Martin Midstream Partners LP $(MMLP)$ reported a FY 2025 net loss of USD 14.75 million on revenues of USD 716.11 million, with Adjusted EBITDA of USD 99.0 million. For Q4 2025, MMLP posted a net loss of USD 2.89 million on revenues of USD 174.2 million and Adjusted EBITDA of USD 24.8 million. By segment in Q4 2025, Adjusted EBITDA was USD 10.1 million for Terminalling and Storage, USD 8.9 million for Transportation, USD 5.7 million for Sulfur Services, and USD 3.6 million for Specialty Products, while unallocated SG&A was a USD 3.5 million drag. Management said Q4 Transportation improved on higher inland utilization and offshore day rates, Terminalling and Storage benefited from higher throughput and reservation fees at the Smackover refinery and higher NGL storage revenue, while Sulfur Services was pressured by lower fertilizer margins and Specialty Products was weighed by lower grease margins. MMLP ended 2025 with total debt outstanding of about USD 439.1 million, revolving credit facility liquidity of USD 31.4 million, and an adjusted leverage ratio of 4.43x. The partnership declared a quarterly cash distribution of USD 0.005 per unit for Q4 2025 (paid February 13, 2026). For FY 2026, MMLP guided to Adjusted EBITDA of USD 96.5 million, capital expenditures of USD 36.5 million, and adjusted free cash flow of about USD 5.8 million, citing elevated spending tied primarily to scheduled refinery turnaround activity.

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