USA Compression Partners (USAC) Q4 2025 earnings summary

Executive summary

• Achieved record full-year Adjusted EBITDA of $613.8 million and Distributable Cash Flow (DCF) of $385.7 million for 2025, excluding the J-W Power acquisition which closed in January 2026.

• Reported record Q4 2025 revenues of $252.5 million and net income of $27.8 million.

• Maintained high average fleet utilization above 94% throughout 2025, ending at 94.5%.

• Successfully closed the J-W Power acquisition in January 2026, expanding active horsepower to 4.4 million and adding manufacturing capabilities.

• Implemented new leadership, headquarters, shared services model, and ERP platform during the year.

Financial highlights

• Q4 2025 net income was $27.8 million; operating income was $76.6 million.

• Q4 average pricing reached $21.69 per horsepower, up 4% year-over-year.

• Q4 adjusted gross margin was 66.8%; Adjusted EBITDA margin was 61.2%.

• Full-year 2025 Adjusted EBITDA was $613.8 million; DCF was $385.7 million.

• Leverage ratio at year-end was 4.0x.

Outlook and guidance

• 2026 Adjusted EBITDA guidance: $770–$800 million; DCF: $480–$510 million, including full-year J-W contribution.

• Maintenance capital forecasted at $60–$70 million; expansion capital at $230–$250 million.

• Targeting 3.75x debt to EBITDA in the near term.

• Budgeted 105,000 new horsepower for 2026, with half under contract; majority to be delivered in late Q3 and Q4.