NASDAQ: MMLP
MARTIN MIDSTREAM PARTNERS L.P.CIK 0001176334 · SIC 5171 · Petroleum & Petroleum Products
References in this Annual Report on Form 10-K for the year ended December 31, 2025 (this "Annual Report") to "we," "ours," "us" or like terms when used in a historical context refer to the assets and operations of Martin Resource Management Corporation's business contributed to us in connection… About this business →
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Latest financial statements
From 10-Q filed Jul 27, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Statements of Operations (Unaudited)
(Dollars and units in thousands, except per unit amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Terminalling and storage * | 23,743 | 22,404 | 46,180 | 43,953 |
| Transportation * | 56,639 | 53,826 | 109,446 | 106,811 |
| Sulfur services | 4,253 | 4,073 | 8,627 | 8,296 |
| Product sales: * | ||||
| Specialty products | 83,148 | 60,318 | 144,754 | 129,623 |
| Sulfur services | 45,817 | 40,055 | 92,267 | 84,536 |
| 128,965 | 100,373 | 237,021 | 214,159 | |
| Total revenues | 213,600 | 180,676 | 401,274 | 373,219 |
| Costs and expenses: | ||||
| Cost of products sold: (excluding depreciation and amortization) | ||||
| Specialty products * | 73,907 | 52,270 | 126,821 | 112,764 |
| Sulfur services * | 33,682 | 26,234 | 70,267 | 55,316 |
| 107,589 | 78,504 | 197,088 | 168,080 | |
| Expenses: | ||||
| Operating expenses * | 68,947 | 64,382 | 135,753 | 128,836 |
| Selling, general and administrative * | 9,407 | 10,882 | 20,219 | 22,656 |
| Depreciation and amortization | 13,052 | 12,638 | 25,923 | 25,454 |
| Total costs and expenses | 198,995 | 166,406 | 378,983 | 345,026 |
| Gain on disposition or sale of property, plant and equipment | 4,653 | 613 | 4,986 | 1,092 |
| Operating income | 19,258 | 14,883 | 27,277 | 29,285 |
| Other income (expense): | ||||
| Interest expense, net | (14,491) | (14,608) | (28,452) | (28,715) |
| Equity in loss of DSM Semichem LLC | (260) | (616) | (561) | (825) |
| Other, net | 15 | 18 | 16 | 16 |
| Total other expense | (14,736) | (15,206) | (28,997) | (29,524) |
| Net income (loss) before taxes | 4,522 | (323) | (1,720) | (239) |
| Income tax expense | (1,875) | (2,084) | (2,393) | (3,201) |
| Net income (loss) | 2,647 | (2,407) | (4,113) | (3,440) |
| Less general partner's interest in net income (loss) | 53 | (48) | (82) | (69) |
| Less income (loss) allocable to unvested restricted units | 12 | (10) | (14) | (14) |
| Limited partners' interest in net income (loss) | 2,582 | (2,349) | (4,017) | (3,357) |
| Net income (loss) per unit attributable to limited partners basic and diluted | 0.07 | (0.06) | (0.10) | (0.09) |
| Weighted average limited partner units basic and diluted | 38,955,432 | 38,892,347 | 38,953,569 | 38,887,692 |
Condensed Balance Sheets
(Dollars in thousands)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 (Audited) |
|---|---|---|
| Assets | ||
| Cash | 50 | 49 |
| Accounts and other receivables, less allowance for doubtful accounts of $287 and $310, respectively | 72,239 | 58,371 |
| Inventories | 60,359 | 50,248 |
| Due from affiliates | 17,189 | 8,942 |
| Other current assets | 12,886 | 12,298 |
| Total current assets | 162,723 | 129,908 |
| Property, plant and equipment, at cost | 987,761 | 970,753 |
| Accumulated depreciation | (700,048) | (681,527) |
| Property, plant and equipment, net | 287,713 | 289,226 |
| Goodwill | 16,671 | 16,671 |
| Right-of-use assets | 63,470 | 69,938 |
| Investment in DSM Semichem LLC | 5,637 | 6,198 |
| Deferred income taxes, net | 8,488 | 9,026 |
| Other assets, net | 2,731 | 1,451 |
| Total assets | 547,433 | 522,418 |
| Liabilities and Partners’ Capital (Deficit) | ||
| Current installments of long-term debt and finance lease obligations | 16 | 15 |
| Trade and other accounts payable | 70,383 | 57,814 |
| Product exchange payables | — | 169 |
| Due to affiliates | 11,774 | 13,286 |
| Income taxes payable | 1,248 | 1,580 |
| Other accrued liabilities | 50,905 | 51,279 |
| Total current liabilities | 134,326 | 124,143 |
| Long-term debt, net | 453,748 | 428,008 |
| Finance lease obligations | 32 | 39 |
| Operating lease liabilities | 40,609 | 48,353 |
| Other long-term obligations | 8,931 | 7,670 |
| Total liabilities | 637,646 | 608,213 |
| Commitments and contingencies | ||
| Partners’ capital (deficit) | (90,213) | (85,795) |
| Total liabilities and partners' capital (deficit) | 547,433 | 522,418 |
Condensed Statements of Cash Flows (Unaudited)
(Dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (4,113) | (3,440) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 25,923 | 25,454 |
| Amortization of deferred debt issuance costs | 1,671 | 1,556 |
| Amortization of debt discount | 1,200 | 1,200 |
| Deferred income tax expense (benefit) | 538 | (154) |
| Gain on disposition or sale of property, plant and equipment, net | (4,986) | (1,092) |
| Equity in loss of DSM Semichem LLC | 561 | 825 |
| Non cash unit-based compensation | 94 | 90 |
| Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | ||
| Accounts and other receivables | (13,868) | (3,933) |
| Inventories | (10,111) | 5,583 |
| Due from affiliates | (8,247) | 4,891 |
| Other current assets | 1,060 | (544) |
| Trade and other accounts payable | 10,800 | (6,181) |
| Product exchange payables | (169) | 145 |
| Due to affiliates | (1,512) | (1,226) |
| Income taxes payable | (332) | 849 |
| Other accrued liabilities | (1,451) | (611) |
| Change in other non-current assets and liabilities | 1,365 | 1,484 |
| Net cash provided by (used in) operating activities | (1,577) | 24,896 |
| Cash flows from investing activities: | ||
| Payments for property, plant and equipment | (17,008) | (11,222) |
| Payments for plant turnaround costs | (9,378) | (1,799) |
| Proceeds from sale of property, plant and equipment | 5,500 | 1,092 |
| Net cash used in investing activities | (20,886) | (11,929) |
| Cash flows from financing activities: | ||
| Payments of long-term debt | (116,500) | (121,500) |
| Payments under finance lease obligations | (7) | (7) |
| Proceeds from long-term debt | 139,500 | 109,000 |
| Payment of debt issuance costs | (130) | (70) |
| Cash distributions paid | (399) | (398) |
| Net cash provided by (used in) financing activities | 22,464 | (12,975) |
| Net increase (decrease) in cash | 1 | (8) |
| Cash at beginning of period | 49 | 55 |
| Cash at end of period | 50 | 47 |
| Non-cash additions to property, plant and equipment | 4,631 | 1,263 |
Amounts as printed on the EDGAR/iXBRL face — (Dollars and units in thousands, except per unit amounts); (Dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About MARTIN MIDSTREAM PARTNERS L.P.
Source: Item 1 (Business) from the 10-K filed February 23, 2026. Description as filed by the company with the SEC.
Item 1. Business
References in this Annual Report on Form 10-K for the year ended December 31, 2025 (this "Annual Report") to "we," "ours," "us" or like terms when used in a historical context refer to the assets and operations of Martin Resource Management Corporation's business contributed to us in connection with our initial public offering on November 6, 2002. References in this Annual Report to "Martin Resource Management Corporation" refer to Martin Resource Management Corporation and its subsidiaries, unless the context otherwise requires. References in this Annual Report to the "Partnership" refer to Martin Midstream Partners L.P. and its subsidiaries, unless the content otherwise requires. You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report. For more detailed information regarding the basis for presentation for the following information, you should read the notes to the consolidated financial statements included elsewhere in this Annual Report.
Forward-Looking Statements
This Annual Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements included in this Annual Report that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), are forward-looking statements. These statements can be identified by the use of forward-looking terminology including "forecast," "may," "believe," "will," "expect," "anticipate," "estimate," "continue" or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other "forward-looking" information. We and our representatives may from time to time make other oral or written statements that are also forward-looking statements.
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These forward-looking statements are made based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.
Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons, including those discussed below in "