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Genesis Energy L P Financials

GEL
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Genesis Energy L P (GEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI GEL FY2025

Genesis Energy’s FY2025 free-cash-flow swing came mainly from much lower capital spending, not from a stronger operating cash engine.

The non-obvious shift is that free cash flow turned positive at $65.9M even though operating cash flow fell to $252.8M, so the improvement did not come from the core cash engine. The bridge was much lighter reinvestment: capex fell to $186.9M from $587.1M, which makes FY2025 look more like a capital-spending reset than a demand-driven cash rebound.

Long-term debt came down, yet debt to equity still rose to 4.3x because the capital base was thinned by losses rather than repaired by retained earnings. With equity down to $708.1M against liabilities of $4.15B, even meaningful debt reduction leaves the company structurally balance-sheet tight.

FY2025’s better margin profile did not translate cleanly into cash generation. Operating margin reached 15.8%, but accounts receivable also rose to $608.2M, pointing to working-capital drag. That helps explain why cash remained just $6.4M and the current ratio stayed near 1.0x, leaving little idle liquidity even in a year of positive free cash flow.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 21 / 100
Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Genesis Energy L P's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
52

Genesis Energy L P has an operating margin of 15.8%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 52/100, indicating healthy but not exceptional operating efficiency. This is up from 10.2% the prior year.

Growth
29

Genesis Energy L P's revenue declined 1.8% year-over-year, from $1.7B to $1.6B. This contraction results in a growth score of 29/100.

Leverage
14

Genesis Energy L P has elevated debt relative to equity (D/E of 4.30), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 14/100, reflecting increased financial risk.

Liquidity
15

Genesis Energy L P's current ratio of 0.98 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
18

Genesis Energy L P's free cash flow margin of 4.0% results in a low score of 18/100. Capital expenditures of $186.9M absorb a large share of operating cash flow.

Returns
0

Genesis Energy L P generates a -62.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.2% the prior year.

Piotroski F-Score Weak
3/9

Genesis Energy L P passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed
-0.57x

For every $1 of reported earnings, Genesis Energy L P generates $-0.57 in operating cash flow ($252.8M OCF vs -$440.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
1.0x

Genesis Energy L P earns $1.0 in operating income for every $1 of interest expense ($258.2M vs $264.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.6B
YoY-1.8%
5Y CAGR-2.2%
10Y CAGR-3.2%

Genesis Energy L P generated $1.6B in revenue in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

EBITDA
$509.1M
YoY+5.4%
5Y CAGR+59.5%
10Y CAGR+5.2%

Genesis Energy L P's EBITDA was $509.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.4% from the prior year.

Net Income
-$440.4M
YoY-588.7%

Genesis Energy L P reported -$440.4M in net income in fiscal year 2025. This represents a decrease of 588.7% from the prior year.

EPS (Diluted)
$-4.19
YoY-237.9%

Genesis Energy L P earned $-4.19 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 237.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$65.9M
YoY+133.8%
5Y CAGR-15.5%

Genesis Energy L P generated $65.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 133.8% from the prior year.

Cash & Debt
$6.4M
YoY-12.4%
5Y CAGR-21.3%
10Y CAGR-5.1%

Genesis Energy L P held $6.4M in cash against $3.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
N/A
Operating Margin
15.8%
YoY+5.6pp
5Y CAGR+29.3pp
10Y CAGR+8.9pp

Genesis Energy L P's operating margin was 15.8% in fiscal year 2025, reflecting core business profitability. This is up 5.6 percentage points from the prior year.

Net Margin
-27.0%
YoY-23.2pp
5Y CAGR-4.2pp
10Y CAGR-45.8pp

Genesis Energy L P's net profit margin was -27.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 23.2 percentage points from the prior year.

Return on Equity
-62.2%
YoY-58.0pp
5Y CAGR-38.4pp
10Y CAGR-83.1pp

Genesis Energy L P's ROE was -62.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 58.0 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$0

Genesis Energy L P spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$186.9M
YoY-68.2%
5Y CAGR+5.3%
10Y CAGR-9.3%

Genesis Energy L P invested $186.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 68.2% from the prior year.

GEL Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $446.6M+1.3% $440.8M+6.5% $414.0M+9.7% $377.3M-5.3% $398.3M-0.2% $398.9M+0.4% $397.3M-7.6% $430.2M
Cost of Revenue $43.2M N/A N/A N/A N/A N/A N/A N/A
Gross Profit $104.1M 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 $17.5M+11.9% $15.7M+2.5% $15.3M+3.7% $14.7M-63.7% $40.6M+285.7% $10.5M-28.8% $14.8M-19.2% $18.3M
Operating Income $76.6M-14.8% $89.9M+14.4% $78.6M+16.1% $67.7M+208.2% $22.0M+62.2% $13.5M-72.1% $48.6M-2.4% $49.8M
Interest Expense $68.0M+114.7% -$461.9M-795.6% $66.4M+9.3% $60.8M-13.3% $70.0M+114.6% -$479.8M-830.7% $65.7M+1.7% $64.5M
Income Tax $112K+75.0% $64K-74.7% $253K-26.7% $345K+139.6% $144K-92.2% $1.9M+310.6% -$879K-7890.9% -$11K
Net Income $6.8M-65.8% $19.9M+115.8% $9.2M+2367.7% -$406K+99.9% -$469.1M-849.9% -$49.4M-187.5% -$17.2M-96.4% -$8.7M
EPS (Diluted) $-0.06 N/A $-0.05+58.3% $-0.12+97.0% $-4.06 N/A $-0.32-28.0% $-0.25

GEL Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $4.8B-0.5% $4.9B-0.2% $4.9B+0.6% $4.8B-7.2% $5.2B-25.9% $7.0B-0.3% $7.1B+1.5% $7.0B
Current Assets $702.8M+2.2% $687.5M+5.4% $652.0M+11.0% $587.3M-37.3% $937.3M+2.8% $911.7M-1.5% $925.3M+6.9% $865.6M
Cash & Equivalents $4.2M-34.6% $6.4M+31.0% $4.9M+10.4% $4.5M-98.8% $377.4M+5032.8% $7.4M-43.3% $13.0M-5.3% $13.7M
Inventory $39.2M-29.2% $55.4M+12.4% $49.2M-15.4% $58.2M+52.8% $38.1M+0.8% $37.8M-65.9% $110.7M+4.1% $106.3M
Accounts Receivable $628.6M+3.4% $608.2M+5.3% $577.5M+15.6% $499.6M+0.3% $498.2M+3.9% $479.5M-35.7% $745.6M+8.4% $688.0M
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 $4.3B+3.6% $4.2B-0.2% $4.2B+1.0% $4.1B-7.8% $4.5B-19.0% $5.5B+1.1% $5.5B+3.0% $5.3B
Current Liabilities $720.7M+3.0% $699.7M+3.9% $673.2M+8.3% $621.9M-1.7% $633.0M-26.3% $858.8M-4.3% $897.0M+13.0% $793.9M
Long-Term Debt $3.2B+4.2% $3.0B-1.6% $3.1B-0.3% $3.1B-9.6% $3.4B-7.7% $3.7B-7.3% $4.0B+1.8% $3.9B
Total Equity $535.5M-24.4% $708.1M0.0% $708.2M-1.3% $717.4M-3.1% $740.1M-51.2% $1.5B-4.9% $1.6B-3.1% $1.6B
Retained Earnings N/A N/A N/A N/A N/A N/A N/A N/A

GEL Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $81.7M-26.2% $110.8M+57.7% $70.3M+49.5% $47.0M+89.4% $24.8M-66.5% $74.0M-15.3% $87.3M-16.6% $104.7M
Capital Expenditures $26.1M+9.6% $23.8M-11.8% $27.0M-50.6% $54.6M-33.1% $81.6M-32.6% $121.1M+1.2% $119.6M-30.5% $172.3M
Free Cash Flow $55.7M-36.0% $87.0M+101.0% $43.3M+670.5% -$7.6M+86.6% -$56.8M-20.5% -$47.1M-45.7% -$32.3M+52.2% -$67.5M
Investing Cash Flow -$23.1M-18.2% -$19.6M+8.1% -$21.3M+55.8% -$48.2M-105.2% $921.3M+895.8% -$115.8M-3.1% -$112.3M+28.6% -$157.3M
Financing Cash Flow -$60.8M+32.2% -$89.7M-85.0% -$48.5M+87.0% -$371.7M+37.9% -$598.3M-1611.2% $39.6M+63.0% $24.3M-51.7% $50.3M
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 N/A N/A $0 N/A N/A

GEL Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 70.7% N/A N/A N/A N/A N/A N/A N/A
Operating Margin 17.2%-3.2pp 20.4%+1.4pp 19.0%+1.0pp 17.9%+12.4pp 5.5%+2.1pp 3.4%-8.8pp 12.2%+0.7pp 11.6%
Net Margin 1.5%-3.0pp 4.5%+2.3pp 2.2%+2.3pp -0.1%+117.7pp -117.8%-105.4pp -12.4%-8.1pp -4.3%-2.3pp -2.0%
Return on Equity 1.3%-1.5pp 2.8%+1.5pp 1.3%+1.4pp -0.1%+63.3pp -63.4%-60.1pp -3.3%-2.2pp -1.1%-0.6pp -0.5%
Return on Assets 0.1%-0.3pp 0.4%+0.2pp 0.2%+0.2pp -0.0%+9.0pp -9.0%-8.3pp -0.7%-0.5pp -0.2%-0.1pp -0.1%
Current Ratio 0.980.0 0.98+0.0 0.97+0.0 0.94-0.5 1.48+0.4 1.06+0.0 1.03-0.1 1.09
Debt-to-Equity 5.93+1.6 4.30-0.1 4.37+0.0 4.33-0.3 4.65+2.2 2.46-0.1 2.52+0.1 2.40
FCF Margin 12.5%-7.3pp 19.7%+9.3pp 10.5%+12.5pp -2.0%+12.2pp -14.2%-2.4pp -11.8%-3.7pp -8.1%+7.6pp -15.7%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Genesis Energy L P (GEL) reported $1.6B in total revenue for fiscal year 2025. This represents a -1.8% 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.

Genesis Energy L P (GEL) revenue declined by 1.8% year-over-year, from $1.7B to $1.6B in fiscal year 2025.

No, Genesis Energy L P (GEL) reported a net income of -$440.4M in fiscal year 2025, with a net profit margin of -27.0%.

Genesis Energy L P (GEL) reported diluted earnings per share of $-4.19 for fiscal year 2025. This represents a -237.9% 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.

Genesis Energy L P (GEL) had EBITDA of $509.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Genesis Energy L P (GEL) had $6.4M in cash and equivalents against $3.0B in long-term debt.

Genesis Energy L P (GEL) had an operating margin of 15.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Genesis Energy L P (GEL) had a net profit margin of -27.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Genesis Energy L P (GEL) has a return on equity of -62.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Genesis Energy L P (GEL) generated $65.9M in free cash flow during fiscal year 2025. This represents a 133.8% 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.

Genesis Energy L P (GEL) generated $252.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Genesis Energy L P (GEL) had $4.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Genesis Energy L P (GEL) invested $186.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Genesis Energy L P (GEL) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Genesis Energy L P (GEL) had a debt-to-equity ratio of 4.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Genesis Energy L P (GEL) had a return on assets of -9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Genesis Energy L P (GEL) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Genesis Energy L P (GEL) has an earnings quality ratio of -0.57x, 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.

Genesis Energy L P (GEL) has an interest coverage ratio of 1.0x, 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.

Genesis Energy L P (GEL) scores 21 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.

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