Martin Midstream Partners LP
mmlp.comWhat Do They Do?
Sells natural gas liquids, sulfur products and specialty lubricants, and provides terminal storage and transportation for petroleum products and by-products to oil and gas companies, refiners and chemical companies.
10-K for FY2025, filed Feb 23, 2026Terminalling, processing, and storage services for petroleum products and by-products; Land and marine transportation services for…View ↗
Our vertically integrated services have created long-standing relationships with a diversified customer base that includes major and…View ↗
Sulfur Services. We have developed an integrated system of transportation assets and facilities relating to sulfur services. We process and…View ↗
How Do They Make Money?
Customers pay for products when delivered or picked up; terminal charges are based on monthly fixed fees or the volume stored or moved, while transportation charges depend on mileage, completed trips or charter days. Product and transportation invoices are generally paid within a month; sulfur services are billed as performed and paid within a month.
10-K for FY2025, filed Feb 23, 2026Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput…View ↗
Transportation – Revenue related to land transportation is recognized for line hauls based on a mileage rate. For contracted trips, revenue…View ↗
Sulfur Services – Revenue from sulfur and fertilizer product sales is recognized when the customer takes title to the product. Delivery of…View ↗
Specialty Products – NGL revenue is recognized when title is transferred, which is generally when the product is delivered by truck, rail…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$716.1M
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10-K for FY2025, filed Feb 23, 2026
$716.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Throughput and storage
|
13%
FY2022: 7.9%
|
Throughput and storage, FY2025
$90.8M Sources
|
|
|
Transportation
Usage-based
10-K for FY2025, filed Feb 23, 2026 |
30%
FY2022: 22%
|
Transportation, FY2025
$212.5M Sources
|
Usage-based |
|
Sulfur services
|
2.3%
FY2022: 1.2%
|
Sulfur services, FY2025
$16.4M Sources
|
|
|
Product sales
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
55%
FY2022: 69%
|
Product sales, FY2025
$396.3M Sources
|
Sold outright |
Who Are Their Customers?
Customers include oil and gas companies, refiners, chemical companies and other wholesale buyers. Sulfur-based fertilizer products go to wholesale distributors and industrial users.
10-K for FY2025, filed Feb 23, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $14.7M in FY2025, but brought in more cash than it spent: $21.4M of free cash flow.
10-K for FY2025, filed Feb 23, 2026
$48.9MView ↗
10-K for FY2025, filed Feb 23, 2026
−$14.7MView ↗
10-K for FY2025, filed Feb 23, 2026
$21.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 26, 2026
−$4.1MView ↗
- ▼ −51% (Loss)
- vs −$8.4M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 26, 2026
Open tableView ↗
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Jul 22, 2026
Revised full-year 2026 adjusted EBITDA guidance to $90.0 million
Sources
8-K, filed Jul 22, 2026
Page 6 Note: numbers may not add due to rounding *Pre-Unallocated SG&A ** Expansion capital expenditures at June 30, 2026 do not include a…View ↗
Shrinking. Revenue fell 19% in 4 years, from $882.4M in FY2021 to $716.1M in FY2025, about 5% a year.
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