Select Water Solutions Q1 Revenue Up 6% to $366M, Infrastructure Revenue Rises 19%
Select Water Solutions generated Q1 2026 revenue of $366 million, up 6% sequentially, and net income of $9.4 million versus a $2.1 million Q4 2025 loss. Water Infrastructure revenue hit $96.7 million, up 19% sequentially, and 2026 segment growth guidance rose to 25-30% after early May Northern Delaware Basin acquisitions.
1. Q1 Financial Performance
Select Water Solutions reported consolidated Q1 2026 revenue of $366.0 million, a 6% sequential increase from Q4 2025, and net income of $9.4 million compared to a $2.1 million loss in the prior quarter. Gross profit rose to $65.3 million with a 17.8% margin, and adjusted EBITDA improved by $13.5 million sequentially.
2. Water Infrastructure Highlights
The Water Infrastructure segment delivered record quarterly revenue of $96.7 million, up 19% from Q4 2025, driven by increased recycling and disposal volumes averaging 1.4 million barrels per day. The company secured multiple new long-term contracts across the Permian, Bakken, MidCon and Northeast regions, adding three minimum volume commitments, two acreage dedications, two ROFR dedications and eight interruptible agreements.
3. Northern Delaware Basin Acquisitions
In early May 2026, Select closed $28.6 million of acquisitions in the Northern Delaware Basin, adding approximately 4,000 acres of surface and mineral rights, 30,000 barrels per day of disposal capacity, 1,800 acre-feet of annual water rights and 500,000 barrels of storage infrastructure. These assets are expected to integrate seamlessly and enhance the economic potential of the existing network.
4. Updated Guidance and Outlook
Backed by Q1 outperformance and new infrastructure contracts, the company raised its full-year Water Infrastructure segment growth guidance to 25-30% year-over-year. Net capital expenditures for 2026 are now expected to range between $200 million and $250 million to support network expansion and integration capital requirements.