USA Compression Partners (USAC) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenues of $250.3 million, up 4.3% year-over-year, with Adjusted EBITDA of $160.3 million, up 10% year-over-year, and net income of $34.5 million, up 78.4% year-over-year.

• Distributable Cash Flow reached $103.8 million, with coverage ratio improving to 1.61x from 1.41x, reflecting strong cash flow generation.

• Maintained high utilization rates: total fleet at 94% and large horsepower units at 98%.

• Extended majority of debt maturities at lower rates, redeemed $750 million 2027 senior notes, and issued $750 million 2033 notes at 6.25%.

• Raised 2025 Adjusted EBITDA guidance to $610–$620 million and DCF guidance to $370–$380 million.

Financial highlights

• Q3 2025 revenues: $250.3 million, operating income $83.9 million, and net cash from operations $75.9 million.

• Adjusted gross margin reached 69.3%, and Adjusted EBITDA margin was 64.0%, both up year-over-year.

• Average revenue-generating horsepower was 3.55 million, with 94% utilization and revenue per HP at $21.46, up 4% year-over-year.

• Expansion capital expenditures were $37.3 million; maintenance capital $9 million for Q3.

• Net debt as of September 30, 2025, was $2.53 billion.

Outlook and guidance

• 2025 Adjusted EBITDA guidance raised to $610–$620 million; DCF guidance increased to $370–$380 million.

• Expansion capital range set at $115–$125 million; maintenance capital at $38–$42 million.

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

• New horsepower deployments in Q4 and into 2026, with active horsepower in Northeast and Central regions projected to grow by over 40,000 before year-end.

• 2026 capital budget to be released in February.