On October 21, 2026, Martin Midstream Partners L.P. (Nasdaq: MMLP) reported its financial results for the third quarter of 2026 and provided updated guidance for the full year. The Partnership reported a net loss of $4.1 million for the three months ended September 30, 2026, compared to a net loss of $8.4 million in the same period of the prior year. Adjusted EBITDA for the third quarter of 2026 was $23.6 million, representing an increase of $4.3 million compared to the third quarter of 2025.
Operating results varied by segment. Sulfur Services was the strongest performer, with Adjusted EBITDA of $5.8 million, driven by the pure sulfur business which saw higher volumes and margins. Specialty Products also exceeded expectations, with Adjusted EBITDA of $5.9 million, led by a strong quarter in lubricants. Conversely, Terminalling and Storage Adjusted EBITDA decreased by $1.5 million to $8.3 million, while Transportation Services Adjusted EBITDA increased by $1.9 million to $7.2 million.
Regarding capitalization, as of September 30, 2026, total debt outstanding was approximately $483.5 million. The Partnership reported a bank leverage ratio of 4.96 times, calculated under the revolving credit facility, and liquidity under the facility was approximately $21.9 million. The Partnership stated it was in compliance with all debt covenants as of September 30, 2026.
In terms of guidance, the Partnership revised its full-year 2026 Adjusted EBITDA guidance upward to $94.0 million. This revision was attributed to strong performance in the third quarter and increased estimated 2026 capital expenditures to account for higher labor and material costs, specifically related to third-quarter turnaround costs at fertilizer plants.
The Partnership declared a quarterly cash distribution of $0.005 per common unit for the quarter ended September 30, 2026. The distribution is payable on November 13, 2026, to common unitholders of record as of the close of business on November 6, 2026.
