Revenue growth has accelerated to 26.5% in 2026Q1, though gross margins remain sensitive to market conditions, fluctuating between 18.3% and 30.7% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Feb'01 | Feb'99 | Feb'98 |
|---|
| Sales/Revenue | 251.95M | 237.26M | 187.03M | 188.06M | 136.09M | 43.27M | 53.14M | 119.35M | 177.77M | 317.1M | 262.83M | 334.36M | 449.16M | 371.06M | 312.83M | 258.79M | 146.98M | 112.55M | 226.06M | 158.01M | 100.64M | 52.87M | 21.88M | 14.84M | 13.26M | 12.56M | 1.56M | 1.79M | 3.18M |
| Revenue Growth % | 24.72% | 26.86% | -0.55% | 38.18% | 214.53% | -18.58% | -55.48% | -32.86% | -43.94% | 20.65% | -21.39% | -25.56% | 21.05% | 18.62% | 20.88% | 76.07% | 30.59% | -50.21% | 43.07% | 57% | 90.36% | 141.62% | 47.4% | 11.94% | 5.56% | 704.3% | -12.93% | -43.62% | - |
| Cost of Goods Sold | 190.24M | 179.26M | 147.64M | 163.79M | 142.79M | 40.01M | 81.81M | 8.46M | 9.22M | 227.29M | 172.15M | 219.25M | 266.2M | 223.54M | 181.21M | 152.97M | 94.01M | 83.17M | 135.31M | 90.3M | 59.46M | 30.95M | 12.53M | 9.26M | 8.71M | 9.08M | 1.16M | 1.15M | 2.44M |
| COGS % of Revenue | - | 75.56% | 78.94% | 87.1% | 104.92% | 92.47% | 153.96% | 7.09% | 5.18% | 71.68% | 65.5% | 65.57% | 59.27% | 60.24% | 57.93% | 59.11% | 63.96% | 73.89% | 59.85% | 57.15% | 59.08% | 58.53% | 57.26% | 62.41% | 65.69% | 72.27% | 74.59% | 64.08% | 76.65% |
| Gross Profit | 61.72M | 58M | 39.39M | 24.26M | -6.7M | 3.26M | -28.67M | 110.89M | 168.56M | 89.81M | 90.68M | 115.11M | 182.96M | 147.53M | 131.62M | 105.82M | 52.97M | 29.38M | 90.76M | 67.71M | 41.18M | 21.92M | 9.35M | 5.58M | 4.55M | 3.48M | 396.87K | 644.37K | 742.95K |
| Gross Margin % | 24.49% | 24.44% | 21.06% | 12.9% | -4.92% | 7.53% | -53.96% | 92.91% | 94.82% | 28.32% | 34.5% | 34.43% | 40.73% | 39.76% | 42.07% | 40.89% | 36.04% | 26.11% | 40.15% | 42.85% | 40.92% | 41.47% | 42.74% | 37.59% | 34.31% | 27.73% | 25.41% | 35.92% | 23.35% |
| Gross Profit Growth % | - | 47.25% | 62.33% | 462.13% | -305.77% | 111.36% | -125.86% | -34.21% | 87.68% | -0.96% | -21.22% | -37.08% | 24.02% | 12.09% | 24.38% | 99.77% | 80.27% | -67.62% | 34.03% | 64.43% | 87.83% | 134.43% | 67.58% | 22.66% | 30.61% | 777.72% | -38.41% | -13.27% | - |
| Operating Expenses | 35.12M | 29.87M | 27.19M | 1.04M | 28.72M | 34.71M | 114.97M | 186.39M | 201.63M | 92.37M | 98M | 113.94M | 101.86M | 89.22M | 74.01M | 56.93M | 49.95M | 43.99M | 53.81M | 38.02M | 22.32M | 11.81M | 6.34M | 5.55M | 8.92M | 4.55M | 1.71M | 1.81M | 3.02M |
| OpEx % of Revenue | - | 12.59% | 14.54% | 0.55% | 21.1% | 80.23% | 216.36% | 156.17% | 113.42% | 29.13% | 37.29% | 34.08% | 22.68% | 24.04% | 23.66% | 22% | 33.98% | 39.08% | 23.8% | 24.07% | 22.18% | 22.34% | 28.97% | 37.38% | 67.28% | 36.2% | 109.72% | 101.05% | 94.97% |
| Selling, General & Admin | 28.69M | 28.05M | 24.71M | 27.83M | 27.12M | 20.17M | 22.76M | 27.98M | 31.47M | 41.49M | 80.15M | 95.48M | 87.15M | 78.2M | 66.42M | 50.61M | 41.86M | 36.94M | 46.31M | 30.64M | 18.92M | 9.49M | 5.35M | 4.79M | 7.48M | 3.77M | 1.59M | 1.75M | 2.92M |
| SG&A % of Revenue | - | 11.82% | 13.21% | 14.8% | 19.93% | 46.61% | 42.84% | 23.44% | 17.7% | 13.08% | 30.49% | 28.56% | 19.4% | 21.07% | 21.23% | 19.56% | 28.48% | 32.82% | 20.49% | 19.39% | 18.8% | 17.94% | 24.45% | 32.26% | 56.39% | 30% | 101.85% | 97.58% | 91.92% |
| Research & Development | 1.86M | 1.82M | 1.71M | 2.49M | 4.44M | 5.54M | 7.21M | 8.86M | 10.36M | 13.64M | 9.32M | 7.46M | 4.98M | 3.75M | 3.18M | 2.34M | 1.44M | 2.12M | 1.93M | 849K | 656K | 555.26K | 300.07K | 46.65K | 139.37K | 34.94K | 21.08K | 0 | 4.16K |
| R&D % of Revenue | - | 0.77% | 0.92% | 1.32% | 3.26% | 12.8% | 13.57% | 7.43% | 5.83% | 4.3% | 3.55% | 2.23% | 1.11% | 1.01% | 1.02% | 0.9% | 0.98% | 1.88% | 0.85% | 0.54% | 0.65% | 1.05% | 1.37% | 0.31% | 1.05% | 0.28% | 1.35% | - | 0.13% |
| Other Operating Expenses | 1000K | 0 | 767K | -29.27M | -2.84M | 9.01M | 85M | 149.55M | -5.04M | 812K | -303K | -181K | -394K | 316K | -452K | 3.98M | 6.65M | 4.93M | 5.57M | 6.54M | 2.75M | 1.77M | 689.9K | 713.53K | 1.3M | 744.3K | 122.81K | 62.25K | 93.1K |
| Operating Income | 25.96M | 28.13M | 12.2M | 23.22M | -35.42M | -31.46M | -143.65M | -75.5M | -69.81M | -2.85M | -7.3M | -19.17M | 80.89M | 58.73M | 58.62M | 48.89M | -6.27M | -33.1M | -30.75M | 29.69M | 18.85M | 10.11M | 3.01M | -5.09M | -4.37M | -1.06M | -1.32M | -1.17M | -2.28M |
| Operating Margin % | 10.3% | 11.86% | 6.52% | 12.35% | -26.03% | -72.7% | -270.31% | -63.26% | -39.27% | -0.9% | -2.78% | -5.73% | 18.01% | 15.83% | 18.74% | 18.89% | -4.26% | -29.41% | -13.6% | 18.79% | 18.73% | 19.13% | 13.77% | -34.28% | -32.97% | -8.47% | -84.31% | -65.12% | -71.62% |
| Operating Income Growth % | - | 130.64% | -47.48% | 165.56% | -12.6% | 78.1% | -90.26% | -8.15% | -2345.22% | 60.91% | 61.9% | -123.7% | 37.74% | 0.18% | 19.91% | 880.09% | 81.07% | -7.65% | -203.59% | 57.46% | 86.41% | 235.77% | 159.19% | -16.41% | -310.99% | 19.21% | -12.72% | 48.74% | - |
| EBITDA | 36.72M | 36.27M | 13.09M | 23.96M | -34.69M | -30.45M | -140.24M | -67.03M | -60.59M | 6.91M | 3.13M | -1.15M | 90.63M | 73.83M | 70.2M | 58.99M | 7.5M | -18.92M | -16.88M | 36.22M | 21.6M | 11.88M | 3.7M | -4.38M | -3.67M | -319.43K | -1.19M | -1.11M | -2.19M |
| EBITDA Margin % | 14.57% | 15.29% | 7% | 12.74% | -25.49% | -70.36% | -263.89% | -56.17% | -34.09% | 2.18% | 1.19% | -0.34% | 20.18% | 19.9% | 22.44% | 22.8% | 5.1% | -16.81% | -7.47% | 22.92% | 21.47% | 22.47% | 16.92% | -29.48% | -27.65% | -2.54% | -76.44% | -61.65% | -68.7% |
| EBITDA Growth % | 121.47% | 177.17% | -45.37% | 169.07% | -13.93% | 78.29% | -109.2% | -10.63% | -976.54% | 121.22% | 371.98% | -101.27% | 22.74% | 5.17% | 19% | 686.47% | 139.65% | -12.09% | -146.59% | 67.68% | 81.81% | 220.96% | 184.6% | -19.32% | -1048% | 73.24% | -7.96% | 49.4% | - |
| D&A (Non-Cash Add-back) | 10.76M | 8.14M | 891K | 734K | 734K | 1.01M | 3.41M | 8.46M | 9.22M | 9.77M | 10.43M | 18.02M | 9.74M | 15.11M | 11.58M | 10.11M | 13.77M | 14.19M | 13.87M | 6.54M | 2.75M | 1.77M | 689.9K | 713.53K | 704.73K | 744.3K | 122.81K | 62.25K | 93.1K |
| EBIT | 30.06M | 28.13M | 12.24M | 27.72M | -35.28M | -30.49M | -142.57M | -73.79M | -77.79M | -9.22M | -4.67M | 12.27M | 58.24M | 59.7M | 53.56M | 55.23M | -29.61M | -32.79M | -30.85M | 29.69M | 18.85M | 10.2M | 3.06M | 31.41K | -2.61M | -1.06M | 41.85K | -1.32M | -1.17M |
| Net Interest Income | -5.04M | -3.94M | -1.09M | -2.86M | -7.05M | -78K | -60K | -2.02M | -2.87M | -2.17M | -1.98M | -1.52M | -1.37M | -2.09M | -8.1M | -15.96M | -20.21M | -15.52M | -13.81M | -3.5M | -1M | -827.09K | -691.57K | -618.44K | -637.7K | -371.61K | -83.97K | -173.78K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.22K | 43.82K | 0 | 0 | 0 |
| Interest Expense | 5.04M | 3.94M | 1.09M | 2.86M | 7.05M | 78K | 60K | 2.02M | 2.87M | 2.17M | 1.98M | 1.52M | 1.37M | 2.09M | 8.1M | 15.96M | 20.21M | 15.43M | 10.23M | 3.5M | 1M | 827.09K | 691.57K | 618.44K | 639.92K | 415.43K | 173.78K | 173.78K | 30.45K |
| Other Income/Expense | -5.49M | -8.47M | -1.05M | 1.64M | -6.91M | 890K | 1.02M | -311K | -10.85M | -1.07M | 10.45M | -1.64M | 20.27M | -1.78M | -13.16M | -9.62M | -42.74M | -15.59M | -13.91M | -2.54M | -920K | -741.07K | -645.09K | -591.45K | -566 | 27.41K | 4.29K | 238.11K | -1.14M |
| Pretax Income | 20.48M | 19.66M | 11.15M | 24.86M | -42.33M | -30.57M | -142.63M | -75.81M | -80.66M | -4.21M | 3.14M | -21.12M | 78.88M | 56.95M | 45.46M | 39.27M | -49.01M | -48.69M | -41.08M | 27.14M | 17.93M | 9.37M | 2.37M | 31.41K | -4.37M | -1.04M | -1.31M | -1.08M | -2.31M |
| Pretax Margin % | 8.13% | 8.28% | 5.96% | 13.22% | -31.1% | -70.64% | -268.4% | -63.52% | -45.37% | -1.33% | 1.2% | -6.32% | 17.56% | 15.35% | 14.53% | 15.17% | -33.34% | -43.26% | -18.17% | 17.18% | 17.82% | 17.73% | 10.82% | 0.21% | -32.97% | -8.25% | -84.03% | -60.13% | -72.58% |
| Income Tax | -9.33M | -10.87M | 649K | 149K | -22K | -40K | -6.18M | 262K | -7.21M | 8.84M | 1.24M | -7.65M | 25.28M | 20.77M | -4.33M | 7.86M | -5.54M | 2.02M | -9.14M | 10.41M | 6.58M | 1.65M | 213.1K | 17.01M | 451.66K | -98.65K | -8.59K | -44.24K | 184.47K |
| Effective Tax Rate % | -45.54% | -55.32% | 5.82% | 0.6% | 0.05% | 0.13% | 4.33% | -0.35% | 8.95% | -209.97% | 39.34% | 36.25% | 32.05% | 36.47% | -9.53% | 20.02% | 11.31% | -4.14% | 22.25% | 38.37% | 36.71% | 17.63% | 9% | 54165.94% | -10.33% | 9.52% | 0.65% | 4.1% | -7.99% |
| Net Income | 29.81M | 30.53M | 10.5M | 24.71M | -42.3M | -30.53M | -136.45M | -33.91M | -70.34M | -27.39M | -49.13M | -13.46M | 53.6M | 36.18M | 49.79M | 31.41M | -43.47M | -50.7M | -31.94M | 16.73M | 11.35M | 7.72M | 2.15M | -7.38M | -5.46M | -1.41M | -1.49M | -1.21M | -2.43M |
| Net Margin % | 11.83% | 12.87% | 5.61% | 13.14% | -31.09% | -70.55% | -256.77% | -28.42% | -39.57% | -8.64% | -18.69% | -4.03% | 11.93% | 9.75% | 15.92% | 12.14% | -29.57% | -45.05% | -14.13% | 10.59% | 11.28% | 14.6% | 9.84% | -49.74% | -41.2% | -11.21% | -95.16% | -67.65% | -76.46% |
| Net Income Growth % | 108.24% | 190.8% | -57.52% | 158.42% | -38.59% | 77.63% | -302.33% | 51.78% | -156.77% | 44.24% | -264.95% | -125.11% | 48.16% | -27.34% | 58.53% | 172.26% | 14.28% | -58.75% | -290.95% | 47.37% | 47.02% | 258.46% | 129.17% | -35.17% | -288% | 5.27% | -22.48% | 50.12% | - |
| Net Income (Continuing) | 29.81M | 30.53M | 10.5M | 24.71M | -42.3M | -30.53M | -136.45M | -76.07M | -73.44M | -17.5M | 1.91M | 7.16M | 39.62M | 36.18M | 49.79M | 31.41M | -43.47M | -50.33M | -34.16M | 16.73M | 11.35M | 7.72M | 2.15M | -5.68M | -3.12M | -1.41M | 10.37K | -1.49M | -1.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.16M | 2.74M | -7.81M | -44.68M | 0 | 13.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 358K | 358K | 358K | 351K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.78 | 0.84 | 0.34 | -0.10 | -3.41 | -2.52 | -12.00 | -3.42 | -7.28 | -2.85 | -5.26 | -1.47 | 4.26 | 4.02 | 5.80 | 1.81 | -1.69 | -2.59 | -1.67 | 0.88 | 0.61 | 0.47 | 0.16 | -0.62 | -0.55 | -0.22 | -0.07 | -1.50 | -1.50 |
| EPS Growth % | 73.33% | 147.06% | 440% | 97.07% | -35.32% | 79% | -250.88% | 53.02% | -155.44% | 45.82% | -257.82% | -134.51% | 5.97% | -30.69% | 220.44% | 207.1% | 34.75% | -55.09% | -289.77% | 44.26% | 29.79% | 193.75% | 125.81% | -12.73% | -150% | -237.42% | 95.65% | 0% | - |
| EPS (Basic) | - | 0.90 | 0.36 | 1.00 | -3.41 | -2.52 | -12.00 | -3.42 | -7.28 | -2.85 | -5.30 | -1.47 | 4.36 | 4.23 | 6.20 | 1.83 | -1.69 | -2.59 | -1.67 | 0.91 | 0.66 | 0.53 | 0.16 | -0.62 | -0.55 | -0.22 | -0.07 | -1.50 | -1.50 |
| Diluted Shares Outstanding | 38.34M | 36.16M | 30.89M | 28.38M | 12.4M | 12.23M | 11.39M | 9.79M | 9.67M | 9.6M | 9.35M | 9.18M | 9.3M | 9M | 8.93M | 17.32M | 18.74M | 19.59M | 19.16M | 18.96M | 18.59M | 16.51M | 14.03M | 11.95M | 9.94M | 6.35M | 2.96M | 808.91K | 808.91K |
| Basic Shares Outstanding | 36.1M | 33.9M | 29.53M | 24.83M | 12.4M | 12.23M | 11.39M | 9.79M | 9.67M | 9.6M | 9.26M | 9.17M | 9.25M | 8.97M | 8.59M | 17.14M | 18.65M | 19.59M | 19.16M | 18.34M | 17.29M | 14.61M | 13.32M | 11.95M | 9.94M | 6.35M | 2.96M | 808.91K | 808.91K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High customer concentration dependency
According to recent financial disclosures, Flotek achieved a 26.5% year-over-year revenue growth in 2026Q1, signaling a sustained recovery from the contraction observed in early 2024, largely underpinned by the strategic supply agreement with ProFrac that has effectively established a more predictable top-line revenue floor.
The transition from negative growth in early 2024 to double-digit expansion suggests that the company's pivot toward long-term supply contracts is successfully capturing volume in the U.S. completion market. Investors should monitor whether this growth remains tethered to a single partner's activity levels or if the company can successfully diversify its client base to ensure long-term durability.
As reported in quarterly filings, gross margins fluctuated between 18.3% and 30.7% over the last ten quarters, reflecting the company's ongoing sensitivity to raw material price swings and the inherent difficulty in maintaining pricing power within the highly competitive specialty oilfield chemical manufacturing landscape.
The significant variance in gross margins suggests that Flotek's proprietary chemistry formulations may not provide a complete shield against commodity cost inflation. Future margin stability appears contingent on the company's ability to shift its revenue mix toward the higher-margin Data Analytics segment, which currently remains a smaller portion of the total business.
Based on the provided income statement data, operating income has scaled from $2.1 million in 2024Q1 to $7.6 million in 2026Q1, indicating that the company is successfully leveraging its fixed cost base as revenue growth outpaces the incremental increases in SG&A and research expenditures.
The improvement in operating margins to 10.8% suggests that the company has reached a critical scale where incremental revenue contributes more efficiently to the bottom line. However, analysts should remain cautious, as this operating leverage may be vulnerable to sudden declines in completion activity which could quickly reverse these efficiency gains.
Analysis of recent income statements reveals that stock-based compensation, which reached $824.0K in 2026Q1, continues to represent a non-trivial drag on net income, warranting careful scrutiny of how management balances equity-based incentives with the company's ongoing efforts to maintain a clean, debt-free balance sheet.
While net income has trended positively, the presence of recurring stock-based compensation suggests that reported EPS may slightly overstate the cash-generative capacity of the core operations. Investors should evaluate whether these compensation levels are aligned with long-term shareholder value creation or if they represent an excessive dilution risk in the current growth phase.
Financial data suggests that Flotek's reliance on a single major supply agreement creates a binary risk profile, where the company's future profitability is disproportionately sensitive to the operational decisions and capital expenditure cycles of its primary partner, potentially masking underlying market share trends.
Short-term performance gains may be misleading if they are primarily a function of a single contract rather than broad-based market adoption of the company's chemistry and data solutions. A failure to expand the customer base could leave the company exposed to significant downside if the primary partner's demand for completion services softens.
Quick answers to the most common questions about buying FTK stock.
For fiscal year 2025, Flotek Industries, Inc. (FTK) reported total revenue of $237.3M. This represents a 7357.2% increase compared to $3.2M in 1998.
Flotek Industries, Inc. (FTK) is profitable, generating $30.5M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Flotek Industries, Inc. (FTK) reported an operating income of $28.1M, resulting in an operating profit margin of 11.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Flotek Industries, Inc. (FTK) generated $58.0M in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.