Natural Resource Partners L.P. (NYSE: NRP) reported its fourth‑quarter and full‑year 2025 financial results on February 27, 2026. The partnership generated $169 million in free cash flow for the year and retired $109 million of debt, underscoring its continued deleveraging progress. Liquidity at December 31, 2025 stood at $211.2 million, comprising $30.1 million in cash and $181.1 million of available borrowing capacity under its revolving credit facility. The company also declared a special cash distribution of $0.12 per common unit, payable on March 17, 2026 to unitholders of record on March 10, 2026, to help cover tax liabilities associated with the 2025 results.
In the fourth quarter of 2025, NRP generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, the partnership generated $136 million of net income, $166 million of operating cash flow, and $169 million of free cash flow. Segment performance was mixed; the Mineral Rights and Soda Ash units both experienced declines in profitability compared to the prior year, reflecting the ongoing impact of low commodity prices.
"In 2025, NRP generated $169 million of free cash flow and retired $109 million of debt," said Craig Nunez, NRP’s president and chief operating officer. "Our business continues to be negatively impacted by cyclically‑low prices for metallurgical and thermal coal and generationally‑low prices for soda ash, but we continue to generate robust free cash flow and pay down debt." "In the fourth quarter of 2025, NRP generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, NRP generated $136 million of net income, $166 million of operating cash flow, and $169 million of free cash flow," added Chief Financial Officer Chris Zolas.
The results reinforce NRP’s strategy of aggressive balance‑sheet improvement. By retiring more than half of its 2025 debt load, the partnership is moving closer to a debt‑free status, which should enable higher distributions in the future. The special distribution announced for March 2026 is a direct benefit to unit holders, reflecting the company’s commitment to returning cash while maintaining sufficient liquidity for ongoing operations and strategic investments.
The company remains cautious about commodity price outlooks for 2026, citing continued weak pricing for coal and soda ash. Nevertheless, the strong free‑cash‑flow generation and disciplined debt reduction position NRP to weather short‑term market volatility and pursue future growth opportunities as commodity conditions improve.
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