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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.
Select Water Solutions
Select Water Solutions (WTTR) investor relations material
Select Water Solutions Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 revenue rose 27.9% YoY to $412.2M; gross profit increased 86.9% to $81.4M, net income reached $22.9M, and Adjusted EBITDA set a quarterly record at $93.5M.
Nine-month Adjusted EBITDA was $263.8M, exceeding the prior full-year record before any pro forma contribution from Pilot Water.
Financial highlights
Q3 operating income was $26.9M versus an operating loss of $1.8M; net income attributable to common stockholders was $20.6M, or $0.16 per share.
Q3 EBITDA was $86.3M versus $53.6M; Adjusted EBITDA was $93.5M versus $59.5M YoY and $92.7M QoQ.
Gross margin was 19.7% versus 13.5% YoY; gross margin before D&A was 31.4% versus 27.0%.
Operating cash flow was $84.4M, net CapEx was $88.1M and free cash flow was negative $3.6M.
Nine-month revenue increased 10.7% YoY to $1.174B; gross profit rose 42.3% to $223.5M and net income rose 133.5% to $54.9M.
Outlook and guidance
Q4 consolidated Adjusted EBITDA guidance is $95M–$100M; SG&A is expected at 11%–12% of revenue.
Q4 Water Infrastructure revenue is forecast at $150M–$160M, with 52%–56% gross margins before D&A; revenue growth guidance is 35%–45%.
Q4 Water Services revenue is expected at $150M–$160M with 21%–24% margins before D&A; Chemical Technologies revenue is forecast at $75M–$80M with 17%–18% margins.
Pilot Water is expected to generate 2026 revenue of $250M–$270M and Adjusted EBITDA of $100M–$110M; its 2027 Adjusted EBITDA outlook is $120M–$130M.
2026 net CapEx is forecast at $300M–$310M; maintenance capital is expected to rise to $80M–$90M going forward, with 2027 capital initially expected to be similar to 2026.
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Latest events from Select Water Solutions
- Record FY23 results and contracted infrastructure growth offset weaker service markets.WTTR
Q4 2023 - $700M acquisition expands Delaware Basin water platform, targeting synergies and growth.WTTRM&A announcement
- Infrastructure-led growth, recycling focus, and long-term contracts drive strong financial results.WTTRInvestor presentation
- Water Infrastructure growth, recycling innovation, and high-margin contracts drive strong results.WTTREnerCom Denver – The Energy Investment Conference
- Record Q2 2026 results driven by segment growth, strategic deals, and robust outlook.WTTRQ2 2026
- Recycling-first water infrastructure growth, long-term contracts, and diversification drive future value.WTTR17th Annual Southwest IDEAS Conference
- Recycling-focused water infrastructure growth drives high margins and long-term stability.WTTR16th Annual East Coast IDEAS Conference
- Record Water Infrastructure growth and margins drive strong Q3 and 2025 outlook.WTTRQ3 2024
- Water Infrastructure margins topped 51% as acquisitions and contracts fueled sequential net income growth.WTTRQ2 2024
Next Select Water Solutions earnings date
18th Annual Southwest IDEAS Conference19 Nov, 2026
Select Water Solutions
Next Select Water Solutions earnings date
18th Annual Southwest IDEAS Conference19 Nov, 2026
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Frequently asked questions
Select Water Solutions Inc. provides water management solutions to the oil and gas industry. The company offers services including water sourcing, treatment, recycling, and disposal, as well as the delivery of related chemical products. Select Water Solutions supports hydraulic fracturing and production activities with environmentally focused and cost-effective water management strategies. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.