ProPetro (PUMP) Q4 2025 earnings summary

Executive summary

• 2025 was marked by significant market uncertainty, yet the company generated strong free cash flow, achieved $1.3 billion in revenue, $1 million in net income, and $208 million in Adjusted EBITDA, with Q4 revenue at $290 million and Adjusted EBITDA at $51 million.

• The completions business remained resilient, supporting investments in PROPWR, which expanded to 550 MW of equipment delivered or on order, targeting 750 MW by 2028 and 1 GW by 2030.

• Most active frac fleets are under contract, providing operational stability, and capital allocation is focused on FORCE electric fleets and targeted upgrades.

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

• Maintained profitability through market cycles, leveraging a bifurcated service model and disciplined capital allocation.

Financial highlights

• Q4 2025 revenue was $290 million, net income was $1 million ($0.01 per diluted share), and Adjusted EBITDA was $51 million (18% margin), with free cash flow from completions at $98 million.

• 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.

• Adjusted EBITDA for 2025 was $208 million, down from $283 million in 2024.

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

• Total liquidity at year-end 2025 was $205 million, rising to $325 million by January 2026.

Outlook and guidance

• 2026 capital expenditures are projected at $390–$435 million, with $140–$160 million for completions (including $40–$50 million for FORCE electric fleet lease buyouts) and $250–$275 million for PROPWR.

• PROPWR aims to deliver at least 750 MW by end of 2028 and 1 GW or more by 2030, with all current units expected to be delivered by year-end 2027.

• Near-term headwinds are expected to persist into 2026, with winter weather impacting Q1 profitability, but PROPWR is expected to contribute meaningful earnings in H2 2026.

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