USA Compression Partners (USAC) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenues of $250.1 million, up 6–7% year-over-year, with strong execution and utilization rates at 94–94.4%.

• Adjusted EBITDA reached $149.5 million, a 4% increase year-over-year, and distributable cash flow was $89.9 million.

• Net income for Q2 2025 was $28.6 million, down from Q2 2024 due to higher costs and impairments.

• 100,000 preferred units converted into approximately 5 million common units in June 2025, enhancing liquidity and reducing preferred distributions.

• Full-year 2025 outlook and quarterly distribution of $0.525 per common unit were reaffirmed.

Financial highlights

• Average revenue per horsepower reached $21.31, up 5% year-over-year.

• Average revenue-generating horsepower was 3.55 million, up 1% year-over-year.

• Net cash from operating activities was $124.2 million in Q2 2025.

• Adjusted gross margin for Q2 2025 was 65.4%; adjusted EBITDA margin was 59.8%.

• Distributable cash flow coverage ratio was 1.40x for Q2 2025.

Outlook and guidance

• Maintains 2025 adjusted EBITDA guidance of $590–$610 million and distributable cash flow of $350–$370 million.

• Expansion capital expenditures guidance is $120–$140 million; maintenance capital $38–$42 million.

• Management expects cash from operations and credit facility borrowings to cover all obligations over the next 12 months.

• Will update capital forecast in Q3 if new equipment deliveries shift into 2026.