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Jun 30
ProFrac Q2 2025 Earnings Report
ProFrac Holding Corp. reported its second quarter 2025 financial and operational results, reflecting market headwinds and a net loss, while highlighting operational excellence and strategic initiatives.
Key Takeaways
ProFrac Holding Corp. experienced a challenging second quarter of 2025, with total revenue decreasing to $502 million from $600 million in the previous quarter, and a net loss of $104 million, significantly wider than the $15 million net loss in Q1 2025. Despite market headwinds, the company emphasized its operational excellence, particularly in asset management, which contributed to positive free cash flow of $54 million.
Total revenue for Q2 2025 was $502 million, a decrease from $600 million in Q1 2025.
The company reported a net loss of $104 million in Q2 2025, compared to a net loss of $15 million in the prior quarter.
Adjusted EBITDA was $79 million, representing 16% of revenue, down from $130 million (22% of revenue) in Q1 2025.
Free cash flow was positive at $54 million in Q2 2025, a significant improvement from a negative $14 million in Q1 2025.
ProFrac
ProFrac
ProFrac Revenue by Segment
Revenue by Segment
Stimulation Services Revenue
CapyFin.comProppant Production Revenue
CapyFin.comManufacturing Revenue
CapyFin.comOther Business Activities Revenue
CapyFin.com Forward Guidance
ProFrac anticipates a decrease in Stimulation Services segment results for the third quarter relative to the second quarter, despite recent improvements in fleet redeployment. The Proppant Production segment is expected to maintain relatively flat volumes with similar profitability levels due to efficiency gains. The company also updated its full-year 2025 capital expenditure guidance.
Positive Outlook
- Active fleet count in Stimulation Services has improved since late June-early July trough, with incremental fleets redeployed.
- Asset management approach continues to provide capital efficiency and flexibility in maintenance and fleet deployment.
- Efficiency gains in the Proppant Production segment are expected to drive profitability levels similar to Q2 despite lower sequential volumes.
- Increased customer engagement around 2026 planning suggests potential for favorable market tightening early next year.
- Strategic initiatives like ProPilot platform deployment and Flotek partnership are expected to position the company for long-term success.
Challenges Ahead
- Third quarter Stimulation Services segment results are expected to decrease relative to the second quarter results.
- Market headwinds emerged following a sharp commodity price decline in early April.
- The company expects to incur approximately $175 million to $225 million in capital expenditures in 2025, which is a broad range.
- The outlook for increased oil and gas activity is contingent on a simultaneous increase in both oil-directed and gas-directed activity.
- The company's ability to achieve its 2025 financial and operational guidance is subject to external market, industry, or other factors.