NGL Energy Partners LP reported QQ1 2026 revenue of $622.2 million, down 61.82% year over year and 59.84% quarter over quarter, reflecting a challenging macro backdrop for energy midstream volumes and pricing. Notwithstanding the revenue contraction, gross profit stood at $551.4 million, delivering an impressive gross margin of 88.6%, and EBITDA of $161.7 million (EBITDA margin about 26.0%). Net income was $68.9 million with earnings per share of $0.0403, underscoring earnings quality despite a weak top line. Operating income reached $87.1 million (operating margin ~14.0%). The company generated cash from operations of $33.2 million but recorded a negative free cash flow of approximately $4.9 million, reflecting ongoing capital spending and working capital dynamics.
Key Performance Indicators
Revenue
Decreasing
622.16M
QoQ: -59.84% | YoY: -61.82%
Gross Profit
Increasing
551.39M
88.63% margin
QoQ: 219.04% | YoY: 244.00%
Operating Income
Increasing
87.12M
QoQ: 15.39% | YoY: 205.89%
Net Income
Increasing
68.92M
QoQ: 410.27% | YoY: 129.11%
EPS
Increasing
0.04
QoQ: 133.58% | YoY: 102.25%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: 622.156M; YoY: -61.82%; QoQ: -59.84%
Gross Profit: 551.388M; YoY: 244.00%; QoQ: 219.04%
EBITDA: 161.675M; EBITDA margin: 25.99%
Operating Income: 87.116M; Operating margin: 14.00%
Net Income: 68.922M; Net margin: 11.08%
EPS: 0.0403; YoY: 102.25%; QoQ: 133.58%
Change In Working Capital: -64.45M
Operating Cash Flow: 33.202M
Capex (Investing in PPE): -22.129M
Free Cash Flow: -4.873M
Net Debt: 121.039M
Total Debt: 126.480M
Cash At End Of Period: 5.441M
Balance Sheet Highlights: Total Assets 4.189B; Total Liabilities 4.046B; Total Stockholders’ Equity 142.454M; Preferred Stock 835.202M; Cash and cash equivalents 5.441M.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
622.16M
-61.82%
-59.84%
Gross Profit
551.39M
244.00%
219.04%
Operating Income
87.12M
205.89%
15.39%
Net Income
68.92M
129.11%
410.27%
EPS
0.04
102.25%
133.58%
Key Financial Ratios
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