Gross margins contracted sharply to 38.1% in 2026Q1, diverging from the 65-70% range maintained throughout the prior eight 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 |
|---|
| Sales/Revenue | 1.08B | 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 % | 12.18% | 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 | 524.59M | 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 | 559.55M | 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 % | 51.61% | 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 | 229.63M | 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 | 53.25M | 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 | 2M | 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 | 329.91M | 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 % | 30.43% | 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 | 631.48M | 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 % | 58.25% | 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 % | 11.01% | 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) | 301.57M | 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 | 333.69M | 318.14M | 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 | -189M | -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 | 189M | 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 | -193.85M | -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 | 136.6M | 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 % | 12.6% | 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 | 7.46M | 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 % | 5.46% | 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 | 129.15M | 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 % | 11.91% | 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 % | 33.81% | 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) | 129.15M | 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) | 0.90 | 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 % | 42.65% | 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 | 143.13M | 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 | 142.75M | 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% | - | - | - | - |
High Debt Service Burden
According to the most recent quarterly data, USAC reported a significant revenue jump to $331.3 million in 2026Q1, representing a 35.1% growth rate that sharply contrasts with the more modest single-digit expansion observed throughout the preceding two years of the partnership's operational history.
This sudden acceleration warrants careful investigation to determine if it reflects sustainable organic demand or non-recurring project-based revenue. Investors should monitor whether this growth trajectory can be maintained without further straining the partnership's existing fleet capacity.
As reported in financial statements, USAC's gross margin contracted to 38.1% in 2026Q1, a notable departure from the 65-70% range consistently maintained over the prior eight quarters, suggesting a potential shift in cost structure or a change in the mix of services provided.
The sharp decline in gross margin appears to indicate that the recent revenue growth is being achieved at a significantly higher cost of sales. This may imply that the partnership is incurring higher maintenance or operational expenses to support its aging or expanded fleet.
Based on USAC's reported figures, the operating margin fell to 27.4% in 2026Q1, which is the lowest level in the provided ten-quarter dataset, suggesting that the partnership is struggling to scale its operating income in proportion to its recent revenue expansion.
The inability to maintain operating margins during a period of high revenue growth suggests that overhead and operational costs are rising faster than top-line gains. This trend may indicate that the partnership's operating leverage is currently constrained by rising maintenance or administrative requirements.
Data from recent filings indicates that USAC's net income remains sensitive to fluctuations in operating expenses, with net margins hovering between 5.7% and 13.8% over the last ten quarters, reflecting the inherent volatility of a capital-intensive, debt-heavy business model in the energy sector.
The inconsistency in net income suggests that the partnership's bottom line is frequently impacted by non-operating items or shifts in cost allocation. Investors should remain cautious, as the reported EPS may not fully capture the underlying cash-generating capacity of the compression fleet.
Analysis of the income statement suggests that the 35.1% revenue growth in 2026Q1 may be unsustainable, as it coincides with a significant deterioration in gross margins, potentially signaling that the partnership is sacrificing profitability to secure market share or manage aging infrastructure.
Short-term revenue spikes in this industry often mask underlying operational inefficiencies or the need for heavy capital reinvestment. The market should scrutinize whether this growth is truly accretive to distributable cash flow or merely a temporary expansion of top-line figures at the expense of long-term margin health.
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.