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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ProPetro
ProPetro (PUMP) investor relations material
ProPetro Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue was $355.4M, net income $13.0M and Adjusted EBITDA $59.6M; revenue and Adjusted EBITDA rose sequentially and YoY.
Completions capacity was essentially sold out, while PROPWR expanded deployments and reached ~510 MW contracted capacity, supporting growth into 2027 and beyond.
Nine-month revenue declined 4.9% to $931.9M and Adjusted EBITDA fell 10.6% to $140.8M, as hydraulic-fracturing weakness outweighed growth in wireline and power generation.
Financial highlights
Q3 revenue was $355.4M versus $305.8M in Q2 and $294.0M in Q3 2025; net income was $13.0M versus an $8.1M Q2 loss and a $2.4M year-ago loss.
Q3 Adjusted EBITDA was $59.6M versus $44.8M in Q2 and $35.2M a year earlier; Q3 diluted EPS was $0.09 versus a $0.07 Q2 loss per share.
Operating cash flow was $46M versus $66M in Q2; working capital used ~$15M in Q3 after providing ~$20M in Q2.
Q3 capital expenditures were $123M paid and $171.5M incurred, including $43M for completions and $128M for PROPWR equipment orders.
Q3 net cash used in investing was $122.1M and Free Cash Flow was negative $75.7M; Free Cash Flow for Completions Business was $5.0M.
Outlook and guidance
2026 incurred CapEx guidance is $525M–$575M: $125M–$145M for completions and $400M–$430M for PROPWR; 2027 PROPWR CapEx is expected to exceed 2026 levels.
PROPWR targets 250–275 MW deployed by year-end 2026 and more than 500 MW by early 2028; 2027 earnings are expected to skew to H2 as larger projects come online in stages.
PROPWR cost guidance remains $1.4M–$1.5M per MW, including balance of plant; targeted payback is four to six years, with oil and gas/midstream nearer four years.
Completions expects ~13 active fleets in Q4; seasonality and rebuilding costs may pressure results, with cost optimization expected as activity stabilizes in 2027.
At least three FORCE fleet buyouts are expected in 2027; the first purchase is expected to cost $15M–$20M, with lease expense rolling off as buyouts occur.
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Latest events from ProPetro
- Q2 2026 revenue up 13% to $306M; PROPWR at 350 MW; liquidity $905M; capex guidance cut.PUMP
Q2 2026 - Q1 2026 revenue fell 7% to $271M as PROPWR expanded via Caterpillar deal and equity raise.PUMPQ1 2026
- Annual meeting set for May 2026 with key votes on directors, pay, incentives, and auditor.PUMPProxy filing
- Shareholders to vote on directors, executive pay, expanded LTIP, and auditor amid strong growth.PUMPProxy filing
- Q4 delivered strong cash flow, EBITDA growth, and major PROPWR expansion initiatives.PUMPQ4 2025
- ProPWR power generation is set to transform revenue mix, with all 220 MW soon under contract.PUMP16th Annual Midwest Ideas Conference
- Q3 net loss of $137M from $189M impairment; revenue up sequentially, electric fleet transition advanced.PUMPQ3 2024
- Q2 revenue fell but free cash flow rose as electric fleet demand and share buybacks stayed strong.PUMPQ2 2024
- Free cash flow surged, next-gen fleet hit 75%, and PROPWR/ProPower growth accelerated.PUMPQ4 2024
Next ProPetro earnings date
Q4 202617 Feb, 2027
ProPetro
Next ProPetro earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
ProPetro Holding Corp. is an oilfield services company that provides hydraulic fracturing, cementing, and other related services to upstream oil and gas companies. The company focuses on supporting exploration and production activities in unconventional resource plays, primarily in the Permian Basin. The company is headquartered in Midland, Texas, and its shares are listed on the NYSE.