0001193125-26-106120
SEC filingProFrac Holding Corp. reported revenues of $1.94 billion for fiscal year 2025. The company incurred a net loss attributable to ProFrac Holding Corp. of $369.0 million, driven by an operating loss of $225.8 million and significant interest expense of $138.8 million. Key cost factors included cost of revenues of $1.45 billion, depreciation of $416.3 million, and an impairment of long-lived assets and goodwill of $52.6 million. Despite the net loss, the company generated positive operating cash flow of $189.5 million. The balance sheet shows total assets of $2.57 billion, with significant debt levels including total liabilities of $1.69 billion and long-term debt of $832.7 million. The company's liquidity position includes cash and cash equivalents of $22.9 million and total current assets of $483.5 million.
ProFrac Holding Corp. reported total revenues of $1.94 billion for the fiscal year ended December 31, 2025. The company experienced significant financial challenges, reporting an operating loss of $225.8 million and a net loss attributable to ProFrac Holding Corp. of $369.0 million. The net loss attributable to Class A common shareholders was $374.3 million, resulting in basic and diluted loss per Class A common share of $2.00. The company's operating performance was negatively impacted by total operating costs and expenses of $2.17 billion, which included cost of revenues of $1.45 billion, selling, general and administrative expenses of $190.5 million, depreciation, depletion and amortization of $416.3 million, and impairment of long-lived assets and goodwill of $52.6 million. Interest expense of $138.8 million further contributed to the loss before income taxes of $368.4 million.
The filing does not provide segment breakdown or geographic mix data for revenue analysis. The XBRL data shows total revenues of $1.94 billion, but no further disaggregation by business segment, product line, or geographic region is provided in the available data. The document content mentions that the demand for the company's services has diversified as the use case for power generation assets expands to encompass additional potential revenue streams, including provision of power to companies not engaged in hydrocarbon production. However, no specific revenue figures or percentages for these different service areas are disclosed in the provided financial data.
The company reported negative operating margins for fiscal year 2025, with operating loss of $225.8 million on revenues of $1.94 billion. The cost structure shows significant depreciation, depletion and amortization expenses of $416.3 million, representing approximately 21.5% of revenues. Cost of revenues, exclusive of depreciation, depletion and amortization was $1.45 billion, representing approximately 74.7% of revenues. Selling, general and administrative expenses were $190.5 million, representing approximately 9.8% of revenues. The company recorded impairment of long-lived assets and goodwill of $52.6 million, which negatively impacted profitability. Other operating expense, net showed a credit of $53.4 million, providing some offset to operating expenses.
The company generated positive operating cash flow of $189.5 million for fiscal year 2025, despite reporting a net loss of $355.5 million. Key adjustments to reconcile net loss to operating cash flow included depreciation, depletion and amortization of $416.3 million and impairment of long-lived assets and goodwill of $52.6 million. Free cash flow, calculated as operating cash flow of $189.5 million less capital expenditures of $169.9 million, was $19.6 million. The balance sheet shows total assets of $2.57 billion, including property, plant and equipment (net) of $1.46 billion and goodwill of $290.2 million. Total liabilities were $1.69 billion, with long-term debt of $832.7 million and current portion of long-term debt of $144.7 million. Total stockholders' equity was $811.9 million, with accumulated deficit of $610.2 million. The company had cash and cash equivalents of $22.9 million and total current assets of $483.5 million against total current liabilities of $597.4 million.
The filing does not provide specific management guidance or forward-looking financial projections. However, the document content identifies several risk factors that could impact future performance. The company notes that its business could be adversely affected by a decline in general economic conditions or a weakening of the broader energy industry. Inflationary factors such as increases in labor costs, material costs, and overhead costs may adversely affect financial position and operating results. The company faces significant competition in the oilfield services industry, which may cause loss of market share and pressure pricing. Negative public perception regarding the oil and natural gas industry may lead to increased regulatory scrutiny and reduced business opportunities. The company is subject to cyber-security risks that could result in information theft, data corruption, operational disruption and financial loss. The Tax Receivable Agreement represents a significant potential liability, with estimated termination payments that could range up to approximately $86 million in the event of a change of control.