Revenue recovered to $355.4M in 2026Q3 with gross margin improving to 12.3% and operating margin turning to 3.1%, though margins remain thin and sensitive to utilization.
ProPetro Holding Corp. (PUMP) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.22B | 1.27B | 1.44B | 1.63B | 1.28B | 874.51M | 789.23M | 2.05B | 1.7B | 981.87M | 436.92M | 569.62M |
| Revenue Growth % | -6.04% | -12.13% | -11.42% | 27.4% | 46.33% | 10.81% | -61.54% | 20.4% | 73.6% | 124.72% | -23.3% | - |
| Cost of Goods Sold | 1.1B | 1.14B | 1.28B | 1.31B | 1.01B | 795.64M | 737.57M | 1.62B | 1.36B | 869.45M | 447.68M | 533.47M |
| COGS % of Revenue | - | 90.07% | 88.43% | 80.51% | 79% | 90.98% | 93.45% | 78.72% | 79.71% | 88.55% | 102.46% | 93.65% |
| Gross Profit | 124.13M | 126.09M | 167.04M | 317.71M | 268.77M | 78.87M | 51.66M | 436.65M | 345.85M | 112.41M | -10.76M | 36.15M |
| Gross Margin % | 10.16% | 9.93% | 11.57% | 19.49% | 21% | 9.02% | 6.55% | 21.28% | 20.29% | 11.45% | -2.46% | 6.35% |
| Gross Profit Growth % | - | -24.52% | -47.42% | 18.21% | 240.78% | 52.66% | -88.17% | 26.26% | 207.65% | 1144.58% | -129.77% | - |
| Operating Expenses | 121.82M | 107.56M | 334M | 187.37M | 271.36M | 147.57M | 182.91M | 215.29M | 53.96M | 49.22M | 26.61M | 27.37M |
| OpEx % of Revenue | - | 8.47% | 23.13% | 11.49% | 21.21% | 16.87% | 23.18% | 10.49% | 3.17% | 5.01% | 6.09% | 4.8% |
| Selling, General & Admin | 122.43M | 107.56M | 114.32M | 114.35M | 111.76M | 82.92M | 86.77M | 105.08M | 53.96M | 49.22M | 26.61M | 27.37M |
| SG&A % of Revenue | - | 8.47% | 7.92% | 7.01% | 8.73% | 9.48% | 10.99% | 5.12% | 3.17% | 5.01% | 6.09% | 4.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 300K | 300K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.03% | 0.07% | 0.05% |
| Other Operating Expenses | -611K | 0 | 219.68M | 73.02M | 159.6M | 64.65M | 96.14M | 110.22M | 0 | 0 | -321.07K | -497.92K |
| Operating Income | 2.31M | 18.53M | -166.96M | 130.34M | -2.59M | -68.7M | -131.24M | 221.36M | 232.67M | 24.11M | -67.39M | -49.1M |
| Operating Margin % | 0.19% | 1.46% | -11.56% | 7.99% | -0.2% | -7.86% | -16.63% | 10.79% | 13.65% | 2.46% | -15.42% | -8.62% |
| Operating Income Growth % | - | 111.1% | -228.09% | 5130.61% | 96.23% | 47.66% | -159.29% | -4.86% | 864.91% | 135.78% | -37.24% | - |
| EBITDA | 172.02M | 193.43M | 57.15M | 311.23M | 125.52M | 64.68M | 22.05M | 366.67M | 320.81M | 79.74M | -23.84M | 1.03M |
| EBITDA Margin % | 14.08% | 15.24% | 3.96% | 19.09% | 9.81% | 7.4% | 2.79% | 17.87% | 18.82% | 8.12% | -5.46% | 0.18% |
| EBITDA Growth % | 4.27% | 238.46% | -81.64% | 147.96% | 94.06% | 193.38% | -93.99% | 14.29% | 302.31% | 434.43% | -2407.97% | - |
| D&A (Non-Cash Add-back) | 169.71M | 174.9M | 224.11M | 180.89M | 128.11M | 133.38M | 153.29M | 145.3M | 88.14M | 55.63M | 43.54M | 50.13M |
| EBIT | 17.55M | 16.06M | -161.43M | 120.81M | 8.99M | -67.82M | -132.12M | 220.65M | 232.01M | 23.09M | -60.73M | -49.6M |
| Net Interest Income | -12.52M | -8.24M | -7.82M | -5.31M | -1.6M | -614K | -2.38M | -7.14M | -6.89M | -7.35M | -20.39M | -21.64M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.52M | 8.24M | 7.82M | 5.31M | 1.6M | 614K | 2.38M | 7.14M | 6.89M | 7.35M | 20.39M | 21.64M |
| Other Income/Expense | 2.73M | -10.71M | -2.28M | -14.84M | 9.98M | 259K | -3.26M | -7.86M | -7.55M | -8.37M | -13.73M | -22.14M |
| Pretax Income | 5.03M | 7.82M | -169.24M | 115.5M | 7.39M | -68.44M | -134.5M | 213.5M | 225.12M | 15.74M | -81.12M | -71.24M |
| Pretax Margin % | 0.41% | 0.62% | -11.72% | 7.08% | 0.58% | -7.83% | -17.04% | 10.4% | 13.21% | 1.6% | -18.57% | -12.51% |
| Income Tax | 3.03M | 7M | -31.39M | 29.87M | 5.36M | -14.25M | -27.48M | 50.49M | 51.26M | 3.13M | -27.97M | -25.39M |
| Effective Tax Rate % | 60.19% | 89.46% | 18.54% | 25.86% | 72.52% | 20.82% | 20.43% | 23.65% | 22.77% | 19.87% | 34.48% | 35.64% |
| Net Income | 2M | 824K | -137.86M | 85.63M | 2.03M | -54.19M | -107.02M | 163.01M | 173.86M | 12.61M | -53.15M | -45.85M |
| Net Margin % | 0.16% | 0.06% | -9.55% | 5.25% | 0.16% | -6.2% | -13.56% | 7.94% | 10.2% | 1.28% | -12.16% | -8.05% |
| Net Income Growth % | 111.8% | 100.6% | -260.99% | 4118.42% | 103.75% | 49.37% | -165.65% | -6.24% | 1278.43% | 123.73% | -15.91% | - |
| Net Income (Continuing) | 2M | 824K | -137.86M | 85.63M | 2.03M | -54.19M | -107.02M | 163.01M | 173.86M | 12.61M | -53.15M | -45.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.01 | 0.01 | -1.31 | 0.76 | 0.02 | -0.53 | -1.06 | 1.57 | 2.00 | 0.16 | -0.66 | -0.55 |
| EPS Growth % | 99.82% | 100.6% | -272.37% | 3900% | 103.58% | 50% | -167.52% | -21.5% | 1150% | 124.24% | -20% | - |
| EPS (Basic) | - | 0.01 | -1.32 | 0.76 | 0.02 | -0.53 | -1.06 | 1.62 | 2.08 | 0.17 | -0.66 | -0.55 |
| Diluted Shares Outstanding | 154.65M | 105.4M | 105.47M | 113.42M | 106.94M | 102.66M | 100.83M | 103.75M | 87.05M | 79.58M | 80.43M | 83.04M |
| Basic Shares Outstanding | 122.85M | 103.84M | 104.12M | 113M | 105.87M | 102.66M | 100.83M | 100.47M | 83.46M | 76.37M | 80.43M | 83.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PUMP stock.
For fiscal year 2025, ProPetro Holding Corp. (PUMP) reported total revenue of $1.27B. This represents a 122.8% increase compared to $569.6M in 2015.
ProPetro Holding Corp. (PUMP) is profitable, generating $0.8M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
ProPetro Holding Corp. (PUMP) reported an operating income of $18.5M, resulting in an operating profit margin of 1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ProPetro Holding Corp. (PUMP) generated $126.1M in gross profit for the year, representing a gross profit margin of 9.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Permian concentration and pricing pressure
Metrics are mathematically derived from official filings.
Revenue Rebounding From Mid-Cycle Trough
According to reported quarterly figures, PUMP's revenue reached $355.4M in 2026Q3, up 20.9% sequentially, though this follows a year-over-year contraction of roughly 12% in the trailing period and suggests a recovery still early in its durability.
The sequential rebound from $270.7M in 2026Q1 to $355.4M in 2026Q3 suggests fleet utilization is recovering from a weak start to the year. However, the revenue base remains below 2024 and 2025 first-half levels, indicating the recovery may be partially restorative rather than a new growth trend. Investors should monitor whether utilization holds through the next two quarters before treating this as durable expansion.
Gross Margin Compressed Below Peer Levels
Based on reported figures, PUMP's gross margin improved to 12.3% in 2026Q3 from 6.8% in 2026Q1, but remains well below the 14.0% to 14.3% range reported by RES and WTTR, suggesting weaker pricing power.
The margin recovery tracks the revenue rebound, implying operating leverage on fixed fleet costs is working in the company's favor during upswings. The persistent gap to peers may indicate either pricing concessions to Permian customers or higher maintenance and fleet-transition costs embedded in cost of sales. Margin durability will depend on whether the recent improvement reflects pricing or merely higher utilization.
Thin Operating Margin Signals Fixed Cost Strain
As reported in the income statement, PUMP's operating margin swung from -3.2% in 2026Q1 to 3.1% in 2026Q3, with SG&A held near $33M per quarter, indicating high sensitivity to utilization.
Operating income moved more than proportionally to revenue in the recent rebound, which points to meaningful operating leverage on a largely fixed cost base. SG&A has remained flat around $27M to $33M across the period despite revenue swings, suggesting limited overhead flexibility. The thin margin profile implies that even modest utilization shortfalls could return the company to operating losses, as seen in several recent quarters.
Net Income Driven by Volatile Quarters
Based on reported EPS, PUMP posted diluted EPS of $0.09 in 2026Q3 after losses in three of the prior four quarters, with stock-based compensation of roughly $4M to $6M per quarter adding to cost pressure.
The 2026Q3 profit appears to rest on a single strong quarter rather than a consistent earnings base, so the EPS trend should be treated with caution. Net margin of 3.7% in 2026Q3 is modest and sits alongside a history of large one-time losses, including a 2024Q3 loss of $137.1M. Investors should assess whether recent profitability reflects sustainable operations or quarter-specific factors.
Recovery Narrative Faces Structural Doubts
The strongest bear case rests on PUMP's negative returns on capital, with ROIC of roughly -4.6% at ACDC and only modest profitability at the company level, suggesting the cycle upturn may not translate into durable value creation.
Short-sellers would likely point to the repeated quarterly losses over the past two years and argue that a single profitable quarter does not establish a turn. The Permian concentration leaves the company exposed to basin-specific pricing pressure and consolidation among larger E&P customers. If utilization softens again, the thin operating margin could reverse quickly, and the recent rebound may prove transitory.