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Dec 31, 2025
Genesis Energy Q4 2025 Earnings Report
Genesis Energy reported net income attributable to the partnership of $19.9 million for the fourth quarter of 2025, driven by strong offshore pipeline volumes and improved segment margin.
Key Takeaways
Genesis Energy delivered solid fourth quarter 2025 results with revenue of $440.8 million and net income attributable to Genesis Energy, L.P. of $19.9 million, compared to a net loss in the prior year period. Performance was driven by strong offshore pipeline transportation volumes, improved onshore results, and higher total segment margin.
Total Segment Margin increased to $174.0 million, up significantly from the prior year quarter.
Adjusted EBITDA was $157.8 million for the quarter.
Offshore pipeline transportation segment margin rose 57% year-over-year.
Available Cash before Reserves reached $61.1 million, providing 2.77x coverage of the quarterly distribution.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects sequential Adjusted EBITDA growth of approximately 15% to 20% in 2026 over normalized 2025 levels, driven primarily by offshore development activity, while maintaining disciplined capital allocation and debt reduction.
Positive Outlook
- Expected 15% to 20% Adjusted EBITDA growth in 2026 over normalized 2025 levels.
- No significant planned growth capital expenditures in 2026.
- Strong offshore development pipeline including Salamanca and Shenandoah expansions.
- Continued focus on debt reduction and preferred unit redemptions.
- 2027 projected to be meaningfully stronger than 2026 based on producer development plans.
Challenges Ahead
- Results dependent on timing and execution of offshore producer development schedules.
- Potential timing delays could shift cash flows to later periods.
- Higher maintenance capital expenditures expected due to regulatory dry-dockings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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