ProPetro Holding Corp.

ProPetro reported second-quarter 2026 revenue of $306 million, up 13% versus the prior quarter. Net loss was $8 million, or $0.07 per diluted share, compared with a net loss of $4 million, or $0.03 per diluted share in the prior quarter. Adjusted EBITDA was $45 million, equal to 15% of revenue and up 23% sequentially; this included about $16 million of lease expense related to electric fleets. Net cash provided by operating activities was $66 million versus $3 million in Q1. Capital expenditures paid were $61 million and capital expenditures incurred were $71 million, including about $24 million for completions and about $47 million for PROPWR equipment orders. Full-year 2026 capital expenditures incurred are now expected to be $525 million to $595 million, down from $540 million to $610 million, with completions capex expected at $125 million to $145 million and PROPWR capex at about $400 million to $450 million. The company also reiterated that PROPWR capital costs remain guided at about $1.4 million to $1.5 million per megawatt inclusive of balance of plant. As of June 30, 2026, cash and cash equivalents were $784 million, total liquidity was $905 million, and borrowings under the Caterpillar financing agreement were $130 million. Management said the first planned FORCE fleet buyout this year should cost $15 million to $20 million, with the second shifting into early 2027.

Sam Sledge framed the quarter as evidence that ProPetro’s industrialized model is working despite weather, deployment, and out-of-basin downtime issues. He said the completions business continues to produce resilient free cash flow and that tighter industry supply is leading to more constructive pricing conversations, especially for natural gas-burning fleets. On PROPWR, he emphasized commercial traction, a healthier balance sheet, and disciplined capital allocation, while saying the company will only add horsepower when durable demand supports attractive long-term returns. His tone was confident and notably upbeat about both the frac market and power growth.

Caleb Weatherl focused on the numbers and funding profile. He highlighted $306 million of revenue, $45 million of adjusted EBITDA, $66 million of operating cash flow, and the reduction in full-year 2026 capex guidance to $525 million to $595 million. He said completions capex is lower mainly because one planned FORCE fleet buyout moved into early 2027, but that the long-term plan to purchase all 5 FORCE fleets is unchanged. He also stressed liquidity of $905 million, including $784 million of cash and cash equivalents, and noted the Caterpillar financing agreement was recently upsized to $167 million.

Analysts focused on liquidity, PROPWR’s cash needs, and how the company plans to fund growth. Management said there is “no really near to medium-term financing or funding need,” pointing to more than $900 million of liquidity, $784 million of cash, and the CAT facility, while reiterating that 2026 capex should be covered with room to spare. Questions also probed data center contract timing, contract durations, and whether oil and gas or data center customers were more attractive; management said demand remains strong but large data center deals are taking longer than initially expected, while shorter oil and gas contracts can offer higher near-term economics and help build execution credibility. On completions, management said the 13th fleet is a net add with strong pricing, the 14th fleet is not currently planned, and the Permian fleet market remains very tight.