EarningsQ2 2026 Earnings Report
DE:3PXA Q2 2026 EPS Results
Actual EPS€4.15
Consensus EPS€3.88
Beat/MissBeat by +€0.27
One Year Ago EPS€1.92
DE:3PXA Q2 2026 Revenue Results
Actual Revenue€366.03M
Expected Revenue€322.01M
Beat/MissBeat by +€44.03M
YoY Revenue Growth+25.22%
Earnings Announcement Details
QuarterQ2 2026
Date08/20/2026
TimeBefore Open
Conference CallThursday, August 20, 2026
DE:3PXA Upcoming Earnings
Navios Maritime Partners's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:3PXA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational and financial progress: double-digit revenue and TCE growth, record $4.4B contracted backlog, significant fleet modernization, improved liquidity and meaningful capital returned to unitholders via a doubled $200M buyback. These positives are balanced against notable external risks — geopolitical disruptions (Hormuz/Red Sea), higher insurance/voyage costs, ongoing newbuilding capital commitments (~$290M equity remaining) and leverage that remains above the 20%–25% target (net LTV 27.9%). Management presented clear mitigation actions (long-term charters, diversified financing, debt-free vessel buffer) and strong cash flow visibility, indicating resilience but also signaling items to monitor (insurance costs, delivery-related funding, spot exposure). Overall the updates and metrics point to materially more positive than negative developments for Navios Partners in the near-to-medium term.Company Guidance
Strong Revenue and TCE Growth
Q2 2026 total revenue of $410.2M, up 25% YoY (Q2 2025: $328M). Combined TCE rate for Q2 2026 increased 24% to $28,512/day. First half 2026 revenue $767M, up 21% YoY; combined H1 TCE up 22% to $27,098/day.
Robust Profitability and Earnings
Reported Q2 net income $167.9M and EBITDA $275.2M. Adjusted EBITDA for Q2 increased by $70M to $242M; adjusted net income for Q2 increased by $71M to $135M. Earnings per common unit Q2 $5.78 and H1 $9.42.
Record Contracted Revenue Backlog and Visibility
Contracted revenue backlog reached a record high of $4.4B (extended through 2037). Over the past 5 years contracted revenue grew by more than 30%. Tankers ~$2.0B, containerships ~$2.1B, dry bulk ~$0.3B.
Fleet Modernization and Competitive Age Profile
Fleet average age 8.7 years vs industry average 13.7 years; tanker fleet average age 5 years. Company highlighted fleet modernization resulting in a materially younger fleet (presentation noted ~40% younger than industry average). Fleet value (incl. newbuild program) $10.2B; in‑water net vessel equity $4.8B.
VLCC and Newbuilding Transactions Providing Long-Term Cash Flow
Sold two 16-year VLCCs for $136.5M and acquired 7 newbuilding VLCCs for $844M (one subject to discussions). Period charters average 6.1 years at an average net daily rate of $45,224 for the VLCCs; associated charters expected to generate ~ $700M of revenue and materially reduce residual value exposure.
Liquidity, Balance Sheet Strength and Deleveraging Progress
Available liquidity $625M (cash + revolvers). Net LTV improved to 27.9% (reduced 38% over the deleveraging program) and net debt to book capitalization improved to 30.6%. 55 debt-free vessels representing $1.9B of debt-free vessel value. Diversified financing, 43% fixed-rate debt.
Capital Return to Unitholders and Unit Repurchase Program
Announced a new $200M common unit repurchase authorization (double prior program). Since 2Q 2024 repurchased 1.9M units for $92.6M; common units outstanding declined ~6% to 28.3M, program generated ~$6.30 per unit of accretion. Returned $46M of capital in last 12 months ($6M distributions + $40M repurchases).
Contracted Revenue Exceeds Operating Costs for 2H 2026
For 2H 2026 contracted revenue exceeds projected cash operating costs by $151.2M. Company has 6,250 open or index-linked days in 2026 preserving upside while maintaining contracted earnings.
DE:3PXA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed