USA Compression Partners — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues reached $357.2 million for the third quarter of 2026, an increase from $250.3 million in the same period of 2025.
• Net income was $47.3 million for the third quarter of 2026, compared to $34.5 million in the third quarter of 2025.
• Net cash provided by operating activities totaled $117.7 million for the third quarter of 2026, up from $75.9 million in the third quarter of 2025.
• Adjusted EBITDA was $197.3 million for the third quarter of 2026, compared to $160.3 million in the third quarter of 2025.
• Distributable Cash Flow was $127.1 million for the third quarter of 2026, compared to $103.8 million in the third quarter of 2025.
• Distributable Cash Flow Coverage Ratio was 1.67x for the third quarter of 2026, compared to 1.61x in the third quarter of 2025.
• Gross margin was $133.1 million for the third quarter of 2026, compared to $102.1 million in the third quarter of 2025.
• Adjusted gross margin was $222.2 million for the third quarter of 2026, compared to $173.3 million in the third quarter of 2025.
• Operating income was $102.2 million for the third quarter of 2026, compared to $83.9 million in the third quarter of 2025.
• Total assets were $3.72 billion as of September 30, 2026.
• Long-term debt, net, was $3.01 billion as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 Adjusted EBITDA guidance is updated to a range of $770.0 million to $780.0 million.
• Full-year 2026 Distributable Cash Flow guidance is updated to a range of $495.0 million to $505.0 million.
• Full-year 2026 expansion capital expenditures guidance is updated to a range of $230.0 million to $250.0 million.
• Full-year 2026 maintenance capital expenditures guidance is updated to a range of $60.0 million to $70.0 million.

Business Segments and Product Lines:

• Average revenue-generating horsepower increased to 4.48 million in the third quarter of 2026, compared to 3.55 million in the third quarter of 2025.
• Average revenue per revenue-generating horsepower per month was $23.14 in the third quarter of 2026, compared to $21.46 in the third quarter of 2025.
• Average horsepower utilization was 92.1% in the third quarter of 2026, compared to 94.0% in the third quarter of 2025.
• Fleet horsepower at period end was 4,997,227 as of September 30, 2026, compared to 3,872,918 as of September 30, 2025.
• Revenue-generating compression units at period end were 6,518 as of September 30, 2026, compared to 4,154 as of September 30, 2025.
• Expansion capital expenditures were $87.7 million for the third quarter of 2026.
• Maintenance capital expenditures were $18.5 million for the third quarter of 2026.
• As of September 30, 2026, the Partnership had 155,000 large horsepower on order for delivery, with 34,000 expected to be delivered within the next 12 months.
• Revenue-generating horsepower increased from 4,455,148 at the end of June 2026 to 4,481,756 at the end of September 2026.

Market and Competitive Landscape:

• The Partnership operates as one of the nation's largest independent providers of natural gas compression services in terms of total compression fleet horsepower.
• The customer base includes producers, processors, gatherers, and transporters of natural gas and crude oil.
• The Partnership focuses on midstream natural gas compression services primarily in high-volume gathering systems, processing facilities, and transportation applications.

Risks and Challenges:

• Risks include changes in economic conditions of the crude oil and natural gas industries, including impacts from military conflicts involving Russia and Ukraine or the Middle East.
• Potential impacts from general economic conditions, inflation, supply chain disruptions, trade tensions, or tariff impacts.
• Risks related to the ability to realize anticipated benefits of the J-W Power Acquisition and integration of acquired assets.
• Competitive conditions in the industry, including competition for employees in a tight labor market.
• Changes in the availability and cost of capital, including interest rate fluctuations.
• Risks of renegotiation of material terms of customer contracts or deterioration of customer financial condition leading to bankruptcy.
• Operating hazards, natural disasters, epidemics, pandemics, weather-related impacts, and casualty losses.
• Restrictions imposed under long-term debt agreements.
• Information technology risks, including cyberattacks and cybersecurity breaches.
• Risks related to the shared services integration with Energy Transfer.

Management Commentary and Tone:

• Clint Green, President and CEO, stated that third-quarter performance reflects the resilience of the business model and strong team execution.
• Management noted sequential growth in Revenue, Adjusted EBITDA, and Distributable Cash Flow despite a challenging commodity cost environment.
• Management highlighted the substantial completion of integration activities and the expansion of the executed contract pipeline across core markets.
• Management expressed continued confidence in the ability to create long-term value for unitholders due to the strength and optionality of the expanded platform and increased multi-year cash flow visibility.

Other Key Points:

• A cash distribution of $0.525 per common unit was announced for the third quarter of 2026, consistent with the third quarter of 2025.
• The distribution corresponds to an annualized distribution rate of $2.10 per common unit.
• The distribution was paid on November 6, 2026, to common unitholders of record as of the close of business on October 26, 2026.
• As of September 30, 2026, the Partnership had outstanding borrowings under its $1.75 billion revolving credit facility of $684.5 million.
• After accounting for $2.0 million in outstanding letters of credit, $1.06 billion of remaining unused availability was available under the credit facility.
• Outstanding aggregate principal amounts of senior notes as of September 30, 2026, were $1.00 billion (due 2029), $750.0 million (due 2033), and $600.0 million (due 2035).
• Cash interest expense, net, was $47.3 million for the third quarter of 2026.
• The Partnership completed the integration activities related to the J-W Power Acquisition and shared services integration with Energy Transfer.