NGL Energy Partners LP (NGL-PC) Q2 2025 Earnings Report

NGL Energy Partners LP (NGL-PC) reported QQ2 2025 results characterized by meaningful revenue and EBITDA resilience contrasted with a sharply negative net income translation driven by a high interest burden and substantial other non-operating expense. Revenue came in at $1.3527 billion, down 26.5% YoY and 2.5% QoQ, while EBITDA stood at $143.1 million (EBITDA margin ~10.6% of revenue) and operating income was $77.7 million (operating margin ~5.7%). Net income was $2.45 million, yielding a net profit margin of roughly 0.18% and an EPS of -0.21, reflecting the drag from interest expense of $77.4 million and a negative swing in other income/expenses. Free cash flow was negative at approximately -$82.9 million despite operating cash flow of $6.7 million and capital expenditures of $89.6 million, highlighting the ongoing capex cadence to support the asset base. The balance sheet shows heavy leverage with total debt around $3.23 billion and net debt near $3.23 billion, a current ratio of 1.21, and a cash ratio of 0.54% (cash on hand $4.5 million). Management commentary (where available) will be essential to gauge near-term levers, including debt maturities, capex discipline, and any prospective deleveraging moves. Given the high debt load and sensitivity to interest expense, the near-term investment case hinges on improving throughput/volume dynamics, NGL price volatility, and the company’s ability to generate sustained discretionary cash flow to progress deleveraging.