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Sep 30, 2025
Select Water Solutions Q3 2025 Earnings Report
Select Water Solutions reported its financial and operational results for the third quarter of 2025, highlighting strategic advancements in Water Infrastructure and strong growth in Chemical Technologies.
Key Takeaways
Select Water Solutions reported a revenue of $322.2 million and a net income of $2.3 million for the third quarter of 2025. The company advanced its strategic objectives by increasing Water Infrastructure scale and achieving strong sequential growth in Chemical Technologies revenue and gross profit. However, overall revenue and net income saw a decline compared to the previous quarter and the same period last year, partly due to the divestment of certain trucking operations.
Total revenue for Q3 2025 was $322.2 million, a decrease from $364.2 million in Q2 2025 and $371.3 million in Q3 2024.
Net income for Q3 2025 was $2.3 million, significantly lower than $11.7 million in Q2 2025 and $18.8 million in Q3 2024.
Chemical Technologies segment showed strong sequential growth with revenue increasing by 13% and gross profit by 34% compared to Q2 2025.
The company secured multiple new long-term contracted Water Infrastructure projects in the Permian Basin, adding approximately 65,000 acres of leasehold and ROFR acreage dedications.
Revenue by Segment
Forward Guidance
Select Water Solutions anticipates a strong fourth quarter performance from its Water Infrastructure business and steady performance from Chemical Technologies, which is expected to offset modest seasonal declines in Water Services. Consolidated revenues are expected to remain relatively steady, with Adjusted EBITDA increasing sequentially to an estimated $60 – $64 million. The company also increased its 2025 net capital expenditures guidance range to $250 – $275 million to support future growth in Water Infrastructure.
Positive Outlook
- Water Infrastructure segment is anticipated to grow approximately 10% sequentially in Q4 2025 due to system expansion and commercialization efforts.
- Water Infrastructure is expected to see growth of more than 20% in 2026 on a year-over-year basis.
- Chemical Technologies segment is expected to maintain relatively steady revenues with gross margin before D&A in the 18% – 20% range in Q4 2025.
- Consolidated Adjusted EBITDA is projected to increase sequentially to an estimated $60 – $64 million in Q4 2025.
- New long-term contracts for Water Infrastructure projects are expected to drive increased long-term utilization and future growth.
Challenges Ahead
- Water Services segment revenues are expected to decrease by low-to-mid-single digits in Q4 2025 due to lower activity levels and general seasonality.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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