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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549 \n\nFORM 10-Q\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n For the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n For the transition period from ____________ to ____________\n\n \n\nCommission File Number\n\n000-50056\n\nMARTIN MIDSTREAM PARTNERS L.P.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware 05-0527861\n\n(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)\n\n4200 B Stone Road\n\nKilgore, Texas 75662\n\n(Address of principal executive offices, zip code)\n\nRegistrant’s telephone number, including area code: (903) 983-6200\n\nSecurities registered pursuant to Section 12(b) of the Act\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Units representing limited partnership interestsMMLPThe NASDAQ Global Select Market\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes☒No☐\n\nIndicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). \n\nYes☒No☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of \"large accelerated filer,\" \"accelerated filer\", \"smaller reporting company\", and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer  ☐Accelerated filer☒\n\nNon-accelerated filer ☐Smaller reporting company ☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). \n\nYes☐No☒\n\n The number of the registrant’s Common Units outstanding at April 27, 2026, was 39,124,686.\n\nForward-Looking Statements\n\nThis Quarterly Report on Form 10-Q includes \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). Statements included in this quarterly report that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), including, without limitation, the information set forth in Management’s Discussion and Analysis of Financial Condition and Results of Operations, are forward-looking statements. These statements can be identified by the use of forward-looking terminology including \"forecast,\" \"may,\" \"believe,\" \"will,\" \"expect,\" \"anticipate,\" \"estimate,\" \"continue,\" or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other \"forward-looking\" information. We and our representatives may from time to time make other oral or written statements that are also forward-looking statements.\n\nThese forward-looking statements are made based upon management’s current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.\n\nBecause these forward-looking statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons, including those discussed under \"Item 1A. Risk Factors\" of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the \"SEC\") on February 23, 2026, and as may be updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.\n\nPage\n\n \n\n[PART I – FINANCIAL INFORMATION](#ie3a42bb676bb48e1837888f6134e37ed_13)\n\n[4](#ie3a42bb676bb48e1837888f6134e37ed_13)\n\n \n\n[Item 1. Financial Statements](#ie3a42bb676bb48e1837888f6134e37ed_16)\n\n[4](#ie3a42bb676bb48e1837888f6134e37ed_16)\n\n[Consolidated and Condensed Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (audited)](#ie3a42bb676bb48e1837888f6134e37ed_19)\n\n[4](#ie3a42bb676bb48e1837888f6134e37ed_19)\n\n[Consolidated and Condensed Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#ie3a42bb676bb48e1837888f6134e37ed_22)\n\n[5](#ie3a42bb676bb48e1837888f6134e37ed_22)\n\n[Consolidated and Condensed Statements of Capital (Deficit) for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#ie3a42bb676bb48e1837888f6134e37ed_25)\n\n[7](#ie3a42bb676bb48e1837888f6134e37ed_25)\n\n[Consolidated and Condensed Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#ie3a42bb676bb48e1837888f6134e37ed_28)\n\n[8](#ie3a42bb676bb48e1837888f6134e37ed_28)\n\n[Notes to Consolidated and Condensed Financial Statements (unaudited)](#ie3a42bb676bb48e1837888f6134e37ed_31)\n\n[9](#ie3a42bb676bb48e1837888f6134e37ed_31)\n\n  \n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ie3a42bb676bb48e1837888f6134e37ed_103)\n\n[31](#ie3a42bb676bb48e1837888f6134e37ed_103)\n\n \n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#ie3a42bb676bb48e1837888f6134e37ed_166)\n\n[47](#ie3a42bb676bb48e1837888f6134e37ed_166)\n\n  \n\n[Item 4. Controls and Procedures](#ie3a42bb676bb48e1837888f6134e37ed_169)\n\n[48](#ie3a42bb676bb48e1837888f6134e37ed_169)\n\n  \n\n[PART II. OTHER INFORMATION](#ie3a42bb676bb48e1837888f6134e37ed_172)\n\n[49](#ie3a42bb676bb48e1837888f6134e37ed_172)\n\n  \n\n[Item 1. Legal Proceedings](#ie3a42bb676bb48e1837888f6134e37ed_175)\n\n[49](#ie3a42bb676bb48e1837888f6134e37ed_175)\n\n  \n\n[Item 1A. Risk Factors](#ie3a42bb676bb48e1837888f6134e37ed_178)\n\n[49](#ie3a42bb676bb48e1837888f6134e37ed_178)\n\n[Item 5. Other Information](#ie3a42bb676bb48e1837888f6134e37ed_181)\n\n[4](#ie3a42bb676bb48e1837888f6134e37ed_181)[9](#ie3a42bb676bb48e1837888f6134e37ed_181)\n\n  \n\n[Item 6. Exhibits](#ie3a42bb676bb48e1837888f6134e37ed_184)\n\n[49](#ie3a42bb676bb48e1837888f6134e37ed_184)\n\n3\n\nPART I – FINANCIAL INFORMATION"}