ProPetro (PUMP) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue was $290 million, net income $1 million, and Adjusted EBITDA $51 million, with $98 million in free cash flow for the Completions Business and $205 million in liquidity at year-end.

• Full year 2025 revenue reached $1.3 billion, net income $1 million, and Adjusted EBITDA $208 million, reflecting improved margins and cost management.

• PROPWR division expanded equipment orders to 550 megawatts, with plans to reach 750 megawatts by 2028 and one gigawatt by 2030.

• Maintained profitability and strong free cash flow despite market headwinds, leveraging disciplined capital allocation and operational execution.

• 100% of completions business revenue is derived from the Permian Basin, a leading hydrocarbon production region.

Financial highlights

• Q4 2025 revenue was $290 million, net income $1 million ($0.01 per share), and Adjusted EBITDA $51 million (18% margin), up from $35 million in Q3.

• Free cash flow for Completions Business was $98 million in Q4 and $190 million for the year.

• Year-over-year revenue declined from $1.44 billion in 2024 to $1.27 billion in 2025, but net income improved from a $138 million loss to $1 million profit.

• Cash and cash equivalents increased to $91 million at year-end 2025 and $236 million by January 2026, following a $163 million equity offering.

• Q4 capital expenditures paid were $64 million; $71 million incurred, with $59 million supporting PROPWR orders.

Outlook and guidance

• 2026 capital expenditures projected at $390–$435 million, with $140–$160 million for Completions and $250–$275 million for PROPWR.

• PROPWR aims to deliver at least 750 megawatts by end of 2028 and one gigawatt or more by 2030.

• Near-term market headwinds and winter weather expected to impact Q1 2026 profitability.

• PROPWR expected to contribute meaningful earnings in the second half of 2026.

• Expects data center and industrial power opportunities to drive higher-capacity, longer-term contracts.