Short answer
ProPetro Holding Corp. (PUMP) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $1.3B (−12.1% year over year) and net income of $824,000.
- Top risk flagged: Regulatory capital intensity risk under evolving EPA emissions regulations, requiring conversion from Tier II to lower emissions equipment
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- −12.1% YoY
- Net income
- $824,000
- +100.6% YoY
- Operating margin
- 0.5%
- +12.1 pp YoY
- EPS (diluted)
- $0.01
- +100.8% YoY
- ROE
- 0.1%
- +17.0 pp YoY
- Operating cash flow
- $232M
- −8.2% YoY
Source: XBRL data from the ProPetro Holding Corp. (PUMP) FY2025 10-K on SEC EDGAR. USD.
ProPetro Holding Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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