MorningStar Partners, L.P. (TXO) Income Statement
TXO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTXO revenue and net income
Where TXO's revenue goes
2025Each bar shows an amount and its share of revenue. TXO kept −5.3% of revenue as net income.
TXO profit margins
TXO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +45.5% | +18.6% | +30.5% | — |
| Gross profit | −45.4% | −17.3% | +20.4% | — |
| Operating income | — | — | — | — |
| Net income | −192.0% | — | — | — |
| EPS (diluted) | −162.1% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TXO quarterly EPS vs estimates
MorningStar Partners beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.15).
TXO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $411.5M | $282.8M | $380.7M | $246.4M | $228.3M | $108.8M |
| Cost of revenue | $367.7M | $202.7M | $189.0M | $169.0M | $109.1M | $91.5M |
| Gross profit | $43.7M | $80.1M | $191.7M | $77.4M | $119.2M | $17.3M |
| Sales, general & admin | $21.5M | $14.5M | $8.0M | $1.6M | $12.2M | $7.0M |
| Total operating expenses | $21.5M | $87.0M | $315.5M | $103.1M | $75.0M | $172.6M |
| Operating income | $22.3M | −$6.9M | −$123.8M | −$25.7M | $44.2M | −$155.3M |
| Interest income | $618,000 | $1.1M | $461,000 | $143,000 | $16,000 | $194,000 |
| Interest expense | $17.0M | $7.9M | $4.4M | $8.2M | $5.9M | $8.2M |
| Income before taxes | −$21.6M | $23.5M | −$104.0M | −$7.7M | $52.5M | −$163.2M |
| Income taxes | — | — | $52.8M | $8.2M | $20.0M | $8.3M |
| Net income | −$21.6M | $23.5M | −$104.0M | −$7.7M | $52.5M | −$163.2M |
| EBITDA | $91.9M | $95.4M | −$46.6M | $47.9M | $98.2M | −$112.7M |
| EPS (diluted) | −$0.54 | $0.87 | $4.07 | −$1.86 | $1.75 | −$5.44 |
| Gross margin | 10.6% | 28.3% | 50.4% | 31.4% | 52.2% | 15.9% |
| Operating margin | 5.4% | −2.4% | −32.5% | −10.4% | 19.4% | −142.8% |
| Net margin | −5.3% | 8.3% | −27.3% | −3.1% | 23.0% | −150.1% |
| 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 | $150.9M | $28.3M | $136.4M | $100.9M | $89.9M | $84.3M | $89.3M | $68.7M | $57.3M | $67.4M | $92.0M | $69.9M |
| Cost of revenue | $19.7M | $67.5M | $191.1M | $47.9M | $65.0M | $63.7M | $59.3M | $70.4M | $46.8M | $43.6M | $45.6M | $46.3M |
| Gross profit | $131.2M | −$39.2M | −$54.8M | $53.0M | $24.9M | $20.6M | $30.0M | −$1.7M | $10.5M | $23.8M | $46.4M | $23.6M |
| Sales, general & admin | $4.8M | $4.8M | $4.7M | $4.9M | $9.5M | $2.4M | $4.0M | $3.3M | $4.7M | $2.8M | $2.8M | $1.8M |
| Total operating expenses | $73.5M | $38.3M | −$80.6M | $49.3M | $28.6M | $24.2M | $24.5M | $3.3M | $20.6M | $21.1M | $244.6M | $19.2M |
| Operating income | $57.7M | −$77.6M | $25.8M | $3.8M | −$3.7M | −$3.6M | $5.5M | −$5.0M | −$10.1M | $2.7M | −$198.2M | $4.4M |
| Interest income | $197,000 | $99,000 | $102,000 | $113,000 | $300,000 | $103,000 | $131,000 | $700,000 | $122,000 | $125,000 | $120,000 | $107,000 |
| Interest expense | $5.6M | $5.7M | $27.5M | $4.5M | $2.6M | $3.6M | $4.0M | $1.9M | $1.0M | $976,000 | $1.2M | $1.2M |
| Income before taxes | $60.8M | −$74.3M | −$28.3M | $4.4M | −$135,000 | $2.4M | $10.2M | $203,000 | $2.8M | $10.3M | −$193.7M | $8.5M |
| Income taxes | — | — | — | — | — | — | — | — | $1 | $13.3M | −$10.2M | $6.4M |
| Net income | $60.8M | −$74.3M | −$28.3M | $4.4M | −$135,000 | $2.4M | $10.2M | $203,000 | $2.8M | $10.3M | −$193.7M | $8.5M |
| EBITDA | $73.1M | −$39.8M | $29.1M | $36.4M | $24.1M | $31.3M | $32.2M | $18.6M | $14.2M | $21.8M | −$181.4M | $20.3M |
| EPS (diluted) | $1.07 | $0.02 | −$0.57 | −$0.05 | −$0.16 | $0.24 | $0.34 | $0.02 | $0.16 | $0.35 | $0.97 | $0.32 |
| Gross margin | 86.9% | −138.7% | −40.1% | 52.6% | 27.7% | 24.5% | 33.6% | −2.5% | 18.4% | 35.3% | 50.4% | 33.8% |
| Operating margin | 38.2% | −274.3% | 18.9% | 3.7% | −4.1% | −4.2% | 6.2% | −7.2% | −17.6% | 4.0% | −215.5% | 6.3% |
| Net margin | 40.3% | −262.9% | −20.7% | 4.3% | −0.2% | 2.9% | 11.4% | 0.3% | 4.9% | 15.2% | −210.6% | 12.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TXO's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TXO financial results
In fiscal year 2025 (ended December 31, 2025), MorningStar Partners reported revenue of $411.5 million, up 45.5% from the year before. It had a net loss of $21.6 million, a net profit margin of −5.3%. Diluted earnings per share came to −$0.54. Over five years revenue grew at an average rate of 30.5% a year.
See the TXO stock overview for the latest quote and news, or the TXO chart for price history and technical indicators.
TXO income statement FAQ
What is MorningStar Partners's annual revenue?
MorningStar Partners reported total revenue of $411.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 45.5% from $282.8 million the previous year.
Is MorningStar Partners profitable?
No. MorningStar Partners reported a net loss of $21.6 million in fiscal 2025, a net profit margin of −5.3%; its operating margin was 5.4%.
What is MorningStar Partners's gross margin?
MorningStar Partners's gross margin was 10.6% in fiscal 2025: for every $100 of revenue, MorningStar Partners kept $11 after the direct cost of its products and services.
How fast is MorningStar Partners growing?
Revenue grew 30.5% a year on average over the last five fiscal years, from $108.8 million to $411.5 million.
What are MorningStar Partners's earnings per share?
MorningStar Partners earned $-0.54 per diluted share in fiscal 2025, compared with $0.87 a year earlier.
When will MorningStar Partners report its next earnings?
MorningStar Partners is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does MorningStar Partners's fiscal year end?
MorningStar Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.