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Dec 31, 2025
Select Water Solutions Q4 2025 Earnings Report
Select Water Solutions' Q4 2025 earnings report highlighted record annual performance, driven by strong growth in Water Infrastructure and Chemical Technologies segments, despite a net loss in the fourth quarter.
Key Takeaways
Select Water Solutions concluded a record year in 2025, achieving consolidated revenue of $347 million for Q4 and $1.4 billion for the full year. The company reported a net loss of $2.1 million in Q4 2025, but a full-year net income of $21.5 million and Adjusted EBITDA of $260.3 million. Growth was particularly strong in the Water Infrastructure and Chemical Technologies segments, with strategic expansions and new long-term contracts bolstering future prospects.
Q4 2025 consolidated revenue reached $346.5 million, contributing to a full-year revenue of $1.4 billion.
The company reported a net loss of $2.1 million in Q4 2025, consistent with the prior year's Q4 net loss.
Adjusted EBITDA for Q4 2025 was $64.2 million, marking an increase from $56.2 million in Q4 2024.
Water Infrastructure and Chemical Technologies segments demonstrated significant growth, with Chemical Technologies achieving record quarterly revenues of $87.0 million.
Revenue by Segment
Forward Guidance
Select Water Solutions anticipates another record-setting year for Adjusted EBITDA and consolidated margins in 2026, driven by continued expansion in the Water Infrastructure segment. The company projects significant revenue growth for Water Infrastructure and stable performance for Chemical Technologies and Water Services, with a focus on margin improvement and strategic capital deployment.
Positive Outlook
- Expected record-setting year for Adjusted EBITDA and consolidated margins in 2026.
- Water Infrastructure segment revenue projected to grow by 20% to 25% year-over-year in 2026.
- Chemical Technologies segment expected to maintain similar revenue profile in 2026 as 2025, with improved margin profile.
- Water Services segment expected to maintain a relatively steady annual revenue run-rate with continued margin improvement opportunities.
- Anticipated sequential growth in consolidated Adjusted EBITDA for Q1 2026, ranging from $65 million to $68 million.
Challenges Ahead
- Targeted net capital expenditures for full year 2026 are $175 million to $225 million, a significant investment.
- Growth in fixed infrastructure was lower than anticipated in Q4 2025 due to schedule adjustments, though offset by temporary water transfer services.
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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