The severe YoY deterioration suggests continued headwinds in oilfield services. Monitor Q2 2026 results for guidance on activity recovery; management expects stronger performance sequentially but proppant volumes to be lower. The elevated net debt ($1.05B) and negative FCF raise liquidity concerns.
Price Chart
Executive Summary
ProFrac reported Q1 2026 revenue of $449.6M (down 25.1% YoY from $600.3M) and a net loss of $80.8M (vs $15.4M loss in Q1 2025). Adjusted EBITDA plunged to $54M from $129.5M, and free cash flow turned negative at -$25.2M. The results reflect ongoing weakness in stimulation services and weather disruptions, though management cited sequential improvement and exiting the quarter with momentum.
Key Financial Metrics
Key Facts
- Revenue $449.6M, down 25.1% YoY from $600.3M
- Net loss $80.8M vs $15.4M loss in Q1 2025
- Adjusted EBITDA $54M vs $129.5M YoY
- Free cash flow negative $25.2M vs positive $14M in Q4 2025
- Net debt $1.05 billion, up from $1.03 billion at year-end 2025
- Maintained 2026 capex guidance of $155M-$185M
- Stimulation Services revenue $407M (8% Adj. EBITDA margin), down from $524.5M YoY
Financial Impact
Revenue decline of $150.7M YoY, EBITDA decline of $75.5M
Risk Factors
- Sustained low oilfield activity levels
- High debt load and negative free cash flow
- Weather disruptions and operational challenges in proppant
- Potential pricing pressure in stimulation services
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-056589 |
| Document: tm2613859d1_8k.htm | 0001104659-26-056589 |
| Document: 0001104659-26-056589-index-headers.html | 0001104659-26-056589 |
| Document: 0001104659-26-056589-index.html | 0001104659-26-056589 |
| Document: 0001104659-26-056589.txt | 0001104659-26-056589 |
| 8-K Data (Synthetic) | 0001104659-26-056589 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 5w ago | 8-K | $5.06 $5.17 | ▲ +2.17% | ▲ +2.29% | $4.63 (−8.50%) |
Aug 12, 2026 10w ago | Insider Cluster | $5.26 $5.37 | ▲ +2.09% | ▲ +2.29% | $4.63 (−11.98%) |
Aug 11, 2026 10w ago | Institutional Cluster | $5.14 $5.26 | ▲ +2.33% | ▲ +1.64% | $4.63 (−9.92%) |
Jul 6, 2026 16w ago | 8-K | $4.69 $4.71 | ▲ +0.43% | ▲ +0.90% | $4.63 (−1.28%) |
May 7, 2026 24w ago | 8-K | $6.58 $6.66 | ▼ −1.22% | ▼ −0.39% | $4.63 (+29.64%) |
Apr 13, 2026 28w ago | 8-K | $5.85 $6.21 | ▲ +6.15% | ▲ +5.38% | $4.63 (−20.85%) |
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