ProPetro Posts Q4 Profit, $51M EBITDA and $390–435M 2026 Capex
ProPetro reported Q4 revenue of $290 million and net income of $1 million (versus a $2 million Q3 loss), driving Adjusted EBITDA of $51 million and $98 million of free cash flow. Management guided 2026 capex of $390–435 million and reported $325 million total liquidity after a January equity raise.
1. Financial Performance
ProPetro reported Q4 revenue of $290 million and net income of $1 million (versus a $2 million Q3 loss), driving Adjusted EBITDA of $51 million and $98 million of free cash flow.
2. Capital Guidance and Liquidity
Management guided 2026 capital expenditures of $390–435 million, including $140–160 million for completions, and reported $325 million total liquidity from $236 million cash after a January equity raise and expanded credit facilities.
3. ProPower Business Growth
ProPower reached approximately 240 MW committed with 190 MW on order, delivering about 550 MW on a delivered/on-order basis and targeting at least 750 MW by end-2028 and 1 GW by end-2030, with meaningful earnings expected in H2 2026.
4. Fleet Activity Strategy
Permian Basin active frac fleets fell to about 70 from 90–100 a year earlier, prompting cost cuts and a pledge not to operate at sub-economic levels; management expects around 11 active fleets in Q1 2026, with winter weather impacting profitability.