--- title: "Genesis Energy L.P. | 8-K: FY2026 Q1 Revenue: USD 446.56 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285555827.md" datetime: "2026-05-07T12:52:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285555827.md) - [en](https://longbridge.com/en/news/285555827.md) - [zh-HK](https://longbridge.com/zh-HK/news/285555827.md) --- # Genesis Energy L.P. | 8-K: FY2026 Q1 Revenue: USD 446.56 M Revenue: As of FY2026 Q1, the actual value is USD 446.56 M. EPS: As of FY2026 Q1, the actual value is USD -0.06, missing the estimate of USD 0.16. EBIT: As of FY2026 Q1, the actual value is USD 144.59 M. ### Financial Highlights (First Quarter 2026 vs. First Quarter 2025) - **Net Income Attributable to Genesis Energy, L.P.:** $6.8 million for Q1 2026, significantly improved from a Net Loss Attributable to Genesis Energy, L.P. of -$469.1 million for Q1 2025. - **Cash Flows from Operating Activities:** Increased to $81.7 million in Q1 2026 from $24.8 million in Q1 2025. - **Available Cash before Reserves to Common Unitholders:** Genesis Energy, L.P. generated $43.8 million, providing 1.99X coverage for the quarterly distribution of $0.18 per common unit. - **Total Segment Margin:** $156.4 million in Q1 2026. - **Adjusted EBITDA:** $140.9 million in Q1 2026. - **Adjusted Consolidated EBITDA (Trailing Twelve Months ended March 31, 2026):** $587.0 million, with a bank leverage ratio of 5.38X. - **Net Income from Continuing Operations:** $19.1 million in Q1 2026 compared to a Net Loss from Continuing Operations of -$36.6 million in Q1 2025. - **Operating Income:** $76,613 thousand in Q1 2026, up from $21,973 thousand in Q1 2025. - **General and Administrative Expenses:** Decreased to $17,524 thousand in Q1 2026 from $40,642 thousand in Q1 2025. - **Interest Expense, Net:** -$67,978 thousand in Q1 2026 compared to -$70,038 thousand in Q1 2025. - **Depreciation and Amortization:** $58,909 thousand in Q1 2026, up from $56,171 thousand in Q1 2025. - **Net Loss from Discontinued Operations, Net of Tax:** $0 in Q1 2026 compared to -$423.7 million in Q1 2025, primarily due to the sale of the Alkali Business. ### Segment Performance (First Quarter 2026 vs. First Quarter 2025) - **Offshore Pipeline Transportation:** Segment Margin increased by $30.5 million, or 40%, to $107,088 thousand in Q1 2026 from $76,548 thousand in Q1 2025. - Crude oil pipelines saw increased average barrels/day, with CHOPS at 425,247 (up from 312,976), Poseidon at 269,827 (up from 244,323), and Odyssey at 65,750 (up from 63,738). - Natural gas transportation volumes were 391,922 MMBtus/day, down from 401,764 MMBtus/day. - **Marine Transportation:** Segment Margin decreased by $2.1 million, or 7%, to $27,917 thousand in Q1 2026 from $30,021 thousand in Q1 2025. - Inland Barge Utilization Percentage increased to 95.9% from 93.6%, and Offshore Barge Utilization Percentage rose to 99.1% from 96.2%. - **Onshore Transportation and Services:** Segment Margin increased by $6.6 million, or 45%, to $21,435 thousand in Q1 2026 from $14,826 thousand in Q1 2025. - Onshore crude oil pipelines experienced growth, with Texas volumes at 119,998 barrels/day (up from 61,924) and Louisiana volumes at 60,548 barrels/day (up from 38,173). - NaHS volumes sold decreased to 19,783 Dry short tons from 25,873 Dry short tons. ### Unique Metrics and Non-GAAP Measures - **Available Cash before Reserves:** Defined as Adjusted EBITDA adjusted for maintenance capital utilized, net interest expense, cash tax expense, and cash distributions attributable to Class A Convertible Preferred unitholders, used to assess asset and operating performance, project viability, and cash generation for discretionary payments. - **Maintenance Capital Utilized:** Represents the portion of previously incurred maintenance capital expenditures utilized during the relevant quarter, allocated ratably over the useful lives of those projects/components, serving as a proxy for non-discretionary maintenance capital expenditures. - **Adjusted EBITDA:** Defined as Net income (loss) attributable to Genesis Energy, L.P. before interest, taxes, depreciation, depletion, and amortization, after eliminating other non-cash items and certain select items not indicative of core operating results, used to assess asset financial performance, operating performance, project viability, and cash generation. ### Outlook / Guidance Genesis Energy, L.P. expects full-year 2026 Adjusted EBITDA to be at or near the midpoint of its previously discussed range, contemplating 15% to 20% growth over its normalized 2025 baseline of $500 - $510 million. The company anticipates a reduction of $12 million to $15 million in Segment Margin contribution from the Shenandoah FPU in 2026 compared to original guidance, but remains constructive on overall offshore volumes. Capital allocation priorities include strengthening the balance sheet, lowering the cost of capital, targeting a long-term bank-calculated target leverage ratio of approximately 4.0x, and positioning to grow distributions to common unitholders over time. ### Related Stocks - [GEL.US](https://longbridge.com/en/quote/GEL.US.md) ## Related News & Research - [GEL: Offshore pipelines drive robust cash flow, supporting growth, deleveraging, and higher distributions](https://longbridge.com/en/news/295521791.md) - [Genesis Energy, L.P. to Participate in Citi’s 2026 Natural Resources Conference | GEL Stock News](https://longbridge.com/en/news/295520130.md) - [AgEagle Aerial Systems reports Q2 results](https://longbridge.com/en/news/296058446.md) - [Genesis Energy (GEL) On Fresh Earnings And Buyback Progress Still Looks Hard To Value](https://longbridge.com/en/news/295954483.md) - [Why Resideo Technologies stock is plummeting this week](https://longbridge.com/en/news/295949066.md)