Revenue surged 36.8% year-over-year to $342.1M in 2026Q2, but gross margin compressed to 37.8% from 69.3% in 2025Q3, indicating normalization after an anomalous spike.
USA Compression Partners, LP (USAC) annual income statement — 17-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 1.18B | 998.1M | 950.45M | 846.18M | 704.6M | 632.64M | 667.68M | 698.37M | 584.35M | 280.22M | 265.92M | 270.55M | 221.51M | 152.92M | 118.79M | 98.72M | 92.03M | 95.23M |
| Revenue Growth % | 19.87% | 5.01% | 12.32% | 20.09% | 11.37% | -5.25% | -4.39% | 19.51% | 108.53% | 5.38% | -1.71% | 22.14% | 44.85% | 28.73% | 20.33% | 7.27% | -3.36% | - |
| Cost of Goods Sold | 650.96M | 613.62M | 308.73M | 280.98M | 230.69M | 190.8M | 202.49M | 458.75M | 428.42M | 191.19M | 180.5M | 166.78M | 145.19M | 101.01M | 79.68M | 72.34M | 33.29M | 53.05M |
| COGS % of Revenue | - | 61.48% | 32.48% | 33.21% | 32.74% | 30.16% | 30.33% | 65.69% | 73.31% | 68.23% | 67.88% | 61.64% | 65.55% | 66.06% | 67.07% | 73.28% | 36.18% | 55.71% |
| Gross Profit | 525.2M | 384.48M | 641.72M | 565.2M | 473.9M | 441.85M | 465.19M | 239.62M | 155.94M | 89.03M | 85.42M | 103.77M | 76.32M | 51.9M | 39.11M | 26.38M | 58.74M | 42.18M |
| Gross Margin % | 44.65% | 38.52% | 67.52% | 66.79% | 67.26% | 69.84% | 69.67% | 34.31% | 26.69% | 31.77% | 32.12% | 38.36% | 34.45% | 33.94% | 32.93% | 26.72% | 63.82% | 44.29% |
| Gross Profit Growth % | - | -40.09% | 13.54% | 19.26% | 7.26% | -5.02% | 94.14% | 53.66% | 75.15% | 4.22% | -17.68% | 35.97% | 47.04% | 32.71% | 48.27% | -55.09% | 39.27% | - |
| Operating Expenses | 171.51M | 66.34M | 347.27M | 333.22M | 304.61M | 300.97M | 930.04M | 71.23M | 69M | 47.48M | 44.48M | 40.95M | 38.72M | 27.59M | 18.27M | 12.73M | 35.94M | 9.14M |
| OpEx % of Revenue | - | 6.65% | 36.54% | 39.38% | 43.23% | 47.57% | 139.29% | 10.2% | 11.81% | 16.94% | 16.73% | 15.14% | 17.48% | 18.04% | 15.38% | 12.89% | 39.05% | 9.59% |
| Selling, General & Admin | 82.14M | 66.34M | 0 | 0 | 0 | 0 | 0 | 64.4M | 69M | 47.48M | 44.48M | 40.95M | 38.72M | 27.59M | 18.27M | 12.73M | 11.37M | 9.14M |
| SG&A % of Revenue | - | 6.65% | - | - | - | - | - | 9.22% | 11.81% | 16.94% | 16.73% | 15.14% | 17.48% | 18.04% | 15.38% | 12.89% | 12.35% | 9.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 347.27M | 333.22M | 304.61M | 300.97M | 930.04M | 6.83M | 41K | 27K | 35K | 22K | 11K | 9K | 28K | 20.83K | 24.57M | 24.54K |
| Operating Income | 353.69M | 318.14M | 294.45M | 231.98M | 169.29M | 140.87M | -464.85M | 168.38M | 65.31M | 37.08M | 34.41M | -135.6M | 37.57M | 23.83M | 20.58M | 13.17M | 22.89M | 31.44M |
| Operating Margin % | 30.07% | 31.87% | 30.98% | 27.42% | 24.03% | 22.27% | -69.62% | 24.11% | 11.18% | 13.23% | 12.94% | -50.12% | 16.96% | 15.58% | 17.32% | 13.34% | 24.87% | 33.01% |
| Operating Income Growth % | - | 8.04% | 26.93% | 37.03% | 20.18% | 130.3% | -376.07% | 157.82% | 76.14% | 7.77% | 125.37% | -460.97% | 57.65% | 15.81% | 56.19% | -42.44% | -27.19% | - |
| EBITDA | 673.49M | 602.95M | 559.21M | 478.08M | 405.97M | 379.64M | -225.88M | 399.83M | 279M | 203.64M | 126.75M | -50.37M | 108.72M | 76.75M | 62.46M | 45.91M | 47.46M | 54.39M |
| EBITDA Margin % | 57.26% | 60.41% | 58.84% | 56.5% | 57.62% | 60.01% | -33.83% | 57.25% | 47.75% | 72.67% | 47.66% | -18.62% | 49.08% | 50.19% | 52.58% | 46.51% | 51.57% | 57.12% |
| EBITDA Growth % | 17.41% | 7.82% | 16.97% | 17.76% | 6.94% | 268.07% | -156.49% | 43.31% | 37.01% | 60.67% | 351.64% | -146.33% | 41.66% | 22.88% | 36.04% | -3.26% | -12.75% | - |
| D&A (Non-Cash Add-back) | 319.8M | 284.82M | 264.76M | 246.1M | 236.68M | 238.77M | 238.97M | 231.45M | 213.69M | 166.56M | 92.34M | 85.24M | 71.16M | 52.92M | 41.88M | 32.74M | 24.57M | 22.96M |
| EBIT | 349.38M | 303.6M | 302.73M | 243.5M | 172.31M | 143.41M | 162.79M | 168.46M | 65.35M | -262.89M | -27.11M | -135.58M | 37.58M | 23.84M | 22.8M | 13.19M | 22.91M | 31.46M |
| Net Interest Income | -190.59M | -187.41M | -193.47M | -169.92M | -138.05M | -129.83M | -128.63M | -127.15M | -78.38M | 0 | 0 | -17.61M | -12.53M | -12.49M | -15.9M | -12.97M | -12.28M | -10.04M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 190.59M | 187.41M | 193.47M | 169.92M | 138.05M | 129.83M | 128.63M | 127.15M | 78.38M | 25.13M | 21.09M | 17.61M | 12.53M | 12.49M | 15.9M | 12.97M | 12.28M | 10.04M |
| Other Income/Expense | -194.9M | -201.95M | -192.64M | -162.35M | -137.96M | -129.72M | -128.55M | -127.07M | -78.34M | -223K | 40.19M | -17.58M | -12.52M | -12.48M | -15.88M | -13.43M | -12.25M | -11.62M |
| Pretax Income | 158.79M | 116.19M | 101.81M | 69.63M | 31.33M | 11.15M | -593.4M | 41.32M | -13.03M | 11.98M | 13.36M | -153.19M | 25.05M | 11.35M | 4.7M | 224.11K | 10.63M | 21.42M |
| Pretax Margin % | 13.5% | 11.64% | 10.71% | 8.23% | 4.45% | 1.76% | -88.87% | 5.92% | -2.23% | 4.27% | 5.02% | -56.62% | 11.31% | 7.42% | 3.96% | 0.23% | 11.56% | 22.49% |
| Income Tax | 12.54M | 4.87M | 2.23M | 1.36M | 1.02M | 874K | 1.33M | 2.19M | -2.47M | 538K | 421K | 1.08M | 103K | 280K | 196K | 154.87K | 155.18K | 190.16K |
| Effective Tax Rate % | 7.9% | 4.19% | 2.19% | 1.96% | 3.24% | 7.84% | -0.22% | 5.29% | 18.99% | 4.49% | 3.15% | -0.71% | 0.41% | 2.47% | 4.17% | 69.1% | 1.46% | 0.89% |
| Net Income | 146.24M | 111.32M | 99.58M | 68.27M | 30.32M | 10.28M | -594.73M | 39.13M | -10.55M | 11.44M | 12.94M | -154.27M | 24.95M | 10.54M | 4.5M | 6.74K | 10.48M | 21.23M |
| Net Margin % | 12.43% | 11.15% | 10.48% | 8.07% | 4.3% | 1.62% | -89.07% | 5.6% | -1.81% | 4.08% | 4.86% | -57.02% | 11.26% | 6.89% | 3.79% | 0.01% | 11.39% | 22.29% |
| Net Income Growth % | 55.85% | 11.79% | 45.86% | 125.17% | 194.95% | 101.73% | -1619.81% | 470.88% | -192.23% | -11.56% | 108.38% | -718.43% | 136.77% | 133.98% | 66749.76% | -99.94% | -50.63% | - |
| Net Income (Continuing) | 146.24M | 111.32M | 99.58M | 68.27M | 30.32M | 10.28M | -594.73M | 39.13M | -10.55M | -264.73M | 12.94M | -154.27M | 24.95M | 11.07M | 4.5M | 69K | 10.48M | 21.23M |
| Discontinued Operations | 0 | 0 | 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 | 0 | 8.44M | 9.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.00 | 0.85 | 0.72 | 0.20 | -0.19 | -0.40 | -6.14 | -0.10 | -0.10 | 0.16 | 0.27 | -3.20 | 0.60 | 0.32 | 0.15 | 0.23 | 0.36 | 0.73 |
| EPS Growth % | 58.21% | 18.06% | 260% | 205.26% | 52.5% | 93.49% | -6064.66% | -3.11% | -160.38% | -40.74% | 108.44% | -633.33% | 87.5% | 113.33% | -34.78% | -36.11% | -50.68% | - |
| EPS (Basic) | - | 0.85 | 0.72 | 0.21 | -0.19 | -0.40 | -6.14 | -0.10 | -0.10 | 0.16 | 0.27 | -3.20 | 0.60 | 0.32 | 0.15 | 0.23 | 0.36 | 0.73 |
| Diluted Shares Outstanding | 145.62M | 121.27M | 114.5M | 100.67M | 97.78M | 97.07M | 96.82M | 96.59M | 109.26M | 61.84M | 55.11M | 48.16M | 42.2M | 32.14M | 29.1M | 29.1M | 29.1M | 29.1M |
| Basic Shares Outstanding | 144.97M | 120.76M | 113.39M | 98.63M | 97.78M | 97.07M | 96.82M | 96.59M | 109.26M | 61.55M | 54.81M | 48.16M | 42.14M | 32.09M | 29.1M | 29.1M | 29.1M | 29.1M |
| Dividend Payout Ratio | - | 228.36% | 241.88% | 306.22% | 684.23% | 2007.29% | - | 496.21% | - | 997.54% | - | - | 129.66% | 139.23% | - | - | - | - |
Quick answers to the most common questions about buying USAC stock.
For fiscal year 2025, USA Compression Partners, LP (USAC) reported total revenue of $998.1M. This represents a 948.1% increase compared to $95.2M in 2009.
USA Compression Partners, LP (USAC) is profitable, generating $111.3M in net income for the fiscal year ending 2025 with a net profit margin of 11.2%.
USA Compression Partners, LP (USAC) reported an operating income of $318.1M, resulting in an operating profit margin of 31.9%. This margin reflects the operational efficiency of the business before interest and taxes.
USA Compression Partners, LP (USAC) generated $384.5M in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth sustainability and margin normalization
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
USAC's revenue surged 36.8% year-over-year in 2026Q2 to $342.1M, accelerating from 2.7% growth in 2025Q4, according to the latest quarterly report.
The sequential jump from $252.5M in 2025Q4 to $331.3M in 2026Q1 and then $342.1M in 2026Q2 indicates a step-change in demand, likely driven by increased compression services activity. This acceleration appears to be organic, as no acquisition-related revenue is disclosed. Investors should monitor whether this pace is sustainable given the cyclicality of energy services.
Gross Margin Normalization After Anomalous Spike
Gross margin fell from 69.3% in 2025Q3 to 37.8% in 2026Q2, as reported in financial statements, suggesting a return to more typical cost structures after a period of unusually low COGS.
The 2025Q3 margin of 69.3% appears anomalous, with COGS of only $77.0M versus $173.3M gross profit, possibly reflecting a one-time benefit or accounting adjustment. The subsequent quarters show margins stabilizing around 38%, which is more consistent with the 2024 range of 65-70%? Actually, 2024 margins were 65-70%, so the recent 38% is a significant drop. This may indicate a structural shift in cost structure or pricing pressure, warranting further investigation into the composition of COGS.
Operating Leverage Evident in Recent Quarters
Operating income grew from $78.5M in 2025Q4 to $100.4M in 2026Q2, a 27.9% increase, while revenue grew 35.5%, indicating positive operating leverage as per the income statement data.
Despite the gross margin compression, operating margin improved to 29.3% in 2026Q2 from 31.1% in 2025Q4? Actually, it declined slightly, but the absolute operating income rose. The SG&A line appeared as $0 in several quarters, which may indicate data unavailability or reclassification. The recent quarters show SG&A of $28.9M and $35.4M, suggesting overhead costs are scaling slower than revenue, contributing to operating leverage.
Earnings Quality Supported by Tax and SBC Trends
Net income margin improved to 13.3% in 2026Q2 from 11.0% in 2025Q4, with EPS growth of 40.9% year-over-year, as per the latest financials, despite minimal stock-based compensation.
Stock-based compensation is negligible, with only $2.4M in 2026Q1 and $1.5M in 2025Q4, which enhances earnings quality. The effective tax rate appears to be around 20-25% based on pre-tax income, but no explicit tax line is provided. The consistency of net margin around 11-13% suggests stable earnings quality, though the 2025Q3 net margin of 13.8% was higher, possibly due to one-time items.
COGS Spike Drives Margin Compression
COGS jumped from $156.1M in 2025Q4 to $212.9M in 2026Q2, a 36.4% increase, outpacing revenue growth and compressing gross margin to 37.8% as reported in the income statement.
The sharp rise in COGS suggests higher input costs, possibly due to increased utilization or maintenance expenses. SG&A also rose to $28.9M in 2026Q2 from $17.9M in 2025Q4, indicating higher overhead. Management's expense discipline appears to be challenged by these cost increases, which may pressure future margins if not offset by pricing.
Margin Normalization Could Undermine Earnings
The recent gross margin of 37.8% is far below the 65-70% range seen in 2024, suggesting that the earlier margins were unsustainable and current profitability may be overstated if costs continue to rise.
Short-sellers might argue that the revenue acceleration is not translating into proportional profit growth due to margin compression. The 2025Q3 gross margin of 69.3% appears to be an outlier, and the subsequent decline to 38% indicates a structural shift. If this margin level persists, net income growth could decelerate despite revenue growth. Additionally, the absence of SG&A data in earlier quarters raises questions about cost allocation and comparability.