Natural Resource Partners LP (NRP) financial statements: income statement, balance sheet and cash flow

Natural Resource Partners LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Natural Resource Partners LP reported revenue of $207.3M (-22.7% year on year) and net income of $136.4M (-12.0% year on year).

Income statement

Natural Resource Partners LP income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Revenues$117.4M$136.4M$146.6M$167.9M
Equity in earnings of Sisecam Wyoming$3.1M$18.1M$73.4M$59.8M
Gain on asset sales and disposals$1.9M$4.8M$3.0M$1.1M
Total revenues and other income$207.3M$268.0M$370.0M$389.0M
Operating and maintenance expenses$23.9M$28.0M$32.3M$34.9M
Depreciation, depletion and amortization$15.0M$15.5M$18.5M$22.5M
General and administrative expenses$24.1M$25.2M$26.1M$21.9M
Asset impairments$20.0K$87.0K$556.0K$4.5M
Total operating expenses$62.9M$68.8M$77.5M$83.7M
Income from operations$144.4M$199.2M$292.5M$305.2M
Interest expense, net($8.0M)($15.6M)($14.1M)($26.3M)
Less: income attributable to preferred unitholders$0($4.2M)($16.7M)($30.0M)
Less: redemption of preferred units$0($24.5M)($60.9M)—
Net income attributable to common unitholders and the general partner$136.4M$154.9M$200.8M$238.5M
Net income attributable to common unitholders$133.6M$151.8M$196.8M$233.7M
Net income attributable to the general partner$2.7M$3.1M$4.0M$4.8M
Basic (in dollars per share)$10.18$11.69$15.59$18.72
Diluted (in dollars per share)$10.04$11.35$13.08$13.39
Net income$136.4M$183.6M$278.4M$268.5M
Comprehensive income (loss) from unconsolidated investment and other($2.3M)$1.5M($21.8M)$15.5M
Comprehensive income$134.0M$185.1M$256.6M$284.0M
Natural Resource Partners LP income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3Jun 30, 2025 · Q2
Revenues$33.2M$31.9M$27.6M$28.3M
Equity in earnings (loss) of Sisecam Wyoming($4.9M)($7.8M)($2.4M)$2.5M
Gain on asset sales and disposals$45.0K($1.0K)$906.0K$729.0K
Total revenues and other income$48.1M$39.4M$49.9M$50.1M
Operating and maintenance expenses$5.7M$6.1M$7.7M$4.2M
Depreciation, depletion and amortization$11.1M$7.6M$3.9M$3.8M
General and administrative expenses$5.0M$5.0M$5.7M$5.6M
Asset impairments$0$0$0$0
Total operating expenses$21.9M$18.8M$17.2M$13.5M
Income from operations$26.2M$20.6M$32.7M$36.6M
Interest expense, net($1.1M)($973.0K)($1.8M)($2.4M)
Net income attributable to common unitholders$24.7M$19.2M$30.3M$33.5M
Net income attributable to the general partner$504.0K$392.0K$618.0K$684.0K
Basic (in dollars per share)$1.86$1.46$2.31$2.55
Diluted (in dollars per share)$1.85$1.44$2.28$2.52
Net income$25.2M$19.6M$30.9M$34.2M
Comprehensive income (loss) from unconsolidated investment and other$904.0K($140.0K)($2.4M)($414.0K)
Comprehensive income$26.1M$19.5M$28.5M$33.8M

Balance sheet

Natural Resource Partners LP balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Cash and cash equivalents$30.1M$30.4M$12.0M$39.1M
Accounts receivable, net$28.7M$31.5M$41.1M$42.7M
Other current assets, net$2.1M$2.0M$2.2M$1.8M
Total current assets$60.9M$63.9M$55.3M$83.6M
Land$24.0M$24.0M$24.0M$24.0M
Mineral rights, net$367.0M$379.6M$394.5M$412.3M
Intangible assets, net$11.9M$12.9M$13.7M$14.7M
Equity in unconsolidated investment$250.2M$257.4M$276.5M$306.5M
Long-term contract receivable, net$20.4M$23.5M$26.3M$28.9M
Other long-term assets, net$13.9M$11.6M$7.5M$7.1M
Total assets$748.4M$772.9M$797.9M$877.1M
Accounts payable$1.2M$909.0K$885.0K$2.0M
Accrued liabilities$10.9M$12.1M$13.0M$11.9M
Accrued interest$69.0K$302.0K$584.0K$989.0K
Current portion of deferred revenue$6.7M$4.3M$4.6M$6.3M
Current portion of debt, net$14.2M$14.2M$30.8M$39.1M
Total current liabilities$33.0M$31.9M$49.8M$60.2M
Deferred revenue$58.1M$55.8M$38.4M$40.2M
Long-term debt, net$18.9M$127.9M$124.3M$129.2M
Other non-current liabilities$5.9M$6.2M$7.2M$5.5M
Total liabilities$115.8M$221.8M$219.6M$235.1M
Common unitholders’ interest (13,138,097 and 13,049,123 units issued and outstanding at December 31, 2025 and 2024, respectively)$625.2M$543.2M$503.1M$404.8M
General partner’s interest$11.3M$9.5M$8.0M$6.0M
Accumulated other comprehensive loss($4.0M)($1.7M)($3.1M)$18.7M
Total partners' capital$632.5M$551.1M$531.1M$477.5M
Total liabilities and partners' capital$748.4M$772.9M$797.9M$877.1M
Natural Resource Partners LP balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025Jun 30, 2025
Cash and cash equivalents$30.1M$31.5M$31.0M$30.3M
Accounts receivable, net$30.6M$26.8M$30.4M$29.0M
Other current assets, net$934.0K$1.4M$455.0K$1.3M
Total current assets$61.7M$59.7M$61.9M$60.7M
Land$24.0M$24.0M$24.0M$24.0M
Mineral rights, net$351.5M$360.9M$369.9M$373.7M
Intangible assets, net$8.7M$10.4M$12.3M$12.4M
Equity in unconsolidated investment$277.5M$281.5M$253.7M$258.5M
Long-term contract receivable, net$18.8M$19.6M$21.2M$22.0M
Other long-term assets, net$15.4M$15.6M$10.5M$10.7M
Total assets$757.5M$771.7M$753.6M$762.0M
Accounts payable$989.0K$2.4M$886.0K$930.0K
Accrued liabilities$7.1M$4.6M$8.3M$7.6M
Accrued interest$63.0K$279.0K$492.0K$169.0K
Current portion of deferred revenue$6.7M$7.0M$5.0M$4.7M
Current portion of debt, net$14.3M$14.2M$14.2M$14.2M
Total current liabilities$29.2M$28.6M$28.9M$27.6M
Deferred revenue$59.7M$59.1M$52.5M$51.3M
Long-term debt, net$13.1M$46.1M$55.1M$87.1M
Other non-current liabilities$5.5M$5.3M$5.7M$5.5M
Total liabilities$107.5M$139.1M$142.3M$171.5M
Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)$641.2M$624.9M$602.6M$579.8M
General partner’s interest$12.1M$11.8M$10.9M$10.5M
Accumulated other comprehensive loss($3.2M)($4.1M)($2.2M)$176.0K
Total partners’ capital$650.1M$632.5M$611.3M$590.4M
Total liabilities and partners' capital$757.5M$771.7M$753.6M$762.0M

Cash flow statement

Natural Resource Partners LP cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Net income$136.4M$183.6M$278.4M$268.5M
Depreciation, depletion and amortization$15.0M$15.5M$18.5M$22.5M
Distributions from unconsolidated investment$7.8M$38.8M$81.5M$44.8M
Equity in earnings from unconsolidated investment($3.1M)($18.1M)($73.4M)($59.8M)
Gain on asset sales and disposals($1.9M)($4.8M)($3.0M)($1.1M)
Asset impairments$20.0K$87.0K$556.0K$4.5M
Bad debt expense$751.0K$4.2M$2.2M$1.1M
Unit-based compensation expense$11.1M$11.3M$10.9M$5.8M
Amortization of debt issuance costs and other($3.3M)($1.5M)$1.3M$2.4M
Accounts receivable$2.3M$7.3M($164.0K)($18.7M)
Accounts payable$249.0K$25.0K($1.1M)$37.0K
Accrued liabilities($3.6M)($2.1M)($225.0K)$935.0K
Accrued interest($233.0K)($281.0K)($406.0K)($224.0K)
Deferred revenue$4.6M$17.2M($3.5M)($15.4M)
Other items, net($190.0K)($2.7M)($698.0K)$1.0M
Net cash provided by operating activities$165.9M$248.5M$311.0M$266.8M
Proceeds from asset sales and disposals$1.9M$4.8M$3.0M$1.1M
Return of long-term contract receivable$2.9M$2.7M$2.5M$1.7M
Capital expenditures$0$0($10.0K)($118.0K)
Net cash provided by investing activities$4.8M$7.5M$5.4M$2.7M
Debt borrowings$46.7M$167.8M$248.8M$70.0M
Debt repayments($155.8M)($181.0M)($262.4M)($339.4M)
Distributions to unitholders($56.4M)($78.5M)($92.0M)($64.4M)
Redemptions of preferred units$0($71.7M)($178.3M)—
Warrant settlements (See Note 4)$0($65.7M)($56.1M)$0
Other items, net($5.4M)($8.5M)($3.5M)($12.6M)
Net cash used in financing activities($170.9M)($237.5M)($343.5M)($366.0M)
Net increase (decrease) in cash and cash equivalents($303.0K)$18.5M($27.1M)($96.4M)
Cash and cash equivalents at beginning of period$30.4M$12.0M$39.1M$135.5M
Cash and cash equivalents at end of period$30.1M$30.4M$12.0M$39.1M
Cash paid for interest$8.0M$15.5M$13.9M$25.3M
Natural Resource Partners LP cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTDJun 30, 2025 · YTD
Net income$44.8M$19.6M$105.4M$74.5M
Depreciation, depletion and amortization$18.7M$7.6M$11.6M$7.7M
Distributions from unconsolidated investment$0$0$7.8M$7.8M
Equity in (earnings) loss from unconsolidated investment$12.7M$7.8M($4.7M)($7.1M)
Gain on asset sales and disposals($44.0K)$1.0K($1.9M)($976.0K)
Asset impairments$0$0$20.0K$20.0K
Bad debt expense($743.0K)($776.0K)$862.0K($869.0K)
Unit-based compensation expense$2.8M$1.2M$8.1M$5.4M
Amortization of debt issuance costs and other$889.0K$447.0K($81.0K)($449.0K)
Accounts receivable($3.2M)$615.0K$346.0K$3.5M
Accounts payable($170.0K)$1.3M($23.0K)$20.0K
Accrued liabilities($4.8M)($7.2M)($5.3M)($5.7M)
Accrued interest($6.0K)$210.0K$190.0K($134.0K)
Deferred revenue$1.7M$1.4M($2.6M)($4.2M)
Other items, net$1.2M$724.0K$1.5M$547.0K
Net cash provided by operating activities$74.0M$33.0M$121.1M$80.0M
Proceeds from asset sales and disposals$46.0K$0$1.9M$977.0K
Capital to unconsolidated investment($39.2M)($39.2M)——
Return of long-term contract receivable$1.5M$758.0K$2.1M$1.4M
Net cash provided by (used in) investing activities($37.6M)($38.4M)$4.0M$2.4M
Debt borrowings$67.2M$61.2M$33.7M$33.7M
Debt repayments($73.0M)($34.0M)($106.5M)($74.5M)
Distributions to common unitholders and the general partner($21.9M)($11.8M)($46.4M)($36.3M)
Other items, net($8.6M)($8.6M)($5.4M)($5.4M)
Net cash used in financing activities($36.4M)$6.8M($124.5M)($82.5M)
Net decrease in cash and cash equivalents($9.0K)$1.4M$575.0K($100.0K)
Cash and cash equivalents at beginning of period$30.1M$30.1M$30.4M$30.4M
Cash and cash equivalents at end of period$30.1M$31.5M$31.0M$30.3M
Cash paid for interest$1.9M$684.0K$6.5M$5.1M

Natural Resource Partners LP score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.