Flowco Records $197M Q4 Revenue, $83.5M EBITDA and Plans $200M Acquisition
Flowco posted Q4 revenue of $197M, up 11% sequentially, with rental revenue exceeding $110M, Adjusted EBITDA of $83.5M (42.4% margin) and free cash flow of $63M. The company plans $115M in 2026 CapEx, guides Q1 Adjusted EBITDA of $82–86M and expects to close its $200M Valiant acquisition adding ~$52M EBITDA.
1. Q4 Financial Results
Flowco reported fourth-quarter revenue of $197 million, 11% above the prior quarter, and delivered Adjusted EBITDA of $83.5 million, representing a 42.4% margin. Adjusted net income reached $43 million and free cash flow totaled $63 million.
2. Rental Platform Momentum
Rental revenue topped $110 million for the first time and grew 4% sequentially, driven by demand for HPGL and VRU solutions. Management highlighted the rental fleet’s contracted recurring revenue, which enhances result visibility and durability.
3. Capital Allocation and Guidance
The company invested $24 million in Q4, bringing 2025 CapEx to $127 million and plans $115 million in 2026 excluding M&A. For Q1, it projects Adjusted EBITDA of $82–86 million and expects corporate expenses of $18–20 million for the year.
4. Valiant Acquisition Details
Flowco intends to close its approximately $200 million Valiant Artificial Lift Solutions acquisition in early March, funded via its credit facility and share issuance. The deal carries a 3.9x projected 2026 EBITDA valuation and is expected to contribute about $52 million of EBITDA.