Martin Midstream Raises 2026 Adjusted EBITDA Outlook to $94 Million

Martin Midstream Partners L.P. (MMLP) raised its 2026 Adjusted EBITDA guidance to $94 million after third-quarter revenue rose 37%, although the partnership still posted a $4.146 million net loss.

Results for the three months ended Sept. 30, 2026, showed revenue of $231.727 million, up from $168.717 million a year earlier. Net loss narrowed from $8.412 million in the third quarter of 2025.

Net loss attributable to limited partners was $0.10 per unit, both basic and diluted, compared with $0.21 a year earlier. Adjusted EBITDA, a non-GAAP measure, increased to $23.618 million from $19.273 million.

The new full-year outlook is up from $90 million, a level the partnership maintained in its July 2026 results update. Martin Midstream released its third-quarter results Wednesday, Oct. 21, at 4:02 p.m. ET (20:02 UTC).

Bob Bondurant, president and CEO of Martin Midstream GP LLC, said, “Our pure sulfur and lubricants businesses were the primary drivers of the quarter.” He also cited a difficult fertilizer market that weighed on fertilizer and land transportation results.

Martin Midstream operates primarily along the U.S. Gulf Coast. Its business lines include terminalling and storage, transportation, sulfur services and natural gas liquids.

As of Sept. 30, 2026, the partnership had approximately $483.5 million in debt outstanding and $21.9 million in available liquidity under its revolving credit facility. The revolving credit facility’s leverage ratio was 4.96 times.

The partnership declared a quarterly cash distribution of $0.005 per common unit. It is payable Nov. 13 to holders of record Nov. 6.