Natural Resource Partners L.P. (NRP) Earnings
Natural Resource Partners L.P. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.02. NRP has beaten EPS estimates in 4 of its last 4 reported quarters (average surprise +8823.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.30 | $1.85 | +516.7% | $48M | +27.6% |
| May 6, 2026 | $0.25 | $1.44 | +476.0% | $47M | +24.8% |
| Nov 4, 2025 | — | $2.28 | — | $50M | — |
| Aug 6, 2025 | — | $2.52 | — | $47M | — |
| Feb 28, 2025 | — | $3.15 | — | $65M | — |
| Mar 7, 2024 | — | $4.31 | — | $76M | — |
| Nov 3, 2023 | — | $2.91 | — | $86M | — |
| Aug 4, 2023 | — | $2.49 | — | $64M | — |
| May 4, 2023 | — | $3.44 | — | $80M | — |
| Mar 2, 2023 | — | $3.36 | — | $81M | — |
| Nov 3, 2022 | $-0.02 | $3.71 | +18650.0% | $87M | — |
| Aug 4, 2022 | $-0.02 | $3.11 | +15650.0% | $85M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Financial Performance * NRP generated $42 million of free cash flow in Q2 2026, and $163 million of free cash flow over the trailing 12 months, excluding the $39 million invested in the Sodash business in Q1 2026 * The company has fully paid off its bank revolver, with only $14 million of total debt outstanding as of the call * A Q2 2026 distribution of 75 cents per common unit was announced, to be paid later in the month, matching the Q1 2026 distribution level - Coal Market Update * Both metallurgical and thermal coal markets have stabilized after prior declines, with modest improvement off recent lows; no near-term catalyst is expected to push prices sharply higher * The mineral rights segment has consistently generated stable cash flow across all coal market cycles, and remains the company's most dependable cash generator * High oil prices increase associated natural gas production, which puts downward pressure on North American thermal coal prices, while lower oil prices support thermal coal pricing; growing renewables competitiveness creates a long-term headwind for thermal coal demand - Soda Ash Market Update * The global soda ash market remains oversupplied, with no quick fix for the current imbalance; international prices have found a floor, but this floor is below most producers' cost of production, so the downturn is expected to continue * Domestic soda ash prices currently hold an unusually large premium to international prices, because annual domestic contract pricing has not yet adjusted to the drop in international spot prices; this premium is expected to narrow as 2027 delivery contracts are negotiated in 2026, leading to lower domestic prices ahead * Approximately 4% of global soda ash capacity has been announced for extended closure, an early sign that market excess is beginning to correct, as supply and demand will eventually rebalance over time
Guidance
- Barring unforeseen adverse events, management intends to raise the company's distribution significantly starting in November 2026 - Distributions from the Sister James, Wyoming soda ash operation are not expected to resume until soda ash demand rebounds or there is sufficient permanent supply reduction in the depressed market - Management does not attempt to predict short-term commodity price movements, and expects the current soda ash downturn to continue for some time before market correction occurs
Segment performance
1. Mineral Rights Segment: Generated $36 million of net income, and $45 million of operating and free cash flow in Q2 2026. Compared to Q2 2025, net income decreased by $3 million, and operating/free cash flow each decreased by $1 million. In Q2 2026, metallurgical coal accounted for approximately 70% of total coal royalty revenue and 45% of coal royalty sales volume. This segment contributed 144% of consolidated Q2 2026 net income and 107% of consolidated operating/free cash flow. 2. Soda Ash Segment: Q2 2026 net income decreased by $7 million year-over-year, and operating/free cash flow each decreased by $5 million year-over-year. No distribution was received from the Sister James, Wyoming operation in Q2 2026, compared to a $5 million distribution in Q2 2025. This segment had a net negative impact on consolidated results relative to the prior year period. 3. Corporate and Financing: Q2 2026 net income improved by $2 million year-over-year, and operating/free cash flow each improved by $1 million year-over-year, driven by lower interest costs from reduced outstanding debt. This segment offset net declines from the other two segments to deliver positive consolidated improvement.
Risks & headwinds
- Geopolitical conflict, global shipping disruptions, and ongoing tariff disputes create market uncertainty, with unknown resolution outcomes that could impact performance - Thermal coal faces sustained long-term headwinds from the increasing competitiveness of renewable energy - The global soda ash market is currently oversupplied, with prices at unprofitable levels for most producers; domestic soda ash prices are expected to decline as contract renewals close the gap with depressed international spot prices - All forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from management's current expectations, as detailed in the company's SEC filings