Revenue contraction remains a primary concern, with the most recent quarter reporting a 25.1% year-over-year decline and a negative gross margin of -0.4%.
| Sales/Revenue | 1.79B | 1.94B | 2.19B | 2.63B | 2.43B | 768.4M | 547.7M | 847.69M |
| Revenue Growth % | -18.94% | -11.37% | -16.7% | 8.43% | 215.67% | 40.3% | -35.39% | - |
| Cost of Goods Sold | 1.8B | 1.87B | 1.94B | 2.18B | 1.72B | 710.8M | 577.7M | 673.56M |
| COGS % of Revenue | - | 96.35% | 88.42% | 82.83% | 71.08% | 92.5% | 105.48% | 79.46% |
| Gross Profit | -5.9M | 70.9M | 253.6M | 451.5M | 701.5M | 57.6M | -30M | 174.13M |
| Gross Margin % | -0.33% | 3.65% | 11.58% | 17.17% | 28.92% | 7.5% | -5.48% | 20.54% |
| Gross Profit Growth % | - | -72.04% | -43.83% | -35.64% | 1117.88% | 292% | -117.23% | - |
| Operating Expenses | 218.6M | 204.2M | 314M | 284.9M | 289.1M | 75.6M | 65M | 186.39M |
| OpEx % of Revenue | - | 10.52% | 14.33% | 10.83% | 11.92% | 9.84% | 11.87% | 21.99% |
| Selling, General & Admin | 180.5M | 190.5M | 204.6M | 233.6M | 225M | 64.2M | 48.2M | 0 |
| SG&A % of Revenue | - | 9.81% | 9.34% | 8.88% | 9.28% | 8.36% | 8.8% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.9M | 13.7M | 109.4M | 51.3M | 64.1M | 11.4M | 16.8M | 186.39M |
| Operating Income | -224.5M | -133.3M | -60.4M | 166.6M | 412.4M | -18M | -95M | -12.26M |
| Operating Margin % | -12.53% | -6.86% | -2.76% | 6.33% | 17% | -2.34% | -17.35% | -1.45% |
| Operating Income Growth % | - | -120.7% | -136.25% | -59.6% | 2391.11% | 81.05% | -674.88% | - |
| EBITDA | 182.9M | 283M | 381.8M | 605M | 679.7M | 122.7M | 55.7M | 120.83M |
| EBITDA Margin % | 10.21% | 14.57% | 17.43% | 23% | 28.02% | 15.97% | 10.17% | 14.25% |
| EBITDA Growth % | -47.91% | -25.88% | -36.89% | -10.99% | 453.95% | 120.29% | -53.9% | - |
| D&A (Non-Cash Add-back) | 407.4M | 416.3M | 442.2M | 438.4M | 267.3M | 140.7M | 150.7M | 133.09M |
| EBIT | -292.2M | -229.6M | -58.2M | 96.9M | 411.3M | -17.9M | -94.7M | 2.55M |
| Net Interest Income | -135.7M | -138.8M | -156.6M | -154.9M | -59.5M | -25.8M | -23.3M | 26.03M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.03M |
| Interest Expense | 135.7M | 138.8M | 156.6M | 154.9M | 59.5M | 25.8M | 23.3M | 0 |
| Other Income/Expense | -204.3M | -235.1M | -154.4M | -224.6M | -60.6M | -25.7M | -23M | -25.7M |
| Pretax Income | -428.8M | -368.4M | -214.8M | -58M | 351.8M | -43.7M | -118M | -37.96M |
| Pretax Margin % | -23.94% | -18.97% | -9.8% | -2.21% | 14.5% | -5.69% | -21.54% | -4.48% |
| Income Tax | -11.6M | -12.9M | -7M | 1.2M | 9.1M | -200K | 500K | 587K |
| Effective Tax Rate % | 2.71% | 3.5% | 3.26% | -2.07% | 2.59% | 0.46% | -0.42% | -1.55% |
| Net Income | -432.9M | -369M | -215.1M | -97.7M | 91.5M | 0 | -2.2M | -38.55M |
| Net Margin % | -24.17% | -19% | -9.82% | -3.71% | 3.77% | - | -0.4% | -4.55% |
| Net Income Growth % | -84.68% | -71.55% | -120.16% | -206.78% | - | 100% | 94.29% | - |
| Net Income (Continuing) | -417.2M | -355.5M | -207.8M | -59.2M | 342.7M | -43.5M | -118.5M | -38.55M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 97.4M | 94.4M | 69.2M | 58.7M | 2.54B | 1M | 0 | 0 |
| EPS (Diluted) | -2.70 | -2.30 | -1.38 | -0.82 | 1.69 | -1.06 | -0.85 | -0.99 |
| EPS Growth % | -79.19% | -66.67% | -68.29% | -148.52% | 259.43% | -24.71% | 14.14% | - |
| EPS (Basic) | - | -2.30 | -1.38 | -0.82 | 1.69 | -1.06 | -0.85 | -0.99 |
| Diluted Shares Outstanding | 160.18M | 160.15M | 160.1M | 130.9M | 54M | 140.24M | 140.24M | 39.01M |
| Basic Shares Outstanding | 162.14M | 160.15M | 160.1M | 130.9M | 54M | 140.24M | 140.24M | 39.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and margin erosion
As indicated by the most recent quarterly data, ProFrac's revenue has experienced a significant downturn, with the latest period showing a 25.1% year-over-year decline, reflecting broader challenges in maintaining fleet utilization across key basins like the Permian and Haynesville during this cyclical industry contraction.
The consistent decline in top-line performance suggests that the company is struggling to maintain pricing power in a market characterized by reduced completion activity. Investors should monitor whether this trend is a temporary response to regional natural gas pricing or a structural shift in demand for the company's stimulation services.
Based on reported financial statements, the company's gross margin has deteriorated to a negative 0.4% in 2026Q1, highlighting a severe inability to cover direct production costs despite the theoretical advantages of a vertically integrated manufacturing and supply chain model for high-pressure pumping equipment.
The collapse from a 16.3% gross margin in 2024Q1 to current negative levels suggests that fixed costs are significantly under-absorbed as fleet activity wanes. This margin profile appears to be significantly weaker than industry peers, indicating that the company's internal cost structure may be poorly aligned with current market service rates.
According to recent SEC filings, ProFrac's operating income has remained consistently negative over the last several quarters, reaching a loss of $45.5 million in 2026Q1, which demonstrates that the company is currently unable to achieve the necessary scale to offset its substantial fixed operating expenses.
The inability to generate positive operating income even during periods of higher revenue suggests that the company's SG&A and depreciation burdens are too heavy for the current service environment. This lack of operating leverage warrants further investigation into whether the company can achieve profitability without a significant reduction in its fixed cost base.
Based on the provided income statement data, the company's net margin of -18.6% in the most recent quarter raises significant concerns regarding the long-term viability of its debt-fueled growth strategy and the potential for further liquidity constraints given the limited cash position of $22.9 million.
Short-sellers would likely focus on the disconnect between the company's aggressive acquisition history and its inability to produce positive net income. The persistent losses suggest that the integration of manufacturing and proppant segments has not yet provided the expected defensive moat against cyclical downturns in the hydraulic fracturing market.
Quick answers to the most common questions about buying ACDC stock.
For fiscal year 2025, ProFrac Holding Corp. (ACDC) reported total revenue of $1.94B. This represents a 129.1% increase compared to $847.7M in 2019.
ProFrac Holding Corp. (ACDC) reported a net loss of $369.0M for the fiscal year ending 2025.
ProFrac Holding Corp. (ACDC) reported an operating income of $-133.3M, resulting in an operating profit margin of -6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
ProFrac Holding Corp. (ACDC) generated $70.9M in gross profit for the year, representing a gross profit margin of 3.7%. This demonstrates the company's core pricing power and production efficiency.