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ProFrac (ACDC) Financials

ProFrac logo
$5.17 +0.11 (+2.17%)
Closing price 09/18/2026 04:00 PM Eastern
Extended Trading
$5.19 +0.02 (+0.31%)
As of 09/18/2026 07:38 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ProFrac

Annual Income Statements for ProFrac

This table shows ProFrac's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 0.00 92 -205 -435 -743
Consolidated Net Income / (Loss)		 -119 -44 343 -59 -208 -356
Net Income / (Loss) Continuing Operations		 -119 -44 343 -59 -208 -356
Total Pre-Tax Income 		-118 -44 352 -58 -215 -368
Total Operating Income		 -95 -18 412 167 -60 -226
Total Gross Profit		 121 198 969 890 696 487
Total Revenue		 548 768 2,426 2,630 2,191 1,942
Operating Revenue		 548 768 2,426 2,630 2,191 1,942
Total Cost of Revenue		 427 570 1,457 1,740 1,495 1,455
Operating Cost of Revenue		 427 570 1,457 1,740 1,495 1,455
Total Operating Expenses		 216 216 556 723 756 713
Selling, General & Admin Expense		 48 64 225 234 205 191
Depreciation Expense		 151 141 267 438 442 416
Other Operating Expenses / (Income)		 17 11 15 27 27 53
Impairment Charge		 - - 0.00 2.50 75 53
Restructuring Charge		 - 0.00 49 22 7.80 0.20
Total Other Income / (Expense), net		 -23 -26 -61 -225 -154 -143
Interest Expense		 23 26 77 188 157 139
Other Income / (Expense), net		 0.30 0.60 17 -36 3.00 -3.80
Income Tax Expense		 0.50 -0.20 9.10 1.20 -7.00 -13
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.10 -1.10 178 39 7.30 14
Basic Earnings per Share		 $0.00 $0.00 $2.06 ($0.82) ($1.38) ($2.22)
Weighted Average Basic Shares Outstanding		 0.00 0.00 44.30M 130.90M 159.90M 168.30M
Diluted Earnings per Share		 $0.00 $0.00 $2.06 ($0.82) ($1.38) ($2.22)
Weighted Average Diluted Shares Outstanding		 0.00 0.00 44.50M 130.90M 159.90M 168.30M
Weighted Average Basic & Diluted Shares Outstanding		 - - 158.90M 159.59M 160.18M 180.92M

Quarterly Income Statements for ProFrac

This table shows ProFrac's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -98 1.80 -67 -45 -105 -18 -108 -101 -519 -84 -80
Consolidated Net Income / (Loss)		 -97 3.00 -66 -44 -102 -15 -107 -92 -144 -81 -75
Net Income / (Loss) Continuing Operations		 -97 3.00 -66 -44 -102 -15 -107 -92 -144 -81 -75
Total Pre-Tax Income 		-105 3.30 -89 -45 -84 -15 -103 -113 -142 -79 -71
Total Operating Income		 -14 40 -49 -4.30 -47 16 -58 -79 -109 -46 -38
Total Gross Profit		 146 208 186 185 117 181 127 79 100 95 110
Total Revenue		 489 582 579 575 455 600 502 403 437 450 498
Operating Revenue		 489 582 579 575 455 600 502 403 437 450 498
Total Cost of Revenue		 343 374 393 391 338 419 375 324 336 354 388
Operating Cost of Revenue		 343 374 393 391 338 419 375 324 336 354 388
Total Operating Expenses		 161 168 236 189 164 165 185 158 209 142 148
Selling, General & Admin Expense		 40 51 54 52 48 54 51 43 43 44 44
Depreciation Expense		 108 113 103 113 113 106 105 103 103 97 97
Other Operating Expenses / (Income)		 12 4.30 7.40 16 -0.10 5.20 29 12 11 0.90 7.20
Impairment Charge		 - - 68 6.80 - 0.00 0.00 0.00 - 0.00 0.00
Restructuring Charge		 1.70 0.20 2.90 2.00 2.70 0.10 0.10 0.00 - 0.00 0.00
Total Other Income / (Expense), net		 -91 -37 -40 -41 -37 -31 -45 -34 -33 -33 -33
Interest Expense		 76 38 40 41 39 36 35 35 33 33 33
Other Income / (Expense), net		 -14 1.80 -0.50 -0.10 1.80 4.80 -9.70 0.70 0.40 0.00 0.00
Income Tax Expense		 -8.40 0.30 -24 -1.50 18 0.30 4.40 -20 2.60 1.60 3.60
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.40 1.20 1.10 1.70 3.30 2.10 0.80 8.50 0.50 2.70 5.00
Basic Earnings per Share		 ($1.03) $0.00 ($0.42) ($0.29) ($0.67) ($0.12) ($0.68) ($0.60) ($0.83) ($0.47) ($0.45)
Weighted Average Basic Shares Outstanding		 130.90M 159.50M 160M 160.10M 159.90M 160.20M 160.20M 170.80M 168.30M 182M 182M
Diluted Earnings per Share		 ($1.03) $0.00 ($0.42) ($0.29) ($0.67) ($0.12) ($0.68) ($0.60) ($0.83) ($0.47) ($0.45)
Weighted Average Diluted Shares Outstanding		 130.90M 159.80M 160M 160.10M 159.90M 160.20M 160.20M 170.80M 168.30M 182M 182M
Weighted Average Basic & Diluted Shares Outstanding		 159.59M 159.94M 160.15M 160.15M 160.18M 160.18M 160.28M 180.87M 180.92M 180.92M 182.12M

Annual Cash Flow Statements for ProFrac

This table details how cash moves in and out of ProFrac's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -15 2.40 33 -13 -11 8.10
Net Cash From Operating Activities		 45 44 415 554 367 190
Net Cash From Continuing Operating Activities		 45 44 415 556 367 190
Net Income / (Loss) Continuing Operations		 -119 -44 343 -59 -208 -356
Consolidated Net Income / (Loss)		 -119 -44 343 -59 -208 -356
Depreciation Expense		 151 141 267 438 442 416
Amortization Expense		 1.90 2.20 0.10 -33 -32 4.10
Non-Cash Adjustments To Reconcile Net Income		 14 9.00 66 80 87 102
Changes in Operating Assets and Liabilities, net		 -3.00 -65 -261 130 78 23
Net Cash From Investing Activities		 -45 -78 -1,029 -716 -372 -164
Net Cash From Continuing Investing Activities		 -45 -78 -1,029 -716 -372 -164
Purchase of Property, Plant & Equipment		 -48 -87 -356 -267 -255 -170
Acquisitions		 -1.30 -4.30 -641 -455 -194 0.00
Sale of Property, Plant & Equipment		 4.70 18 48 6.20 73 5.80
Other Investing Activities, net		 0.00 0.00 -23 -0.50 4.20 0.40
Net Cash From Financing Activities		 -15 37 646 150 -5.50 -18
Net Cash From Continuing Financing Activities		 -15 37 646 150 -5.50 -18
Repayment of Debt		 -203 -187 -975 -2,694 -2,079 -1,969
Repurchase of Common Equity		 0.00 0.00 -27 -1.10 0.00 -3.40
Issuance of Debt		 188 224 1,387 2,796 2,075 1,874
Issuance of Preferred Equity		 - 0.00 0.00 50 0.00 0.00
Issuance of Common Equity		 0.00 0.00 329 0.00 0.00 83
Other Financing Activities, net		 0.00 0.00 -68 -0.80 -1.50 -2.80
Cash Interest Paid		 21 24 35 139 138 126
Cash Income Taxes Paid		 0.40 -0.20 4.80 0.30 3.00 2.10

Quarterly Cash Flow Statements for ProFrac

This table details how cash moves in and out of ProFrac's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -0.50 3.00 -4.30 1.50 -11 1.20 10 32 -35 11 7.40
Net Cash From Operating Activities		 43 79 114 98 77 39 100 0.90 50 9.30 23
Net Cash From Continuing Operating Activities		 43 79 114 98 77 39 100 0.60 50 9.30 23
Net Income / (Loss) Continuing Operations		 -97 3.00 -66 -44 -102 -15 -104 -96 -141 -81 -75
Consolidated Net Income / (Loss)		 -97 3.00 -66 -44 -102 -15 -104 -96 -141 -81 -75
Depreciation Expense		 108 113 103 113 113 106 105 103 103 97 97
Amortization Expense		 -11 -13 -6.50 -8.10 -4.10 -2.70 1.10 2.90 2.80 2.80 2.80
Non-Cash Adjustments To Reconcile Net Income		 37 0.30 69 17 1.00 1.00 29 10 61 -1.10 7.20
Changes in Operating Assets and Liabilities, net		 5.60 -24 14 20 68 -50 69 -20 24 -8.70 -9.40
Net Cash From Investing Activities		 -28 -53 -232 -67 -21 -52 -46 -30 -36 -35 -31
Net Cash From Continuing Investing Activities		 -28 -53 -232 -67 -21 -52 -46 -30 -36 -35 -31
Purchase of Property, Plant & Equipment		 -33 -60 -62 -70 -63 -53 -47 -34 -37 -41 -32
Sale of Property, Plant & Equipment		 3.20 6.60 22 2.90 41 0.20 0.50 4.20 0.90 6.20 0.90
Net Cash From Financing Activities		 -15 -23 114 -30 -67 14 -44 61 -49 36 15
Net Cash From Continuing Financing Activities		 -15 -23 114 -30 -67 14 -44 61 -49 36 15
Repayment of Debt		 -1,256 -524 -539 -591 -425 -404 -564 -462 -540 -405 -411
Issuance of Debt		 1,241 501 654 562 358 419 519 445 492 442 428
Other Financing Activities, net		 - -0.10 -1.40 - - -1.00 -0.20 - -1.60 -0.50 -1.20

Annual Balance Sheets for ProFrac

This table presents ProFrac's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 665 2,934 3,071 2,988 2,573
Total Current Assets		 252 865 638 574 484
Cash & Equivalents		 5.40 35 25 15 23
Accounts Receivable		 166 538 353 329 287
Inventories, net		 74 250 237 201 151
Prepaid Expenses		 6.20 43 23 29 23
Plant, Property, & Equipment, net		 364 1,396 1,779 1,761 1,464
Total Noncurrent Assets		 49 672 654 653 625
Goodwill		 0.00 241 326 302 290
Intangible Assets		 28 203 174 149 112
Noncurrent Deferred & Refundable Income Taxes		 0.00 0.40 0.30 0.00 29
Other Noncurrent Operating Assets		 17 169 125 202 194
Total Liabilities & Shareholders' Equity		 665 2,934 3,071 2,988 2,573
Total Liabilities		 517 1,583 1,742 1,849 1,692
Total Current Liabilities		 247 684 649 660 597
Short-Term Debt		 32 128 126 165 145
Accounts Payable		 158 363 341 342 299
Accrued Expenses		 23 104 66 67 74
Other Current Liabilities		 34 89 116 86 79
Total Noncurrent Liabilities		 270 899 1,093 1,189 1,095
Long-Term Debt		 235 798 942 944 876
Noncurrent Deferred & Payable Income Tax Liabilities		 - 0.00 0.00 15 12
Other Noncurrent Operating Liabilities		 0.00 101 151 229 208
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 2,463 59 64 69
Total Equity & Noncontrolling Interests		 148 -1,112 1,270 1,076 812
Total Preferred & Common Equity		 147 -1,184 1,211 1,007 718
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 147 -1,184 1,211 1,007 718
Common Stock		 0.00 1.50 1,227 1,243 1,328
Retained Earnings		 0.00 -1,186 -16 -236 -610
Noncontrolling Interest		 1.00 72 59 69 94

Quarterly Balance Sheets for ProFrac

This table presents ProFrac's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,640 3,451 3,222 3,007 3,164 3,136 3,021 2,831 2,742 2,551 2,508
Total Current Assets		 994 829 679 665 704 680 670 580 541 534 572
Cash & Equivalents		 70 27 25 28 24 26 16 26 58 34 19
Accounts Receivable		 598 466 339 394 390 371 423 353 288 324 340
Inventories, net		 283 305 272 220 259 239 200 181 167 159 175
Prepaid Expenses		 43 31 43 23 31 45 30 21 28 17 39
Plant, Property, & Equipment, net		 1,910 1,912 1,845 1,690 1,867 1,825 1,714 1,636 1,568 1,413 1,351
Total Noncurrent Assets		 737 710 698 653 593 631 637 614 633 603 585
Goodwill		 328 321 323 342 301 302 301 301 301 290 290
Intangible Assets		 200 191 182 165 160 158 140 130 121 103 94
Noncurrent Deferred & Refundable Income Taxes		 0.40 0.00 0.00 0.10 0.10 0.10 - - 30 28 24
Other Noncurrent Operating Assets		 156 149 150 115 124 163 196 183 181 182 177
Total Liabilities & Shareholders' Equity		 3,640 3,451 3,222 3,007 3,164 3,136 3,021 2,831 2,742 2,551 2,508
Total Liabilities		 2,185 2,125 1,860 1,673 1,891 1,906 1,897 1,812 1,721 1,766 1,791
Total Current Liabilities		 935 838 704 624 700 715 685 640 596 651 677
Short-Term Debt		 139 114 123 136 174 172 147 136 159 151 160
Accounts Payable		 555 459 359 298 351 379 392 366 298 349 374
Accrued Expenses		 130 125 113 89 94 76 75 77 81 71 67
Other Current Liabilities		 110 140 109 100 80 88 71 61 58 80 76
Total Noncurrent Liabilities		 1,250 1,287 1,157 1,050 1,192 1,192 1,212 1,172 1,126 1,114 1,114
Long-Term Debt		 1,048 1,020 934 912 1,025 1,001 975 948 912 908 918
Noncurrent Deferred & Payable Income Tax Liabilities		 - 78 79 0.00 0.00 0.00 15 15 11 12 12
Other Noncurrent Operating Liabilities		 141 155 143 138 167 191 223 209 203 194 184
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 1,255 0.00 58 60 61 62 65 66 67 70 72
Total Equity & Noncontrolling Interests		 201 1,326 1,304 1,274 1,211 1,167 1,059 952 954 715 646
Total Preferred & Common Equity		 120 1,279 1,250 1,214 1,147 1,102 988 876 862 617 543
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 120 1,279 1,250 1,214 1,147 1,102 988 876 862 617 543
Common Stock		 6.30 1,168 1,173 1,229 1,230 1,231 1,243 1,237 1,328 1,312 1,319
Retained Earnings		 114 111 78 -15 -83 -130 -255 -362 -466 -695 -776
Noncontrolling Interest		 81 47 54 60 64 66 71 77 92 97 103

Annual Metrics And Ratios for ProFrac

This table displays calculated financial ratios and metrics derived from ProFrac's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 180,871,183.00
DEI Adjusted Shares Outstanding		 - - - - - 180,871,183.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -4.11
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -67 -13 402 117 -42 -158
Return On Investment Capital (ROIC_SIMPLE)		 - - -215.06% 4.99% -1.93% -8.63%
Earnings before Interest and Taxes (EBIT)		 -95 -17 429 130 -57 -230
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 58 126 696 536 353 191
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -453 -1,341 -44 74 198
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 440 2,182 2,343 2,226 1,878
Increase / (Decrease) in Invested Capital		 0.00 440 1,742 161 -117 -356
Book Value per Share		 $0.00 $9.18 ($7.64) $7.60 $6.29 $3.97
Tangible Book Value per Share		 $0.00 $7.44 ($10.50) $4.47 $3.47 $1.74
Total Capital		 0.00 415 2,276 2,397 2,249 1,901
Total Debt		 0.00 267 925 1,069 1,109 1,020
Total Long-Term Debt		 0.00 235 798 942 944 876
Net Debt		 0.00 257 832 1,014 1,087 997
Capital Expenditures (CapEx)		 43 70 308 261 182 164
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 31 274 90 64 7.90
Debt-free Net Working Capital (DFNWC)		 0.00 37 309 116 79 31
Net Working Capital (NWC)		 0.00 5.00 182 -11 -86 -114
Net Nonoperating Expense (NNE)		 52 31 59 176 166 197
Net Nonoperating Obligations (NNO)		 0.00 292 832 1,014 1,087 997
Total Depreciation and Amortization (D&A)		 153 143 267 405 410 420
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.82) ($1.38) ($2.22)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 130.90M 159.90M 168.30M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.82) ($1.38) ($2.22)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 130.90M 159.90M 168.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 159.59M 160.18M 180.92M
Normalized Net Operating Profit after Tax (NOPAT)		 -67 -13 449 132 15 -121
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for ProFrac

This table displays calculated financial ratios and metrics derived from ProFrac's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 180,871,183.00 180,920,753.00 180,920,753.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 180,871,183.00 180,920,753.00 180,920,753.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -2.87 -0.46 -0.44
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -38.41% -32.19% -18.30% 0.19% -7.03% 3.23% -13.38% -29.93% - -25.10% -0.76%
EBITDA Growth		 -68.73% -31.32% -67.49% -14.07% -5.87% -12.11% -11.44% -72.26% - -56.89% 62.47%
EBIT Growth		 -121.35% -57.14% -208.04% -128.21% -57.89% -50.12% -28.77% -1,675.00% - -323.08% 44.02%
NOPAT Growth		 -107.77% -62.20% 30.29% -120.98% -227.27% -69.12% -10.37% -1,732.56% - -390.00% 34.66%
Net Income Growth		 -183.19% -94.98% -1,326.09% -143.02% -5.39% -613.33% -57.77% -112.41% - -424.68% 30.32%
EPS Growth		 -224.10% -100.00% -2,000.00% -70.59% 34.95% 0.00% -59.52% -106.90% - -291.67% 33.82%
Operating Cash Flow Growth		 -73.08% -66.12% -26.15% -20.55% 79.16% -51.07% -11.54% -99.08% - -75.97% -76.32%
Free Cash Flow Firm Growth		 89.43% 117.07% 95.93% 97.94% 149.17% -64.31% 700.65% 1,394.52% - 268.82% -15.20%
Invested Capital Growth		 7.35% -9.97% 0.81% 0.80% -4.98% -4.03% -14.89% -14.19% - -18.79% -14.45%
Revenue Q/Q Growth		 -14.82% 18.89% -0.36% -0.71% -20.96% 32.02% -16.39% -19.69% - 3.00% 10.79%
EBITDA Q/Q Growth		 -41.51% 107.04% -66.57% 112.29% -35.93% 93.30% -66.32% -33.49% - 1,944.83% 15.70%
EBIT Q/Q Growth		 -282.69% 246.32% -219.18% 91.15% -922.73% 146.22% -407.69% -22.03% - 57.16% 18.32%
NOPAT Q/Q Growth		 -169.76% 462.36% -194.95% 91.26% -988.37% 134.19% -439.38% -45.12% - 57.31% 18.32%
Net Income Q/Q Growth		 -439.11% 103.11% -2,286.67% 33.69% -133.79% 84.86% -572.08% 10.72% - 43.97% 7.55%
EPS Q/Q Growth		 -505.88% 100.00% 0.00% 30.95% -131.03% 82.09% -458.33% 10.45% - 43.37% 4.26%
Operating Cash Flow Q/Q Growth		 -65.45% 85.25% 43.49% -13.48% -22.10% -49.41% 159.43% -99.10% - -81.21% 146.24%
Free Cash Flow Firm Q/Q Growth		 83.82% 272.23% -118.44% 59.90% 486.18% 25.00% 210.30% -13.58% - 40.75% -29.22%
Invested Capital Q/Q Growth		 -0.34% -0.83% 5.00% -2.87% -6.05% 0.16% -6.88% -2.07% - -3.83% -1.91%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.91% 35.74% 32.15% 32.09% 25.75% 30.13% 25.34% 19.60% - 21.17% 22.08%
EBITDA Margin		 13.94% 24.28% 8.15% 17.42% 14.12% 20.67% 8.33% 6.90% - 11.90% 12.43%
Operating Margin		 -2.92% 6.86% -8.49% -0.75% -10.29% 2.67% -10.82% -19.55% - -10.32% -7.61%
EBIT Margin		 -5.83% 7.17% -8.58% -0.76% -9.90% 3.46% -12.75% -19.37% - -10.32% -7.61%
Profit (Net Income) Margin		 -19.73% 0.52% -11.32% -7.56% -22.37% -2.57% -20.62% -22.92% - -17.97% -15.00%
Tax Burden Percent		 91.99% 90.91% 73.46% 96.67% 121.36% 101.99% 104.44% 82.06% - 102.02% 105.06%
Interest Burden Percent		 368.07% 7.91% 179.68% 1,022.73% 186.22% -72.60% 154.84% 144.17% - 170.69% 187.60%
Effective Tax Rate		 0.00% 9.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 -2.38% 5.99% -5.44% -0.49% -6.91% 1.81% -7.15% -12.18% - -6.40% -4.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 -11.75% 2.84% -8.20% -4.30% -13.47% -0.73% -13.04% -15.64% - -10.94% -9.49%
Return on Net Nonoperating Assets (RNNOA)		 -8.10% 2.15% -7.13% -3.53% -11.47% -0.62% -12.67% -14.96% - -12.22% -11.58%
Return on Equity (ROE)		 -10.47% 8.14% -12.58% -4.02% -18.38% 1.19% -19.82% -27.14% - -18.62% -16.52%
Cash Return on Invested Capital (CROIC)		 -1.94% 13.35% -0.90% -1.62% 3.25% 1.52% 13.31% 10.06% - 10.75% 5.84%
Operating Return on Assets (OROA)		 -5.10% 5.08% -5.77% -0.54% -7.16% 2.54% -9.07% -12.92% - -6.64% -5.09%
Return on Assets (ROA)		 -17.28% 0.37% -7.61% -5.29% -16.18% -1.88% -14.67% -15.29% - -11.55% -10.04%
Return on Common Equity (ROCE)		 -0.10% 3.89% -11.74% -3.65% -16.51% 1.07% -17.50% -23.68% - -15.66% -13.50%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -9.56% -15.43% -18.39% 0.00% -22.89% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 36 -34 -3.01 -33 11 -38 -55 -76 -32 -27
NOPAT Margin		 -2.05% 6.24% -5.94% -0.52% -7.20% 1.87% -7.57% -13.68% - -7.22% -5.33%
Net Nonoperating Expense Percent (NNEP)		 9.37% 3.15% 2.76% 3.80% 6.56% 2.54% 5.88% 3.46% - 4.53% 4.55%
Return On Investment Capital (ROIC_SIMPLE)		 -0.43% 1.56% - - -1.50% 0.51% -1.87% -2.73% -4.15% -1.83% -1.54%
Cost of Revenue to Revenue		 70.09% 64.26% 67.85% 67.91% 74.25% 69.87% 74.66% 80.40% - 78.83% 77.92%
SG&A Expenses to Revenue		 8.08% 8.70% 9.34% 9.02% 10.56% 8.93% 10.24% 10.67% - 9.70% 8.77%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 32.84% 28.87% 40.65% 32.84% 36.05% 27.47% 36.16% 39.15% - 31.49% 29.69%
Earnings before Interest and Taxes (EBIT)		 -29 42 -50 -4.40 -45 21 -64 -78 -108 -46 -38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 68 141 47 100 64 124 42 28 -2.90 54 62
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.12 1.10 1.03 0.99 1.23 1.23 1.42 0.69 - 1.82 1.94
Price to Tangible Book Value (P/TBV)		 1.90 1.89 1.73 1.70 2.24 2.22 2.80 1.35 - 5.00 6.63
Price to Revenue (P/Rev)		 0.51 0.57 0.53 0.49 0.57 0.55 0.58 0.30 - 0.63 0.59
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.06 1.05 1.02 0.99 1.11 1.10 1.18 0.87 - 1.28 1.29
Enterprise Value to Revenue (EV/Rev)		 0.94 1.04 1.11 1.06 1.12 1.11 1.15 0.90 - 1.29 1.28
Enterprise Value to EBITDA (EV/EBITDA)		 4.64 5.19 6.64 6.60 6.98 7.32 7.40 6.84 - 19.26 15.87
Enterprise Value to EBIT (EV/EBIT)		 19.04 32.68 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 21.29 34.99 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.49 6.12 6.90 7.06 6.70 7.52 7.79 8.15 - 14.46 26.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 7.47 0.00 0.00 33.13 71.05 8.13 7.97 - 10.66 20.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.80 0.79 0.94 0.95 0.97 1.00 1.06 1.05 - 1.35 1.50
Long-Term Debt to Equity		 0.71 0.68 0.81 0.81 0.83 0.87 0.93 0.89 - 1.16 1.28
Financial Leverage		 0.69 0.76 0.87 0.82 0.85 0.85 0.97 0.96 - 1.12 1.22
Leverage Ratio		 2.24 2.38 2.55 2.45 2.45 2.45 2.62 2.61 - 2.92 3.08
Compound Leverage Factor		 8.25 0.19 4.57 25.09 4.57 -1.78 4.05 3.77 - 4.98 5.77
Debt to Total Capital		 44.57% 44.02% 48.52% 48.83% 49.32% 49.95% 51.57% 51.17% - 57.45% 60.05%
Short-Term Debt to Total Capital		 5.27% 5.73% 7.06% 7.15% 7.32% 6.54% 6.47% 7.58% - 8.20% 8.91%
Long-Term Debt to Total Capital		 39.30% 38.29% 41.47% 41.67% 42.00% 43.41% 45.10% 43.59% - 49.25% 51.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 4.90% 5.04% 5.06% 5.32% 5.90% 6.06% 6.79% 7.62% - 9.09% 9.73%
Common Equity to Total Capital		 50.53% 50.94% 46.41% 45.85% 44.78% 44.00% 41.64% 41.21% - 33.46% 30.22%
Debt to EBITDA		 2.00 2.23 3.21 3.29 3.14 3.34 3.28 4.15 - 8.82 7.49
Net Debt to EBITDA		 1.89 2.10 3.13 3.20 3.08 3.29 3.20 3.92 - 8.54 7.36
Long-Term Debt to EBITDA		 1.76 1.94 2.75 2.81 2.68 2.90 2.87 3.53 - 7.56 6.38
Debt to NOPAT		 9.16 15.01 -552.58 -60.07 -26.23 -19.01 -17.33 -9.33 - -5.25 -5.74
Net Debt to NOPAT		 8.70 14.17 -538.06 -58.38 -25.70 -18.74 -16.91 -8.82 - -5.09 -5.64
Long-Term Debt to NOPAT		 8.08 13.06 -472.21 -51.27 -22.34 -16.52 -15.15 -7.95 - -4.50 -4.89
Altman Z-Score		 1.28 1.32 0.99 0.98 0.94 1.01 0.89 0.57 - 0.59 0.53
Noncontrolling Interest Sharing Ratio		 99.00% 52.20% 6.64% 9.25% 10.13% 10.42% 11.70% 12.76% - 15.90% 18.29%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.98 1.07 1.01 0.95 0.87 0.98 0.91 0.91 - 0.82 0.84
Quick Ratio		 0.58 0.68 0.59 0.55 0.52 0.64 0.59 0.58 - 0.55 0.53
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -171 294 -54 -22 84 105 325 281 280 387 274
Operating Cash Flow to CapEx		 142.81% 148.41% 287.34% 146.35% 344.59% 74.00% 218.26% 2.99% - 26.96% 74.35%
Free Cash Flow to Firm to Interest Expense		 -2.23 7.65 -1.37 -0.53 2.16 2.92 9.26 8.15 - 11.78 8.24
Operating Cash Flow to Interest Expense		 0.56 2.06 2.87 2.42 1.97 1.08 2.86 0.03 - 0.28 0.69
Operating Cash Flow Less CapEx to Interest Expense		 0.17 0.67 1.87 0.77 1.40 -0.38 1.55 -0.85 - -0.77 -0.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.88 0.71 0.67 0.70 0.72 0.73 0.71 0.67 - 0.64 0.67
Accounts Receivable Turnover		 5.91 4.75 5.19 6.27 6.43 5.41 5.74 5.95 - 4.79 5.16
Inventory Turnover		 7.16 6.24 5.15 5.74 6.83 7.34 6.92 7.18 - 7.73 7.89
Fixed Asset Turnover		 1.66 1.31 1.18 1.21 1.24 1.30 1.22 1.16 - 1.15 1.20
Accounts Payable Turnover		 4.94 3.67 3.58 3.98 4.38 4.47 4.25 4.30 - 3.75 3.79
Days Sales Outstanding (DSO)		 61.79 76.85 70.29 58.21 56.79 67.48 63.60 61.38 - 76.20 70.70
Days Inventory Outstanding (DIO)		 50.98 58.54 70.86 63.63 53.43 49.74 52.71 50.86 - 47.20 46.27
Days Payable Outstanding (DPO)		 73.87 99.35 101.82 91.82 83.41 81.73 85.95 84.84 - 97.30 96.21
Cash Conversion Cycle (CCC)		 38.91 36.04 39.33 30.02 26.81 35.49 30.36 27.39 - 26.09 20.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,343 2,324 2,440 2,370 2,226 2,230 2,077 2,034 1,878 1,811 1,776
Invested Capital Turnover		 1.16 0.96 0.92 0.94 0.96 0.97 0.94 0.89 - 0.89 0.93
Increase / (Decrease) in Invested Capital		 161 -257 20 19 -117 -94 -363 -336 -356 -419 -300
Enterprise Value (EV)		 2,483 2,444 2,478 2,355 2,462 2,458 2,444 1,765 - 2,315 2,285
Market Capitalization		 1,352 1,334 1,185 1,087 1,243 1,216 1,243 593 - 1,122 1,051
Book Value per Share		 $7.60 $7.60 $7.17 $6.88 $6.29 $6.17 $5.47 $5.38 $3.97 $3.41 $3.00
Tangible Book Value per Share		 $4.47 $4.43 $4.29 $4.01 $3.47 $3.42 $2.77 $2.74 $1.74 $1.24 $0.88
Total Capital		 2,397 2,382 2,471 2,403 2,249 2,246 2,103 2,092 1,901 1,844 1,795
Total Debt		 1,069 1,049 1,199 1,173 1,109 1,122 1,084 1,070 1,020 1,060 1,078
Total Long-Term Debt		 942 912 1,025 1,001 944 975 948 912 876 908 918
Net Debt		 1,014 990 1,168 1,140 1,087 1,106 1,058 1,012 997 1,026 1,059
Capital Expenditures (CapEx)		 30 53 40 67 22 52 46 30 36 35 31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 90 149 154 112 64 116 50 46 7.90 0.70 36
Debt-free Net Working Capital (DFNWC)		 116 177 178 137 79 132 76 104 31 34 55
Net Working Capital (NWC)		 -11 41 4.00 -35 -86 -15 -60 -54 -114 -117 -105
Net Nonoperating Expense (NNE)		 86 33 31 40 69 27 65 37 68 48 48
Net Nonoperating Obligations (NNO)		 1,014 990 1,168 1,140 1,087 1,106 1,058 1,012 997 1,026 1,059
Total Depreciation and Amortization (D&A)		 97 100 97 105 109 103 106 106 105 100 100
Debt-free, Cash-free Net Working Capital to Revenue		 3.43% 6.33% 6.94% 5.03% 2.92% 5.25% 2.35% 2.36% - 0.04% 2.02%
Debt-free Net Working Capital to Revenue		 4.40% 7.54% 8.02% 6.17% 3.59% 5.98% 3.57% 5.32% - 1.91% 3.07%
Net Working Capital to Revenue		 -0.41% 1.74% 0.18% -1.55% -3.92% -0.67% -2.80% -2.77% - -6.53% -5.87%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.03) $0.00 ($0.42) ($0.29) ($0.67) ($0.12) ($0.67) ($0.60) ($0.83) ($0.47) ($0.45)
Adjusted Weighted Average Basic Shares Outstanding		 130.90M 159.50M 160M 160.10M 159.90M 160.20M 160.20M 170.80M 168.30M 182M 182M
Adjusted Diluted Earnings per Share		 ($1.03) $0.00 ($0.42) ($0.29) ($0.67) ($0.12) ($0.67) ($0.60) ($0.83) ($0.47) ($0.45)
Adjusted Weighted Average Diluted Shares Outstanding		 130.90M 159.80M 160M 160.10M 159.90M 160.20M 160.20M 170.80M 168.30M 182M 182M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 159.59M 159.94M 160.15M 160.15M 160.18M 160.18M 160.28M 180.87M 180.92M 180.92M 182.12M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.82 36 15 3.15 -31 11 -38 -55 -76 -32 -27
Normalized NOPAT Margin		 -1.80% 6.27% 2.59% 0.55% -6.79% 1.88% -7.56% -13.68% - -7.22% -5.33%
Pre Tax Income Margin		 -21.45% 0.57% -15.41% -7.82% -18.43% -2.52% -19.75% -27.93% - -17.62% -14.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.37 1.09 -1.26 -0.11 -1.16 0.58 -1.82 -2.26 - -1.41 -1.14
NOPAT to Interest Expense		 -0.13 0.94 -0.87 -0.07 -0.84 0.31 -1.08 -1.60 - -0.99 -0.80
EBIT Less CapEx to Interest Expense		 -0.76 -0.30 -2.25 -1.76 -1.73 -0.88 -3.13 -3.14 - -2.47 -2.07
NOPAT Less CapEx to Interest Expense		 -0.52 -0.44 -1.87 -1.73 -1.42 -1.14 -2.39 -2.47 - -2.04 -1.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio		 -1.86% 0.00% 0.00% 0.00% 0.00% -0.13% 0.00% -1.09% - 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

ProFrac Holding’s latest statements show a modest sequential improvement in operating performance, but the company remains unprofitable and financially leveraged. Second-quarter 2026 revenue increased to $498.1 million from $449.6 million in the first quarter, while the net loss attributable to common shareholders narrowed to $79.7 million, or $0.45 per diluted share, compared with a $83.5 million loss, or $0.47 per share, in Q1.

The improvement is less encouraging on a year-over-year basis. Revenue was slightly below Q2 2025’s $501.9 million, while gross profit declined to $110.0 million from $127.2 million. Gross margin improved sequentially to approximately 22.1% from 21.2%, but remained well below the roughly 25.3% margin recorded a year earlier. ProFrac has reported operating losses in each of the latest five quarters shown in the data.

Cash generation also improved sequentially but remains weak relative to historical levels. Operating cash flow rose to $22.9 million in Q2 from $9.3 million in Q1, yet it was down sharply from $100.4 million in Q2 2025 and $113.5 million in Q2 2024. After $31.7 million of capital expenditures, estimated free cash flow was negative by approximately $8.0 million.

  • Sequential revenue and earnings improvement: Q2 revenue rose 10.8% from Q1, while the operating loss improved from $46.4 million to $37.9 million and the common-stock loss narrowed by $3.8 million.
  • Gross margin improved sequentially: Gross margin increased to approximately 22.1% from 21.2%, suggesting some improvement in pricing, utilization or cost absorption compared with the prior quarter.
  • Operating cash flow remained positive: ProFrac generated $22.9 million of operating cash flow in Q2 despite its net loss. Depreciation and amortization contributed approximately $99.8 million of noncash expense, helping offset the reported loss.
  • No impairment or restructuring charges were recorded: Q2 included zero impairment and restructuring charges, compared with significant impairment and restructuring costs in some earlier periods, including 2024.
  • Debt refinancing produced modest net financing inflow: The company issued $427.5 million of debt and repaid $411.0 million, resulting in $15.3 million of net financing cash flow and extending or reshaping its debt funding.
  • Capital investment is being reduced: Capital expenditures declined to $31.7 million from $40.7 million in Q1 and $46.5 million in Q2 2025. This preserves cash in the short term, although it may also reflect reduced growth investment.
  • Asset intensity remains high: Net property, plant and equipment was $1.35 billion at quarter-end, representing more than half of total assets. Depreciation expense of $97.0 million continues to substantially exceed capital spending, which may indicate an aging or shrinking equipment base.
  • ProFrac continues to post substantial losses: The company recorded a $74.7 million consolidated net loss in Q2, following an $80.8 million loss in Q1. Retained earnings were negative $776.1 million, highlighting the cumulative impact of prior losses.
  • Operating cash flow has deteriorated over time: Quarterly operating cash flow fell from $153.7 million in Q2 2023 and $113.5 million in Q2 2024 to $100.4 million in Q2 2025 and just $22.9 million in Q2 2026.
  • Liquidity and leverage remain major risks: Cash declined to $18.8 million from $33.5 million in Q1. Current liabilities of $677.1 million exceeded current assets of $572.1 million, while total short- and long-term debt totaled approximately $1.08 billion. Interest expense was $33.2 million in Q2, consuming much of the company’s gross profit.

ProFrac’s balance sheet reflects continued financial pressure. Total assets declined to $2.51 billion from $2.55 billion in Q1 and $2.83 billion in Q2 2025, while total common equity fell to $542.5 million from $617.2 million in the prior quarter. Accounts receivable increased to $339.7 million and inventories rose to $174.8 million, tying up additional capital in working assets.

Overall, the latest quarter offers some positive sequential momentum, particularly in revenue, margins, operating losses and operating cash flow. However, the broader trend remains challenging: revenue and cash generation are well below 2023 and 2024 levels, profitability has not been restored, liquidity is thin, and interest costs remain heavy. Investors should focus on whether ProFrac can sustain positive operating cash flow, rebuild margins and reduce debt without relying on continued refinancing.

09/19/26 06:36 PM ETAI Generated. May Contain Errors.

ProFrac Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ProFrac's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ProFrac's net income appears to be on an upward trend, with a most recent value of -$355.50 million in 2025, rising from -$118.50 million in 2020. The previous period was -$207.80 million in 2024. See where experts think ProFrac is headed by visiting ProFrac's forecast page.

ProFrac's total operating income in 2025 was -$225.80 million, based on the following breakdown:
  • Total Gross Profit: $487.20 million
  • Total Operating Expenses: $713 million

Over the last 5 years, ProFrac's total revenue changed from $547.70 million in 2020 to $1.94 billion in 2025, a change of 254.5%.

ProFrac's total liabilities were at $1.69 billion at the end of 2025, a 8.4% decrease from 2024, and a 227.7% increase since 2021.

In the past 4 years, ProFrac's cash and equivalents has ranged from $5.40 million in 2021 to $35.10 million in 2022, and is currently $22.90 million as of their latest financial filing in 2025.

Over the last 5 years, ProFrac's book value per share changed from 0.00 in 2020 to 3.97 in 2025, a change of 396.7%.


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Financial statements for NASDAQ:ACDC last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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