Flowco (FLOC) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $258.6M, up 10% sequentially and 46% YoY; Adjusted EBITDA reached $103.9M, up 11% sequentially and above the high end of guidance.

• Free Cash Flow was $72.4M, with 69.7% conversion; both operating segments contributed to sequential growth.

• Lifting Solutions expanded later-life well technologies and international reach, complementing Valiant’s artificial-lift activity and cross-selling opportunities.

Financial highlights

• Q3 revenue was $258.6M versus $176.9M a year earlier; rentals were $141.8M and sales were $116.9M.

• Operating income was $47.9M versus $34.6M; net income attributable to shareholders was $20.1M versus $12.5M.

• Adjusted EBITDA was $103.9M versus $93.9M in Q2 and $76.8M in Q3 2025; Adjusted EBITDA margin was 40.2%.

• Operating cash flow was $103.1M, Free Cash Flow was $72.4M and Q3 capital expenditures were $30.7M.

• Nine-month revenue was $704.0M, operating income $125.4M and operating cash flow $277.0M.

Outlook and guidance

• Q4 Adjusted EBITDA guidance is $93M-$99M, reflecting typical seasonality, expanded geographic reach and a full quarter of Lifting Solutions.

• Full-year capital spending outlook is unchanged; Q4 CapEx is expected in line with Q3, with 2027 spending anticipated at similar or slightly lower levels than 2026.

• Surface Equipment systems released in Q3 are being redeployed against identified demand; returns to current stacked levels are expected by mid-2027.

• Free Cash Flow conversion from EBITDA is expected to remain in the 50% neighborhood; international opportunities are expected to require $5M-$10M of additional working capital.