Short answer
Select Water Solutions, Inc. (WTTR) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $1.4B (−3.1% year over year) and net income of $21M.
- Top risk flagged: Liability for Tax Receivable Agreements $43.4M as of Dec 31, 2025, subject to future taxable income and legislative changes under ASC 450
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- −3.1% YoY
- Net income
- $21M
- −30.7% YoY
- Operating margin
- 2.0%
- −1.7 pp YoY
- Gross margin
- 14.4%
- −0.7 pp YoY
- ROE
- 2.6%
- −1.2 pp YoY
- Operating cash flow
- $215M
- −8.6% YoY
Source: XBRL data from the Select Water Solutions, Inc. (WTTR) FY2025 10-K on SEC EDGAR. USD.
Select Water Solutions, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: water infrastructure and services for oil and gas industry, focusing on sourcing, transfer, and recycling
- New emphasis on sustainability risks and regulatory scrutiny related to climate change and environmental practices affecting demand and costs
- Strategic caution on dividend sustainability with $0.07 quarterly dividend announced, dependent on operational cash flow and capital needs
- Capital expenditures $294.6M in 2025, up from $173.2M in 2024 and $135.9M in 2023, reflecting increased investment in infrastructure
- Introduction of Sustainability-Linked Credit Facility with restrictive covenants impacting operational and financial flexibility
Management Discussion & Analysis
- Net cash provided by operating activities $214.7M, down 8.6% from $234.9M in 2024
- Net cash used in investing activities $405.0M, up 27.1% from $318.6M, driven by $121.4M higher property and equipment purchases
- Net cash provided by financing activities $188.4M, up 303.9% from $46.6M, primarily from $150.0M increased borrowings
- Free cash flow negative $64.6M in 2025 vs positive $77.5M in 2024 due to higher capex
- Management secured $550M Sustainability-Linked Credit Facility with $300M revolving and $250M term loan for capital needs
Risk Factors
- Liability for Tax Receivable Agreements $43.4M as of Dec 31, 2025, subject to future taxable income and legislative changes under ASC 450
- Valuation allowance against deferred tax assets $100.2M as of Dec 31, 2025, dependent on generating sufficient taxable income under tax law
- Future legislative actions could materially impact deferred tax asset realizability and related financial results
- No specific geopolitical, operational, competitive, or financial risks detailed in this section
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