Free cash flow volatility is significant, evidenced by a swing from a $53.9 million inflow in 2025Q2 to a $31.4 million outflow in 2026Q1.
| Cash from Operations | 160.1M | 189.5M | 367.3M | 553.5M | 415.2M | 43.9M | 45.1M | 145.42M |
| Operating CF Margin % | - | 9.76% | 16.76% | 21.05% | 17.12% | 5.71% | 8.23% | 17.16% |
| Operating CF Growth % | -221.92% | -48.41% | -33.64% | 33.31% | 845.79% | -2.66% | -68.99% | - |
| Net Income | -432.9M | -355.5M | -207.8M | -59.2M | 342.7M | -43.5M | -118.5M | -38.55M |
| Depreciation & Amortization | 407.4M | 416.3M | 423.1M | 422.3M | 266.8M | 140.5M | 0 | 133.09M |
| Stock-Based Compensation | 800K | 9.3M | 7.3M | 29.8M | 67.4M | 0 | 0 | 0 |
| Deferred Taxes | -12.7M | -14.1M | -10.7M | 100K | 3.7M | 0 | 0 | 0 |
| Other Non-Cash Items | 118.3M | 96.8M | 66.9M | 30.5M | -1.1M | 11.4M | 166.6M | 13.67M |
| Working Capital Changes | 76.8M | 36.7M | 88.5M | 130M | -264.3M | -64.5M | -3M | 37.21M |
| Change in Receivables | 68.6M | 26.9M | 55.5M | 204.8M | -203.3M | -89.6M | 12.4M | 13.9M |
| Change in Inventory | 29.8M | 38.8M | 64.7M | 19.1M | -105.1M | -16.1M | -3.5M | 25.65M |
| Change in Payables | -23M | -22.4M | -7.6M | -68.2M | 42.9M | 31.6M | -5.1M | 0 |
| Cash from Investing | -146.5M | -163.7M | -372.3M | -715.8M | -1.03B | -78.4M | -44.6M | -202.38M |
| Capital Expenditures | -158.1M | -169.9M | -255M | -267M | -356.2M | -87.4M | -48M | -208.07M |
| CapEx % of Revenue | 8.83% | 8.75% | 11.64% | 10.15% | 14.69% | 11.37% | 8.76% | 24.55% |
| Acquisitions | 11.3M | 5.8M | -194.4M | -454.5M | -697.9M | -8.5M | -1.3M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 300K | 400K | 77.1M | 5.7M | 95.5M | 21.74M | 4.7M | 5.69M |
| Cash from Financing | 3.9M | -17.7M | -5.5M | 149.7M | 645.9M | 36.9M | -15.3M | 58.44M |
| Debt Issued (Net) | -72.9M | -94M | -400K | 163.9M | 452.4M | 41.4M | -13.7M | 42.82M |
| Equity Issued (Net) | 79.6M | 79.6M | 0 | 50M | 329.1M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.8M | -3.3M | -5.1M | -64.2M | -135.6M | -4.5M | -1.6M | 15.63M |
| Net Change in Cash | 17.5M | 8.1M | -10.5M | -12.6M | 32.5M | 2.4M | -14.8M | 17.84M |
| Free Cash Flow | 2M | 19.6M | 112.3M | 286.5M | 59M | -43.5M | -2.9M | -62.65M |
| FCF Margin % | 0.11% | 1.01% | 5.13% | 10.89% | 2.43% | -5.66% | -0.53% | -7.39% |
| FCF Growth % | -97.58% | -82.55% | -60.8% | 385.59% | 235.63% | -1400% | 95.37% | - |
| FCF per Share | 0.01 | 0.12 | 0.70 | 2.19 | 1.09 | -0.31 | -0.02 | -1.61 |
| FCF Conversion (FCF/Net Income) | -0.00x | -0.51x | -1.71x | -5.67x | 4.54x | - | -20.50x | -3.77x |
| Interest Paid | 0 | 0 | 137.8M | 139.1M | 35M | 23.5M | 21M | 0 |
| Taxes Paid | 0 | 0 | 3M | 300K | 4.8M | 0 | 400K | 0 |
Liquidity and margin erosion
As reported in financial statements, ProFrac consistently generates operating cash flow despite deep net losses, with the OCF/NI ratio frequently reaching negative values, such as the -0.11 observed in 2026Q1, indicating that accounting accruals and non-cash charges are heavily distorting the company's true economic performance.
The persistent gap between net income and operating cash flow suggests that the company's reported losses are significantly mitigated by non-cash depreciation expenses. Investors should monitor whether this reliance on non-cash add-backs can sustain operations if the underlying service demand continues to deteriorate.
Based on recent SEC filings, ProFrac's free cash flow trajectory remains highly erratic, swinging from a positive $53.9 million in 2025Q2 to a negative $31.4 million in 2026Q1, reflecting the company's inability to maintain consistent cash generation amidst a challenging and cyclical energy service environment.
The inability to sustain positive free cash flow suggests that the company's capital-intensive business model is highly sensitive to even minor fluctuations in service pricing. This volatility warrants further investigation into whether the current cost structure is fundamentally misaligned with the company's revenue-generating capacity.
According to historical data, ProFrac maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 10%, as seen in the 9.1% reported for 2026Q1, which underscores the heavy reinvestment required to keep its stimulation fleets operational in a competitive and demanding hydraulic fracturing market.
The high level of maintenance capital expenditure appears to be a structural necessity rather than a discretionary growth choice. This suggests that the company may struggle to achieve meaningful free cash flow until it can significantly reduce its reliance on constant fleet refurbishment.
As evidenced by quarterly filings, working capital changes have been a major source of cash flow volatility, ranging from a $68.8 million inflow in 2025Q2 to a $50.2 million outflow in 2025Q1, highlighting the company's sensitivity to timing differences in collections and inventory management.
These fluctuations suggest that the company's liquidity is highly dependent on the efficient management of its receivables and payables cycles. Investors should monitor whether these swings are indicative of broader operational inefficiencies or merely the result of cyclical project-based billing patterns.
Quick answers to the most common questions about buying ACDC stock.
ProFrac Holding Corp. (ACDC) generated $189.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ProFrac Holding Corp. (ACDC) generated $19.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ProFrac Holding Corp. (ACDC) spent $169.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.