NMM demonstrated resilient operational performance in 2026Q1, achieving a 68.5% gross margin and a 35.2% operating margin despite historical volatility in the dry bulk and tanker segments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 1.4B | 1.34B | 1.33B | 1.31B | 1.21B | 713.17M | 226.77M | 219.38M | 231.36M | 211.65M | 190.52M | 223.68M | 227.36M | 198.16M | 205.44M | 186.95M | 143.23M | 92.64M | 75.08M | 50.35M | 31.55M | 9.23M |
| Revenue Growth % | 5.87% | 0.76% | 2.08% | 7.96% | 69.74% | 214.49% | 3.37% | -5.18% | 9.31% | 11.09% | -14.82% | -1.62% | 14.73% | -3.54% | 9.89% | 30.53% | 54.61% | 23.39% | 49.11% | 59.6% | 241.77% | - |
| Cost of Goods Sold | 477.66M | 476.69M | 452.07M | 447.5M | 381.2M | 178.22M | 77.42M | 72.57M | 143.41M | 151.4M | 163.63M | 143.68M | 162.33M | 128.62M | 116.27M | 103.85M | 73.04M | 47.3M | 33.32M | 24.25M | 15.22M | 2.49M |
| COGS % of Revenue | - | 35.46% | 33.89% | 34.24% | 31.49% | 24.99% | 34.14% | 33.08% | 61.98% | 71.53% | 85.89% | 64.24% | 71.4% | 64.91% | 56.6% | 55.55% | 50.99% | 51.06% | 44.37% | 48.17% | 48.24% | 26.94% |
| Gross Profit | 919.38M | 867.45M | 882M | 859.39M | 829.32M | 534.96M | 149.36M | 146.81M | 87.95M | 60.25M | 26.89M | 80M | 63.85M | 69.54M | 89.16M | 83.11M | 70.19M | 45.34M | 41.77M | 26.1M | 16.54M | 1.17M |
| Gross Margin % | 65.81% | 64.54% | 66.11% | 65.76% | 68.51% | 75.01% | 65.86% | 66.92% | 38.02% | 28.47% | 14.11% | 35.76% | 28.09% | 35.09% | 43.4% | 44.45% | 49.01% | 48.94% | 55.63% | 51.83% | 52.44% | 12.65% |
| Gross Profit Growth % | - | -1.65% | 2.63% | 3.62% | 55.03% | 258.18% | 1.74% | 66.92% | 45.97% | 124.06% | -66.39% | 25.28% | -8.17% | -22.01% | 7.29% | 18.4% | 54.81% | 8.56% | 60.04% | 57.74% | 1316.44% | - |
| Operating Expenses | 478.43M | 476.41M | 434.32M | 412.21M | 379.2M | 232.91M | 117.74M | 89.17M | 18.46M | 18.66M | 12.35M | 7.93M | 7.84M | 6.3M | 5.55M | 4.96M | 4.3M | 3.21M | 3.8M | 1.42M | 3.62M | 168K |
| OpEx % of Revenue | - | 35.44% | 32.56% | 31.54% | 31.33% | 32.66% | 51.92% | 40.65% | 7.98% | 8.82% | 6.48% | 3.55% | 3.45% | 3.18% | 2.7% | 2.66% | 3% | 3.46% | 5.06% | 2.82% | 11.48% | 1.82% |
| Selling, General & Admin | 478.43M | 476.41M | 434.32M | 412.21M | 379.2M | 232.91M | 117.74M | 89.17M | 18.46M | 18.66M | 12.35M | 7.93M | 7.84M | 6.3M | 5.55M | 4.96M | 4.3M | 3.21M | 3.8M | 1.42M | 698K | 168K |
| SG&A % of Revenue | - | 35.44% | 32.56% | 31.54% | 31.33% | 32.66% | 51.92% | 40.65% | 7.98% | 8.82% | 6.48% | 3.55% | 3.45% | 3.18% | 2.7% | 2.66% | 3% | 3.46% | 5.06% | 2.82% | 2.21% | 1.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.92M | 0 |
| Operating Income | 440.95M | 391.04M | 447.67M | 447.17M | 450.12M | 302.05M | 31.61M | 57.64M | 69.49M | 41.59M | 14.54M | 72.07M | 56.02M | 63.23M | 83.61M | 78.14M | 65.89M | 42.13M | 37.97M | 24.68M | 12.92M | 1M |
| Operating Margin % | 31.56% | 29.09% | 33.56% | 34.22% | 37.18% | 42.35% | 13.94% | 26.27% | 30.04% | 19.65% | 7.63% | 32.22% | 24.64% | 31.91% | 40.7% | 41.8% | 46% | 45.48% | 50.57% | 49.01% | 40.96% | 10.83% |
| Operating Income Growth % | - | -12.65% | 0.11% | -0.65% | 49.02% | 855.48% | -45.15% | -17.06% | 67.08% | 186.07% | -79.82% | 28.65% | -11.41% | -24.37% | 7% | 18.59% | 56.39% | 10.97% | 53.85% | 90.96% | 1192.3% | - |
| EBITDA | 708.29M | 739.98M | 736.77M | 717.24M | 684.77M | 430.61M | 98.95M | 118.19M | 134.01M | 121.53M | 113.29M | 152.04M | 152.6M | 140.74M | 155.23M | 142.11M | 107.06M | 58.01M | 49.83M | 34.05M | 21.17M | 2.15M |
| EBITDA Margin % | 50.7% | 55.05% | 55.23% | 54.88% | 56.57% | 60.38% | 43.64% | 53.87% | 57.92% | 57.42% | 59.46% | 67.97% | 67.12% | 71.02% | 75.56% | 76.01% | 74.75% | 62.62% | 66.37% | 67.63% | 67.11% | 23.31% |
| EBITDA Growth % | -2.56% | 0.43% | 2.72% | 4.74% | 59.03% | 335.15% | -16.27% | -11.81% | 10.27% | 7.27% | -25.49% | -0.36% | 8.43% | -9.34% | 9.23% | 32.74% | 84.56% | 16.41% | 46.34% | 60.83% | 883.88% | - |
| D&A (Non-Cash Add-back) | 267.34M | 348.93M | 289.1M | 270.06M | 234.65M | 128.56M | 67.34M | 60.55M | 64.51M | 79.93M | 98.75M | 79.98M | 96.58M | 77.5M | 71.62M | 63.97M | 41.17M | 15.88M | 11.87M | 9.38M | 8.25M | 1.15M |
| EBIT | 440.95M | 391.04M | 447.67M | 447.17M | 450.12M | 302.05M | 31.61M | 57.64M | 69.49M | 41.59M | 14.54M | 72.07M | 56.02M | 63.23M | 83.61M | 78.14M | 65.89M | 42.13M | 37.97M | 24.68M | 12.92M | 1M |
| Net Interest Income | -122.46M | -121.98M | -110.73M | -122.94M | -82.23M | -41.9M | -23.52M | -39.08M | -38.36M | -34.95M | -30.71M | -31.5M | -28.52M | -16.86M | -9.9M | -8.42M | -5.34M | -7.79M | -8.91M | -5.52M | -6.29M | -81K |
| Interest Income | 9.41M | 12.81M | 13.8M | 10.7M | 856K | 859K | 639K | 6.17M | 4.41M | 3.28M | 541K | 222K | 243K | 50K | 229K | 821K | 1.02M | 261K | 301K | 0 | 0 | 0 |
| Interest Expense | 131.87M | 134.78M | 124.53M | 133.64M | 83.09M | 42.76M | 24.16M | 45.25M | 42.77M | 38.23M | 31.25M | 31.72M | 28.76M | 16.91M | 10.13M | 9.24M | 6.36M | 8.05M | 9.22M | 5.52M | 6.29M | 81K |
| Other Income/Expense | -91M | -105.71M | -80.36M | -13.53M | 129.13M | 209.23M | -100.15M | -119.77M | -82.58M | -56.45M | -67.09M | -30.26M | 18.84M | -4.23M | 12.29M | -12.8M | -5.38M | -7.81M | -9.21M | -5.66M | -6.3M | -81K |
| Pretax Income | 349.95M | 285.33M | 367.31M | 433.64M | 579.25M | 511.27M | -68.54M | -62.13M | -13.08M | -14.85M | -52.55M | 41.8M | 74.85M | 59.01M | 95.9M | 78.14M | 65.89M | 34.32M | 28.76M | 19.02M | 16.53M | 0 |
| Pretax Margin % | 25.05% | 21.23% | 27.53% | 33.18% | 47.85% | 71.69% | -30.22% | -28.32% | -5.65% | -7.02% | -27.58% | 18.69% | 32.92% | 29.78% | 46.68% | 41.8% | 46% | 37.05% | 38.3% | 37.78% | 52.4% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.95M | 0 | 0 | 12.8M | 15.07M | 13.89M | 19.06M | -485K | 9.92M | 533K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 100.13% | 0% | 0% | 16.39% | 22.87% | 40.48% | 66.29% | -2.55% | 60.01% | - |
| Net Income | 347.3M | 285.33M | 359.87M | 424.97M | 567.66M | 505.86M | -68.54M | -62.13M | -13.08M | -14.79M | -51.5M | 39.83M | 71.22M | 55.95M | 93.57M | 64.03M | 59.29M | 33.6M | 28.14M | 19.12M | 6.49M | 919K |
| Net Margin % | 24.86% | 21.23% | 26.98% | 32.52% | 46.89% | 70.93% | -30.22% | -28.32% | -5.65% | -6.99% | -27.03% | 17.8% | 31.33% | 28.23% | 45.55% | 34.25% | 41.39% | 36.27% | 37.48% | 37.97% | 20.58% | 9.96% |
| Net Income Growth % | 5.62% | -20.71% | -15.32% | -25.14% | 12.22% | 838.04% | -10.31% | -374.99% | 11.54% | 71.28% | -229.31% | -44.09% | 27.3% | -40.2% | 46.13% | 7.99% | 76.46% | 19.38% | 47.21% | 194.49% | 606.42% | - |
| Net Income (Continuing) | 349.95M | 285.33M | 367.31M | 433.64M | 579.25M | 511.27M | -68.54M | -62.13M | -13.08M | -14.85M | -52.55M | 41.8M | 74.85M | 59.01M | 95.9M | 65.33M | 60.51M | 34.32M | 28.76M | 19.51M | 6.62M | 919K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 61.4M | 59.2M | 0 | 46.02M | 37.47M | 26.01M | 2.82M | 4.3M | 5.8M | 5.46M | 3.13M | 4.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.89 | 9.59 | 11.98 | 14.08 | 18.82 | 22.32 | -6.25 | -5.85 | -1.21 | -1.65 | -9.30 | 7.20 | 13.95 | 12.60 | 24.15 | 16.80 | 17.70 | 22.05 | 22.95 | 2.25 | 5.40 | 3.35 |
| EPS Growth % | 7.81% | -19.95% | -14.91% | -25.19% | -15.68% | 457.12% | -6.84% | -383.47% | 26.67% | 82.26% | -229.17% | -48.39% | 10.71% | -47.83% | 43.75% | -5.08% | -19.73% | -3.92% | 920% | -58.33% | 61.19% | - |
| EPS (Basic) | - | 9.59 | 11.98 | 14.08 | 18.82 | 22.36 | -6.25 | -5.85 | -1.21 | -1.71 | -9.48 | 7.20 | 13.95 | 12.60 | 24.15 | 16.80 | 17.70 | 22.05 | 22.95 | 2.25 | 5.40 | 3.35 |
| Diluted Shares Outstanding | 29.21M | 29.75M | 30.03M | 30.18M | 30.16M | 22.66M | 10.97M | 10.83M | 10.82M | 9.15M | 5.65M | 5.81M | 5.37M | 4.68M | 3.87M | 3.6M | 2.88M | 1.14M | 1.25M | 1.23M | 1.23M | 1.23M |
| Basic Shares Outstanding | 29.21M | 29.75M | 30.03M | 30.18M | 30.16M | 22.62M | 10.97M | 10.83M | 10.82M | 8.84M | 5.54M | 5.65M | 5.26M | 4.68M | 3.87M | 3.6M | 2.88M | 1.14M | 1.25M | 1.23M | 1.23M | 1.23M |
| Dividend Payout Ratio | - | 2.09% | 1.7% | 1.45% | 1.06% | 0.89% | - | - | - | - | - | 332.22% | 195.15% | 218.74% | 114.23% | 149.15% | 121.97% | 116.13% | 87.24% | - | - | - |
Cyclical Charter Rate Volatility
According to the latest quarterly filings, NMM achieved a 17.4% year-over-year revenue increase in 2026Q1, marking a significant recovery from the mid-2025 contraction period where top-line growth dipped to negative 4.5% as the partnership navigated shifting demand across its diversified dry bulk and tanker segments.
The recent acceleration in revenue suggests that the partnership's multi-segment strategy is successfully capturing upside in specific shipping sub-sectors. Investors should monitor whether this growth is sustainable or merely a reflection of temporary spot-market strength, as the historical volatility in quarterly revenue growth rates warrants caution regarding long-term durability.
As reported in financial statements, NMM maintained a robust gross margin of 68.5% in 2026Q1, demonstrating a consistent ability to preserve profitability despite the operational headwinds that caused a temporary margin compression to 60.0% during the third quarter of 2025.
The partnership's ability to sustain gross margins near the 65-68% range indicates a strong reliance on time-charter contracts that insulate the bottom line from volatile voyage-related expenses. This structural efficiency appears to be a key differentiator compared to pure-play dry bulk peers, though future margin expansion may be limited by rising maintenance costs on an aging fleet.
Based on NMM's reported figures, operating income scaled to $125.6 million in 2026Q1, reflecting a significant improvement in operating leverage as the partnership successfully managed its SG&A expenses relative to the growth in gross profit during the most recent reporting period.
The conversion of gross profit to operating income suggests that management is maintaining disciplined control over administrative overhead, even as the fleet size remains substantial. However, the sensitivity of operating margins to fluctuations in vessel utilization rates suggests that any future decline in global trade volumes could rapidly erode these gains.
As indicated by the 2026Q1 results, NMM reported net income of $106.3 million with minimal stock-based compensation impact, suggesting that the partnership's earnings are primarily driven by core operational performance rather than non-cash accounting adjustments or dilutive equity-based incentives.
The absence of significant stock-based compensation expenses enhances the quality of reported EPS, providing a clearer view of the partnership's cash-generating capacity. Investors should remain vigilant regarding the potential for non-operating items or impairment charges, which have historically introduced volatility into the net income line and obscured underlying operational trends.
While NMM's recent performance appears strong, the historical reliance on related-party transactions and the inherent complexity of the Navios corporate structure, as noted in recent filings, present a persistent risk that the market may continue to apply a conglomerate discount to the partnership's valuation.
Short-term earnings strength may be masking underlying risks associated with the integration of disparate shipping segments and the potential for future capital expenditure requirements related to environmental compliance. The market's skepticism regarding the partnership's governance and internal transaction transparency remains a significant hurdle that could prevent a re-rating of the equity.
Quick answers to the most common questions about buying NMM stock.
For fiscal year 2025, Navios Maritime Partners L.P. (NMM) reported total revenue of $1.34B. This represents a 14461.2% increase compared to $9.2M in 2005.
Navios Maritime Partners L.P. (NMM) is profitable, generating $285.3M in net income for the fiscal year ending 2025 with a net profit margin of 21.2%.
Navios Maritime Partners L.P. (NMM) reported an operating income of $391.0M, resulting in an operating profit margin of 29.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Navios Maritime Partners L.P. (NMM) generated $867.5M in gross profit for the year, representing a gross profit margin of 64.5%. This demonstrates the company's core pricing power and production efficiency.