ProFrac (ACDC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $498 million, up from $450 million in Q1, but down $3.8 million year-over-year; net loss narrowed to $75 million from $81 million in Q1, and improved by $28.3 million year-over-year.

• Adjusted EBITDA rose to $69 million (14% margin), up from $54 million (12%) in Q1, but down from $78.6 million in Q2 2025.

• Free cash flow was negative $8 million, improving from negative $25 million in Q1.

• CEO transition: Ladd Wilks resigned, Matt Wilks appointed CEO and Executive Chairman.

• Management focused on disciplined pricing, efficiency, and not deploying incremental fleets speculatively.

Financial highlights

• Q2 2026 revenues were $498 million; adjusted EBITDA was $69 million (14% margin); net loss was $75 million; free cash flow was negative $8 million.

• Cash capital expenditures were $32 million, down from $41 million in Q1.

• Total liquidity at quarter end was $72 million, with $19 million in cash and $58 million available under the ABL.

• Total principal debt outstanding at June 30, 2026, was $1.10 billion; net debt was $1.08 billion.

• Basic and diluted loss per share for Q2 2026 was $(0.45), compared to $(0.68) in Q2 2025.

Outlook and guidance

• Efficiency expected to improve quarterly as calendar white space tightens and pricing benefits are realized in Q3 and Q4.

• Stimulation Services pricing expected to increase in Q3 2026; Proppant Production to remain flat amid competitive pressure.

• 2026 capital expenditures expected at $155 million–$185 million, or $145 million–$175 million excluding Flotek; maintenance CapEx $100–$120 million, growth $55–$65 million.

• Free cash flow expected to improve in the second half as operational savings and no incremental fleet additions support higher fall-through.

• Management believes liquidity is sufficient for at least the next 12 months.