ProFrac Holding Corp.

ProFrac reported second-quarter 2026 revenue of $498 million, up from $450 million in Q1 2026. Adjusted EBITDA was $69 million, versus $54 million in Q1, and adjusted EBITDA margin improved to 14% from 12%. Free cash flow was negative $8 million, an improvement from negative $25 million in Q1. Stimulation services revenue was $430 million, up from $407 million, with adjusted EBITDA of $39 million and a 9% margin versus 8% in Q1. Proppant production revenue was $121 million versus $120 million, with adjusted EBITDA of $6 million and a 5% margin, flat sequentially. Manufacturing revenue was $48 million, flat, and Flotek revenue was $102 million, up from $72 million, with adjusted EBITDA of $19 million versus $11 million. For 2026, management reiterated total CapEx of $155 million to $185 million including Flotek, or $145 million to $175 million excluding Flotek. Total liquidity at quarter end was approximately $72 million, including $58 million available under the ABL, and cash and cash equivalents were approximately $19 million. Borrowings under the ABL were $162 million at quarter end, and the company said it closed a new $300 million ABL facility on July 1 replacing the prior $275 million facility. Management did not provide formal next-quarter or full-year revenue/EPS guidance on the call, but said Q3 should reflect pricing gains that started on July 1 and that the back half of the year should be stronger than the first half.

Matt Wilks focused on discipline, not chasing short-term volume. He said ProFrac will not deploy fleets speculatively and instead wants durable pricing, long-term commitments, and better 2027 economics, with RFP season starting earlier than usual. He also highlighted technology and asset quality as strategic advantages, pointing to engine upgrades, eBlender deployment, and Machina as ways to improve efficiency, uptime, and eventual value-sharing with customers.

Austin Harbour emphasized sequential improvement in the quarter and tighter capital discipline. He cited the $498 million revenue base, $69 million of adjusted EBITDA, 14% margin, and negative $8 million free cash flow, then said 2026 CapEx is still expected at $155 million to $185 million including Flotek. He also pointed to the new $300 million ABL, higher advance rates, increased relative liquidity, and roughly $1.1 billion of debt outstanding, with maturities concentrated in 2029 and beyond.

Analysts focused on whether tight industry capacity and early RFPs could drive meaningful pricing gains into 2027, and management agreed the market looks tight and increasingly favorable. Wilks repeatedly said ProFrac wants certainty and long-term commitments before adding capacity, and that a 10% to 15% price increase could support activations or upgrades but not a speculative new-build cycle. On free cash flow, management said not adding incremental fleets and realizing cost savings should improve fall-through in the second half; on Flotek, Wilks said they would not comment on share sales but called it a phenomenal business and suggested results could surprise to the upside versus guidance.