ProFrac Holding Corp.

profrac.com

What Do They Do?

Provides hydraulic fracturing and other completion services to oil and gas producers, and sells frac sand and equipment to producers and oilfield service providers.

How Do They Make Money?

Oil and gas customers pay for fracturing work and consumed inputs listed on signed field tickets, typically a set number of days after the service. For sand and equipment, payment terms are set by contract and generally follow shipment or delivery.

revenue

Segment	Share	Revenue	How money arrives
Services Recurring	87% FY2022: 97%		Recurring
Product Sales Sold outright	13% FY2022: 3.5%		Sold outright

Who Are Their Customers?

Customers are mainly oil and gas exploration and production companies in the continental United States; frac sand is also sold to oilfield service providers.

Do Revenues Turn Into Profits?

Not on paper. It lost $369M in FY2025, but brought in more cash than it spent: $19.6M of free cash flow.

Operating income, FY2025

−12% of revenue

▲ +274% (Loss) vs FY2024 (−$60.4M, −3%)

Net income, FY2025

−19% of revenue

▲ +72% (Loss) vs FY2024 (−$215.1M, −10%)

Free cash flow, FY2025

1% of revenue

▼ −83% vs FY2024 ($112.3M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $501.9M in Q2 FY2025
Net income: ▼ −26% (Loss); vs −$108M in Q2 FY2025

Services share of revenue vs 86.1% in Q2 FY2025

Aug 6, 2026 Matthew D. Wilks became CEO after Johnathan Ladd Wilks resigned Matthew D. Wilks was appointed CEO while continuing as Executive Chairman.

Growing. Revenue grew 2.5x in 4 years, from $768.4M in FY2021 to $1.9B in FY2025, about 26% a year.

Onsite power generation Livewire adds onsite power generation for oilfield and non-oilfield customers needing off-grid power, alongside the older report's fracturing, proppant and related product and service offerings.

Revenue over time

Services Product Sales

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Halliburton, Liberty Energy, ProPetro Holding, Patterson-UTI Energy, Atlas Energy Solutions, Badger Mining, Iron Oak Energy Solutions, Freedom Proppant, Signal Peak Silica, U.S. Silica, Vista Minerals, Capital Sand, Caterpillar, Gardner Denver, EnQuest Energy Solutions, Life Cycle Power, Voltagrid, Solaris Energy Infrastructure, and Gensystems Power Solutions

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