Genesis Energy L P Financials

GEL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 18/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Genesis Energy L P has an operating margin of 7.2%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is down from 10.4% the prior year.

Growth

Genesis Energy L P's revenue declined 6.6% year-over-year, from $3.2B to $3.0B. This contraction results in a growth score of 10/100.

Leverage

Genesis Energy L P has elevated debt relative to equity (D/E of 2.46), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.

Liquidity

Genesis Energy L P's current ratio of 1.06 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

While Genesis Energy L P generated $391.9M in operating cash flow, capex of $587.1M consumed most of it, leaving -$195.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Genesis Energy L P passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-6.13x

For every $1 of reported earnings, Genesis Energy L P generates $-6.13 in operating cash flow ($391.9M OCF vs -$63.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.7x

Genesis Energy L P earns $0.7 in operating income for every $1 of interest expense ($213.1M vs $287.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Genesis Energy L P (GEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.0B

YoY-6.6%

5Y CAGR+3.6%

10Y CAGR-2.6%

Genesis Energy L P generated $3.0B in revenue in fiscal year 2024. This represents a decrease of 6.6% from the prior year.

EBITDA

$526.3M

YoY-13.7%

5Y CAGR-2.3%

10Y CAGR+8.9%

Genesis Energy L P's EBITDA was $526.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.7% from the prior year.

Free Cash Flow

-$195.2M

YoY-97.4%

Genesis Energy L P generated -$195.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 97.4% from the prior year.

Net Income

-$63.9M

YoY-154.3%

Genesis Energy L P reported -$63.9M in net income in fiscal year 2024. This represents a decrease of 154.3% from the prior year.

EPS (Diluted)

$-1.24

YoY-663.6%

Genesis Energy L P earned $-1.24 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 663.6% from the prior year.

Cash & Debt

$7.4M

YoY-20.4%

5Y CAGR-24.1%

10Y CAGR-2.5%

Genesis Energy L P held $7.4M in cash against $3.7B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

7.2%

YoY-3.2pp

5Y CAGR-3.8pp

10Y CAGR+3.7pp

Genesis Energy L P's operating margin was 7.2% in fiscal year 2024, reflecting core business profitability. This is down 3.2 percentage points from the prior year.

Net Margin

-2.2%

YoY-5.9pp

5Y CAGR-6.0pp

10Y CAGR-4.9pp

Genesis Energy L P's net profit margin was -2.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Genesis Energy L P spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$587.1M

YoY-5.3%

5Y CAGR+29.2%

10Y CAGR+2.8%

Genesis Energy L P invested $587.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 5.3% from the prior year.

GEL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.0B-6.6%	$3.2B+13.9%	$2.8B+31.2%	$2.1B+16.5%	$1.8B-26.4%	$2.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$59.4M-9.6%	$65.8M-1.2%	$66.6M+8.8%	$61.2M+7.5%	$56.9M+8.0%	$52.7M
Operating Income	$213.1M-35.3%	$329.4M+4.6%	$315.0M+316.2%	$75.7M+130.8%	-$246.0M-190.2%	$272.7M
Interest Expense	-$287.2M-17.4%	-$244.7M-8.2%	-$226.2M+3.2%	-$233.7M-11.4%	-$209.8M+4.4%	-$219.4M
Income Tax	$1.8M+9531.6%	-$19K-100.6%	$3.2M+89.8%	$1.7M+25.8%	$1.3M+102.6%	$655K
Net Income	-$63.9M-154.3%	$117.7M+56.0%	$75.5M+145.7%	-$165.1M+60.4%	-$416.7M-534.0%	$96.0M
EPS (Diluted)	$-1.24-663.6%	$0.22+650.0%	$-0.04+98.0%	$-1.96+51.1%	$-4.01-2327.8%	$0.18

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$414.0M+9.7%	$377.3M-5.3%	$398.3M-76.6%	$1.7B+296.2%	$430.2M-1.0%	$434.4M-43.9%	$774.1M-4.1%	$807.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.3M+3.7%	$14.7M-63.7%	$40.6M+249.2%	$11.6M-36.4%	$18.3M+24.5%	$14.7M-16.1%	$17.5M+4.5%	$16.8M
Operating Income	$78.6M+16.1%	$67.7M+208.2%	$22.0M-61.2%	$56.7M+13.9%	$49.8M-14.3%	$58.1M-11.4%	$65.6M-41.3%	$111.7M
Interest Expense	$66.4M+9.3%	$60.8M-13.3%	$70.0M+114.6%	-$479.8M-843.4%	$64.5M+3.5%	$62.3M+202.9%	-$60.6M+1.6%	-$61.6M
Income Tax	$253K-26.7%	$345K+139.6%	$144K-92.3%	$1.9M+17127.3%	-$11K-101.4%	$809K+145.8%	-$1.8M-407.8%	$574K
Net Income	$9.2M+2367.7%	-$406K+99.9%	-$469.1M-849.9%	-$49.4M-464.7%	-$8.7M-177.0%	$11.4M-5.0%	$11.9M-79.4%	$58.1M
EPS (Diluted)	$-0.05+58.3%	$-0.12+97.0%	$-4.06-600.0%	$-0.58-132.0%	$-0.25-177.8%	$-0.09-12.5%	$-0.08-127.6%	$0.29

GEL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$7.0B+0.3%	$7.0B+10.3%	$6.4B+7.8%	$5.9B-0.5%	$5.9B-10.1%	$6.6B
Current Assets	$911.7M-5.4%	$964.0M+13.0%	$853.0M+57.2%	$542.5M-6.5%	$580.2M-2.2%	$593.1M
Cash & Equivalents	$7.4M-20.4%	$9.2M+16.4%	$7.9M-60.3%	$20.0M-6.1%	$21.3M-26.9%	$29.1M
Inventory	$37.8M-72.1%	$135.2M+73.1%	$78.1M+0.2%	$78.0M-21.9%	$99.9M+53.3%	$65.1M
Accounts Receivable	$479.5M-36.9%	$759.5M+5.3%	$721.6M+80.2%	$400.3M+2.0%	$392.5M-5.9%	$417.0M
Goodwill	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M
Total Liabilities	$5.5B+4.0%	$5.3B+15.6%	$4.6B+16.9%	$3.9B-6.2%	$4.2B-1.6%	$4.3B
Current Liabilities	$858.8M-11.2%	$967.4M+36.4%	$709.1M+42.7%	$496.9M+29.6%	$383.4M-7.7%	$415.5M
Long-Term Debt	$3.7B-1.0%	$3.8B+8.7%	$3.5B+16.3%	$3.0B-12.2%	$3.4B-1.0%	$3.4B
Total Equity	$1.5B-11.4%	$1.7B-3.6%	$1.8B-10.3%	$2.0B+13.1%	$1.8B-25.4%	$2.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.9B+0.6%	$4.8B-7.2%	$5.2B-25.9%	$7.0B+1.2%	$7.0B+0.1%	$6.9B-1.0%	$7.0B+1.2%	$6.9B
Current Assets	$652.0M+11.0%	$587.3M-37.3%	$937.3M+2.8%	$911.7M+5.3%	$865.6M-1.6%	$879.9M-8.7%	$964.0M-11.7%	$1.1B
Cash & Equivalents	$4.9M+10.4%	$4.5M-98.8%	$377.4M+5032.8%	$7.4M-46.3%	$13.7M+94.3%	$7.0M-23.7%	$9.2M-56.2%	$21.1M
Inventory	$49.2M-15.4%	$58.2M+52.8%	$38.1M+0.8%	$37.8M-64.5%	$106.3M-16.0%	$126.6M-6.3%	$135.2M+6.5%	$126.9M
Accounts Receivable	$577.5M+15.6%	$499.6M+0.3%	$498.2M+3.9%	$479.5M-30.3%	$688.0M+2.9%	$668.7M-12.0%	$759.5M-12.8%	$871.3M
Goodwill	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M0.0%	$302.0M
Total Liabilities	$4.2B+1.0%	$4.1B-7.8%	$4.5B-19.0%	$5.5B+4.1%	$5.3B+0.9%	$5.3B-1.0%	$5.3B+2.3%	$5.2B
Current Liabilities	$673.2M+8.3%	$621.9M-1.7%	$633.0M-26.3%	$858.8M+8.2%	$793.9M-4.9%	$835.1M-13.7%	$967.4M-5.5%	$1.0B
Long-Term Debt	$3.1B-0.3%	$3.1B-9.6%	$3.4B-7.7%	$3.7B-5.6%	$3.9B+2.6%	$3.8B+2.2%	$3.8B+4.2%	$3.6B
Total Equity	$708.2M-1.3%	$717.4M-3.1%	$740.1M-51.2%	$1.5B-7.9%	$1.6B-2.6%	$1.7B-1.3%	$1.7B-2.3%	$1.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GEL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$391.9M-24.8%	$521.1M+55.8%	$334.4M-1.1%	$338.0M+13.9%	$296.7M-22.4%	$382.3M
Capital Expenditures	$587.1M-5.3%	$620.0M+46.2%	$424.2M+40.7%	$301.4M+109.1%	$144.1M-11.7%	$163.2M
Free Cash Flow	-$195.2M-97.4%	-$98.9M-10.1%	-$89.8M-345.7%	$36.6M-76.0%	$152.6M-30.3%	$219.0M
Investing Cash Flow	-$552.2M+7.0%	-$593.6M-58.5%	-$374.5M-36.6%	-$274.1M-164.2%	-$103.8M+26.3%	-$140.8M
Financing Cash Flow	$161.7M+118.6%	$74.0M+77.4%	$41.7M+163.3%	-$65.9M+70.4%	-$222.4M-13.8%	-$195.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$1.0M	$0	$0	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$70.3M+49.5%	$47.0M+89.4%	$24.8M-66.5%	$74.0M-29.4%	$104.7M-16.8%	$125.9M+0.9%	$124.8M-11.5%	$141.0M
Capital Expenditures	$27.0M-50.6%	$54.6M-33.1%	$81.6M-32.6%	$121.1M-29.7%	$172.3M-1.1%	$174.2M-22.3%	$224.3M+51.1%	$148.4M
Free Cash Flow	$43.3M+670.5%	-$7.6M+86.6%	-$56.8M-20.5%	-$47.1M+30.3%	-$67.5M-40.0%	-$48.3M+51.5%	-$99.5M-1251.0%	-$7.4M
Investing Cash Flow	-$21.3M+55.8%	-$48.2M-105.2%	$921.3M+895.8%	-$115.8M+26.4%	-$157.3M+5.6%	-$166.7M+23.4%	-$217.7M-50.9%	-$144.3M
Financing Cash Flow	-$48.5M+87.0%	-$371.7M+37.9%	-$598.3M-1611.2%	$39.6M-21.2%	$50.3M+5.6%	$47.6M-41.3%	$81.0M+532.0%	$12.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	N/A	N/A	$0	N/A

GEL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	7.2%-3.2pp	10.4%-0.9pp	11.3%+7.7pp	3.6%+17.0pp	-13.5%-24.5pp	11.0%
Net Margin	-2.2%-5.9pp	3.7%+1.0pp	2.7%+10.5pp	-7.8%+15.1pp	-22.8%-26.7pp	3.9%
Return on Equity	N/A	6.9%+2.6pp	4.3%	N/A	N/A	4.1%
Return on Assets	-0.9%-2.6pp	1.7%+0.5pp	1.2%+4.0pp	-2.8%+4.2pp	-7.0%-8.5pp	1.5%
Current Ratio	1.06+0.1	1.00-0.2	1.20+0.1	1.09-0.4	1.51+0.1	1.43
Debt-to-Equity	2.46+0.3	2.20+0.2	1.95+0.4	1.50-0.4	1.94+0.5	1.46
FCF Margin	-6.6%-3.5pp	-3.1%+0.1pp	-3.2%-4.9pp	1.7%-6.6pp	8.4%-0.5pp	8.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	19.0%+1.0pp	17.9%+12.4pp	5.5%+2.2pp	3.3%-8.2pp	11.6%-1.8pp	13.4%+4.9pp	8.5%-5.4pp	13.8%
Net Margin	2.2%+2.3pp	-0.1%+117.7pp	-117.8%-114.9pp	-2.9%-0.9pp	-2.0%-4.6pp	2.6%+1.1pp	1.5%-5.7pp	7.2%
Return on Equity	1.3%	N/A	N/A	N/A	N/A	0.7%-0.0pp	0.7%-2.6pp	3.3%
Return on Assets	0.2%+0.2pp	-0.0%+9.0pp	-9.0%-8.3pp	-0.7%-0.6pp	-0.1%-0.3pp	0.2%0.0pp	0.2%-0.7pp	0.8%
Current Ratio	0.97+0.0	0.94-0.5	1.48+0.4	1.06-0.0	1.09+0.0	1.05+0.1	1.00-0.1	1.07
Debt-to-Equity	4.37+0.0	4.33-0.3	4.65+2.2	2.46+0.1	2.40+0.1	2.28+0.1	2.20+0.1	2.06
FCF Margin	10.5%+12.5pp	-2.0%+12.2pp	-14.2%-11.5pp	-2.8%+12.9pp	-15.7%-4.6pp	-11.1%+1.7pp	-12.8%-11.9pp	-0.9%

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Frequently Asked Questions

What is Genesis Energy L P's annual revenue?

Genesis Energy L P (GEL) reported $3.0B in total revenue for fiscal year 2024. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Genesis Energy L P's revenue growing?

Genesis Energy L P (GEL) revenue declined by 6.6% year-over-year, from $3.2B to $3.0B in fiscal year 2024.

Is Genesis Energy L P profitable?

No, Genesis Energy L P (GEL) reported a net income of -$63.9M in fiscal year 2024, with a net profit margin of -2.2%.

What is Genesis Energy L P's earnings per share (EPS)?

Genesis Energy L P (GEL) reported diluted earnings per share of $-1.24 for fiscal year 2024. This represents a -663.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Genesis Energy L P's EBITDA?

Genesis Energy L P (GEL) had EBITDA of $526.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Genesis Energy L P have?

As of fiscal year 2024, Genesis Energy L P (GEL) had $7.4M in cash and equivalents against $3.7B in long-term debt.

What is Genesis Energy L P's operating margin?

Genesis Energy L P (GEL) had an operating margin of 7.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Genesis Energy L P's net profit margin?

Genesis Energy L P (GEL) had a net profit margin of -2.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Genesis Energy L P's free cash flow?

Genesis Energy L P (GEL) generated -$195.2M in free cash flow during fiscal year 2024. This represents a -97.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Genesis Energy L P's operating cash flow?

Genesis Energy L P (GEL) generated $391.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Genesis Energy L P's total assets?

Genesis Energy L P (GEL) had $7.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Genesis Energy L P's capital expenditures?

Genesis Energy L P (GEL) invested $587.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Genesis Energy L P's current ratio?

Genesis Energy L P (GEL) had a current ratio of 1.06 as of fiscal year 2024, which is considered adequate.

What is Genesis Energy L P's debt-to-equity ratio?

Genesis Energy L P (GEL) had a debt-to-equity ratio of 2.46 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Genesis Energy L P's return on assets (ROA)?

Genesis Energy L P (GEL) had a return on assets of -0.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Genesis Energy L P's Piotroski F-Score?

Genesis Energy L P (GEL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Genesis Energy L P's earnings high quality?

Genesis Energy L P (GEL) has an earnings quality ratio of -6.13x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Genesis Energy L P cover its interest payments?

Genesis Energy L P (GEL) has an interest coverage ratio of 0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Genesis Energy L P?

Genesis Energy L P (GEL) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.