ProFrac Holding Corp. reported third quarter 2026 revenue of $511.1 million, missing analyst expectations of $556 million by approximately 8%. Despite the top-line miss and a net loss of $74 million, the company successfully pivoted to positive free cash flow of $13.5 million, up from negative $7.9 million in the second quarter. Results were impacted by uneven activity and unanticipated downtime, though management noted improved utilization and gradual pricing increases entering the fourth quarter.
Key Highlights
- Adjusted EBITDA reached $65.4 million, representing a 13% margin, compared to $69.4 million and 14% in the prior quarter.
- Free cash flow improved significantly to $13.5 million, supported by net cash from operations of $51.1 million and disciplined capital allocation.
- Stimulation Services generated $421.3 million in revenue with a 9% Adjusted EBITDA margin, navigating a market characterized by limited equipment availability and single-digit pricing growth.
- Updated 2026 capital expenditure guidance is now set between $160 million and $180 million, including the current Flotek plan.