | 5.74M | 428K | 0 | 225K | 167K |
| EPS (Diluted) | -3.49 | -0.60 | -2.14 | -0.56 | -2.22 | -5.68 | -1.42 | 2.93 | -0.59 | 0.95 | -1.93 | -0.05 | 0.51 | 0.96 | 0.32 | 0.18 | 0.83 | 0.45 |
| EPS Growth % | -481.67% | 71.96% | -282.14% | 74.77% | 60.92% | -300% | -148.46% | 596.61% | -162.11% | 149.22% | -3760% | -109.8% | -46.88% | 200% | 77.78% | -78.31% | 84.44% | - |
| EPS (Basic) | -3.49 | -0.60 | -2.14 | -0.56 | -2.22 | -5.68 | -1.42 | 2.93 | -0.59 | 0.99 | -1.93 | -0.05 | 0.51 | 0.96 | 0.32 | 0.19 | 0.83 | 0.45 |
| Diluted Shares Outstanding | 127.02M | 132.01M | 132.15M | 131.01M | 129.84M | 128.98M | 127.41M | 123.02M | 120.99M | 111.85M | 104.84M | 86.36M | 61.97M | 41.35M | 15.17M | 19.84M | 10.93M | 10.93M |
| Basic Shares Outstanding | 127.02M | 132.01M | 132.15M | 131.01M | 129.84M | 128.98M | 127.41M | 123.02M | 120.99M | 108.09M | 104.84M | 86.36M | 61.97M | 41.35M | 15.17M | 19.6M | 10.93M | 10.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 65.72% | - | 132.29% | - | 1456.07% | 306.22% | 149.52% | 242% | 1292.63% | - | - |
High leverage and regulatory exposure
According to recent financial filings, NGL's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $622.2 million and $1.5 billion over the last ten periods, reflecting the inherent instability of commodity-linked logistics revenue compared to the more predictable, fee-based water disposal segment performance.
The significant revenue swings appear driven by the transactional nature of the Crude and Liquids Logistics segments rather than organic growth in the core water business. Investors should monitor whether the company can decouple its top-line performance from commodity price cycles to demonstrate sustainable, volume-driven growth.
Based on reported figures, NGL's gross margin profile is inconsistent, ranging from a low of 11.2% to a peak of 28.1%, suggesting that the high-margin water solutions business is frequently offset by lower-margin commodity marketing activities that inflate the cost of goods sold.
The wide variance in gross margins indicates that the company's profitability is highly sensitive to the product mix within its logistics segments. A sustained improvement in margins would likely require a greater contribution from the water infrastructure segment relative to the more volatile commodity-based logistics operations.
As reported in financial statements, NGL's net income has been severely impacted by significant non-operating charges, culminating in a $325.6 million loss in 2026Q4, which highlights the volatility of bottom-line results despite the company's efforts to maintain operational focus on its core water infrastructure.
The sharp divergence between operating income and net income suggests that interest expenses and potential impairment charges are exerting substantial pressure on the bottom line. This pattern warrants further investigation into the sustainability of the partnership's current capital structure and its ability to generate consistent net earnings.
Data from recent quarterly reports indicates that SG&A expenses are subject to sudden, large-scale increases, such as the $318.7 million recorded in 2026Q4, which significantly deviates from the typical quarterly run rate of approximately $12 million to $15 million observed in prior periods.
Such dramatic fluctuations in overhead suggest that non-recurring costs or accounting adjustments are masking the underlying efficiency of the company's expense management. Analysts should scrutinize these spikes to determine if they represent structural cost increases or temporary items that do not reflect the core operational cost base.
Quick answers to the most common questions about buying NGL stock.
For fiscal year 2026, NGL Energy Partners LP (NGL) reported total revenue of $3.16B. This represents a 329.4% increase compared to $735.0M in 2009.
NGL Energy Partners LP (NGL) reported a net loss of $180.2M for the fiscal year ending 2026.
NGL Energy Partners LP (NGL) reported an operating income of $384.5M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
NGL Energy Partners LP (NGL) generated $747.2M in gross profit for the year, representing a gross profit margin of 23.7%. This demonstrates the company's core pricing power and production efficiency.