The sequential improvement in completions revenue and PROPWR's first meaningful EBITDA contribution are positive, but free cash flow turned negative due to heavy PROPWR capex. Watch for Q4 seasonality and continued margin pressure from rebuilding costs, and monitor progress on data center contract conversions which are key to PROPWR's 2027 growth trajectory.
Price Chart
Executive Summary
ProPetro reported Q3 2026 revenue of $355M (up 16% sequentially) and net income of $13M ($0.09 diluted EPS), reversing a net loss of $8M in Q2 2026. Adjusted EBITDA rose 33% to $60M, driven by higher completions utilization and incremental PROPWR deployments. The company narrowed its full-year 2026 capex guidance to $525M-$575M and expects 2027 PROPWR capex to increase from 2026 levels.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $355M, up 16% from $306M in Q2 2026
- Net income of $13M ($0.09 diluted EPS) vs net loss of $8M ($0.07 loss) in Q2 2026
- Adjusted EBITDA of $60M (17% of revenue), up 33% from $45M in Q2 2026
- PROPWR generated ~$8M Adjusted EBITDA in Q3, a meaningful sequential increase
- Power generation capacity committed under contract reached ~510 MW, including ~230 MW Targa agreement
- Cash and cash equivalents of $729M, total liquidity of $934M as of Sept 30, 2026
- Full-year 2026 capex guidance narrowed to $525M-$575M from prior $540M-$610M
- Expects 2027 PROPWR capex to increase from 2026 levels
- Company expects to maintain ~13 active frac fleets through Q4 2026
- Free cash flow was negative $75.7M in Q3 vs positive $7.7M in Q2
Financial Impact
Revenue $355M, net income $13M, Adjusted EBITDA $60M; sequential improvements of 16%, $21M, and 33% respectively
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Hydraulic Fracturing | $235.2M | +13.5% |
| Wireline | $60.7M | +5.4% |
| Cementing | $37.4M | +16.8% |
| Power Generation | $22.3M | +139.2% |
Risk Factors
- Q4 seasonality and holiday-related slowdowns expected to temporarily affect completions utilization and results
- Continued margin pressure from rebuilding costs in completions business
- PROPWR data center contract timelines remain uncertain; management notes extended diligence periods
- Free cash flow negative $75.7M in Q3 driven by PROPWR capital spending
- Heavy capex requirements for PROPWR growth may pressure balance sheet if financing not secured
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001680247-26-000122 |
| Exhibit: exhibit993-3q26earningsc.htm | 0001680247-26-000122 |
| Exhibit: exhibit992-3q26pumpinves.htm | 0001680247-26-000122 |
| Document: pump-20261028.htm | 0001680247-26-000122 |
| Document: 0001680247-26-000122-index-headers.html | 0001680247-26-000122 |
| Document: 0001680247-26-000122-index.html | 0001680247-26-000122 |
| Document: 0001680247-26-000122.txt | 0001680247-26-000122 |
| 8-K Data (Synthetic) | 0001680247-26-000122 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | SC 13G | $7.80 | awaiting T+60 | awaiting T+60 | $7.73 (−0.91%) |
Oct 28, 2026 2d ago | 8-K | $7.87 | awaiting T+60 | awaiting T+60 | $7.73 (−1.78%) |
Oct 27, 2026 2d ago | SC 13G/A | $7.76 | awaiting T+60 | awaiting T+60 | $7.73 (−0.39%) |
Oct 19, 2026 11d ago | 3 | $7.63 | awaiting T+60 | awaiting T+60 | $7.73 (+1.31%) |
Oct 19, 2026 11d ago | 8-K | $7.63 | awaiting T+60 | awaiting T+60 | $7.73 (+1.31%) |
Aug 5, 2026 12w ago | Insider Cluster | $10.95 $7.87 | ▼ −28.13% | ▼ −26.70% | $7.73 (−29.41%) |
Aug 4, 2026 12w ago | 144 | $11.00 $7.87 | ▼ −28.45% | ▼ −28.40% | $7.73 (−29.73%) |
Jun 11, 2026 20w ago | Institutional Cluster | $14.78 $11.47 | ▼ −22.40% | ▼ −26.79% | $7.73 (−47.70%) |
May 7, 2026 25w ago | 8-K | $15.68 $11.39 | ▼ −27.36% | ▼ −32.20% | $7.73 (−50.70%) |
May 4, 2026 25w ago | 8-K | $16.85 $10.21 | ▼ −39.41% | ▼ −41.26% | $7.73 (−54.12%) |
US Market Status
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