Profrac Holding Corp. (NASDAQ: ACDC) has released its financial and operational results for the full year and fourth quarter of 2025, revealing several key changes in performance compared to the previous periods.
In terms of total revenue, the company reported $1.94 billion for the full year of 2025, down from $2.19 billion in 2024. This represents a decrease of approximately 11.9% year-over-year. Similarly, the net loss for 2025 was $356 million, increased from a net loss of $208 million in 2024.
Adjusted EBITDA for the full year of 2025 was $310 million, compared to $501 million in 2024, representing a decrease of approximately 38.2%. Notably, the adjusted EBITDA margin also decreased from 23% in 2024 to 16% in 2025.
The net cash provided by operating activities was $190 million in 2025, down from $367 million in 2024, reflecting a significant decrease. Additionally, capital expenditures totaled $170 million in 2025, down from $255 million in 2024, marking a decrease of approximately 33.3%.
Free cash flow for 2025 was $25 million, compared to $185 million in 2024, showing a substantial decline. The net debt as of December 31, 2025, stood at $1.03 billion.
Moving to the fourth quarter of 2025, Profrac reported total revenue of $437 million, representing an increase from the third quarter revenue of $403 million. However, the net loss for the fourth quarter was $141 million, up from a net loss of $92 million in the third quarter.
The adjusted EBITDA for the fourth quarter of 2025 was $61 million, compared to $41 million in the third quarter, reflecting a notable improvement. Similarly, the net cash provided by operating activities increased to $50 million from $5 million in the third quarter.
In terms of capital expenditures, the company spent $37 million in the fourth quarter, slightly down from $38 million in the third quarter. However, the free cash flow for the fourth quarter improved to $14 million, compared to a negative $29 million in the third quarter.
Profrac's executive chairman, Matt Wilks, noted that the company's performance improved significantly in the fourth quarter of 2025, driven by better-than-anticipated activity levels, strong operational execution, and early benefits from cost and capital management initiatives.
Looking ahead, Profrac expects the first quarter of 2026 to be softer than the strong fourth quarter of 2025 due to weather-related disruptions in January. The company anticipates tightening hydraulic fracturing calendars and operational momentum building through the quarter.
In terms of business segments, the stimulation services segment generated revenues of $1.68 billion in full year 2025, resulting in $209 million of adjusted EBITDA and a margin of 12.4%. The proppant production segment generated revenues of $336 million in full year 2025, resulting in $57 million of adjusted EBITDA and a margin of 17.0%.
Profrac also provided guidance for its capital expenditures for full year 2026, expecting them to be in the range of $155 million to $185 million, including Flotek's current capital expenditure plan.
In terms of the balance sheet and liquidity, the company had total principal debt outstanding of approximately $1.05 billion as of December 31, 2025, with net debt outstanding at approximately $1.03 billion. Total cash and cash equivalents stood at approximately $23 million, with approximately $6 million related to Flotek and not accessible by the company.
Profrac Holding Corp. is a technology-focused energy services holding company providing hydraulic fracturing, proppant production, and related completion services to leading upstream oil and natural gas companies in North America. Following these announcements, the company's shares moved 1.14%, and are now trading at a price of $4.43. For the full picture, make sure to review ProFrac's 8-K report.
