NATURAL RESOURCE PARTNERS LP Revenue Disclosure
3. Revenues from Contracts with Customers
The following table represents the Partnership's Mineral Rights segment revenues from contracts with customers by major source:
| For the Year Ended December 31, | ||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||
| Coal royalty revenues | $ | 133,512 | $ | 159,033 | $ | 218,011 | ||||||
| Production lease minimum revenues | 5,010 | 4,365 | 3,322 | |||||||||
| Minimum lease straight-line revenues | 16,576 | 16,530 | 19,389 | |||||||||
| Oil and gas royalty revenues | 7,622 | 8,566 | 7,387 | |||||||||
| Carbon neutral revenues | 1,454 | 15,703 | 2,969 | |||||||||
| Property tax revenues | 6,807 | 7,100 | 6,219 | |||||||||
| Wheelage revenues | 8,361 | 9,324 | 12,191 | |||||||||
| Coal overriding royalty revenues | 2,159 | 2,358 | 2,175 | |||||||||
| Lease amendment revenues | 4,854 | 3,724 | 3,070 | |||||||||
| Aggregates royalty revenues | 3,706 | 2,904 | 2,876 | |||||||||
| Other revenues | 984 | 2,744 | 1,124 | |||||||||
| Royalty and other mineral rights revenues | $ | 191,045 | $ | 232,351 | $ | 278,733 | ||||||
| Transportation and processing services revenues | 9,237 | 8,597 | 12,411 | |||||||||
| Total Mineral Rights segment revenues from contracts with customers | $ | 200,282 | $ | 240,948 | $ | 291,144 | ||||||
The following table details the Partnership's Mineral Rights segment contract assets and liabilities resulting from contracts with customers:
| December 31, | ||||||||
| (In thousands) | 2025 | 2024 | ||||||
| Receivables | ||||||||
| Accounts receivable, net | $ | 24,372 | $ | 27,358 | ||||
| Other current assets, net | 84 | — | ||||||
| Other long-term assets, net | 5,281 | 2,352 | ||||||
| Contract liabilities | ||||||||
| Accounts payable | $ | 211 | $ | 125 | ||||
| Current portion of deferred revenue | 6,663 | 4,341 | ||||||
| Deferred revenue | 58,067 | 55,814 | ||||||
| The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue resulting from contracts with customers: |
| For the Year Ended December 31, | ||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||
| Balance at beginning of period (current and non-current) | $ | 60,155 | $ | 42,955 | $ | 46,437 | ||||||
| Increase due to minimums and lease amendment fees | 25,872 | 32,960 | 17,526 | |||||||||
| Recognition of previously deferred revenue | (21,297 | ) | (15,760 | ) | (21,008 | ) | ||||||
| Balance at end of period (current and non-current) | $ | 64,730 | $ | 60,155 | $ | 42,955 | ||||||
The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of December 31, 2025 (in thousands):
| Lease Term (1) | Weighted Average Remaining Years | Annual Minimum Payments | ||||||
| 0 - 5 years | 2.2 | $ | 12,290 | |||||
| 5 - 10 years | 6.4 | 14,761 | ||||||
| 10+ years | 10.2 | 26,609 | ||||||
| Total | 7.3 | $ | 53,660 | |||||
| (1) | Lease term does not include renewal periods. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 7, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 6, 2017 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.