Flowco (FLOC) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenues of $197.2M, net income of $43.0M, and Adjusted EBITDA of $83.5M, with a margin of 42.4%.

• Full-year 2025 revenues reached $759.7M, net income $131.7M, and Adjusted EBITDA $311.7M.

• Delivered consistent execution and growth across both operating segments, maintaining industry-leading margins and robust free cash flow.

• Announced acquisition of Valiant Artificial Lift Solutions, expected to close in early March 2026, expanding artificial lift offerings and addressable market.

• Declared a quarterly dividend of $0.08 per share in January 2026.

Financial highlights

• Q4 revenue reached $197 million, with adjusted net income of $45.7 million and Adjusted EBITDA of $83.5 million.

• Full-year Adjusted Net Income was $148.8 million; Q4 Adjusted EBITDA margin was 42.4%, up from 39.7% in Q4 2024.

• Q4 Free Cash Flow was $63.2 million; full-year Free Cash Flow was $167.1 million.

• Maintained robust liquidity with $579.6 million available under the revolving credit facility as of February 2026.

• Rental revenue surpassed $110 million for the first time in Q4, with recurring contracted revenue.

Outlook and guidance

• Q1 2026 Adjusted EBITDA expected between $82 million and $86 million.

• Valiant expected to contribute ~$52 million Adjusted EBITDA in 2026, with 10 months of earnings contribution.

• Full-year 2026 CapEx (excluding M&A) expected at approximately $115 million.

• Management expects the Valiant acquisition to expand the addressable market and drive incremental growth in 2026.

• Anticipate continued incremental growth in rental fleets and stable segment revenues, excluding Valiant.