v3.25.4
Income (Loss) Per Common Unit
 9 Months Ended
Dec. 31, 2025
Earnings Per Unit [Abstract]  
Income (Loss) Per Common Unit Income (Loss) Per Common Unit
The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Weighted average common units outstanding during the period:
Common units - Basic125,158,912 132,012,766 128,058,564 132,265,839 
Common units - Diluted125,158,912 132,012,766 128,058,564 132,265,839 

For the three months and nine months ended December 31, 2025 and 2024, respectively, all potential common units or convertible units were considered antidilutive.

Our income (loss) per common unit is as follows for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(in thousands, except per unit amounts)
Income from continuing operations$48,194 $23,740 $108,271 $48,836 
Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests(992)(1,053)(2,187)(2,777)
Less: Net income from continuing operations attributable to redeemable noncontrolling interests(18)(15)(82)(20)
Net income from continuing operations attributable to NGL Energy Partners LP47,184 22,672 106,002 46,039 
Less: Distributions to preferred unitholders (1)(35,200)(28,935)(124,936)(88,501)
Less: Net (income) loss from continuing operations allocated to the GP (2) (12)7 19 43 
Net income (loss) from continuing operations allocated to common unitholders $11,972 $(6,256)$(18,915)$(42,419)
(Loss) income from discontinued operations, net of tax$(5)$(9,165)$39,383 $(20,395)
Less: Net loss (income) from discontinued operations allocated to the GP (2)— 9 (39)20 
Net (loss) income from discontinued operations allocated to common unitholders$(5)$(9,156)$39,344 $(20,375)
Net income (loss) allocated to common unitholders$11,967 $(15,412)$20,429 $(62,794)
Basic and diluted income (loss) per common unit
Income (loss) from continuing operations$0.10 $(0.05)$(0.15)$(0.32)
(Loss) income from discontinued operations, net of tax$— $(0.07)$0.31 $(0.15)
Net income (loss)$0.10 $(0.12)$0.16 $(0.47)
Basic and diluted weighted average common units outstanding125,158,912 132,012,766 128,058,564 132,265,839 
(1)    Includes distributions earned and declared for the three months and nine months ended December 31, 2025 and 2024 and the excess of the Class D Preferred Units (as defined herein) repurchase price over the carrying value of the units, as discussed further in Note 8.
(2)    Net (income) loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.