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, with improved activity and operational execution.

• 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.

• Adjusted EBITDA for 2025 was $310 million (16% margin), down from $501 million (23% margin) in 2024; Q4 Adjusted EBITDA improved to $61 million (14% margin) from $41 million (10% margin) in Q3.

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

• Technology initiatives, including the Machina optimization suite, are positioned as key differentiators for future growth.

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); free cash flow was $25 million for the year.

• Q4 free cash flow was $14 million, a turnaround from -$29 million in Q3.

• Q4 capital expenditures were $37 million, down from $38 million in Q3; 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 are expected at $155 million-$185 million (including Flotek), or $145 million-$175 million excluding Flotek.

• Cost optimization program targeting $100 million in annualized savings is ahead of schedule, with labor and CapEx savings largely implemented.

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