Revenue contraction and structural margin compression are evident, with gross margins falling from 18.2% in 2023Q4 to 6.8% in 2026Q1.
| Sales/Revenue | 1.18B | 1.27B | 1.44B | 1.63B | 1.28B | 874.51M | 789.23M | 2.05B | 1.7B | 981.87M | 436.92M | 569.62M |
| Revenue Growth % | -15.55% | -12.13% | -11.42% | 27.4% | 46.33% | 10.81% | -61.54% | 20.4% | 73.6% | 124.72% | -23.3% | - |
| Cost of Goods Sold | 1.08B | 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 | 97.58M | 126.09M | 167.04M | 317.71M | 268.77M | 78.87M | 51.66M | 436.65M | 345.85M | 112.41M | -10.76M | 36.15M |
| Gross Margin % | 8.27% | 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 | 110.75M | 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 | 107.08M | 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 | 326K | 0 | 219.68M | 73.02M | 159.6M | 64.65M | 96.14M | 110.22M | 0 | 0 | -321.07K | -497.92K |
| Operating Income | -13.17M | 18.53M | -166.96M | 130.34M | -2.59M | -68.7M | -131.24M | 221.36M | 232.67M | 24.11M | -67.39M | -49.1M |
| Operating Margin % | -1.12% | 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 | 153.66M | 193.43M | 44.77M | 311.23M | 125.52M | 64.68M | 22.05M | 366.67M | 321.42M | 81.59M | -22M | 1.03M |
| EBITDA Margin % | 13.02% | 15.24% | 3.1% | 19.09% | 9.81% | 7.4% | 2.79% | 17.87% | 18.86% | 8.31% | -5.03% | 0.18% |
| EBITDA Growth % | 558.93% | 332.01% | -85.61% | 147.96% | 94.06% | 193.38% | -93.99% | 14.08% | 293.96% | 470.88% | -2229.29% | - |
| D&A (Non-Cash Add-back) | 166.83M | 174.9M | 211.73M | 180.89M | 128.11M | 133.38M | 153.29M | 145.3M | 88.75M | 57.47M | 45.39M | 50.13M |
| EBIT | -7.87M | 18.53M | -161.43M | 120.81M | 8.99M | -67.82M | -132.12M | 220.65M | 232.01M | 23.09M | -60.73M | -49.6M |
| Net Interest Income | -8.87M | -8.24M | -7.82M | -5.31M | -1.6M | -614K | -2.38M | -7.14M | -6.89M | -7.35M | -20.39M | -21.64M |
| Interest Income | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.17M | 8.24M | 7.82M | 5.31M | 1.6M | 614K | 2.38M | 7.14M | 6.89M | 7.35M | 20.39M | 21.64M |
| Other Income/Expense | 959K | -10.71M | -2.28M | -14.84M | 9.98M | 259K | -3.26M | -7.86M | -7.55M | -8.37M | -13.73M | -22.14M |
| Pretax Income | -12.21M | 7.82M | -169.24M | 115.5M | 7.39M | -68.44M | -134.5M | 213.5M | 225.12M | 15.74M | -81.12M | -71.24M |
| Pretax Margin % | -1.03% | 0.62% | -11.72% | 7.08% | 0.58% | -7.83% | -17.04% | 10.4% | 13.21% | 1.6% | -18.57% | -12.51% |
| Income Tax | 213K | 7M | -31.39M | 29.87M | 5.36M | -14.25M | -27.48M | 50.49M | 51.26M | 3.13M | -27.97M | -25.39M |
| Effective Tax Rate % | -1.74% | 89.46% | 18.54% | 25.86% | 72.52% | 20.82% | 20.43% | 23.65% | 22.77% | 19.87% | 34.48% | 35.64% |
| Net Income | -12.42M | 824K | -137.86M | 85.63M | 2.03M | -54.19M | -107.02M | 163.01M | 173.86M | 12.61M | -53.15M | -45.85M |
| Net Margin % | -1.05% | 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 % | 91.62% | 100.6% | -260.99% | 4118.42% | 103.75% | 49.37% | -165.65% | -6.24% | 1278.43% | 123.73% | -15.91% | - |
| Net Income (Continuing) | -12.42M | 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) | -0.11 | 0.01 | -1.31 | 0.76 | 0.02 | -0.53 | -1.06 | 1.57 | 2.00 | 0.16 | -0.66 | -0.55 |
| EPS Growth % | 91.91% | 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 | 116.91M | 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 | 116.91M | 103.84M | 104.12M | 113M | 105.87M | 102.66M | 100.83M | 100.47M | 83.46M | 76.37M | 80.43M | 83.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Permian Basin activity concentration
According to the latest quarterly financial data, ProPetro experienced a significant revenue decline of 24.7% year-over-year in 2026Q1, reflecting a broader trend of sustained top-line contraction that has persisted across the last ten quarters as completion activity in the Permian Basin faces ongoing headwinds.
The consistent negative revenue growth suggests that the company is struggling to maintain fleet utilization in a market characterized by E&P consolidation and reduced completion intensity. This downward trajectory appears to be more than a cyclical trough, potentially indicating a structural shift in demand for legacy pressure pumping services.
As reported in recent income statements, ProPetro's gross margin has compressed to 6.8% in 2026Q1, down from a peak of 18.2% in 2023Q4, highlighting the company's limited pricing power and the high cost of maintaining operational readiness in a competitive, capital-intensive hydraulic fracturing environment.
The erosion of gross margins suggests that the company is unable to fully pass through inflationary pressures or the costs associated with fleet modernization to its customers. Investors should monitor whether the transition to newer, more efficient equipment can eventually stabilize these margins or if competitive pricing remains a permanent fixture.
Based on the provided financial figures, ProPetro's operating margin has deteriorated into negative territory, reaching -3.2% in 2026Q1, which indicates that the company's fixed cost structure is currently too heavy to support the reduced volume of pumping activity observed in the current market cycle.
The inability to scale operating income alongside gross profit suggests that SG&A expenses remain sticky despite the significant decline in revenue. This lack of operating leverage may indicate that the company is maintaining a level of overhead that is disproportionate to its current operational footprint.
Analysis of the income statement reveals that stock-based compensation remains a recurring expense, totaling $4.7 million in 2026Q1, which further dilutes the quality of reported net income and complicates the assessment of true operational profitability during periods of negative bottom-line performance.
The consistent presence of stock-based compensation during quarters where the company reports net losses warrants further investigation into management's incentive alignment. This non-cash expense effectively masks the severity of the operational losses, making it difficult to gauge the company's underlying cash-generating capability.
While ProPetro benefits from its Permian density, the company's lack of geographic diversification, as evidenced by its 100% exposure to the Permian Basin, creates a binary risk profile where any localized regulatory or infrastructure disruption could lead to severe and immediate income statement volatility.
Short-sellers may focus on the company's inability to pivot to other basins, which leaves it uniquely vulnerable to the completion schedules of a shrinking pool of Permian E&P operators. This concentration risk appears to be a significant factor that could prevent a meaningful recovery in profitability even if broader industry conditions improve.
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.