ProFrac's Q2 2026 net loss narrowed to $79.7M on flat $498.1M revenue, but only because 2025's one-off charges fell away; Adjusted EBITDA fell 12% as frac fleets and pricing declined.
Revenue
$498M
-0.8% YoY
Net income
-$80M
Diluted EPS
$-0.45
Operating margin
-7.6%
This period vs a year ago
Same period last year
This period
Revenue▼-0.8%
≈$502M
$498M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
ProFrac Holding Corp. (ACDC) runs hydraulic-fracturing ("frac") crews that pump water, sand and chemicals into shale wells to crack the rock and release oil and gas, and it owns the sand mines (Proppant Production), the equipment shop (Manufacturing) and a chemicals maker (Flotek, majority-owned) that supply those crews. In the second quarter of 2026 (April-June), revenue was flat at $498.1 million versus $501.9 million a year earlier, and the net loss attributable to shareholders narrowed to $79.7 million from $108.0 million. But the smaller loss came almost entirely from the absence of last year's one-off charges: the core frac business earned less, because it ran fewer fleets at lower prices than a year ago.
At a glance
$69.4 million Adjusted EBITDA, down 12% from $78.6 million. This is the company's preferred measure of cash earnings from operations (profit before interest, tax, depreciation and one-off items). The decline shows the underlying business weakened year over year, even though the reported loss shrank.
Stimulation Services (the frac crews) margin fell to 9.2% from 11.8%. The filing blames fewer active fleets and lower average pricing than in 2025. Management says price increases start in the third quarter.
$72.0 million of liquidity against $1.10 billion of debt. Liquidity means cash the company can reach plus unused credit line. Debt principal rose $54.3 million in six months, and the company has spent more cash than it generated this year.
The quarter in numbers
Metric
Q2 2026
Q2 2025
YoY Change
Total revenue
$498.1M
$501.9M
-0.8%
Operating loss
-$37.9M
-$58.0M
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Loss $20.1M smaller
Operating margin
-7.6%
-11.6%
+4.0 pts
Net loss attributable to ProFrac
-$79.7M
-$108.0M
Loss 26% smaller
Loss per Class A share (diluted)
-$0.45
-$0.68
Loss $0.23 smaller
Adjusted EBITDA (non-GAAP)
$69.4M
$78.6M
-11.7%
Adjusted EBITDA margin
13.9%
15.7%
-1.8 pts
Stimulation Services segment Adjusted EBITDA
$39.3M
$51.1M
-23.1%
Capital expenditures
$31.7M
$42.8M
-25.9%
First-half capex was $72.4 million versus $95.3 million in 2025. Percentage changes on a loss are not meaningful as growth rates, so the table states how much the loss shrank instead.
Compared with the first quarter of 2026, the trend is up: revenue rose from $449.6 million to $498.1 million and Adjusted EBITDA from $54.0 million to $69.4 million (first-quarter figures are the six-month totals minus the second quarter). January's cold weather disrupted work in the first quarter, which flatters the sequential comparison.
Segment by segment
A large share of ProFrac's segment revenue is the company selling to itself: its sand, pumps and chemicals go to its own frac crews. Those internal sales ($205.9 million this quarter) are eliminated in the consolidated total, so the segments add up to far more than reported revenue.
Segment
Revenue Q2 2026
Revenue Q2 2025
Adj. EBITDA Q2 2026
Adj. EBITDA Q2 2025
Margin Q2 2026
Stimulation Services
$429.5M
$432.0M
$39.3M
$51.1M
9.2%
Proppant Production
$121.3M
$77.5M
$6.3M
$14.8M
5.2%
Manufacturing
$47.8M
$55.8M
$6.1M
$7.3M
12.8%
Flotek
$101.8M
$59.8M
$19.1M
$8.7M
18.8%
Stimulation Services. Revenue slipped 1%, "primarily due to decreases in average active fleets and lower average pricing," partly offset by more jobs where ProFrac also supplied the sand and chemicals. Costs rose 4% to $365.7 million while revenue fell, which is why segment earnings dropped by nearly a quarter. The filing does not give an active-fleet count.
Proppant Production (frac sand). Revenue jumped 57%, but not because the market got better. Starting in the second quarter of 2025, the sand unit began charging the frac crews a delivered-to-the-well price instead of a price at the mine gate. That makes revenue and freight costs larger at the same time. About 87% of this segment's revenue was internal, up from 58%. Costs rose 91%, partly from buying more sand from third parties to resell, so segment earnings fell to $6.3 million from $14.8 million. The earnings release cites "incremental competitive pricing pressure in the proppant market, particularly in West Texas."
Manufacturing. Revenue fell 14% on lower internal demand for pumps and parts. Margin held near 13%.
Flotek (chemicals). The one clearly stronger segment: revenue up 70% and Adjusted EBITDA more than doubled to $19.1 million, from more sales to ProFrac's own crews and to outside customers. Note that ProFrac cannot use Flotek's cash, which the filing excludes from its liquidity figures.
What the headline numbers hide
The smaller loss comes from one-offs, not from the business improving. Q2 2025 carried about $39.6 million of items that Adjusted EBITDA excludes, including a $12.8 million provision for money owed by an insolvent customer, a $10.5 million loss on selling the EKU Power Drives unit and $7.0 million of transaction costs. The matching items this quarter were $7.2 million: a $4.5 million loss on asset disposals, $1.6 million to close a field location in Vernal, Utah, $1.0 million of litigation costs and $0.1 million of transaction costs. That roughly $32 million difference is almost the whole improvement in the net loss ($32.5 million before minority interests). Excluding those items, earnings fell by $9.2 million. Depreciation (the accounting charge for wearing out equipment) was $7.7 million lower, but only because older assets are now fully written off.
Cash conversion is weak. Operating cash flow for the first half was $32.2 million versus $135.4 million a year earlier. After $72.4 million of capital spending, the first half used about $40 million of cash. Working capital (money tied up in bills and stock) absorbed $22.7 million. Customer receivables rose $68.2 million and inventory rose $23.5 million.
Payables are funding the receivables. Receivables from outside customers rose 25% since December, to $334.0 million, while revenue in the second quarter was 11% above the first quarter. The gap was covered by paying suppliers more slowly: accounts payable rose $78.6 million over the half. That cannot keep growing forever.
Some of the per-share improvement comes from more shares. The weighted share count grew to 182.0 million from 160.2 million. The larger count spreads the loss more thinly: on last year's share count, this quarter's loss would have been about $0.51 per share rather than $0.45.
Shareholders' equity keeps shrinking. Equity attributable to ProFrac fell to $542.5 million from $717.5 million in December. Total principal debt was $1,102.4 million, with $165.3 million due within 12 months. Interest cost was $33.2 million this quarter, roughly half of Adjusted EBITDA.
Takeaway: Q2 looks better than a year ago only because 2025 was loaded with one-off charges. The frac business itself earned 23% less on fewer fleets and lower prices, and debt rose by $54 million in six months. Whether the third-quarter price increases show up in segment margins matters more than any cost cut.
Balance sheet and financing
On July 1, 2026, ProFrac replaced its $275 million asset-based credit line (a revolving loan secured by receivables and inventory) with a new $300 million facility. According to the earnings release, the borrowing base at that date was about $243 million, with $173 million drawn, leaving about $71 million available. The sand subsidiary, Alpine, carries its own term loan, which from the quarter ending March 31, 2028 caps its debt at 2.0 times its adjusted EBITDA. The filing says Alpine "is closely monitoring" this and expects to meet, modify or defer the covenant, "while there can be no assurance." Management also changed in August: Ladd Wilks stepped down as CEO and Executive Chairman Matt Wilks took on the CEO role as well.
Outlook
Management expects Stimulation Services results in the third quarter to improve on the second, "driven by pricing increases and steady utilization." It says customer demand is growing for frac equipment that can run on fuel other than diesel, while industry retirements of old fleets have reduced supply. Proppant is guided "approximately flat" on stable volumes. Full-year 2026 capital spending guidance was kept at $155-185 million ($100-120 million to maintain equipment plus $55-65 million for growth), which would mean roughly $83-113 million more spending in the second half after $72.4 million in the first.
Our read: the sequential recovery from a weather-hit first quarter is real, and falling depreciation and interest help the reported loss. But at about $69 million of quarterly Adjusted EBITDA, after interest and planned capex, the business is roughly breaking even on cash, with thin liquidity and a heavy debt load. The third-quarter report (a 10-Q is typically due in early November) is the test. Check whether the Stimulation Services margin moves back above the 11.8% of a year ago, and whether receivables and payables stop climbing. If pricing lifts margins without that, it helps less than the headline suggests.