Martin Midstream projects -$5M 2026 adjusted free cash flow
Revised full-year 2026 guidance lists $94.0 million in Adjusted EBITDA alongside negative $5.0 million in adjusted free cash flow.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Martin Midstream Partners L.P. reported third-quarter 2026 total Adjusted EBITDA of $23.6 million, compared with $19.3 million in third-quarter 2025. Segment Adjusted EBITDA was $7.2 million for Transportation, $8.3 million for Terminalling & Storage, $5.8 million for Sulfur Services and $5.9 million for Specialty Products; unallocated SG&A was $(3.6) million. Compared with third-quarter 2025, Transportation, Sulfur Services and Specialty Products had higher segment figures, while Terminalling & Storage had a lower figure.
For the first nine months of 2026, total Adjusted EBITDA was $72.3 million, versus $74.3 million in the same period of 2025. Revised full-year 2026 guidance lists total Adjusted EBITDA of $94.0 million, total distributable cash flow of $(0.2) million and total adjusted free cash flow of $(5.0) million. Guidance also lists $(40.2) million for maintenance capital expenditures and plant turnaround costs and $(51.1) million of interest expense, net of amortization of deferred debt issuance costs and discount on notes payable.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter Adjusted EBITDA increased to $23.6 million from $19.3 million.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Revised 2026 guidance projects $(5.0) million in adjusted free cash flow.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total Adjusted EBITDA: $23.6 million
Total Adjusted EBITDA: $72.3 million
Total Adjusted EBITDA guidance: $94.0 million
+3 more
6 metrics
Total Adjusted EBITDA
$23.6 million
Third quarter 2026; $19.3 million in third quarter 2025
Total Adjusted EBITDA
$72.3 million
First nine months of 2026; $74.3 million in the same period of 2025
Total Adjusted EBITDA guidance
$94.0 million
Revised full-year 2026 guidance
Total distributable cash flow
$(0.2) million
Revised full-year 2026 guidance
Total adjusted free cash flow
$(5.0) million
Revised full-year 2026 guidance
Maintenance capital expenditures and plant turnaround costs
$(40.2) million
Revised full-year 2026 guidance
Key Terms
Adjusted EBITDA, Total distributable cash flow, Total adjusted free cash flow, Non-cash contractual revenue deferral adjustment
4 terms
Adjusted EBITDA financial
"Total Adjusted EBITDA $19.3 $23.6"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Total distributable cash flow financial
"Total distributable cash flow $(0.6) $(0.2)"
Total adjusted free cash flow financial
"Total adjusted free cash flow $(10.1) $(5.0)"
Non-cash contractual revenue deferral adjustment financial
"Non-cash contractual revenue deferral adjustment"
Earnings Snapshot
Total Adjusted EBITDA: $23.6 million · Guidance included
Third quarter 2026
Total Adjusted EBITDA
$23.6 million
up from $19.3 million in third quarter 2025
Net income (loss)
$(4.1) million
compared with $(8.4) million in third quarter 2025
Guidance
Revised full-year 2026 guidance lists total Adjusted EBITDA of $94.0 million, total distributable cash flow of $(0.2) million and total adjusted free cash flow of $(5.0) million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much Adjusted EBITDA did MMLP report for third-quarter 2026?
Martin Midstream Partners reported total Adjusted EBITDA of $23.6 million for third-quarter 2026, compared with $19.3 million in third-quarter 2025.
Does MMLP's 2026 expansion capital expenditure figure include the capital recovery fee?
Expansion capital expenditures at September 30, 2026 do not include a capital recovery fee of approximately $5.3 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (date of earliest event reported): October 21, 2026
(Exact name of Registrant as specified in its charter)
(State of incorporation or organization) | (Commission file number) | (I.R.S. employer identification number) | ||||||||||||
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (903 ) 983-6200
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. o
| Item 2.02 | Results of Operations and Financial Condition. | |||||||
On October 21, 2026, Martin Midstream Partners L.P. (the "Partnership") issued a press release reporting its financial results for the quarter ended September 30, 2026, together with accompanying supplemental information regarding the Partnership’s first quarter 2026 earnings summary (the “Supplemental Information”). Copies of the press release and the Supplemental Information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and will be published on the Partnership's website at www.MMLP.com. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release and Supplemental Information is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
| Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 and Exhibit 99.2 are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
| Exhibit Number | Description | |||||||
| 99.1 | Press release dated October 21, 2026 | |||||||
| 99.2 | Supplemental information - Martin Midstream Partners L.P. Third Quarter Earnings Summary | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARTIN MIDSTREAM PARTNERS L.P. By: Martin Midstream GP LLC, Its General Partner | ||||||||||||||
Date: October 21, 2026 | By: /s/ Sharon L. Taylor | |||||||||||||
| Sharon L. Taylor | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
October 21, 2026 Third Quarter 2026 Earnings Summary MARTIN MIDSTREAM PARTNERS Exhibit 99.2
MMLP 3Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 2 Terminalling & Storage 3Q25A 3Q26A Smackover Refinery $3.8 $3.8 Specialty Terminals $2.7 $1.9 Shore-Based Terminals $1.5 $1.4 Underground Storage $1.8 $1.1 Total Terminalling & Storage $9.7 $8.3 Specialty Products 3Q25A 3Q26A Lubricants $2.4 $4.2 Grease $1.0 $1.3 Propane $0.2 $0.2 Natural Gasoline $0.3 $0.3 Total Specialty Products $3.9 $5.9 Adjusted EBITDA* $22.9 $27.2 Unallocated SG&A $(3.6) $(3.6) Total Adjusted EBITDA $19.3 $23.6 Sulfur Services 3Q25A 3Q26A Fertilizer $0.7 $(2.6) ELSA $0.7 $0.7 Sulfur $2.5 $7.7 Total Sulfur Services $3.9 $5.8 Transportation 3Q25A 3Q26A Land $5.3 $3.9 Marine $0.1 $3.3 Total Transportation $5.3 $7.2 Note: numbers may not add due to rounding *Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 3Q 2026 Actual Net income (loss) $4.0 $3.1 $1.4 $5.2 $(3.2) $(14.7) $(4.1) Interest expense add back — — — — — $14.7 $14.7 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.2 — $0.2 Income tax expense (benefit) — — — — $(0.6) — $(0.6) Operating income (loss) $4.0 $3.1 $1.4 $5.2 $(3.6) $— $10.2 Depreciation and amortization $3.2 $5.1 $4.2 $0.7 — — $13.1 (Gain) loss on sale or disposition of property, plant, and equipment — — — — — — $— Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Non-cash unit-based compensation — — — — — — $— Adjusted EBITDA $7.2 $8.3 $5.8 $5.9 $(3.6) $— $23.6
MMLP 3Q 2025 Adjusted EBITDA Reconciliation (in millions) Page 3 Note: numbers may not add due to rounding Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 3Q 2025 Actual Net income (loss) $2.8 $4.6 $0.2 $3.2 $(4.6) $(14.6) $(8.4) Interest expense add back — — — — — $14.6 $14.6 Equity in (earnings) loss of DSM Semichem LLC — — — — — — $— Income tax expense (benefit) — — — — $0.7 — $0.7 Operating income (loss) $2.8 $4.6 $0.2 $3.2 $(3.9) $— $6.9 Depreciation and amortization $2.9 $5.1 $3.5 $0.8 — — $12.3 (Gain) loss on sale or disposition of property, plant, and equipment $(0.4) — — — — — $(0.4) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — $0.2 — $0.2 Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Non-cash unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $5.3 $9.7 $3.9 $3.9 $(3.6) $— $19.3
MMLP YTD 3Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 4 Terminalling & Storage YTD 25A YTD 26A Smackover Refinery $11.8 $11.3 Specialty Terminals $8.1 $7.1 Shore-Based Terminals $4.4 $4.2 Underground Storage $1.5 $2.3 Total Terminalling & Storage $25.8 $24.9 Specialty Products YTD 25A YTD 26A Lubricants $6.6 $10.8 Grease $3.6 $2.1 Propane $1.7 $1.5 Natural Gasoline $0.9 $1.2 Total Specialty Products $12.8 $15.5 Adjusted EBITDA* $85.6 $83.0 Unallocated SG&A $(11.3) $(10.6) Total Adjusted EBITDA $74.3 $72.3 Sulfur Services YTD 25A YTD 26A Fertilizer $13.8 $0.4 ELSA $2.3 $2.5 Sulfur $9.1 $18.5 Total Sulfur Services $25.1 $21.3 Transportation YTD 25A YTD 26A Land $15.8 $13.5 Marine $6.0 $7.6 Total Transportation $21.8 $21.2 Note: numbers may not add due to rounding *Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense YTD 2026 Actual Net income (loss) $12.4 $14.2 $8.3 $13.4 $(13.4) $(43.1) $(8.3) Interest expense add back — — — — — $43.1 $43.1 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.8 — $0.8 Income tax expense (benefit) — — — — $1.8 — $1.8 Operating income (loss) $12.4 $14.2 $8.3 $13.4 $(10.8) $— $37.5 Depreciation and amortization $9.3 $15.2 $12.4 $2.2 — — $39.1 (Gain) loss on sale or disposition of property, plant, and equipment $(0.5) $(4.4) — — — — $(4.9) Non-cash contractual revenue deferral adjustment — — $0.6 — — — $0.6 Non-cash unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $21.2 $24.9 $21.3 $15.5 $(10.6) $— $72.3
MMLP YTD 3Q 2025 Adjusted EBITDA Reconciliation (in millions) Page 5 Note: numbers may not add due to rounding Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense YTD 3Q 2025 Actual Net income (loss) $14.5 $9.7 $13.9 $10.6 $(17.2) $(43.3) $(11.9) Interest expense add back — — — — — $43.3 $43.3 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.8 — $0.8 Income tax expense (benefit) — — — — $3.9 — $3.9 Operating income (loss) $14.5 $9.7 $13.9 $10.6 $(12.5) $— $36.2 Depreciation and amortization $8.8 $16.1 $10.6 $2.3 — — $37.8 (Gain) loss on sale or disposition of property, plant, and equipment $(1.5) — — — — — $(1.5) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — $1.0 — $1.0 Non-cash contractual revenue deferral adjustment — — $0.6 — — — $0.6 Non-cash unit-based compensation — — — — $0.2 — $0.2 Adjusted EBITDA $21.8 $25.8 $25.1 $12.8 $(11.3) $— $74.3
Page 6 Note: numbers may not add due to rounding *Pre-Unallocated SG&A ** Expansion capital expenditures at September 30, 2026 do not include a capital recovery fee of approximately $5.3 million. MMLP Full-Year 2026E Revised Guidance (in millions) Actuals - Nine Months Ended September 30, 2026 (Unaudited) Revised Guidance Year Ending December 31, 2026 (Unaudited) Adjusted EBITDA by segment: Transportation Segment $21.2 $28.7 Terminalling and Storage Segment $24.9 $32.6 Sulfur Services Segment $21.3 $27.9 Specialty Products Segment $15.5 $19.0 Total segment adjusted EBITDA * $83.0 $108.3 Unallocated SG&A $(10.6) $(14.2) Total adjusted EBITDA $72.3 $94.0 Maintenance capital expenditures and plant turnaround costs: Maintenance capital expenditures $(18.9) $(25.8) Plant turnaround costs $(13.6) $(14.4) Total maintenance capital expenditures and plant turnaround costs $(32.5) $(40.2) Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable $(38.9) $(51.1) Income taxes, net of deferred $(1.6) $(2.9) Total distributable cash flow $(0.6) $(0.2) Expansion capital expenditures** $(8.0) $(3.2) Investment in DSM Semichem LLC $(1.5) $(1.5) Principal payments under finance lease obligations $— $— Total adjusted free cash flow $(10.1) $(5.0) $89.2 $19.1 $40.2 $3.2 2026E Service/Fixed Fee vs. Margin Based EBITDA ■ Service & Fixed Fee EBITDA ■ Margin-Based EBITDA 2026E Capex ■ Maintenance ■ Growth
Disclaimers Page 7 Use of Non-GAAP Financial Measures Forward Looking Statements This presentation includes certain non-GAAP financial measures such as Adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States (GAAP). A reconciliation of non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP is set forth in the Appendix of this presentation or on our web site at www.MMLP.com. MMLP’s management believes that these non-GAAP financial measures may provide useful information to investors regarding MMLP’s financial condition and results of operations as they provide another measure of the profitability and ability to service its debt and are considered important measures by financial analysts covering MMLP and its peers. The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant. Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership’s future cash flows and operations, (iii) the Partnership’s ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, (vii) our expectation around the achievement of the amounts reflected in our guidance, and (viii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward- looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Martin Midstream Partners 4200 B Stone Road Kilgore, Texas 75662 903.983.6200 www.MMLP.com