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Sep 30, 2025
ProPetro Q3 2025 Earnings Report
ProPetro reported financial results for the third quarter of 2025, with a decrease in total revenue and a net loss.
Key Takeaways
ProPetro delivered a resilient third quarter despite market headwinds, with total revenue of $294 million and a net loss of $2 million. The company's completions business generated reliable free cash flow, and its PROPWR segment achieved significant milestones, including securing new long-term contracts and expanding contracted capacity.
Total revenue for Q3 2025 was $294 million, a 10% decrease compared to the prior quarter.
The company reported a net loss of $2 million, or $0.02 loss per diluted share, an improvement from the $7 million net loss in the prior quarter.
Adjusted EBITDA was $35 million, representing 12% of revenue, and decreased by 29% compared to the prior quarter.
PROPWR achieved major milestones, deploying its first assets, securing a long-term contract for a data center, and expanding total contracted capacity to over 150 megawatts.
Revenue by Segment
Forward Guidance
ProPetro anticipates full-year 2025 capital expenditures incurred to be between $270 million and $290 million, with a reduction in the completions business and an increase for PROPWR due to accelerated delivery schedules. The company expects to maintain 10 to 11 active frac fleets in Q4 2025 and into 2026, with sequential improvement in the PROPWR segment.
Positive Outlook
- Full-year 2025 capital expenditures incurred for PROPWR are expected to be approximately $190 million, reflecting accelerated delivery schedules and down payments for additional orders.
- PROPWR capital expenditures for 2026 are projected to be between $200 million and $250 million, indicating continued growth.
- The company expects to maintain 10 to 11 active frac fleets in the fourth quarter and into 2026, sustaining activity levels.
- Anticipates sequential improvement in the PROPWR segment, which should help offset holiday impacts and bolster margins.
- A letter of intent for a $350 million lease financing facility has been executed to fund PROPWR's growth, providing flexible, on-demand funding.
Challenges Ahead
- Full-year 2025 capital expenditures incurred for the completions business are expected to be $80 million to $100 million, a reduction from previous guidance due to declining activity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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