USA Compression Partners (USAC) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $357.191M (+42.7% YoY), Adjusted EBITDA was $197.307M (+23.1%), and Distributable Cash Flow was $127.149M.

• Sequential growth in revenue, Adjusted EBITDA, and Distributable Cash Flow accompanied records for revenue, Adjusted EBITDA, average revenue-generating horsepower, and revenue per horsepower.

• J-W integration activities were substantially completed; legacy units were integrated into SAP, while the executed contract pipeline expanded.

Financial highlights

• Revenue was $357.191M versus $250.255M YoY; operating income was $102.2M and net income was $47.349M.

• Adjusted EBITDA was $197.307M versus $160.3M; Distributable Cash Flow was $127.149M versus $103.8M.

• Net cash from operating activities was $117.7M versus $75.9M; net cash interest expense was $47.3M.

• Q3 diluted EPS was $0.33 versus $0.26; nine-month diluted EPS was $0.91 versus $0.63.

• Adjusted gross margin was $222.2M, or 62.2% of revenue, versus $173.3M and 69.3% a year earlier; Adjusted EBITDA margin was 55.2% versus 64.0%.

Outlook and guidance

• FY2026 Adjusted EBITDA guidance narrowed to $770M–$780M from $770M–$800M; Distributable Cash Flow guidance is $495M–$505M.

• FY2026 maintenance capex guidance is $60M–$70M and expansion capex is $230M–$250M; expansion includes $32M of non-compression capital.

• 2027 fleet growth planning is 2%–3%; the ~$500M aggregate new-unit order book extends through 2029, with over 60% of 2027 horsepower deliveries contracted.

• Remaining contract-operation performance obligations totaled $1.30B at September 30, including $600.7M expected in 2027 and $299.8M in 2028.

• Management estimates 10M+ incremental horsepower may be needed as natural gas production expands across key basins.