Genesis Energy LP

genesisenergy.com

What Do They Do?

Transports crude oil, natural gas and refined petroleum products for energy producers and refiners, and provides sulfur-removal services and related products to industrial and commercial customers.

How Do They Make Money?

Customers pay for transportation and logistics as services are provided, often by volume moved or a day rate; product sales bring in money when crude oil, NaHS or caustic soda is delivered.

revenue

Segment	Share	How money arrives
Fee-based revenues Mix	57% FY2022: 24%	Mix
Product Sales Sold outright	39% FY2022: 72%	Sold outright
Sulfur Services	4.6% FY2022: 3.4%

Who Are Their Customers?

Offshore pipeline customers are large integrated and independent energy companies; marine transportation serves refiners and large energy companies. Onshore businesses sell NaHS and caustic soda to industrial and commercial customers.

Do Revenues Turn Into Profits?

Not on paper. It lost $440.4M in FY2025, but brought in more cash than it spent: $65.9M of free cash flow.

Operating income, FY2025

16% of revenue

▲ +52% vs FY2024 ($170M, 10%)

Net income, FY2025

−27% of revenue

▲ +589% (Loss) vs FY2024 (−$63.9M, −4%)

Free cash flow, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$195.2M, −12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +41%; vs $377.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$406K in Q2 FY2025

Fee-based revenues share of revenue vs 58.8% in Q2 FY2025

Shrinking. Revenue fell 23% in 4 years, from $2.1B in FY2021 to $1.6B in FY2025, about 6% a year.

Exited soda ash The earlier report described natural soda ash mining, production and sales as a core business; the latest report says the Alkali Business was sold, leaving its current segments focused on offshore pipelines, marine transport and onshore services.

Revenue over time

Fee-based revenues Product Sales Sulfur Services

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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