MARTIN MIDSTREAM PARTNERS L.P.MMLP
MARTIN MIDSTREAM PARTNERS L.P. Segments Disclosure
BUSINESS SEGMENTS
The Chief Operating Decision Maker ("CODM") is a group of executives, comprised of the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Partnership's general partner. CODM may use different operating measures to assess operating results and allocate resources among the Partnership's four segments (outlined below), however
the measure that is most consistent with the amounts included in the consolidated financial statements is operating income. The CODM utilizes this measure to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources.
The Partnership's four reportable segments are comprised of (1) Terminalling and Storage, (2) Transportation, (3) Sulfur Services and (4) Specialty Products. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including different product type and services.
The Terminalling and Storage segment generates revenue by providing terminalling, processing, and storage services for petroleum products and by-products. Storage revenue is earned through contracted monthly tank fixed fees, while throughput revenue is based on the volume moved through the Partnership’s terminals at contracted rates. Tolling revenue is derived from contracted monthly reservation fees and throughput volumes processed at the facility.
The Transportation segment earns revenue by offering land and marine transportation services for petroleum products, by-products, chemicals, and specialty products. Land transportation revenue is based on mileage rates for line hauls or completion of contracted trips. Marine transportation revenue comes from time charters, calculated on a per-day basis, or from the completion of contracted trips.
The Sulfur Services segment generates revenue by providing processing, manufacturing, marketing, and distribution services for sulfur and sulfur-based products. Revenue from sulfur and fertilizer product sales is recognized when the customer takes title to the product. Revenue from sulfur services is earned as services are performed during each monthly period.
The Specialty Products segment earns revenue by providing marketing, distribution, and transportation services for NGLs as well as blending and packaging services for specialty lubricants and greases. NGL revenue is recognized upon the sale of products via truck, rail, or pipeline. For lubricants and greases, revenue is recognized upon their sale by truck or rail.
The following tables present selected financial information with respect to the Partnership's operating segments for the years ended December 31, 2025, 2024 and 2023.
| Terminalling and Storage | Transportation | Sulfur Services | Specialty Products | Indirect selling, general and administrative | Total | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2025: | |||||||||||||||||||||||||||||||||||
| Operating revenues from external customers | $ | 90,831 | $ | 212,509 | $ | 164,079 | $ | 248,694 | $ | — | $ | 716,113 | |||||||||||||||||||||||
| Intersegment operating revenues | 7,456 | 16,500 | — | 109 | — | 24,065 | |||||||||||||||||||||||||||||
| Total segment revenues | 98,287 | 229,009 | 164,079 | 248,803 | — | 740,178 | |||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenues | (7,456) | (16,500) | — | (109) | — | (24,065) | |||||||||||||||||||||||||||||
| Total consolidated revenues | 90,831 | 212,509 | 164,079 | 248,694 | — | 716,113 | |||||||||||||||||||||||||||||
| Less: cost of products sold: | |||||||||||||||||||||||||||||||||||
| Direct product costs | — | — | 87,008 | 207,556 | — | 294,564 | |||||||||||||||||||||||||||||
| Manufacturing costs (plant, labor, transportation, and other) | — | — | 26,758 | 18,180 | — | 44,938 | |||||||||||||||||||||||||||||
| Segment gross margin | 98,287 | 229,009 | 50,313 | 23,067 | — | 400,676 | |||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Employment related expenses2 | 26,696 | 60,987 | 8,636 | 5,787 | 12,274 | 114,380 | |||||||||||||||||||||||||||||
| Driver pay | — | 47,071 | — | — | — | 47,071 | |||||||||||||||||||||||||||||
| Pass-through expenses | — | 23,676 | 3,199 | — | — | 26,875 | |||||||||||||||||||||||||||||
| Utilities, materials, and supplies | 14,352 | 2,477 | 965 | 118 | — | 17,912 | |||||||||||||||||||||||||||||
| Repairs and maintenance | 4,282 | 17,633 | 714 | 15 | — | 22,644 | |||||||||||||||||||||||||||||
| Insurance related expenses | 4,803 | 17,167 | 729 | 168 | 116 | 22,983 | |||||||||||||||||||||||||||||
| Lease expenses | 4,481 | 20,737 | 465 | 98 | — | 25,781 | |||||||||||||||||||||||||||||
Other segment expenses1 | 7,807 | 8,509 | 5,577 | 487 | 3,595 | 25,975 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 21,209 | 11,768 | 14,197 | 3,023 | — | 50,197 | |||||||||||||||||||||||||||||
| (Gain) loss on sale or disposition of property, plant and equipment | 67 | (2,057) | (15) | (34) | — | (2,039) | |||||||||||||||||||||||||||||
| 83,697 | 207,968 | 34,467 | 9,662 | 15,985 | 351,779 | ||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 14,590 | $ | 21,041 | $ | 15,846 | $ | 13,405 | $ | (15,985) | $ | 48,897 | |||||||||||||||||||||||
| Segment assets | $ | 156,111 | $ | 165,129 | $ | 132,397 | $ | 68,781 | $ | — | $ | 522,418 | |||||||||||||||||||||||
| Capital expenditures and plant turnaround costs | $ | 9,833 | $ | 8,693 | $ | 11,369 | $ | 1,726 | $ | — | $ | 31,621 | |||||||||||||||||||||||
1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.
2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.
| Terminalling and Storage | Transportation | Sulfur Services | Specialty Products | Indirect selling, general and administrative | Total | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2024: | |||||||||||||||||||||||||||||||||||
| Operating revenues from external customers | $ | 89,067 | $ | 223,934 | $ | 129,771 | $ | 264,850 | $ | — | $ | 707,622 | |||||||||||||||||||||||
| Intersegment operating revenues | 7,488 | 15,873 | 1 | 95 | — | 23,457 | |||||||||||||||||||||||||||||
| Total segment revenues | 96,555 | 239,807 | 129,772 | 264,945 | — | 731,079 | |||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenues | (7,488) | (15,873) | (1) | (95) | — | (23,457) | |||||||||||||||||||||||||||||
| Total consolidated revenues | 89,067 | 223,934 | 129,771 | 264,850 | — | 707,622 | |||||||||||||||||||||||||||||
| — | |||||||||||||||||||||||||||||||||||
| Less: cost of products sold: | |||||||||||||||||||||||||||||||||||
| Direct product costs | — | — | 58,102 | 217,866 | — | 275,968 | |||||||||||||||||||||||||||||
| Manufacturing costs (plant, labor, transportation, and other) | 72 | — | 21,882 | 19,536 | — | 41,490 | |||||||||||||||||||||||||||||
| Segment gross margin | 96,483 | 239,807 | 49,788 | 27,543 | — | 413,621 | |||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Employment related expenses2 | 25,714 | 60,882 | 9,148 | 5,941 | 12,267 | 113,952 | |||||||||||||||||||||||||||||
| Driver pay | — | 50,573 | — | — | — | 50,573 | |||||||||||||||||||||||||||||
| Pass-through expenses | — | 24,454 | 2,925 | — | — | 27,379 | |||||||||||||||||||||||||||||
| Utilities, materials, and supplies | 13,591 | 2,254 | 794 | 137 | — | 16,776 | |||||||||||||||||||||||||||||
| Repairs and maintenance | 5,776 | 18,219 | 706 | 15 | — | 24,716 | |||||||||||||||||||||||||||||
| Insurance related expenses | 6,914 | 15,083 | 730 | 125 | 825 | 23,677 | |||||||||||||||||||||||||||||
| Lease expenses | 4,268 | 16,548 | 414 | 121 | — | 21,351 | |||||||||||||||||||||||||||||
Other segment expenses1 | 7,470 | 9,296 | 4,473 | 996 | 6,464 | 28,699 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 22,757 | 13,027 | 11,769 | 3,234 | — | 50,787 | |||||||||||||||||||||||||||||
| (Gain) loss on sale or disposition of property, plant and equipment | (1,105) | (713) | 298 | (64) | — | (1,584) | |||||||||||||||||||||||||||||
| 85,385 | 209,623 | 31,257 | 10,505 | 19,556 | 356,326 | ||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 11,098 | $ | 30,184 | $ | 18,531 | $ | 17,038 | $ | (19,556) | $ | 57,295 | |||||||||||||||||||||||
| Segment assets | $ | 180,769 | $ | 165,093 | $ | 126,074 | $ | 66,573 | $ | — | $ | 538,509 | |||||||||||||||||||||||
| Capital expenditures and plant turnaround costs | $ | 13,764 | $ | 9,188 | $ | 26,380 | $ | 3,291 | $ | — | $ | 52,623 | |||||||||||||||||||||||
1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations. The Unallocated SG&A amount includes $3,674 in transaction expenses associated with the terminated merger with Martin Resource Management Corporation.
2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.
| Terminalling and Storage | Transportation | Sulfur Services | Specialty Products | Indirect selling, general and administrative | Total | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2023: | |||||||||||||||||||||||||||||||||||
| Operating revenues from external customers | $ | 86,514 | $ | 223,677 | $ | 140,995 | $ | 346,777 | $ | — | $ | 797,963 | |||||||||||||||||||||||
| Intersegment operating revenues | 8,945 | 17,249 | — | 86 | — | 26,280 | |||||||||||||||||||||||||||||
| Total segment revenue | 95,459 | 240,926 | 140,995 | 346,863 | — | 824,243 | |||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenues | (8,945) | (17,249) | — | (86) | — | (26,280) | |||||||||||||||||||||||||||||
| Total consolidated revenues | 86,514 | 223,677 | 140,995 | 346,777 | — | 797,963 | |||||||||||||||||||||||||||||
| — | |||||||||||||||||||||||||||||||||||
| Less: cost of products sold: | |||||||||||||||||||||||||||||||||||
| Direct product costs | — | — | 75,002 | 294,005 | — | 369,007 | |||||||||||||||||||||||||||||
| Manufacturing costs (plant, labor, transportation, and other) | 75 | — | 18,839 | 25,195 | — | 44,109 | |||||||||||||||||||||||||||||
| Segment gross margin | 95,384 | 240,926 | 47,154 | 27,663 | — | 411,127 | |||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Employment related expenses2 | 23,018 | 56,244 | 7,997 | 5,463 | 12,755 | 105,477 | |||||||||||||||||||||||||||||
| Driver pay | — | 52,650 | — | — | 52,650 | ||||||||||||||||||||||||||||||
| Pass-through expenses | — | 27,196 | 3,657 | — | 30,853 | ||||||||||||||||||||||||||||||
| Utilities, materials, and supplies | 16,863 | 2,134 | 1,225 | 157 | 20,379 | ||||||||||||||||||||||||||||||
| Repairs and maintenance | 4,259 | 22,582 | 340 | 45 | 27,226 | ||||||||||||||||||||||||||||||
| Insurance related expenses | 4,525 | 14,056 | 759 | 122 | 19,462 | ||||||||||||||||||||||||||||||
| Lease expenses | 3,779 | 11,544 | 375 | 135 | 15,833 | ||||||||||||||||||||||||||||||
Other segment expenses1 | 7,019 | 7,715 | 4,716 | 1,276 | 3,275 | 24,001 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 21,030 | 14,879 | 10,690 | 3,296 | — | 49,895 | |||||||||||||||||||||||||||||
| (Gain) loss on sale of property, plant and equipment | 359 | (1,775) | (17) | 60 | — | (1,373) | |||||||||||||||||||||||||||||
| 80,852 | 207,225 | 29,742 | 10,554 | 16,030 | 344,403 | ||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 14,532 | $ | 33,701 | $ | 17,412 | $ | 17,109 | $ | (16,030) | $ | 66,724 | |||||||||||||||||||||||
| Segment assets | $ | 171,320 | $ | 161,506 | $ | 103,779 | $ | 72,770 | $ | — | $ | 509,375 | |||||||||||||||||||||||
| Capital expenditures and plant turnaround costs | $ | 13,168 | $ | 7,598 | $ | 16,851 | $ | 2,519 | $ | — | $ | 40,136 | |||||||||||||||||||||||
1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.
2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.
Revenues from one customer in the specialty products segment was $118,207, $122,105 and $120,171 for the years ended December 31, 2025, 2024 and 2023, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 3, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.