Natural Resource Partners L.P. (NRP) Income Statement
NRP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNRP revenue and net income
Where NRP's revenue goes
2025Each bar shows an amount and its share of revenue. NRP kept 66.0% of revenue as net income.
NRP profit margins
NRP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −17.4% | −14.9% | +9.4% | −7.5% |
| Gross profit | −24.3% | −18.7% | +6.5% | −7.0% |
| Operating income | −30.0% | −17.6% | — | — |
| Net income | −27.2% | −20.7% | — | — |
| EPS (diluted) | −10.9% | +28.0% | +40.9% | +1.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NRP quarterly EPS vs estimates
Natural Resource Partners beat the analyst EPS estimate in 3 of the last 3 quarters. Next report: November 3, 2026.
NRP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $202.3M | $245.0M | $293.7M | $328.1M | $194.2M | $129.0M | $210.3M | $202.8M | $333.7M | $330.9M |
| Cost of revenue | $38.1M | $28.0M | $32.3M | $22.5M | $19.1M | $9.2M | $14.9M | $21.7M | $36.0M | $46.3M |
| Gross profit | $164.3M | $217.0M | $261.3M | $305.6M | $175.2M | $119.8M | $195.4M | $181.1M | $297.7M | $284.6M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $24.1M | $25.2M | $26.1M | $21.9M | $17.4M | $14.3M | $16.7M | $16.5M | $18.5M | $20.6M |
| Total operating expenses | $24.9M | $17.8M | −$31.2M | $56.8M | $27.4M | $163.7M | $144.1M | $46.0M | $155.0M | $151.1M |
| Operating income | $139.4M | $199.2M | $292.5M | $248.8M | $147.8M | −$43.9M | $51.3M | $192.5M | $184.0M | $185.7M |
| Interest income | $8.0M | $15.6M | $14.1M | $26.3M | $38.9M | $41.0M | $47.5M | $70.2M | $181,000 | $39,000 |
| Interest expense | $8.0M | $15.6M | $14.1M | $26.3M | $38.9M | $41.0M | $47.5M | $70.2M | $82.9M | $90.6M |
| Income before taxes | $136.4M | $183.6M | $278.4M | $268.5M | $108.9M | −$84.8M | −$25.4M | $122.4M | $89.2M | $95.2M |
| Income taxes | — | −$180.5M | $169.2M | $36.7M | $60.7M | $51.7M | $93.6M | $101.3M | $123.9M | $129.0M |
| Net income | $133.6M | $183.6M | $274.4M | $268.5M | $108.9M | −$84.8M | −$24.5M | $139.5M | $88.7M | $96.9M |
| EBITDA | $159.3M | $214.7M | $311.0M | $317.3M | $166.9M | −$34.7M | $37.0M | $214.2M | $187.9M | $232.8M |
| EPS (diluted) | $10.04 | $11.27 | $12.81 | $4.79 | $4.13 | $1.81 | $7.51 | $6.35 | $3.64 | $6.37 |
| Gross margin | 81.2% | 88.6% | 89.0% | 93.1% | 90.2% | 92.9% | 92.9% | 89.3% | 89.2% | 86.0% |
| Operating margin | 68.9% | 81.3% | 99.6% | 75.8% | 76.1% | −34.0% | 24.4% | 95.0% | 55.1% | 56.1% |
| Net margin | 66.0% | 74.9% | 93.4% | 81.8% | 56.1% | −65.7% | −11.6% | 68.8% | 26.6% | 29.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.1M | $47.2M | $48.4M | $49.9M | $46.8M | $55.7M | $64.8M | $52.2M | $57.3M | $70.8M | $76.4M | $73.1M |
| Cost of revenue | $5.7M | $13.7M | $8.6M | $7.7M | $4.2M | $6.8M | $9.6M | $4.7M | $3.3M | $4.7M | $6.0M | $4.6M |
| Gross profit | $42.4M | $33.5M | $39.8M | $42.3M | $42.7M | $48.9M | $55.1M | $47.5M | $53.9M | $66.1M | $70.4M | $68.5M |
| Sales, general & admin | $5.0M | $5.0M | $5.9M | $5.7M | $5.6M | $6.8M | $7.0M | $5.9M | $5.9M | $6.3M | $9.0M | $5.7M |
| Total operating expenses | $16.2M | $5.0M | $5.9M | $9.6M | $6.1M | $6.0M | $8.8M | $4.7M | $3.5M | $6.4M | $1.5M | $835,000 |
| Operating income | $26.2M | $28.4M | $33.8M | $32.7M | $36.6M | $42.9M | $46.3M | $42.8M | $50.4M | $59.7M | $68.9M | $67.7M |
| Interest income | — | — | $1.2M | $1.8M | $2.4M | $2.7M | $3.5M | $4.2M | — | — | — | $3.8M |
| Interest expense | $1.1M | $1.2M | $1.2M | $1.8M | $2.4M | $2.7M | $3.5M | $4.2M | $4.3M | $3.5M | $3.9M | $3.8M |
| Income before taxes | $25.2M | $19.6M | $31.0M | $30.9M | $34.2M | $40.3M | $42.8M | $38.6M | $46.1M | $56.2M | $65.0M | $63.8M |
| Income taxes | — | — | — | — | — | — | −$1.7M | −$1.7M | $619,000 | $1.1M | $22.1M | $4.6M |
| Net income | $24.7M | $19.2M | $30.4M | $30.3M | $34.2M | $40.3M | $42.8M | $38.6M | $46.1M | $56.2M | $65.0M | $63.8M |
| EBITDA | $37.4M | $28.4M | $35.5M | $36.6M | $40.3M | $46.9M | $49.1M | $47.5M | $53.7M | $64.4M | $74.9M | $72.3M |
| EPS (diluted) | $1.85 | $1.44 | $2.27 | $2.28 | $2.52 | $2.97 | $3.15 | $2.00 | $2.29 | $3.83 | $4.31 | $2.91 |
| Gross margin | 88.1% | 70.9% | 82.2% | 84.7% | 91.1% | 87.8% | 85.1% | 90.9% | 94.2% | 93.4% | 92.1% | 93.7% |
| Operating margin | 54.5% | 60.2% | 69.9% | 65.5% | 78.1% | 77.1% | 71.5% | 81.9% | 88.1% | 84.3% | 90.2% | 92.6% |
| Net margin | 51.3% | 40.8% | 62.8% | 60.7% | 73.0% | 72.3% | 66.0% | 73.9% | 80.5% | 79.4% | 85.1% | 87.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NRP's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NRP financial results
In fiscal year 2025 (ended December 31, 2025), Natural Resource Partners reported revenue of $202.3 million, down 17.4% from the year before. It had net income of $133.6 million (down 27.2%), a net profit margin of 66.0%. Diluted earnings per share came to $10.04. Over five years revenue grew at an average rate of 9.4% a year.
See the NRP stock overview for the latest quote and news, or the NRP chart for price history and technical indicators.
NRP income statement FAQ
What is Natural Resource Partners's annual revenue?
Natural Resource Partners reported total revenue of $202.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 17.4% from $245.0 million the previous year.
Is Natural Resource Partners profitable?
Yes. Natural Resource Partners reported net income of $133.6 million in fiscal 2025, a net profit margin of 66.0%; its operating margin was 68.9%.
What is Natural Resource Partners's gross margin?
Natural Resource Partners's gross margin was 81.2% in fiscal 2025: for every $100 of revenue, Natural Resource Partners kept $81 after the direct cost of its products and services.
How fast is Natural Resource Partners growing?
Revenue grew 9.4% a year on average over the last five fiscal years, from $129.0 million to $202.3 million.
What are Natural Resource Partners's earnings per share?
Natural Resource Partners earned $10.04 per diluted share in fiscal 2025, compared with $11.27 a year earlier.
When will Natural Resource Partners report its next earnings?
Natural Resource Partners is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Natural Resource Partners's fiscal year end?
Natural Resource Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.