ProFrac Holding Corp. Reports Full Year and Fourth Quarter 2025 Results

Full Year 2025 Results - ProFrac Holding Corp. reported a total revenue of $1.94 billion for the full year 2025, a decrease from $2.19 billion in 2024 [1] - The company experienced a net loss of $356 million in 2025, compared to a net loss of $208 million in 2024 [1] - Adjusted EBITDA for 2025 was $310 million, representing 16% of revenue, down from $501 million or 23% of revenue in 2024 [1] - Free cash flow was $25 million, significantly lower than $185 million in 2024 [1] - Capital expenditures totaled $170 million, down from $255 million in 2024 [1] Fourth Quarter 2025 Results - Total revenue for the fourth quarter was $437 million, an increase from $403 million in the third quarter [1] - The company reported a net loss of $141 million for the fourth quarter, compared to a net loss of $92 million in the third quarter [1] - Adjusted EBITDA for the fourth quarter was $61 million, which is 14% of revenue, up from $41 million or 10% of revenue in the third quarter [1] - Free cash flow improved to $14 million in the fourth quarter, compared to a negative $29 million in the third quarter [1] Business Segment Performance - The Stimulation Services segment generated revenues of $1.68 billion for the full year 2025, with an Adjusted EBITDA of $209 million and a margin of 12.4% [1] - The Proppant Production segment had revenues of $336 million for the full year 2025, resulting in $57 million of Adjusted EBITDA and a margin of 17.0% [1] - The Manufacturing segment generated revenues of $212 million for the full year 2025, with an Adjusted EBITDA of $19 million and a margin of 9.0% [1] - Flotek Industries, Inc. contributed revenues of $244 million for the full year 2025, resulting in $38 million of Adjusted EBITDA and a margin of 15.6% [1] Capital Expenditures and Liquidity - Cash capital expenditures in the fourth quarter were $37 million, slightly down from $38 million in the third quarter [1] - For the full year 2026, ProFrac expects capital expenditures to be in the range of $155 million to $185 million, including Flotek's current capital expenditure plan [1] - As of December 31, 2025, total cash and cash equivalents were approximately $23 million, with $152 million of liquidity available [1] Outlook - ProFrac anticipates that first quarter 2026 results will be softer than the strong fourth quarter 2025 performance due to weather-related disruptions [1] - The company expects January weather disruptions to impact Adjusted EBITDA by approximately $8 million to $12 million in the first quarter of 2026 [1] - The company is focused on returning to operational performance that drove fourth quarter results as it progresses through the first quarter and into the second quarter of 2026 [1]