Natural Resource Partners L.P. (NRP) reported third‑quarter 2025 results that included $42 million in free cash flow and $190 million in free cash flow for the twelve months ended September 30, 2025. Revenue for the quarter was $49.9 million, down from $60.3 million in Q3 2024, while net income was $38.6 million, a decline from $54.8 million in the same period last year. Basic earnings per share were $2.31 and diluted earnings per share were $2.28.
The partnership repaid $32 million of debt during the quarter and reported $190.1 million of available liquidity as of September 30, 2025, comprising $31 million in cash and $159 million in borrowing capacity. The consolidated leverage ratio stood at 0.4×, underscoring progress toward a debt‑free balance sheet.
NRP declared a cash distribution of $0.75 per common unit, to be paid on November 25, 2025, with a record date of November 18, 2025. The distribution reflects the partnership’s strategy to return capital to unitholders while preserving liquidity for future growth and debt reduction.
Management cited weak coal and soda ash prices as the primary market headwinds. The Mineral Rights and Soda Ash segments experienced revenue declines due to lower sales prices and volumes, while the Corporate and Financing segment benefited from reduced interest expenses as debt levels fell. Despite these challenges, the partnership remains on track to generate sufficient free cash flow to achieve its deleveraging goals.
No forward‑looking guidance was provided for Q4 2025 or fiscal year 2026. However, the company’s continued focus on deleveraging and its diversified natural resource portfolio—including coal, soda ash, and investments in carbon sequestration and renewable energy—position it to navigate the current industry headwinds.
The Q3 2025 results demonstrate NRP’s resilience amid depressed market conditions, with a strong balance sheet and a clear path toward a debt‑free future.
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