Smart Sand (SND) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue was $86.0 million, with full year 2025 revenue at $330.2 million, up 6% year-over-year due to higher sand sales volumes and slightly higher prices.

• Record annual sales volumes of 5.4 million tons and record free cash flow of $32.5 million were achieved in 2025.

• Robust sales activity occurred across key shale markets, including the Appalachian Basin, Bakken, and Canadian shales.

• The company returned $8 million to shareholders in 2025 through dividends and stock buybacks.

Financial highlights

• Full year 2025 net income was $1.3 million ($0.03 per share), down from $3.0 million ($0.08 per share) in 2024, due to higher logistics and production costs.

• Adjusted EBITDA for 2025 was $29.9 million, down from $38.8 million in 2024, primarily due to increased logistics and mining costs.

• Contribution margin for 2025 was $65.1 million ($11.96 per ton), down from $71.7 million ($13.62 per ton) in 2024.

• Fourth quarter 2025 net income was $1.2 million ($0.03 per share), compared to $3.7 million ($0.10 per share) in Q4 2024.

• Free cash flow was $32.5 million for 2025 and $20.4 million for Q4 2025.

Outlook and guidance

• Sales volumes are expected to grow 5–10% in 2026, with continued positive free cash flow anticipated.

• Capital expenditures for 2026 are projected at $15–20 million, including $12 million for mining expansion and terminal investments.

• The company expects to benefit from rising natural gas demand, driven by LNG export capacity and AI-related power demand.