NRP Q2 2026 - Preliminary Earnings Alert
Event: Quartr Q2 2026 event Retrieved: 2026-08-05T13:52:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release only | transcript=available (call held 2026-08-05 13:00Z)
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue / total revenues | $52.970m | $37.700m | Beat +$15.270m | +40.5% |
| EPS / GAAP diluted per common unit | $1.85 | $0.30 | Beat +$1.55 | +516.7% |
Reported results and guidance
| Metric (GAAP unless noted) | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenues | $52.970m | $46.846m | +13.1% |
| Royalty and other mineral rights | $49.119m | $44.295m | +10.9% |
| Transportation and processing services | $3.851m | $2.551m | +51.0% |
| Equity in earnings (loss) of Sisecam Wyoming | $(4.905)m | $2.526m | to a loss |
| Gain on asset sales and disposals | $0.045m | $0.729m | −93.8% |
| Total revenues and other income | $48.110m | $50.101m | −4.0% |
| Operating and maintenance expenses | $5.731m | $4.159m | +37.8% |
| Depreciation, depletion and amortization | $11.131m | $3.754m | +196.5% |
| General and administrative expenses | $5.020m | $5.597m | −10.3% |
| Total operating expenses | $21.882m | $13.510m | +62.0% |
| Income from operations | $26.228m | $36.591m | −28.3% |
| Interest expense, net | $(1.052)m | $(2.380)m | −55.8% |
| Net income | $25.176m | $34.211m | −26.4% |
| Net income attributable to common unitholders | $24.672m | $33.527m | −26.4% |
| Basic net income per common unit | $1.86 | $2.55 | −27.1% |
| Diluted net income per common unit | $1.85 | $2.52 | −26.6% |
| Adjusted EBITDA (non-GAAP) | $42.264m | $42.719m | −1.1% |
| Operating cash flow | $40.950m | $45.579m | −10.2% |
| Free cash flow (non-GAAP) | $41.723m | $46.293m | −9.9% |
| Distribution declared per common unit | $0.75 | not stated in this release | — |
| Segment (Q2 2026) | Revenues and other income | Net income (loss) | Adjusted EBITDA | Free cash flow |
|---|---|---|---|---|
| Mineral Rights | $53.015m | $36.237m | $47.363m | $45.352m |
| Soda Ash | $(4.905)m | $(4.984)m | $(0.079)m | $(0.079)m |
| Corporate and Financing | $— | $(6.077)m | $(5.020)m | $(3.550)m |
| Total | $48.110m | $25.176m | $42.264m | $41.723m |
| Segment (Q2 2025) | Revenues and other income | Net income (loss) | Adjusted EBITDA | Free cash flow |
|---|---|---|---|---|
| Mineral Rights | $47.575m | $39.691m | $43.439m | $46.290m |
| Soda Ash | $2.526m | $2.502m | $4.876m | $4.875m |
| Corporate and Financing | $— | $(7.982)m | $(5.596)m | $(4.872)m |
| Total | $50.101m | $34.211m | $42.719m | $46.293m |
| Mineral Rights operating statistic | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Total coal sales volumes (tons) | 8,239k | 6,114k | +34.8% |
| Total Appalachia volumes | 5,316k | 3,875k | +37.2% |
| Illinois Basin volumes | 2,416k | 1,637k | +47.6% |
| Northern Powder River Basin volumes | 309k | 426k | −27.5% |
| Combined average coal royalty revenue per ton | $4.25 | $5.17 | −17.8% |
| Total coal royalty revenues | $34.793m | $31.543m | +10.3% |
| Total other revenues | $14.326m | $12.752m | +12.3% |
| Oil and gas royalty revenues | $2.447m | $1.981m | +23.5% |
| Carbon neutral revenues | $0.094m | $0.290m | −67.6% |
| Metallurgical share of coal royalty revenues | ~70% | not stated | — |
| Metallurgical share of coal royalty volumes | ~45% | not stated | — |
| Six-month and balance-sheet item | 2026 | 2025 or 31 Dec 2025 | Change |
|---|---|---|---|
| Six-month revenues | $100.152m | $102.527m | −2.3% |
| Six-month total revenues and other income | $87.463m | $110.639m | −20.9% |
| Six-month net income | $44.795m | $74.464m | −39.8% |
| Six-month diluted net income per common unit | $3.29 | $5.49 | −40.1% |
| Six-month adjusted EBITDA (non-GAAP) | $78.298m | $87.979m | −11.0% |
| Six-month operating cash flow | $73.964m | $80.003m | −7.5% |
| Six-month free cash flow (non-GAAP) | $36.295m | $81.417m | −55.4% |
| Cash and cash equivalents | $30.132m | $30.141m | flat |
| Equity in unconsolidated investment | $277.475m | $250.244m | +10.9% |
| Total assets | $757.535m | $748.365m | +1.2% |
| Current portion of long-term debt, net | $14.271m | $14.198m | +0.5% |
| Long-term debt, net | $13.084m | $18.884m | −30.7% |
| Total liabilities | $107.479m | $115.846m | −7.2% |
| Total partners' capital | $650.056m | $632.519m | +2.8% |
- Scorecard recap: revenues of $52.970m beat consensus by 40.5% and diluted net income per common unit of $1.85 beat the $0.30 estimate by 516.7%.
- The board declared a second-quarter 2026 distribution of $0.75 per common unit, payable 25 August 2026 to holders of record 18 August 2026, unchanged from the first-quarter distribution paid in May.
- President and COO Craig Nunez said NRP generated $42m of free cash flow in the quarter and $163m over the last twelve months before the $39m soda ash investment made in the first quarter, and that the partnership is "on track to pay off all debt and significantly raise distributions before year-end."
- Available liquidity was $217.0m at 30 June 2026: $30.1m of cash and $186.9m of undrawn revolver capacity. The consolidated leverage ratio was 0.2x.
- Last-twelve-month figures disclosed in the release: net income $106.698m, operating cash flow $159.824m, free cash flow before the soda ash investment $162.826m, free cash flow after it $123.626m.
- No forward revenue, EBITDA, or earnings guidance is provided in this release; the only forward statement is the debt-payoff and distribution-increase intent quoted above.
Key bullish aspects
- Revenues of $52.970m beat consensus by 40.5% and diluted net income per unit of $1.85 beat by 516.7%; the consensus figures were $37.7m and $0.30 respectively.
- Mineral Rights revenues rose $6.1m year over year on higher metallurgical and thermal coal sales volumes and higher prices at certain properties, with total coal sales volumes up 34.8% to 8,239 thousand tons.
- Total coal royalty revenues rose 10.3% to $34.793m and total other revenues rose 12.3% to $14.326m, so both halves of the Mineral Rights revenue base grew.
- Mineral Rights segment adjusted EBITDA rose 9.0% to $47.363m and segment revenues and other income rose 11.4% to $53.015m, despite the segment's net income falling on a depletion revision.
- Interest expense, net fell 55.8% to $1.052m on less debt outstanding, and cash paid for interest fell to $1.204m from $2.725m.
- Long-term debt, net fell 30.7% since year end to $13.084m; with $14.271m in current maturities, total debt is now small enough that management states the partnership is on track to retire it entirely before year-end.
- The consolidated leverage ratio of 0.2x and $217.0m of available liquidity leave NRP effectively unlevered against $650.1m of partners' capital.
- Adjusted EBITDA of $42.264m was essentially flat year over year (−1.1%) even though the prior-year quarter included a $4.9m soda ash distribution that did not repeat, so the Mineral Rights improvement offset the entire soda ash swing.
- The distribution was maintained at $0.75 per common unit and management has flagged a significant increase before year-end once debt is retired.
- Total partners' capital rose 2.8% since year end to $650.1m and the equity carrying value of the Sisecam Wyoming investment rose 10.9% to $277.5m, the latter reflecting the $39.2m capital contribution made in the first quarter.
- Metallurgical coal supplied roughly 70% of coal royalty revenues on roughly 45% of volumes, so the higher-value product carries a disproportionate share of the revenue mix.
Key bearish aspects
- Net income fell 26.4% to $25.176m and diluted net income per unit fell 26.6% to $1.85; the beat is measured against a consensus that appears well below the partnership's recent run rate rather than against an improving trend.
- Combined average coal royalty revenue per ton fell 17.8% to $4.25 from $5.17, so the 34.8% volume increase produced only 10.3% coal royalty revenue growth — the mix and price move went against NRP.
- Depreciation, depletion and amortization rose 196.5% to $11.131m on a revised engineering estimate and increased depletion rate at a thermal property, which is what drove the segment net income decline.
- The Soda Ash segment swung to a $(4.905)m equity loss from $2.526m of earnings, and net income for the segment fell $7.5m year over year on lower sales prices.
- NRP states it does not expect to receive distributions from Sisecam Wyoming for several years, so the $277.5m carrying value produces no cash until the soda ash market rebalances through demand growth or capacity rationalization.
- Free cash flow fell 9.9% to $41.723m and operating cash flow fell 10.2% to $40.950m; on a six-month basis free cash flow fell 55.4% to $36.295m, largely because of the $39.2m soda ash capital contribution.
- Six-month revenues fell 2.3% to $100.152m and six-month net income fell 39.8% to $44.795m, so the quarterly volume gain has not carried the half.
- Operating and maintenance expenses rose 37.8% to $5.731m and total operating expenses rose 62.0% to $21.882m, against 13.1% revenue growth.
- Total revenues and other income — the line that includes the Sisecam equity result — fell 4.0% to $48.110m, so on the partnership's own top-line presentation the quarter declined.
- Mineral Rights operating cash flow and free cash flow each fell about $1.0m and $0.9m on higher recoupments during the quarter.
- The release states Mineral Rights results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand — three headwinds, none of which the quarter resolves.
- Carbon neutral revenues fell 67.6% to $0.094m and the release explicitly states NRP "has no meaningful developments to report on its carbon neutral initiatives."
- Northern Powder River Basin volumes fell 27.5% and the six-month figure fell to 484 thousand tons from 1,342 thousand.
Key uncertainties
- The API Ninjas consensus of $37.7m revenue and $0.30 EPS is far below NRP's reported results in every recent quarter shown in the provider history, so the size of the measured beat may reflect thin or stale analyst coverage of this MLP rather than an unexpected result.
- The revised engineering estimate and increased depletion rate at the unnamed thermal property is the single largest driver of the net income decline; the release states there has been no material change to the segment's long-term earning power but does not quantify the new depletion rate or the affected reserve base.
- Management states NRP is "on track to pay off all debt and significantly raise distributions before year-end" without stating a target distribution level, a payoff date, or the residual reserve policy after the debt is retired.
- No revenue, EBITDA, or earnings guidance of any kind is provided in this release, so the second-half trajectory cannot be assessed from this document.
- The metallurgical share of coal royalty revenues (~70%) and volumes (~45%) is disclosed for the current quarter only, with no prior-year comparative, so the mix shift cannot be measured.
- The release does not disclose realized metallurgical or thermal coal price benchmarks, so the "higher prices at certain properties" claim cannot be reconciled to the 17.8% decline in combined average royalty revenue per ton.
- "Higher recoupments" reduced Mineral Rights cash flow but the recoupment balance and its expected runoff are not quantified here.
- NRP does not expect Sisecam Wyoming distributions "for several years" but gives no view on whether the equity carrying value of $277.5m remains supportable at current soda ash prices.
- The $8.646m of "other items, net" in six-month financing activities is not explained in the release.
- Deferred revenue of $59.744m long-term plus $6.705m current is a material recognized-later balance for a royalty partnership, and its release schedule is not disclosed here.
- Minimum lease straight-line revenues of $4.019m were roughly flat year over year while production lease minimum revenues doubled to $0.251m; the release does not indicate how much of the quarter's revenue is contractual minimums rather than production-linked royalty.
- A transcript for the 9:00 a.m. ET call exists but is covered separately; management's account of the depletion revision, the debt payoff timing, and the distribution plan is not assessed at this stage.
Market context
- API Ninjas snapshot: NRP $102.495 on NYSE, volume 9,147, quote timestamped 2026-08-05T13:44:06Z, retrieved 2026-08-05T13:47:00Z. The release was published before the U.S. open on 2026-08-05 and this quote sits in the pre-open window on roughly 9 thousand shares. It is a single quote of unstated session basis, not a measured reaction to the release.
Source limitations
- Every actual above comes from the Quartr Q2 2026 earnings release document. Quartr standardized financials for this event are not yet populated.
- API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
- NRP is a master limited partnership; the per-unit figures above are net income per common unit, not corporate EPS, and the $0.75 payment is a partnership distribution rather than a dividend.
- The revenue actual used in the scorecard is the $52.970m "Revenues" line from the partnership's business-results table. The separate "Total revenues and other income" line of $48.110m includes the Sisecam Wyoming equity loss and gains on asset sales, which are not revenue.
- Year-over-year percentage changes and per-ton derived figures not printed in the release are calculated from the release's own columns.
- Balance-sheet comparatives are to 31 December 2025, not to the prior-year quarter.
- The financial tables in this release are unaudited.
- Last-twelve-month figures are as disclosed by the partnership in the release summary table.
- The release contains no forward guidance table; the outlook row set normally shown in these reports is therefore absent by source, not omitted.
Source links
- Quartr Q2 2026 earnings release
- Quartr release headline and distribution page
- Quartr release segment commentary page
- Quartr release statements of comprehensive income page
- Quartr release balance sheet page
- Quartr release quarterly business results page
- Quartr release Mineral Rights operating statistics page
- Quartr release adjusted EBITDA reconciliation page