ProPetro Holding Corp 10-Q for FY2026 Q3

ProPetro Holding Corp. (PUMP)

10-Q 2026-10-29 For: 2026-09-30

Added on October 29, 2026

About this 10-Q

ProPetro Holding Corp filed this 10-Q on October 29, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

ProPetro Holding Corp. reported revenue of $355.4 million for the three months ended September 30, 2026, up 20.9%; net income was 13,018 and Adjusted EBITDA was 59,612 (in thousands). AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $355.38M; up 20.9% from $293.92M a year earlier
Net income: $13.02M; compared with a net loss of $2.37M a year earlier
Diluted EPS: $0.09; compared with -$0.02 a year earlier

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Delaware						26-3685382
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PUMP	New York Stock Exchange
		NYSE Texas, Inc.


		Page
	Cautionary Note Regarding Forward-Looking Statements	ii

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the three and ni ne months ended September 30, 2026 and 2025	2
	Condensed Consolidated Statements of Shareholders' Equity	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	53

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	55
Item 4.	Mine Safety Disclosures	55
Item 5.	Other Information	55
Item 6.	Exhibits	56
	Signatures	57


	September 30, 2026		December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	728,874	$	91,334
Accounts receivable - net of allowance for credit losses of $0 and $0, respectively	289,985		200,753
Inventories	25,903		13,323
Prepaid expenses	10,702		19,896
Other current assets	10,017		1,398
Total current assets	1,065,481		326,704
PROPERTY AND EQUIPMENT - net of accumulated depreciation	1,009,068		793,475
OPERATING LEASE RIGHT-OF-USE ASSETS	57,293		99,787
FINANCE LEASE RIGHT-OF-USE ASSETS	1,893		10,637
OTHER NONCURRENT ASSETS:
Intangible assets - net of amortization	48,430		55,476
Other noncurrent assets	6,245		4,811
Total other noncurrent assets	54,675		60,287
TOTAL ASSETS	$	2,188,410	$	1,290,890

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	170,023	$	115,009
Accrued and other current liabilities	72,510		65,981
Interim debt - net of debt issuance costs	—		2,113
Current maturities of long-term debt - net of debt issuance costs	31,165		13,844
Operating lease liabilities	29,487		43,572
Finance lease liabilities	1,803		12,442
Total current liabilities	304,988		252,961
DEFERRED INCOME TAXES	54,279		63,433
LONG-TERM DEBT - net of debt issuance costs and current maturities	808,701		105,613
NONCURRENT OPERATING LEASE LIABILITIES	20,010		35,641
NONCURRENT FINANCE LEASE LIABILITIES	122		—
OTHER LONG-TERM LIABILITIES	23,990		3,400
Total liabilities	1,212,090		461,048
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively	—		—
Common stock, $0.001 par value, 200,000,000 shares authorized, 122,859,311 and 104,310,266 shares issued, respectively	123		104
Additional paid-in capital	1,042,936		897,739
Accumulated deficit	(66,739)		(68,001)
Total shareholders’ equity	976,320		829,842
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,188,410	$	1,290,890


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
REVENUE - Service revenue	$	355,384	$	293,916	$	931,880	$	979,483
COSTS AND EXPENSES
Cost of services (excluding depreciation and amortization)	269,745		236,500		715,432		753,529
General and administrative expenses (including stock-based compensation)	30,842		22,496		91,125		78,618
Depreciation and amortization	44,391		41,660		128,468		133,650
Loss (gain) on disposal of assets	(611)		(674)		(2,941)		13,418
Total costs and expenses	344,367		299,982		932,084		979,215
OPERATING INCOME (LOSS)	11,017		(6,066)		(204)		268
OTHER INCOME (EXPENSE):
Interest expense	(4,263)		(2,110)		(9,934)		(5,651)
Other income, net	4,818		5,107		10,213		8,245
Total other income, net	555		2,997		279		2,594
INCOME (LOSS) BEFORE INCOME TAXES	11,572		(3,069)		75		2,862
INCOME TAX BENEFIT (EXPENSE)	1,446		704		1,187		(2,780)
NET INCOME (LOSS)	$	13,018	$	(2,365)	$	1,262	$	82

NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	0.11	$	(0.02)	$	0.01	$	—
Diluted	$	0.09	$	(0.02)	$	0.01	$	—

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	122,846		103,974		120,846		103,733
Diluted	154,654		103,974		123,294		104,974


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Nine Months Ended September 30, 2026
	Common Stock
	Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Total
BALANCE - January 1, 2026	104,310	$	104	$	897,739	$	(68,001)	$	829,842
Stock-based compensation cost	—	—		4,671		—		4,671
Issuance of common stock under public equity offering	17,250	17		164,289		—		164,306
Costs related to issuance of common stock under public equity offering	—	—		(932)		—		(932)
Issuance of equity awards, net	1,057	1		(1)		—		—
Tax withholdings paid for net settlement of equity awards	—	—		(5,571)		—		(5,571)
Net loss	—	—		—		(3,643)		(3,643)
BALANCE - March 31, 2026	122,617	$	122	$	1,060,195	$	(71,644)	$	988,673
Stock-based compensation cost	—	—		5,950		—		5,950
Costs related to issuance of common stock under public equity offering	—	—		(272)		—		(272)
Purchase of capped calls related to convertible senior notes, net of deferred tax impact	—	—		(28,879)		—		(28,879)
Issuance of equity awards, net	207	1		91		—		92
Tax withholdings paid for net settlement of equity awards	—	—		(26)		—		(26)
Net loss	—	—		—		(8,113)		(8,113)
BALANCE - June 30, 2026	122,824	$	123	$	1,037,059	$	(79,757)	$	957,425
Stock-based compensation cost	—	—		6,021		—		6,021
Issuance of equity awards, net	35	—		—		—		—
Tax withholdings paid for net settlement of equity awards	—	—		(144)		—		(144)
Net income	—	—		—		13,018		13,018
BALANCE - September 30, 2026	122,859	$	123	$	1,042,936	$	(66,739)	$	976,320


	Nine Months Ended September 30, 2025
	Common Stock
	Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Total
BALANCE - January 1, 2025	102,995	$	103	$	884,995	$	(68,825)	$	816,273
Stock-based compensation cost	—	—		3,337		—		3,337
Issuance of equity awards, net	789	1		(1)		—		—
Tax withholdings paid for net settlement of equity awards	—	—		(2,723)		—		(2,723)
Net income	—	—		—		9,602		9,602
BALANCE - March 31, 2025	103,784	$	104	$	885,608	$	(59,223)	$	826,489
Stock-based compensation cost	—	—		4,733		—		4,733
Issuance of equity awards, net	184	—		—		—		—
Tax withholdings paid for net settlement of equity awards	—	—		(94)		—		(94)
Net loss	—	—		—		(7,155)		(7,155)
BALANCE - June 30, 2025	103,968	$	104	$	890,247	$	(66,378)	$	823,973
Stock-based compensation cost	—	—		4,625		—		4,625
Issuance of equity awards, net	14	—		—		—		—
Tax withholdings paid for net settlement of equity awards	—	—		(23)		—		(23)
Net loss	—	—		—		(2,365)		(2,365)
BALANCE - September 30, 2025	103,982	$	104	$	894,849	$	(68,743)	$	826,210


(in thousands)
	September 30, 2026		December 31, 2025		September 30, 2025		December 31, 2024
Amounts billed to customers - net of allowance for credit losses	$	226,451	$	171,812	$	179,756	$	148,783
Accrued revenue (unbilled receivable)	63,534		28,941		29,469		47,211
Total accounts receivable - net of allowance for credit losses	$	289,985	$	200,753	$	209,225	$	195,994

Transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations (1)	$	17,591	$	31,558	$	27,727	$	38,708


(in thousands)
			Estimated fair value measurements
	Balance		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
September 30, 2026:
Business acquisition contingent consideration payable	$	1,200	$	—	$	—	$	1,200
December 31, 2025:
Business acquisition contingent consideration payable	$	3,400	$	—	$	—	$	3,400


(in thousands)
Year	Estimated future amortization expense
Remainder of 2026	$	2,357
2027	9,329
2028	9,315
2029	9,086
2030	7,108
2031 and beyond	11,235
Total	$	48,430


(in thousands)							Fair Value
	Principal Amount		Unamortized Debt Discounts and Issuance Costs		Net Carrying Amount		Amount		Leveling
Convertible senior notes	$	690,000	$	(20,082)	$	669,918	$	517,714	Level 2


(in thousands)
Year	Equipment Financing Term Loans		Convertible Senior Notes
Remainder of 2026	$	5,565	$	—
2027	35,060		—
2028	37,878		—
2029	40,922		—
2030	38,755		—
2031	13,646		690,000
Total	$	171,826	$	690,000


	Three Months Ended September 30, 2026
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	235,155	$	60,652	$	37,422	$	22,287	$	(132)	$	355,384
Cost of service - labor	$	42,141	$	14,439	$	7,881	$	4,290	$	—	$	68,751
Cost of service - expendables	$	36,906	$	17,490	$	17,147	$	37	$	(132)	$	71,448
Cost of service - other direct costs	$	106,528	$	12,471	$	3,886	$	6,661	$	—	$	129,546
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	4,146	$	2,960	$	1,455	$	3,721	$	—	$	12,282
Adjusted EBITDA for reportable segments	$	45,434	$	13,292	$	7,053	$	7,578	$	—	$	73,357
Depreciation and amortization	$	33,868	$	4,845	$	2,106	$	3,558	$	14	$	44,391
Capital expenditures incurred	$	39,120	$	2,214	$	2,117	$	128,020	$	—	$	171,471
Total assets September 30, 2026	$	950,088	$	188,784	$	77,160	$	505,072	$	467,306	$	2,188,410


	Nine Months Ended September 30,
	2026		2025
SUPPLEMENTAL CASH FLOWS DISCLOSURE:
Interest paid - net of amounts capitalized	$	8,358	$	5,472
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities	$	51,208	$	50,509
Equipment purchases financed and corresponding issuances of loans	$	76,120	$	51,850
Leasehold improvements financed by operating lease landlord	$	—	$	350
Deferred tax asset recognized on purchase of capped calls	$	7,967	$	—


(in thousands)
	September 30, 2026		December 31, 2025
Intangible assets acquired:
Trademark/trade names	$	12,100	$	12,100
Customer relationships	65,100		65,100
Favorable contracts	2,210		2,210
Internally developed software	124		81
Total intangible assets acquired	79,534		79,491

Accumulated amortization:
Trademark/trade name	(4,432)		(3,557)
Customer relationships	(25,446)		(19,633)
Favorable contracts	(1,167)		(792)
Internally developed software	(59)		(33)
Total accumulated amortization	(31,104)		(24,015)

Intangible assets — net	$	48,430	$	55,476


	Number of Shares	Weighted Average Exercise Price
Outstanding at January 1, 2026	161	$	14.00
Granted	—	$	—
Exercised	(6)	$	14.00
Forfeited	—	$	—
Expired	—	$	—
Outstanding at September 30, 2026	155	$	14.00
Exercisable at September 30, 2026	155	$	14.00


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2026	2,878	$	7.56
Granted	1,450	$	12.68
Vested	(1,315)	$	7.39
Forfeited	(81)	$	9.39
Canceled	—	$	—
Outstanding at September 30, 2026	2,932	$	10.11


	Three Months Ended September 30, 2025
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	210,190	$	52,172	$	31,637	$	157	$	(240)	$	293,916
Cost of service - labor	$	44,035	$	13,173	$	6,750	$	1,049	$	—	$	65,007
Cost of service - expendables	$	30,537	$	14,793	$	15,497	$	—	$	(240)	$	60,587
Cost of service - other direct costs	$	96,218	$	10,580	$	2,630	$	1,478	$	—	$	110,906
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	4,007	$	2,734	$	1,169	$	1,777	$	—	$	9,687
Adjusted EBITDA for reportable segments	$	35,393	$	10,892	$	5,591	$	(4,147)	$	—	$	47,729
Depreciation and amortization	$	33,640	$	5,774	$	2,064	$	167	$	15	$	41,660
Capital expenditures incurred	$	17,608	$	1,763	$	231	$	78,751	$	—	$	98,353
Total assets December 31, 2025	$	841,180	$	162,225	$	69,396	$	201,481	$	16,608	$	1,290,890


Period Granted	Target Shares Outstanding at January 1, 2026		Target Shares Granted		Target Shares Vested		Target Shares Forfeited		Target Shares Outstanding at September 30, 2026
2023	363		—		(363)		—		—
2024	528		—		—		—		528
2025	947		—		—		—		947
2026	—		588		—		—		588
Total	1,838		588		(363)		—		2,063
Weighted Average Fair Value Per Share	$	10.24	$	16.77	$	14.40	$	—	$	11.37


	September 30, 2026		December 31, 2025
Weighted average remaining lease term:
Operating leases	2.0 years		2.2 years
Finance leases	0.3 years		0.6 years
Weighted average discount rate:
Operating leases	6.3	%	6.6	%
Finance leases	5.2	%	7.3	%


(in thousands, except for percentages)	Three Months Ended September 30,						Change Increase (Decrease)
	2026			2025			$			%
Revenue
Hydraulic Fracturing	$	235,155		$	210,190		$	24,965		11.9	%
Wireline	60,652			52,172			8,480			16.3	%
Cementing	37,422			31,637			5,785			18.3	%
Power Generation	22,287			157			22,130			14,095.5	%
Elimination of intersegment service revenue	(132)			(240)			(108)			(45.0)	%
Total revenue	355,384			293,916			61,468			20.9	%

Cost of services (1)
Hydraulic Fracturing	185,575			170,790			14,785			8.7	%
Wireline	44,400			38,546			5,854			15.2	%
Cementing	28,914			24,877			4,037			16.2	%
Power Generation	10,988			2,527			8,461			334.8	%
Elimination of intersegment cost of services	(132)			(240)			(108)			(45.0)	%
Total cost of services	269,745			236,500			33,245			14.1	%

General and administrative expense (2)	30,842			22,496			8,346			37.1	%
Depreciation and amortization	44,391			41,660			2,731			6.6	%
Gain on disposal of assets	(611)			(674)			(63)			(9.3)	%
Interest expense	4,263			2,110			2,153			102.0	%
Other income, net	(4,818)			(5,107)			(289)			(5.7)	%
Income tax benefit	(1,446)			(704)			742			105.4	%
Net income (loss)	$	13,018		$	(2,365)		$	15,383		650.4	%

Adjusted EBITDA (3)	$	59,612		$	35,164		$	24,448		69.5	%
Adjusted EBITDA margin (3)	16.8		%	12.0		%	4.8		%	40.0	%
Net income (loss) margin (4)	3.7		%	(0.8)		%	4.5		%	562.5	%

Hydraulic Fracturing segment results of operations:
Revenue	$	235,155		$	210,190		$	24,965		11.9	%
Cost of services	$	185,575		$	170,790		$	14,785		8.7	%
Adjusted EBITDA (5)	$	45,434		$	35,393		$	10,041		28.4	%
Adjusted EBITDA margin (5)	19.3		%	16.8		%	2.5		%	14.9	%


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (1)	Approximate dollar value of shares that may yet be purchased under the plans or programs (1)
July 1, 2026 to July 31, 2026	—	$	—	—	$	89,152,858
August 1, 2026 to August 31, 2026	—	$	—	—	$	89,152,858
September 1, 2026 to September 30, 2026	—	$	—	—	$	89,152,858
Total	—	$	—	—	$	89,152,858


3.1						Amended and Restated Certificate of Incorporation of ProPetro Holding Corp. dated as of June 19, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated June 19, 2019).
3.2						Amended and Restated Bylaws of ProPetro Holding Corp. (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, dated June 19, 2019).
3.3						Certificate of Designations of Series B Junior Participating Preferred Stock of ProPetro Holding Corp. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated April 14, 2020).
10.1+^						Amended and Restated Master Loan and Security Agreement, dated July 27, 2026, by and among ProPetro Energy Solutions, LLC, Caterpillar Financial Services Corporation and the guarantor parties thereto. (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10 -Q , dated July 30, 2026).
10.2*+						Amendment No. 5 to Amended and Restated Credit Agreement, dated August 10, 2026, by and among ProPetro Holding Corp., ProPetro Services, Inc., each lender party thereto, each letter of credit issuer party thereto and Barclays Bank PLC, as administrative agent.
31.1*						Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document
104*						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document


*			Filed herewith.
**			Furnished herewith.
+			Certain annexes, schedules, and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a supplemental copy of any omitted schedule or attachment to the Securities and Exchange Commission upon request.
^			Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.


1.			I have reviewed this Quarterly Report on Form 10-Q of ProPetro Holding Corp.;


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.			The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


			(a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


			(b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


			(c)			Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


			(d)			Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


			(a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


			(b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Samuel D. Sledge
Samuel D. Sledge Chief Executive Officer (Principal Executive Officer)


/s/ Caleb L. Weatherl
Caleb L. Weatherl Chief Financial Officer (Principal Financial Officer)