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Martin Midstream Partners L.P. reported stronger results for the three months ended June 30, 2026, with total revenues of $213,600 (thousands) compared with $180,676 (thousands) a year earlier and net income of $2,647 (thousands) versus a prior-year loss. Operating income rose to $19,258 (thousands), supported by growth across transportation, sulfur services and specialty products.
For the first six months of 2026, revenues reached $401,274 (thousands), but the partnership recorded a net loss of $4,113 (thousands) and used $1,577 (thousands) of cash in operating activities, driven largely by working-capital swings. Long-term debt increased to $453,748 (thousands), and partners’ capital remained in a deficit of $90,213 (thousands). A March 2026 amendment reduced the revolving credit facility to $115,000 and tightened interest coverage and leverage covenants, though all requirements were met and management expects continued compliance.
Contracted minimum future revenues under long-term customer and service agreements totaled $380,072 (thousands), providing multi-year visibility. The partnership also declared a quarterly cash distribution of $0.005 per common unit for the second quarter of 2026, or $0.020 per common unit on an annualized basis.
Martin Midstream Partners L.P. reported second‑quarter 2026 net income of $2.6 million, or $0.07 per limited partner unit, compared with a loss of $(2.4) million in 2025. Revenue rose to $213.6 million from $180.7 million, and Adjusted EBITDA edged up to $27.9 million from $27.1 million. For the first half of 2026, the partnership recorded a net loss of $(4.1) million and Adjusted EBITDA of $48.7 million, down from $55.0 million a year earlier, but it maintained full‑year 2026 Adjusted EBITDA guidance of $90.0 million.
Segment performance was mixed: Transportation Adjusted EBITDA was $8.0 million (slightly below 2025) due to offshore inspection downtime, while Terminalling and Storage improved to $9.5 million on stronger underground storage and asset sale gains. Sulfur Services Adjusted EBITDA declined to $8.7 million as fertilizer margins compressed, partly offset by stronger pure sulfur results, and Specialty Products increased to $5.4 million on higher lubricants volumes. Net cash provided by operating activities was $12.2 million, Distributable Cash Flow $2.1 million and Adjusted Free Cash Flow $(880) thousand in the quarter. As of June 30, 2026, total debt was $462.0 million, available revolver liquidity $48.3 million and the leverage ratio 4.96x. The partnership declared a quarterly cash distribution of $0.005 per common unit.
Martin Midstream Partners L.P. reported a weak first quarter of 2026, with revenue of $187.7 million versus $192.5 million a year earlier and a net loss of $6.8 million compared with a $1.0 million loss in 2025. Operating income fell to $8.0 million from $14.4 million as margins in sulfur services and specialty products compressed.
Operating cash flow was negative $13.8 million, and long-term debt increased to $458.5 million, mainly from higher credit facility borrowings. On March 31, 2026, the partnership amended its credit facility, reducing revolver capacity to $115.0 million and tightening interest coverage and leverage covenants. Partners’ capital remained in deficit at $(92.7) million.
The partnership declared a modest quarterly cash distribution of $0.005 per common unit, or $0.020 on an annualized basis. Related-party activity with Martin Resource Management Corporation continued to be significant, accounting for a meaningful share of both revenues and operating costs.
Martin Midstream Partners L.P. reported weaker results for the first quarter of 2026 and cut its full-year outlook. The Partnership posted a net loss of $6.8 million, compared with a net loss of $1.0 million a year earlier, as fertilizer margin pressure and transportation challenges weighed on performance.
First-quarter Adjusted EBITDA was $20.8 million, down from $27.8 million in 2025, on revenues of $187.7 million versus $192.5 million. Sulfur Services and Transportation saw the largest Adjusted EBITDA declines, while Terminalling and Storage and Specialty Products were relatively stable.
The Partnership revised full-year 2026 Adjusted EBITDA guidance down to $90.0 million and generated negative Distributable Cash Flow of $2.9 million in the quarter. As of March 31, total debt outstanding was about $468.1 million with a total adjusted leverage ratio of 5.08x. Despite the weaker cash generation, the Partnership declared a quarterly cash distribution of $0.005 per common unit.
Martin Midstream Partners, through subsidiary Martin Operating Partnership, amended its main bank credit agreement with lenders led by Royal Bank of Canada. The Third Amendment reduces the revolving credit capacity from $130.0 million to $115.0 million, lowering available borrowing.
The amendment also tightens financial covenants. The Operating Partnership must keep a minimum Interest Coverage Ratio of at least 1.65 to 1.00 for fiscal quarters through December 31, 2026, rising to 1.75 to 1.00 from the quarter ending March 31, 2027 onward. It must also maintain a maximum Total Leverage Ratio starting at 5.50 to 1.00 for quarters in 2026, stepping down to 5.30 to 1.00 for the quarter ending March 31, 2027, 5.25 to 1.00 for the quarter ending June 30, 2027, and 5.00 to 1.00 from the quarter ending September 30, 2027 and thereafter.
Martin Midstream Partners L.P. files its annual report describing a diversified midstream business focused on the U.S. Gulf Coast, including terminalling and storage, land and marine transportation, sulfur services, and specialty products such as lubricants and NGL marketing.
The partnership highlights fee-based contracts, strategically located assets, and strong ties to sponsor Martin Resource Management Corporation, which owns 20.2% of common units and controls the general partner. As of June 30, 2025, 39,055,086 common units were outstanding, with a similar count reported as of February 23, 2026.
The filing discusses exposure to trade tariffs, climate and environmental regulation, weather-related risks, leverage and refinancing needs, competition, and extensive related-party arrangements. It also notes a modest quarterly cash distribution of $0.005 per common unit for Q4 2025, or $0.02 on an annualized basis.
Martin Midstream Partners director James M. Collingsworth acquired common units through an equity award. On February 17, 2026, he received 23,200 Common Units in a grant of restricted stock at a stated price of $2.8017 per unit, described as a restricted stock award.
After this grant, his directly held position increased to 172,666 Common Units. An additional 775 Common Units are reported as owned indirectly, with ownership noted as "By Wife," reflecting a separate indirect holding.
MASSEY C SCOTT reported acquisition or exercise transactions in this Form 4 filing.
Martin Midstream Partners director Scott Massey reported an equity grant and updated his unit holdings. He received a grant of 23,200 restricted common units at a price of $2.8017 per unit, bringing his directly held units to 191,678. The filing also lists 1,500 common units held indirectly through his wife and 8,000 units held indirectly through Foster Forestry Co., L.P. A footnote explains that the 8,000 units are held by the partnership, over which related entities have investment control, and that Massey disclaims beneficial ownership and has no pecuniary interest in those partnership units.
MARTIN MIDSTREAM PARTNERS L.P. director Byron R. Kelley reported an acquisition of common units through an equity award. On this Form 4, he received a grant of 23,200 common units as a restricted stock award at a reference price of $2.8017 per unit. Following this grant, his directly owned stake increased to 175,266 common units, reflecting additional equity-based compensation rather than an open-market purchase.
Martin Midstream Partners L.P. reported a net loss of $14.7 million, or $0.37 per unit, for 2025, compared with a $5.2 million loss in 2024. Revenue edged up to $716.1 million, but Adjusted EBITDA declined to $99.0 million from $110.6 million, reflecting weaker transportation and specialty products performance.
The partnership ended December 31, 2025 with total debt of $439.1 million, liquidity of $31.4 million under its revolver, and a total adjusted leverage ratio of 4.43x. A quarterly cash distribution of $0.005 per unit was declared.
For 2026, management guides to Adjusted EBITDA of $96.5 million, maintenance and turnaround capital of $32.4 million, total capital of $36.5 million, and expected adjusted free cash flow of about $5.8 million, implying another year of modest but positive excess cash after investments.