ProPetro Holding Corp.

propetroservices.com

What Do They Do?

Provides hydraulic fracturing services to oil and natural gas producers, plus wireline and cementing well-completion work and mobile power generation for producers, industrial projects and data centers.

How Do They Make Money?

Customers pay a fixed contract price as hydraulic-fracturing stages are completed; wireline is billed by completed stage, with daily charges for some equipment; cementing jobs are billed at completion. Power generation is priced by power produced or by period, plus related services priced at cost with a set margin.

revenue

Segment	Share	How money arrives
Hydraulic Fracturing Usage-based	73% FY2022: 89%	Usage-based
Wireline Usage-based	16% FY2022: 2.4%	Usage-based
Cementing Sold outright	10% FY2022: 7.2%	Sold outright
Power Generation	0.1%

Who Are Their Customers?

Customers are mainly North American oil and natural gas producers; the power business also serves general industrial projects and data centers.

Customers above 10% of revenue, FY2025

of revenue from four customers (25%, 14%, 12%, 11%)

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$167M, −12%)

Net income, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$137.9M, −10%)

Free cash flow, FY2025

4% of revenue

▼ −60% vs FY2024 ($112M, 8%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▼ −6%; vs $326.2M in Q2 FY2025
Net income: ▲ +13% (Loss); vs −$7.2M in Q2 FY2025

Hydraulic Fracturing share of revenue vs 75.4% in Q2 FY2025

Growing. Revenue grew 45% in 4 years, from $874.5M in FY2021 to $1.3B in FY2025, about 10% a year.

Added power generation The latest business description adds mobile power-generation services for oil and gas producers, industrial projects and data centers; the older description covered hydraulic fracturing, wireline and cementing completion services.

Added wet-sand services The latest description includes wet-sand storage, handling and transportation services around fracturing jobs; the older report described fracturing service and procurement of proppant and other consumables.

Revenue over time

Hydraulic Fracturing Wireline Cementing Power Generation All Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Halliburton, Liberty Energy, ProFrac, Nextier Oilfield Solutions, Patterson-UTI Energy, and RPC

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