USA Compression Partners (USAC) Q2 2026 earnings summary

Executive summary

• Achieved record operational and financial results in Q2 2026, including all-time highs in revenue, EBITDA, and average revenue-generating horsepower, driven by the J-W Power acquisition and strong utilization.

• Integration of J-W Power Company assets contributed significantly to growth, with results included from January 12, 2026, and SAP platform integration completed.

• Safety culture remained strong during rapid growth, with low incident rates and new leadership training programs launched.

• Converted from a Delaware to a Texas limited partnership in July 2026.

Financial highlights

• Q2 2026 revenues were $342.1 million, up 37% year-over-year; net income increased to $45.7 million; adjusted EBITDA reached $193.2 million, and distributable cash flow was $125.3 million.

• Adjusted gross margin was 63.5%; adjusted EBITDA margin was 56.5%; leverage ratio at quarter-end was 3.72x.

• Average revenue per revenue-generating horsepower per month was $22.84, up 7% year-over-year.

• Distribution coverage ratio improved to 1.65x; cash distribution of $0.525 per unit declared.

• Net cash provided by operating activities was $145.7 million; cash interest expense net was $47.4 million.

Outlook and guidance

• Full-year 2026 guidance: Adjusted EBITDA of $770–$800 million; distributable cash flow of $480–$510 million.

• Maintenance capital expected at $60–$70 million; expansion capital at $230–$250 million.

• Approximately half of planned 2027 new horsepower already contracted, with meaningful 2028 commitments.

• Management expects operating cash flow and credit facility borrowings to cover debt service, capex, and distributions for the next 12 months.