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EarningsQ3 2026 Earnings Report
PUMP Q3 2026 EPS Results
Actual EPS$0.09
Consensus EPS>-$0.01
Beat/MissBeat by +$0.10
One Year Ago EPS-$0.03
PUMP Q3 2026 Revenue Results
Actual Revenue$355.38M
Expected Revenue$320.44M
Beat/MissBeat by +$34.95M
YoY Revenue Growth+20.91%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
PUMP Upcoming Earnings
Propetro Holding's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
PUMP Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive. ProPetro reported substantial sequential improvement in revenue, net income, and adjusted EBITDA, PROPWR reached positive adjusted EBITDA and expanded its contracted capacity, and the completions business is essentially sold out in a tightening market with pricing momentum. The principal challenges were completions rebuilding costs, fourth-quarter seasonality, working capital usage, labor inflation, extended data center contracting timelines, and the back-weighted timing of PROPWR earnings. Management nevertheless maintained its guidance and expressed strong confidence in the 2027 setup.Company Guidance
Strong Third-Quarter Financial Performance
ProPetro generated total revenue of $355 million, an increase of 16% compared to the prior quarter. Net income was $13 million, or $0.09 per diluted share, compared with a net loss of $8 million, or $0.07 per diluted share, in the prior quarter. Adjusted EBITDA was $60 million, or 17% of revenue, up 33% sequentially. The increase was primarily driven by higher completions utilization and incremental PROPWR deployments.
PROPWR EBITDA Growth and Execution
PROPWR generated approximately $8 million of adjusted EBITDA in the third quarter, representing a meaningful sequential increase. Project-level results and margin performance continued to meet management's high expectations, reinforcing confidence in the business's earnings and return profile.
PROPWR Deployment Growth Plan
PROPWR expects to reach approximately 250 MW-275 MW deployed by the end of 2026 and more than 500 MW by early 2028. Growth is expected to come from currently contracted capacity, the Targa award, and one or more additional data center projects.
Targa Award Expands Contracted Capacity
The recently announced Targa agreement for approximately 230 MW brings total PROPWR capacity committed under contract to approximately 510 MW. Management said pricing and expected annual return are very attractive, while the award demonstrates demand across oil and gas, upstream, industrial, and data center end markets.
Secured Power Generation Equipment and Supply Advantage
ProPetro has secured approximately 2.6 GW of power generation capacity, including more than 1 GW of Caterpillar's highly efficient 10-MW units under its strategic framework agreement. Management said the agreement and early-mover position provide an advantage while power-generation equipment supply chains remain tight.
Live Data Center and Microgrid Operating Track Record
PROPWR is currently deployed and operating on a hyperscaler data center project in the Midwest, with management describing execution as exceptionally strong. ProPetro also has several Permian microgrids operating for oil and gas customers and said its operating track record is strengthening its commercial position.
Growing Data Center Pipeline
Despite broader volatility in the data center and AI markets, PROPWR remains in advanced negotiations on several hundred megawatts and continues to progress additional opportunities. Management identified two particularly active opportunities in the several-hundred-megawatt range and said the pipeline continues to grow.
PROPWR Economics and Capital Framework
PROPWR guidance remains unchanged at capital costs of approximately $1.4 million-$1.5 million per megawatt, including balance of plant and expected inflation over the life of the Caterpillar framework agreement. The company continues to target payback periods of four to six years, with oil and gas and midstream projects closer to four years.
Substantial PROPWR Financing Secured
ProPetro has raised approximately $1.5 billion to support PROPWR, including a $690 million convertible notes offering in May that management said largely addresses near-term capital needs. The company expects to approach future capital decisions opportunistically.
Completions Fleet Essentially Sold Out
Improved pricing and visibility into the duration of work supported the reactivation of two fleets, bringing ProPetro to 13 active fleets. The company is now essentially sold out of available frac capacity, expects to maintain approximately 13 active fleets in the fourth quarter, and said it is turning away some opportunities because it lacks capacity.
Tightening Permian Frac Market
Management estimates the active Permian frac fleet count is in the mid-70s and said years of attrition have significantly reduced the supply of high-quality horsepower. A modest increase in drilling activity from large public and independent operators could fully tighten the market, while the industry could bring back only perhaps a handful more fleets without significant new investment.
Pricing Momentum for Natural-Gas-Burning Fleets
Next-generation natural gas-burning fleets are seeing early pricing momentum and command a clear premium given the spread between diesel and natural gas prices. Management said these fleets are effectively sold out industry-wide and expects the premium to hold as limited supply and global refining constraints keep diesel prices elevated for the foreseeable future.
Favorable 2027 Recontracting Position
More than two-thirds of ProPetro's active horsepower is contracted, with most agreements scheduled to renew in the first half of 2027. Much of that equipment is next generation and natural-gas-burning, positioning the company for recontracting in what management described as a more constructive pricing environment.
Electric Fleet Recontracting Opportunity
Approximately half of the electric fleet is expected to recontract going into next year. ProPetro previously chose not to recontract nearly 100% of the electric equipment because pricing opportunities were unattractive, and it is now negotiating with new customers under new terms. Management expressed almost zero doubt that the equipment would be stranded and expects attractive pricing based on the fleet's operating performance.
Strong Liquidity and Balance Sheet
As of September 30, 2026, cash and cash equivalents were $729 million, borrowings under the Caterpillar financing agreement were $172 million, and total liquidity was $934 million, including $185 million of available ABL capacity and $20 million under the Caterpillar Equipment Loan Agreement. ProPetro had no outstanding borrowings under the ABL facility. Management also referenced an undrawn $350 million Stonebriar facility.
Power System Efficiency and Full-Service Model
Management said high-efficiency reciprocating engines are 20%-40% more efficient than simple-cycle turbine solutions. PROPWR's model combines 10-MW units, smaller 2.6-MW modular engines, and battery systems to support efficiency, load variability, redundancy, reliability, and emissions compliance. The company intends to provide a full turnkey service, including balance of plant, and operate and maintain assets rather than simply dry lease them.
Long-Term Large-Scale Power Contracts
For larger installations of several hundred megawatts, PROPWR is targeting contract terms of 10+ years, with options and extensions considered where appropriate. Management said the goal is to establish long-term partnerships for these projects.
2026 Capital Expenditure and Equipment Delivery Visibility
Full-year 2026 capital expenditures incurred are expected to be between $525 million and $575 million, including approximately $125 million-$145 million for completions and approximately $400 million-$430 million for PROPWR. PROPWR capital expenditure guidance was narrowed because of improved visibility into year-end equipment deliveries, while the $1.4 million-$1.5 million per megawatt cost guidance remains unchanged.
FORCE Fleet Buyout Plan
ProPetro continues to expect buyout costs of $15 million-$20 million for its first FORCE electric fleet and expects at least three additional buyouts in 2027. Management said lease expense affecting EBITDA will begin to roll off as each buyout is completed.
PUMP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed