NGL Energy Partners LPNGLEarnings & Financial Report
NGL Energy Partners LP is a U.S.-based midstream energy services firm. It offers transportation, storage, and logistics solutions for crude oil, natural gas liquids, and renewable fuels, plus water management services for upstream energy producers, operating primarily across North American markets.
Revenue
$674.7M
Gross Profit
$253.7M
Operating Profit
$94.3M
Net Profit
$29.3M
Gross Margin
37.6%
Operating Margin
14.0%
Net Margin
4.3%
YoY Growth
-50.1%
NGL Energy Partners LP Q2 FY2026 Financial Summary
NGL Energy Partners LP reported revenue of $674.7M (down 50.1% YoY) for Q2 FY2026, with a net profit of $29.3M (up 1093.3% YoY) (4.3% margin). Cost of goods sold was $421.0M, operating expenses totaled $159.4M.
Key Financial Metrics
| Total Revenue | $674.7M |
|---|---|
| Net Profit | $29.3M |
| Gross Margin | 37.6% |
| Operating Margin | 14.0% |
| Report Period | Q2 FY2026 |
Revenue Breakdown
NGL Energy Partners LP Q2 FY2026 revenue of $674.7M breaks down across 10 segments, led by Water Solutions Segment at $209.7M (31.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Water Solutions Segment | $209.7M | 31.1% |
| Service Fees | $179.8M | 26.7% |
| Butane | $114.0M | 16.9% |
| Other Products Or Services | $96.5M | 14.3% |
| Public Utilities Inventory Propane | $31.7M | 4.7% |
| Crude Oil | $28.1M | 4.2% |
| Crude Oil Transportation And Other | $7.0M | 1.0% |
| Water Solutions | $6.4M | 0.9% |
| Liquids Logistics Segment | $2.0M | 0.3% |
| Crude Oil Logistics Segment | $1.2M | 0.2% |
NGL Energy Partners LP Revenue by Segment — Quarterly Trend
NGL Energy Partners LP revenue by segment across the last 4 reported quarters, showing how each business line (such as Water Solutions Segment and Service Fees) has evolved quarter over quarter.
| Segment | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 |
|---|---|---|---|---|
| Water Solutions Segment | $208.6M | $209.7M | — | — |
| Service Fees | $182.8M | $179.8M | $174.6M | $172.0M |
| Butane | $192.5M | $114.0M | $99.6M | $161.1M |
| Other Products Or Services | — | $96.5M | $89.8M | — |
| Public Utilities Inventory Propane | $93.9M | $31.7M | $61.5M | $348.2M |
NGL Energy Partners LP Annual Revenue by Year
NGL Energy Partners LP annual revenue history includes year-by-year totals (for example, 2025 revenue was $3.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $3.5B |
| 2024 | $4.2B |
| 2023 | $5.7B |
| 2022 | $7.9B |
NGL Energy Partners LP Quarterly Revenue & Net Profit History
NGL Energy Partners LP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q3 FY2026 | $909.8M | -41.3% | $47.2M | 5.2% |
| Q2 FY2026 | $674.7M | -50.1% | $29.3M | 4.3% |
| Q1 FY2026 | $622.2M | -55.2% | $68.9M | 11.1% |
| Q4 FY2025 | $971.1M | -6.6% | $13.7M | 1.4% |
| Q3 FY2025 | $982.4M | -17.8% | $13.5M | 1.4% |
| Q2 FY2025 | $756.5M | -24.9% | $2.5M | 0.3% |
| Q1 FY2025 | $759.2M | -16.7% | $9.7M | 1.3% |
| Q4 FY2024 | $1.0B | +207.5% | $-236.8M | -22.8% |
Income Statement
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $759.2M | $756.5M | $982.4M | $971.1M | $622.2M | $674.7M | $909.8M |
| YoY Growth | 207.5% | -16.7% | -24.9% | -17.8% | -6.6% | -55.2% | -50.1% | -41.3% |
Balance Sheet
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $5.02B | $4.84B | $4.89B | $4.85B | $4.61B | $4.19B | $4.30B | $4.38B |
| Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Cash Flow
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $152.2M | $-18.1M | $6.7M | $153.8M | $155.0M | $33.2M | $40.5M | $182.3M |