Martin Midstream Partners L.P. reported its financial results for the second quarter of 2025 on July 16, 2025, with Adjusted EBITDA reaching $27.1 million. This represents a decrease from $31.7 million in the second quarter of 2024. The Partnership recorded a net loss of $2.4 million, or $0.06 per common unit, compared to a net income of $3.8 million, or $0.09 per unit, in the prior year period.
Total revenues for the quarter were $180.7 million, down from $184.5 million in Q2 2024. The Adjusted leverage ratio increased to 4.20x as of June 30, 2025, from 3.96x at December 31, 2024. Despite the year-over-year declines, MMLP reaffirmed its full-year adjusted EBITDA guidance of $109.1 million, while expressing caution regarding potential impacts of proposed tariffs.
Segment performance showed mixed results; Transportation Adjusted EBITDA decreased by $2.7 million due to lower miles and rates, while Sulfur Services Adjusted EBITDA declined by $0.9 million due to margin compression and increased repairs. Conversely, Terminalling and Storage Adjusted EBITDA increased by $0.4 million, benefiting from higher throughput at the Smackover refinery. The Partnership declared a quarterly cash distribution of $0.005 per unit for the quarter.
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