USA Compression Partners
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USA Compression Partners (USAC) investor relations material

USA Compression Partners Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved record full-year Adjusted EBITDA of $613.8 million and Distributable Cash Flow (DCF) of $385.7 million for 2025, excluding the J-W Power acquisition which closed in January 2026.

  • Reported record Q4 2025 revenues of $252.5 million and net income of $27.8 million.

  • Maintained high average fleet utilization above 94% throughout 2025, ending at 94.5%.

  • Successfully closed the J-W Power acquisition in January 2026, expanding active horsepower to 4.4 million and adding manufacturing capabilities.

  • Implemented new leadership, headquarters, shared services model, and ERP platform during the year.

Financial highlights

  • Q4 2025 net income was $27.8 million; operating income was $76.6 million.

  • Q4 average pricing reached $21.69 per horsepower, up 4% year-over-year.

  • Q4 adjusted gross margin was 66.8%; Adjusted EBITDA margin was 61.2%.

  • Full-year 2025 Adjusted EBITDA was $613.8 million; DCF was $385.7 million.

  • Leverage ratio at year-end was 4.0x.

Outlook and guidance

  • 2026 Adjusted EBITDA guidance: $770–$800 million; DCF: $480–$510 million, including full-year J-W contribution.

  • Maintenance capital forecasted at $60–$70 million; expansion capital at $230–$250 million.

  • Targeting 3.75x debt to EBITDA in the near term.

  • Budgeted 105,000 new horsepower for 2026, with half under contract; majority to be delivered in late Q3 and Q4.

Plan for J-W's 200k idle horsepower
J-W manufacturing's role in lead time mitigation?
Distribution growth outlook with 1.6x+ coverage?
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Frequently asked questions

USA Compression Partners LP provides natural gas compression services to customers across the oil and gas industry. The company owns and operates a fleet of compressor packages used in gathering, processing, and transportation infrastructure. It operates primarily under fixed-fee contracts. The company is headquartered in Austin, Texas, and its shares are listed on the NYSE.

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