ProPetro Holding Corp. (PUMP) FY2025 10-K Annual Report
ProPetro Holding Corp. (PUMP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ProPetro Holding Corp. FY2025 10-K Analysis
Business Overview
- • Leading integrated energy service provider in the Permian Basin focused on hydraulic fracturing, wireline, cementing, and power generation services
- • Introduced PROPWR subsidiary in Dec 2024 offering mobile power generation solutions for oil, gas, industrial projects, and data centers
- • Divested cementing business in Utah Nov 2024 for $13M, recording an $8.2M gain, aligning with strategic repositioning
- • Expanded completions services via AquaProp acquisition ($35.6M total consideration) adding wet sand solutions and Par Five asset purchase ($25.4M) for Delaware Basin
- • Permian Basin rig count dropped from 304 (end 2024) to 247 (end 2025), pressuring demand and pricing of completion services
Management Discussion & Analysis
- • Revenue mix: Hydraulic fracturing 73.2% of total revenues, with growing Power Generation segment launched in 2025
- • Operating segments: Hydraulic fracturing, Wireline, Cementing, Power Generation became reportable segments in 2024-25
- • Commodity impact: WTI crude price down to $65/bbl in 2025 from $76/bbl in 2024; Permian rig count declined from 304 to 247
- • Strategic deals: Cementing business sold for $13M promissory note repaid in Dec 2025; acquired AquaProp for $21.2M and Par Five for $25.4M
- • Market risks: High inflation and rate hikes pressure costs; falling rig count and tariff policies reduce demand and pressure pricing
Risk Factors
- • Regulatory capital intensity risk under evolving EPA emissions regulations, requiring conversion from Tier II to lower emissions equipment
- • Geopolitical exposure: Permian Basin rig count dropped from 309 in 2024 to 272 in 2025, reducing demand for services
- • Supply chain capital expenditure surge to $281.2 million (+111%), including $198.4 million for new power generation equipment orders
- • Market disruption risk from growing low-emission power generation segment challenging traditional hydraulic fracturing; power gen revenue $1.5 million in 2025 starting Q3
- • Financial leverage risk: total debt $122.6 million with $45.0 million ABL borrowings and $77.6 million equipment loans as of Dec 31, 2025
ProPetro Holding Corp. FY2025 Key Financial MetricsXBRL
Revenue
$1.3B
▼ -12.1% YoY
Net Income
$824,000
▲ +100.6% YoY
Operating Margin
0.5%
▲ +1206bp YoY
Net Margin
0.1%
▲ +961bp YoY
ROE
0.1%
▲ +1699bp YoY
Total Assets
$1.3B
▲ +5.5% YoY
EPS (Diluted)
$0.01
▲ +100.8% YoY
Operating Cash Flow
$232M
▼ -8.2% YoY
Source: XBRL data from ProPetro Holding Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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