NGL Energy Partners LP reported QQ1 2026 revenue of $622.2 million, down 61.82% year over year and 59.84% quarter over quarter, reflecting a challenging macro backdrop for energy midstream volumes and pricing. Notwithstanding the revenue contraction, gross profit stood at $551.4 million, delivering an impressive gross margin of 88.6%, and EBITDA of $161.7 million (EBITDA margin about 26.0%). Net income was $68.9 million with earnings per share of $0.0403, underscoring earnings quality despite a weak top line. Operating income reached $87.1 million (operating margin ~14.0%). The company generated cash from operations of $33.2 million but recorded a negative free cash flow of approximately $4.9 million, reflecting ongoing capital spending and working capital dynamics.