NGL · CIK 0001504461

NGL Energy Partners LP

Annual figures as reported, FY2015–FY2026. Ratios and growth rates derived on-page.

Revenue

$3.2B

▼ −9.0% vs FY2025

Net income

−$142.3M

▼ −461.4% vs FY2025

Free cash flow

$144.7M

▲ +180.1% vs FY2025

Total assets

$4.2B

▼ −9.4% vs FY2025

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’26 quarter

$949.5M

▼ −2.2% vs Mar ’25

Net income — Mar ’26 quarter

−$287.7M

▼ −2196.2% vs Mar ’25

Revenue — trailing 12 months

$3.2B

▼ −9.0% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	$949.5M	−2.2%	—	−$287.7M	−30.3%	—
Dec ’25	$909.8M	−7.4%	—	$47.2M	5.2%	—
Sep ’25	$674.7M	−10.8%	—	$29.3M	4.3%	—
Jun ’25	$622.2M	−18.1%	—	$68.9M	11.1%	—
Mar ’25	$971.1M	−6.6%	—	$13.7M	1.4%	—
Dec ’24	$982.4M	−17.8%	—	$13.5M	1.4%	—
Sep ’24	$756.5M	−24.9%	—	$2.5M	0.3%	—
Jun ’24	$759.2M	−16.7%	—	$9.7M	1.3%	—

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

Buybacks

Balance sheet

financial position

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

−17.8%

−9.6%

−12.3%

10y

Free cash flow CAGR

−21.4%

+4.3%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Op. margin	Net margin	FCF margin	ROA	Current ratio
FY2026	30.9%	3.0%	−4.5%	4.6%	−3.4%	1.05×
FY2025	27.7%	9.5%	1.1%	1.5%	0.9%	1.30×
FY2024	23.3%	3.9%	−3.5%	5.4%	−2.9%	1.21×
FY2023	17.4%	4.3%	0.9%	5.2%	0.9%	1.16×
FY2022	10.2%	1.0%	−2.3%	0.8%	−3.0%	1.21×
FY2021	14.0%	−7.5%	−12.2%	2.2%	−10.8%	1.11×
FY2020	12.9%	−0.0%	−5.2%	−1.2%	−6.1%	0.92×
FY2019	8.1%	1.5%	4.1%	−1.4%	6.1%	1.45×
FY2018	9.9%	2.7%	−1.0%	0.1%	−1.2%	1.99×
FY2017	3.8%	1.6%	1.1%	−2.9%	2.2%	1.58×
FY2016	7.7%	−0.9%	−1.7%	−3.7%	−3.6%	1.46×
FY2015	5.0%	0.6%	0.2%	−4.2%	0.6%	1.53×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2026	$3.2B	$974.0M	$94.7M	−$142.3M	—	$366.0M	$221.3M	$4.2B	—	—	$8.5M	$3.2B
FY2025	$3.5B	$962.1M	$329.4M	$39.4M	—	$297.5M	$245.8M	$4.6B	—	—	$5.6M	$3.0B
FY2024	$4.2B	$967.9M	$161.9M	−$143.8M	—	$376.2M	$152.3M	$5.0B	—	—	$38.9M	$2.9B
FY2023	$5.7B	$989.6M	$244.0M	$51.4M	—	$445.2M	$147.8M	$5.5B	—	—	$5.4M	$2.9B
FY2022	$7.9B	$808.6M	$83.0M	−$184.8M	—	$205.8M	$142.4M	$6.1B	—	—	$3.8M	$3.4B
FY2021	$5.2B	$733.2M	−$390.8M	−$639.8M	—	$304.0M	$186.8M	$5.9B	—	—	$4.8M	$3.4B
FY2020	$7.6B	$979.6M	−$3.3M	−$397.0M	—	$464.1M	$555.7M	$6.5B	—	—	$22.7M	$3.2B
FY2019	$8.7B	$706.1M	$126.7M	$360.0M	—	$337.3M	$455.6M	$5.9B	—	—	$18.6M	$2.2B
FY2018	$7.0B	$690.4M	$187.3M	−$70.9M	—	$138.0M	$133.8M	$6.2B	—	—	$22.1M	$2.7B
FY2017	$12.7B	$478.8M	$205.9M	$137.0M	—	−$25.0M	$344.9M	$6.3B	—	—	$7.8M	$3.0B
FY2016	$11.7B	$903.1M	−$104.6M	−$198.9M	—	$351.5M	$791.1M	$5.6B	—	—	$24.5M	$2.9B
FY2015	$16.8B	$843.9M	$107.4M	$37.3M	—	$262.4M	$969.8M	$6.7B	—	—	$25.2M	$2.7B

Latest filings

the most recent regulatory filings

10-KAnnual report2026-05-28 ↗SCHEDULE 13G/ASEC filing2026-04-27 ↗8-KCurrent report — material event2026-03-12 ↗S-8Securities registration2026-02-10 ↗8-KCurrent report — material event2026-02-09 ↗10-QQuarterly report2026-02-03 ↗DEF 14AProxy statement2025-12-29 ↗PRE 14ASEC filing2025-12-19 ↗SCHEDULE 13G/ASEC filing2025-11-14 ↗10-QQuarterly report2025-11-04 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

$949.5M

−2.2%

—

−$287.7M

−30.3%

—

Dec ’25

$909.8M

−7.4%

—

$47.2M

5.2%

—

Sep ’25

$674.7M

−10.8%

—

$29.3M

4.3%

—

Jun ’25

$622.2M

−18.1%

—

$68.9M

11.1%

—

Mar ’25

$971.1M

−6.6%

—

$13.7M

1.4%

—

Dec ’24

$982.4M

−17.8%

—

$13.5M

1.4%

—

Sep ’24

$756.5M

−24.9%

—

$2.5M

0.3%

—

Jun ’24

$759.2M

−16.7%

—

$9.7M

1.3%

—

Fiscal year

Gross margin

Op. margin

Net margin

FCF margin

ROA

Current ratio

FY2026

30.9%

3.0%

−4.5%

4.6%

−3.4%

1.05×

FY2025

27.7%

9.5%

1.1%

1.5%

0.9%

1.30×

FY2024

23.3%

3.9%

−3.5%

5.4%

−2.9%

1.21×

FY2023

17.4%

4.3%

0.9%

5.2%

0.9%

1.16×

FY2022

10.2%

1.0%

−2.3%

0.8%

−3.0%

1.21×

FY2021

14.0%

−7.5%

−12.2%

2.2%

−10.8%

1.11×

FY2020

12.9%

−0.0%

−5.2%

−1.2%

−6.1%

0.92×

FY2019

8.1%

1.5%

4.1%

−1.4%

6.1%

1.45×

FY2018

9.9%

2.7%

−1.0%

0.1%

−1.2%

1.99×

FY2017

3.8%

1.6%

1.1%

−2.9%

2.2%

1.58×

FY2016

7.7%

−0.9%

−1.7%

−3.7%

−3.6%

1.46×

FY2015

5.0%

0.6%

0.2%

−4.2%

0.6%

1.53×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2026

$3.2B

$974.0M

$94.7M

−$142.3M

—

$366.0M

$221.3M

$4.2B

—

$8.5M

$3.2B

FY2025

$3.5B

$962.1M

$329.4M

$39.4M

—

$297.5M

$245.8M

$4.6B

—

$5.6M

$3.0B

FY2024

$4.2B

$967.9M

$161.9M

−$143.8M

—

$376.2M

$152.3M

$5.0B

—

$38.9M

$2.9B

FY2023

$5.7B

$989.6M

$244.0M

$51.4M

—

$445.2M

$147.8M

$5.5B

—

$5.4M

$2.9B

FY2022

$7.9B

$808.6M

$83.0M

−$184.8M

—

$205.8M

$142.4M

$6.1B

—

$3.8M

$3.4B

FY2021

$5.2B

$733.2M

−$390.8M

−$639.8M

—

$304.0M

$186.8M

$5.9B

—

$4.8M

$3.4B

FY2020

$7.6B

$979.6M

−$3.3M

−$397.0M

—

$464.1M

$555.7M

$6.5B

—

$22.7M

$3.2B

FY2019

$8.7B

$706.1M

$126.7M

$360.0M

—

$337.3M

$455.6M

$5.9B

—

$18.6M

$2.2B

FY2018

$7.0B

$690.4M

$187.3M

−$70.9M

—

$138.0M

$133.8M

$6.2B

—

$22.1M

$2.7B

FY2017

$12.7B

$478.8M

$205.9M

$137.0M

—

−$25.0M

$344.9M

$6.3B

—

$7.8M

$3.0B

FY2016

$11.7B

$903.1M

−$104.6M

−$198.9M

—

$351.5M

$791.1M

$5.6B

—

$24.5M

$2.9B

FY2015

$16.8B

$843.9M

$107.4M

$37.3M

—

$262.4M

$969.8M

$6.7B

—

$25.2M

$2.7B