NGL Energy Partners LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NGL Energy Partners LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	12,707	16,907	24,017	7,584	5,227	7,948	5,679	4,153	3,469	3,156
Cost of revenue	12,228	6,264	7,983	6,604	4,494	7,139	4,689	3,185	2,507	2,182
Gross profit	479	10,644	16,034	980	733	809	990	968	962	974
General and administrative	106	98	107	114	70.5	63.5	71.5	122	55.6	70.1
Operating income	206	187	127	-3.33	-391	83	244	162	329	94.7
Interest expense	150	199	165	181	199	272	275	270	280	257
Other non-operating income	26.6	6.35	-30.4	1.68	-36.5	2.25	30.4	2.78	4.26	0.53
Pre-tax income	96.7	-21.1	-78.2	-180	-641	-183	9.25	-156	60.1	-179
Income tax	1.93	1.35	1.23	0.35	-3.39	0.97	0.22	1.46	-4.89	-0.28
Income from continuing operations	88	-22.7	-59.2	-179	-638	-185	7.93	-158	61.2	-182
Net income to minority interests	6.83	0.24	-20.2	-1.77	0.63	0.66	1.11	0.63
Net income	137	-70.9	360	-397	-640	-185	51.4	-144	39.4	-142
EBITDA	401	407	348	274	-59.6	389	534	444	597	363

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	7.83	22.1	18.6	22.7	4.83	3.82	5.43	38.9	5.65	8.51
Short-term investments									7.9
Receivables	801	1,027	998	567	726	1,123	1,034
Inventory	561	551	136	69.6	158	251	143	107	69.9	67.4
Other current assets	103	129	65.9	102	109	159	98.1	71.3	63.7	36.6
Total current assets	1,484	2,251	1,813	774	1,008	1,546	1,292	1,181	962	774
Property, plant and equipment	1,790	1,519	1,829	2,852	2,707	2,462	2,223	2,095	2,067	2,092
Lease right-of-use assets			0	181	152	114	90.2	95.4	110	113
Goodwill	1,321	1,171	1,110	994	744	744	712	617	599	352
Intangible assets	1,164	913	801	1,612	1,263	1,135	1,059	933	851	805
Other non-current assets	240	245	114	63.1	50.7	45.8	58	52.1	20	39.9
Total assets	6,320	6,151	5,902	6,499	5,947	6,070	5,456	5,020	4,609	4,176
Accounts payable	658	853	879	515	680	1,085	928
Accrued liabilities	22.2	18	19.3	30	41.5	141	134	173	135	184
Deferred revenue					10.9	7.67	12	16.9	9.17	14
Short-term debt	29.6	0.65	0.65	4.68	2.18	2.38	0	7	8.81	11.5
Total current liabilities	939	1,129	1,251	846	911	1,277	1,110	977	739	739
Long-term debt	2,963	2,680	2,160	3,145	3,319	3,350	2,858	2,844	2,962	3,223
Lease liabilities			0	121	104	72.8	58.5	70.6	85.2	82.2
Other non-current liabilities	185	174	63.5	114	115	104	111	129	126	137
Total debt	3,027	2,706	2,173	3,169	3,377	3,353	2,858	2,851	2,971	3,235
Other comprehensive income	-1.83	-1.82	-0.26	-0.39	-0.27	-0.31	-0.45	-0.5	0.01	0
Total liabilities and equity	6,320	6,151	5,902	6,499	5,947	6,070	5,456	5,020	4,609	4,176

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	144	-69.6	339	-399	-639	-184	52.5	-143	43.2	-139
Depreciation and amortization	195	220	222	277	331	306	290	282	267	269
Stock-based compensation	53.1	35.2	41.4	26.5	6.73	-1.05	2.72	1.1	0	11.2
Deferred income tax				2.9	4.7	1.2	2.3	-1.2	-7.07	-1.46
Change in receivables	-254	-215	-186	436	-162	-398	82.8	222	114	-80
Change in inventory	-189	58.2	-10.1	29.8	-92.7	-120	91.2	13.6	9.94	-6.68
Change in payables	237	197	87.7	-375	208	405	-153	-234	-146	30.6
Cash from operations	-25	138	337	464	304	206	445	376	297	366
Capital expenditures	-345	-134	-456	-556	-187	-142	-148	-152	-246	-221
Acquisitions	-41.9	-19.9	-301	-1,268	0.9	0	0
Sales and maturities of investments										6
Cash from investing	-363	271	453	-1,439	-221	-212	64.2	-83.8	-123	-16.5
Debt issued	1,200	0	0
Share buybacks	0	-15.8	-0.3	-1.64	-0.18	-0.09	-0.1	-0.08	-2.13	-47.6
Cash from financing	371	-394	-794	979	-100	5.56	-508	-259	-208	-347
Net change in cash			-3.52	4.13	-17.9	-1.01	1.61	33.5	-33.3	2.86
Free cash flow	-370	4.21	-118	-91.7	117	63.5	297	224	51.6	145
Interest paid	118	193	171	155	169	255	265	247	299	244
Income taxes paid	2.02	1.84	2.42	4.93	2.59	2.48	3.36	3.21	6.17	3.25

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.5%	Gross profit / revenue.
Operating margin	4.0%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.7%	Pre-tax income / revenue.
Net margin	-3.8%	Net income / revenue.
FCF margin	2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.6%	Cash from operations / revenue.
Return on assets (ROA)	-3.2%	Net income / average total assets.
Capex / revenue	8.7%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-17.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-71.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-39.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-461.4%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	23.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	180.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-21.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / assets	78.4%	Total debt / total assets.
Net debt	$3.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.14x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.55x	Operating income / interest expense.
Working capital	$92.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	1.64x	Revenue / average property, plant and equipment.
Inventory turnover	36.7x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Capex / operating cash flow	75.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	38.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.88B	Share price x shares outstanding.
Enterprise value	$5.16B	Market cap + total debt - cash - short-term investments.
P/S	0.53x	Market cap / revenue.
P/FCF	18.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.60x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBIT	36.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	50.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	-7.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was NGL Energy Partners LP's revenue in fiscal 2026?

NGL Energy Partners LP reported revenue of $3.16B for fiscal 2026, 9% lower than the year before.

Was NGL Energy Partners LP profitable in fiscal 2026?

No. It reported a net loss of $142.3M.

How much free cash flow did NGL Energy Partners LP generate in fiscal 2026?

Cash from operations of $366.0M minus capital expenditures of $221.3M left free cash flow of $144.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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