The GAAP EPS miss vs Street consensus ($0.23 actual vs $0.34 est) is the headline risk, but the underlying business is growing (revenue +8.9% YoY, Adjusted EBITDA +14.2%). Watch the Q2 2026 print for a full quarter of Valiant contribution and whether the elevated SG&A ($36.5M vs $26.4M in Q4 2025) normalizes. The dividend increase and buyback signal board confidence, but the $162M cash outlay for Valiant and the S-3 filing overhang temper the bullish read.
Price Chart
Executive Summary
Flowco Holdings reported Q1 2026 revenue of $209.5M (up 8.9% YoY) and GAAP diluted EPS of $0.23, with Adjusted EBITDA of $85.5M (+14.2% YoY). The quarter included the first month of the Valiant acquisition, a $16.5M share repurchase, and a 12.5% dividend increase, but GAAP net income fell 35.6% sequentially due to $4.8M in transaction costs and higher SG&A from the S-3 filing.
Key Financial Metrics
Key Facts
- Revenue of $209.5M, up 8.9% YoY from $192.4M and up 6.2% QoQ from $197.2M
- GAAP diluted EPS of $0.23 vs $0.24 in Q1 2025; GAAP net income of $27.5M, flat YoY but down 36% QoQ
- Adjusted EBITDA of $85.5M, up 14.2% YoY from $74.9M and up 2.4% QoQ from $83.5M
- Closed Valiant Artificial Lift Solutions acquisition on March 2, 2026 for ~$162M net cash
- Returned $16.5M to shareholders via share repurchases; Board approved 12.5% dividend increase to $0.09/share
- Net debt increased to ~$310.7M (total debt $328M less cash $17.3M) from ~$163.3M at year-end 2025
- Free cash flow of $52.3M, up from $14.7M in Q1 2025; operating cash flow $78.7M
- Production Solutions segment revenue grew 10% QoQ to $140.2M, driven by Valiant contribution and Surface Equipment sales
Financial Impact
Revenue beat consensus by ~1.4% ($209.5M vs $206.6M est); GAAP diluted EPS of $0.23 vs consensus $0.34 — a miss of 32.4% on the Street metric
Risk Factors
- GAAP diluted EPS of $0.23 missed the $0.34 consensus by 32.4%, which could pressure the stock near-term
- Net debt surged to ~$310.7M from ~$163.3M at year-end due to Valiant acquisition funding
- Corporate SG&A rose to $36.5M from $26.4M QoQ, partly from S-3 filing costs — may not fully reverse
- Natural Gas Technologies segment revenue declined 0.6% QoQ and 9.2% YoY, signaling potential headwinds in that business
- Tax receivable agreement liability ballooned to $92.4M from $22.0M, creating future cash obligations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207483 |
| Document: floc-20260506.htm | 0001193125-26-207483 |
| Document: 0001193125-26-207483-index-headers.html | 0001193125-26-207483 |
| Document: 0001193125-26-207483-index.html | 0001193125-26-207483 |
| Document: 0001193125-26-207483.txt | 0001193125-26-207483 |
| 8-K Data (Synthetic) | 0001193125-26-207483 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 144 | $19.10 | awaiting T+60 | — | $19.83 (+3.82%) |
Oct 2, 2026 25d ago | 8-K | $18.46 | awaiting T+60 | — | $19.83 (+7.42%) |
Aug 25, 2026 9w ago | 8-K | $20.64 | awaiting T+60 | — | $19.83 (−3.92%) |
Aug 11, 2026 11w ago | 8-K | $23.26 | awaiting T+60 | — | $19.83 (−14.75%) |
Aug 10, 2026 11w ago | 8-K | $23.26 | awaiting T+60 | — | $19.83 (−14.75%) |
Jul 30, 2026 12w ago | 8-K | $19.73 $19.63 | ▼ −0.51% | ▼ −2.97% | $19.83 (+0.51%) |
Jun 26, 2026 17w ago | Institutional Cluster | $21.80 $19.87 | ▼ −8.85% | ▼ −13.34% | $19.83 (−9.04%) |
Jun 11, 2026 19w ago | Institutional Cluster | $23.72 $21.10 | ▼ −11.05% | ▼ −15.44% | $19.83 (−16.40%) |
May 7, 2026 24w ago | 8-K | $24.84 $20.36 | ▼ −18.04% | ▼ −22.87% | $19.83 (−20.17%) |
May 6, 2026 24w ago | 8-K | $24.25 $20.45 | ▼ −15.67% | ▼ −17.73% | $19.83 (−18.23%) |
US Market Status
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