Short answer
TETRA TECHNOLOGIES INC (TTI) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $631M (+5.3% year over year) and net income of $3M.
- Top risk flagged: Regulatory/legal risk: US economic sanctions due to Russia-Ukraine conflict disrupting elemental bromine supply from LANXESS impacting raw material costs
FY2025 key financial metrics · XBRL
- Revenue
- $631M
- +5.3% YoY
- Net income
- $3M
- −97.2% YoY
- Operating margin
- 8.8%
- +0.5 pp YoY
- Gross margin
- 24.7%
- +1.4 pp YoY
- EPS (diluted)
- $0.02
- −97.6% YoY
- ROE
- 1.1%
- −41.5 pp YoY
- Operating cash flow
- $100M
- +174.8% YoY
Source: XBRL data from the TETRA TECHNOLOGIES INC (TTI) FY2025 10-K on SEC EDGAR. USD.
TETRA TECHNOLOGIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Oil and natural gas sector services supporting exploration, development, and production activities worldwide
- Emphasis this year: Heightened focus on regulatory, litigation, financial risks from climate change and ESG, with uncertain impacts on demand and operations
- Strategic shift: Increased scrutiny on ESG disclosures and greenwashing risks with new SEC climate disclosure rule litigation and evolving anti-ESG political sentiment
- Quantitative metric: Foreign operations expanded in Argentina, Brazil, Finland, Ghana, Norway, Saudi Arabia, Sweden, UK reflecting geopolitical and regulatory complexity
- Noteworthy fact: SEC ended defense of 2024 climate risk disclosure rule; litigation paused awaiting SEC renewal, creating uncertainty around compliance and capital access
Management Discussion & Analysis
- Revenue $631M, up 5.3% YoY, driven by Completion Fluids & Products segment increase of $65.2M, offset by Water & Flowback Services decline of $33.3M
- Operating margin 8.8% (Operating income $55.4M on $631M revenue) vs 8.3% (Operating income $49.9M on $599M revenue)
- Best performing segment: Completion Fluids & Products; revenues $376.5M (+20.9%), operating income $111.0M (+32.9%)
- Worst performing segment: Water & Flowback Services; revenues $254.5M (-11.6%), operating income loss $0.03M vs income $11.9M prior year
- Operating cash flow $100.4M (+$63.9M); Capex $80.8M; Financing uses $5.4M; Liquidity $220.8M ($72.6M cash, $148.2M credit availability)
- 2026 outlook: Expect growth in base completion fluids and industrial chloride; ramp-up of TETRA PureFlow Plus battery electrolyte revenue; Argentina contract diversification to offset U.S. onshore slowdown
Risk Factors
- Regulatory/legal risk: US economic sanctions due to Russia-Ukraine conflict disrupting elemental bromine supply from LANXESS impacting raw material costs
- Geopolitical threat: Oil and natural gas prices volatility with WTI averaging $65.45 per barrel in 2025 directly affecting demand and capital spending
- Supply chain vulnerability: Sole-source long-term supply agreement for elemental bromine with LANXESS critical for Completion Fluids & Products Segment operations
- Market disruption risk: Competitors with newer, cost-effective equipment threatening market share during low oil and gas pricing periods
- Financial risk: $7.2 million impairments recorded 2023-2025 on long-lived assets due to depressed commodity prices and economic environment changes
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