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ProPetro Holding Corp. PUMP reported a fourth-quarter 2025 adjusted profit per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also improved from the year-ago loss of 1 cent per share, backed by a 16.3% year-over-year decline in costs and expenses.
Revenues of $290 million beat the consensus mark of $280 million. This improvement can be attributed to better-than-expected service revenues in the Wireline and Hydraulic Fracturing segments. Revenues in the Wireline segment reached $55.4 million, surpassing the consensus estimate by 7.4%. Revenues in the Hydraulic Fracturing segment reached $203.9 million, surpassing the consensus estimate by 1.4%. However, the top line decreased 9.6% from the year-ago quarter’s level of $321 million. This was due to a year-over-year decline in service revenues from the Hydraulic Fracturing and Cementing segments.
ProPetro Holding Corp. price-consensus-eps-surprise-chart | ProPetro Holding Corp. Quote
Adjusted EBITDA amounted to $51 million, up 46% from $35 million reported in the previous quarter. The figure also topped our model estimate of $46.4 million.
For the quarter under review, the Midland, TX-based oil and gas equipment and services company posted a net income of $1 million, a sequential rise from the previous quarter’s reported net loss of $2 million.
ProPetro has increased its equipment orders to 550 megawatts, with all units scheduled for delivery by the end of 2027. It expects total delivered capacity to reach at least 750 megawatts by year-end 2028 and one gigawatt or more by 2030. Total committed capacity has expanded to approximately 240 megawatts, with further growth anticipated in 2026. The company is actively negotiating additional contracts as demand for reliable, low-emission power solutions continues to accelerate. ProPetro also completed a successful underwritten equity offering, generating about $163 million in net proceeds to support general corporate purposes and growth initiatives within PROPWR. Additionally, it expanded its financing agreement with Caterpillar Financial Services Corporation, increasing borrowing capacity to roughly $157 million, and secured a $350 million lease financing facility with Stonebriar Commercial Finance, LLC, to provide flexible funding and scale PROPWR projects efficiently.
ProPetro conducts its business through four operating segments: Hydraulic Fracturing, Wireline, Cementing and Power Generation.
The hydraulic fracturing operations account for approximately 73.2% of the company’s total revenues and operations. During the fourth quarter, Service revenues from this unit decreased 3% to $203.9 million from the previous quarter’s level. However, the figure beat our estimate of $201.1 million.
Total costs and expenses were $283.6 million for the fourth quarter, which was down 16.3% from the prior-year quarter’s level. The cost of services (exclusive of depreciation and amortization) was $214.6 million compared with $243.5 million in the prior-year quarter.
On the other hand, depreciation and amortization were reduced 14.8% to $41.2 million from the prior-year quarter's level.
In the fourth quarter of 2025, the company paid $64 million in capital expenditures and incurred a total of $71 million. Of the amount incurred, roughly $12 million was primarily allocated toward maintenance activities within the completions business, while approximately $59 million was directed to support PROPWR equipment orders. Net cash used in investing activities, as reported on the statement of cash flows for the quarter, totaled $39 million.
As of Dec. 31, 2025, PUMP had $91.3 million in cash and cash equivalents and $45 million in borrowings under its ABL Credit Facility.
Total liquidity was $205 million, including $114 million in available credit at December-end. Long-term debt amounted to $105.6 million. The total debt-to-total capital was 12.6%.
Net cash provided by operating activities totaled $81 million in this quarter, which was up from $37.9 million in the year-ago quarter. Free cash flow from the completions business improved to approximately $98.1 million compared with $25.2 million in the previous quarter.
The company expects its full-year 2026 capital spending to be between $390 million and $435 million. Of this amount, $140 million to $160 million will go to the completions business, including approximately $40 million to $50 million related to lease buyouts for a portion of the company’s FORCEelectric fleet portfolio. The Completions business guidance range also includes capital reserved for refurbishing a portion of the existing Tier IV DGB fleet, investments in fleet automation technology, as well as measured investments in direct drive gas frac units. During 2026, ProPetro expects to incur $250 million to $275 million for its PROPWRbusiness.
While near-term prospects for adding more fleets are constrained, the company plans to operate 11 active frac fleets in the first quarter. Severe winter weather in January caused notable disruptions, particularly in the final week of the month, and is expected to materially weigh on first-quarter profitability.
Regarding PROPWR, the company’s focus in the first half of 2026 will be on effectively deploying and scaling its assets across its existing contracted customers. By prioritizing disciplined execution and reducing operational risks during this phase, PUMP aims to build a solid platform for sustainable growth. This strategy is expected to support PROPWR in generating positive and progressively stronger earnings in the second half of 2026, consistent with the company’s broader growth plans.
PUMP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While we have discussed PUMP’s fourth-quarter results in detail, let us take a look at three other key reports in this space.
TechnipFMC plc FTI reported fourth-quarter 2025 adjusted earnings of 70 cents per share, which beat the Zacks Consensus Estimate of 51 cents. The bottom line also increased from the year-ago quarter’s reported profit of 54 cents. The outperformance is primarily driven by strong results in both the Subsea and the Surface Technologies segments.
Newcastle & Houston-based oil and gas equipment and services provider’s revenues of $2.5 billion missed the Zacks Consensus Estimate by 25 million. However, the top line increased from the year-ago quarter’s reported figure of $2.4 billion.
As of Dec. 31, 2025, FTI had cash and cash equivalents worth $1 billion and long-term debt of $395.7 million, with a debt-to-capitalization of 10.5%.
Oceaneering International, Inc. OII reported an adjusted profit of 45 cents per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of 44 cents. Moreover, the bottom line surpassed the year-ago quarter’s reported figure of 37 cents. This was driven by strong year-over-year operating income from its Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments.
Total revenues were $668.6 million, which missed the Zacks Consensus Estimate of $711 million and decreased approximately 6.3% from the year-ago quarter’s $713.5 million due to lower revenues in the company’s energy-focused businesses. The revenue decrease in the energy business was primarily due to the unusually high number of international intervention and installation projects that OII’s Offshore Projects Group segment performed in the prior-year quarter, but that did not repeat in the fourth quarter of 2025. In the fourth quarter of 2025, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $90.5 million, a 10.9% decrease year over year.
As of Dec. 31, 2025, OII had cash and cash equivalents worth $688.9 million and $497.5 million, respectively, along with a long-term debt of about $487.4 million. The debt-to-capitalization was 31.2%.
Expand Energy Corporation EXE reported fourth-quarter 2025 adjusted earnings per share of $2, beating the Zacks Consensus Estimate of $1.89. Moreover, the company’s bottom line increased from the year-ago adjusted profit of 55 cents, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $2.3 billion surpassed the Zacks Consensus Estimate of $2.2 billion. Additionally, the top line was also higher than the year-ago figure of $1.6 billion.
As of Dec. 31, 2025, EXE had $616 million in cash and cash equivalents. Expand Energy had a long-term debt of $5 billion, reflecting a debt-to-capitalization of 21.2%.
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This article originally published on Zacks Investment Research (zacks.com).
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