ProFrac (ACDC) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted EBITDA rose 49% sequentially, driven by strong performance in stimulation services and proppant production.

• Full year 2025 revenue declined to $1.94 billion from $2.19 billion in 2024, with a net loss widening to $356 million from $208 million year-over-year.

• Early 2026 saw weather-related disruptions, but activity and operator sentiment improved as the quarter progressed.

• Technology initiatives, including the Machina optimization suite, are advancing operational efficiency and customer value.

• Vertical integration and cost management provided resilience amid tariff-driven uncertainty and OPEC supply increases.

Financial highlights

• Q4 2025 revenues were $437 million, up from $403 million in Q3; adjusted EBITDA was $61 million (14% margin), up from $41 million (10% margin) in Q3.

• Full year 2025 revenues reached $1.94 billion, with adjusted EBITDA of $310 million (16% margin), down from $501 million (23% margin) in 2024.

• Free cash flow was $14 million in Q4 and $25 million for the year, both down from 2024.

• Q4 cash capital expenditures were $37 million, nearly flat sequentially; full year CapEx was $170 million, down from $255 million in 2024.

• Net cash from operating activities was $190 million in 2025, down from $367 million in 2024; Q4 saw $50 million, up from $5 million in Q3.

Outlook and guidance

• 2026 total capital expenditures expected at $155 million-$185 million (including Flotek); $145 million-$175 million excluding Flotek.

• Q1 2026 results expected to be softer than Q4 due to January weather, with $8–$12 million estimated EBITDA impact, but operational momentum and activity are improving for Q2.

• Cost optimization program targeting $100 million in annualized savings is ahead of schedule, with full benefits expected by Q2 2026; labor-related savings fully implemented.