Aug 6, 2026, 6:01 AM ETEnergy

ProFrac Holding Corp. — Second Quarter 2026 Earnings Summary

ACDCPROFRAC HOLDING CORP

Financial Performance

Total revenue was $498.1 million, up from $449.6 million in the first quarter of 2026 and down from $501.9 million in the second quarter of 2025.
Net loss was $74.7 million, improving from a net loss of $80.8 million in the first quarter of 2026 and a net loss of $107.2 million in the second quarter of 2025.
Adjusted EBITDA was $69.4 million, up from $54.0 million in the first quarter of 2026 and down from $78.6 million in the second quarter of 2025; this represented 14% of revenue compared to 12% in the first quarter.
Net cash provided by operating activities was $22.9 million, up from $9.3 million in the first quarter of 2026 and down from $96.7 million in the second quarter of 2025.
Capital expenditures totaled $31.7 million, down from $40.7 million in the first quarter of 2026 and down from $42.8 million in the second quarter of 2025.
Free cash flow was negative $7.9 million, an improvement from negative $25.2 million in the first quarter of 2026 and a swing from positive $54.4 million in the second quarter of 2025.
Total principal debt outstanding was approximately $1.10 billion as of June 30, 2026, with net debt of approximately $1.08 billion.
Total cash and cash equivalents were approximately $18.8 million as of June 30, 2026.

ProFrac expects Stimulation Services results to improve in the third quarter of 2026 compared to the second quarter, driven by pricing increases and steady utilization.
RFP season conversations are unfolding earlier than typical, indicating potential equipment tightness into 2027.
ProFrac expects Proppant Production results to be approximately flat in the third quarter of 2026 on stable volumes, navigating competitive pricing pressure in West Texas while leveraging opportunities in the Haynesville and South Texas.
Full-year 2026 capital expenditures are expected to range from $155 million to $185 million, including Flotek's plan; excluding Flotek, the range is $145 million to $175 million.

Stimulation Services: Generated $429.5 million in revenue, $39.3 million in Adjusted EBITDA, and a 9% margin in the second quarter of 2026.
Proppant Production: Generated $121.3 million in revenue, $6.3 million in Adjusted EBITDA, and a 5% margin in the second quarter of 2026; approximately 87% of revenue was intercompany.
Manufacturing: Generated $47.8 million in revenue, $6.1 million in Adjusted EBITDA, and a 13% margin in the second quarter of 2026; approximately 82% of revenue was intercompany.
Flotek: Generated $101.8 million in revenue, $19.1 million in Adjusted EBITDA, and a 19% margin in the second quarter of 2026; approximately 58% of revenue was intercompany.
Other Business Activities: Generated $3.6 million in revenue and $0.4 million in Adjusted EBITDA with an 11% margin in the second quarter of 2026.

Management notes a tighter market backdrop with growing operator demand for higher-specification equipment following years of industry attrition.
Pricing increases are layering in for the third quarter in hydraulic fracturing.
High-spec fleets are in high demand, and the market for this equipment continues to tighten.
The company faces incremental competitive pricing pressure in the proppant market, particularly in West Texas.

The broader energy landscape is defined by volatility, which management views as a structural tailwind for domestic energy security but a reminder of the need for flexibility.
Forward-looking statements are subject to risks including the ability to achieve anticipated benefits of acquisitions and vertical integration, risks related to fleet and sand mine operationalization, and potential capital needs exceeding projections.
Risks include the ability to access additional capital on acceptable terms, industry conditions affecting supply, demand, and prices, and macroeconomic conditions impacted by global hostilities.

Executive Chairman Matt Wilks stated that second-quarter results extended first-quarter momentum, reflecting a strong operating model and disciplined approach against a sequentially stronger market backdrop.
Wilks emphasized that the company is well-positioned for the future due to the tighter market and demand for high-spec equipment, with a thoughtful approach to the back half of the year and early RFP season.
The company remains committed to its cost optimization program and investment in differentiated technology to strengthen customer value and support returns through the cycle.
The company is executing on a fleet upgrade program to leverage industry momentum.

Leadership Transition: Effective August 7, 2026, Ladd Wilks resigned as CEO to serve on the Board of Directors, replacing Sergei Krylov. Matt Wilks assumed the combined role of CEO and Executive Chairman.
Credit Facility Refinancing: On July 1, 2026, the Company refinanced its $275 million asset-based revolving credit facility with a new $300 million facility to extend maturity and enhance borrowing base terms.
Liquidity: As of July 1, 2026, the new ABL facility had a maximum availability of approximately $243 million, with $173 million in borrowings outstanding, leaving approximately $71 million in remaining availability.
Intercompany Revenue: Significant portions of revenue in the Proppant Production, Manufacturing, and Flotek segments are intercompany.
Cash Restrictions: Approximately $5 million of the Company's total cash and cash equivalents was related to Flotek and not accessible by the Company as of June 30, 2026.