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Dec 31, 2025
ProPetro Q4 2025 Earnings Report
ProPetro reported its financial and operational results for the fourth quarter and full year of 2025.
Key Takeaways
ProPetro demonstrated strong performance in Q4 2025, with revenue of $290 million and net income of $1 million, or $0.01 per diluted share. The company's Adjusted EBITDA increased significantly to $51 million, representing 18% of revenue, driven by effective cost management. The PROPWR segment showed substantial growth with increased equipment orders and committed capacity, positioning the company for future expansion despite challenging market conditions in the completions business.
Revenue for Q4 2025 was $290 million, a slight decrease from the prior quarter but reflecting resilience amidst market challenges.
Net income for Q4 2025 was $1 million, or $0.01 per diluted share, a turnaround from a net loss in the previous quarter.
Adjusted EBITDA for Q4 2025 reached $51 million, an 18% margin, indicating strong operational efficiency and cost control.
The PROPWR segment expanded significantly, increasing equipment orders to 550 megawatts and total committed capacity to approximately 240 megawatts, with expectations for continued growth.
Revenue by Segment
Forward Guidance
ProPetro anticipates full-year 2026 capital expenditures to be between $390 million and $435 million, with significant investments in both the Completions business and the PROPWR segment. The company expects to operate 11 active frac fleets in Q1 2026, with PROPWR beginning to deliver positive earnings in the second half of 2026.
Positive Outlook
- Full-year 2026 capital expenditures are projected to be between $390 million and $435 million, indicating continued investment and growth.
- The Completions business is expected to account for $140 million to $160 million in capital expenditures, including strategic lease buyouts for FORCE® electric fleets.
- The PROPWR business is projected to incur $250 million to $275 million in 2026 for additional equipment orders and associated down payments, supporting its growth targets.
- PROPWR is positioned to deliver at least 750 megawatts by year-end 2028 and one gigawatt or more by year-end 2030.
- PROPWR is expected to begin delivering positive and increasingly meaningful earnings in the second half of 2026.
Challenges Ahead
- Near-term opportunities to add additional fleets in the completions business remain limited.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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