Martin Midstream posted second-quarter 2026 results with total revenue of $213.6 million and Adjusted EBITDA of $27.9 million, modestly above the prior-year quarter. The partnership reported net income of $2.6 million for the quarter (net loss of $4.1 million year-to-date) and declared a quarterly cash distribution of $0.005 per common unit. Management reiterated full-year 2026 Adjusted EBITDA guidance of $90.0 million and noted total debt of approximately $462.0 million with liquidity of about $48.3 million as of June 30, 2026.

Financial Highlights

  • Total revenue: $213.6 million for the three months ended June 30, 2026 (vs. $180.7 million in Q2 2025).
  • Adjusted EBITDA: $27.9 million for Q2 2026 (Q2 2025: $27.1 million); six months ended June 30, 2026 Adjusted EBITDA: $48.7 million.
  • Operating income: $19.3 million for the three months ended June 30, 2026 (Q2 2025: $14.9 million).
  • Net income (loss): Net income of $2.6 million for Q2 2026; six months ended June 30, 2026 net loss of $4.1 million.
  • Quarterly cash distribution declared: $0.005 per common unit, payable August 14, 2026 (record date August 7, 2026).

Business Highlights

  • Segment performance: Three of four operating segments outperformed internal expectations, with Terminalling and Storage, Specialty Products and Transportation Services contributing to overall Adjusted EBITDA outperformance for the quarter.
  • Terminalling and Storage: Strong quarter driven by higher-than-forecasted throughput revenue and underground NGL storage throughput increases; Smackover refinery throughput operated at contracted levels but experienced higher expenses.
  • Specialty Products: Lubricants business showed continued momentum with higher sales volumes; grease business faced softness with lower volumes and margins; propane and natural gasoline volumes/margins improved modestly.
  • Transportation Services: Land transportation delivered solid results despite industry-wide driver availability challenges; marine equipment performed as anticipated with offshore utilization impacted by regulatory inspections that are now largely completed.
  • Sulfur Services: Fertilizer division experienced margin compression and volume weakness due to weak grower economics and higher input costs; pure sulfur business posted favorable margin improvements and the DSM Semichem joint venture generated first sales and ongoing semiconductor customer qualification activity.

Original SEC Filing:

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