TETRA Technologies, Inc.
onetetra.comWhat Do They Do?
Manufactures completion fluids, calcium chloride and other industrial chemicals, and battery electrolyte for oil and gas operators, industrial users and battery companies; provides water-management, flowback and well-testing services to oil and gas operators.
10-K for FY2025, filed Feb 25, 2026Our Completion Fluids & Products Segment manufactures and markets clear brine fluids (“CBFs”), additives, and associated products and…View ↗
Our Water & Flowback Services Segment provides onshore oil and gas operators with comprehensive water management services. The segment also…View ↗
The Completion Fluids & Products Segment manufactures liquid and dry calcium chloride and liquid calcium bromide, zinc bromide, zinc…View ↗
We are also pursuing low-carbon energy initiatives that leverage our fluids core chemistry competencies, our significant bromine and…View ↗
Our Water & Flowback Services Segment provides a wide variety of water management services that support hydraulic fracturing in…View ↗
Our Water & Flowback Services Segment also provides frac flowback services, early production facilities and services, production well…View ↗
How Do They Make Money?
Customers generally pay the invoice price within 30 to 60 days: product buyers are billed when products ship, while service customers are billed at agreed daily rates for each day worked.
10-K for FY2025, filed Feb 25, 2026Performance Obligations. Revenue is generally recognized when we transfer control of our products or services to our customers. Revenue is…View ↗
Product Sales. Product sales revenues are recognized at a point in time when we transfer control of our product offerings to our customers…View ↗
Services. Service revenues represent revenue recognized over time, as our customer arrangements typically provide agreed upon day rates and…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by product or service ↗
$630.9M
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10-K for FY2025, filed Feb 25, 2026
$630.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 25, 2026 |
56%
FY2022: 47%
|
Product, FY2025
$351.7M Sources
|
Sold outright |
|
Services
Usage-based
10-K for FY2025, filed Feb 25, 2026 |
44%
FY2022: 53%
|
Services, FY2025
$279.2M Sources
|
Usage-based |
Who Are Their Customers?
Oil and gas producers and companies serving them buy completion fluids and chemicals, including through distributors. Oil and gas operators also buy water management, flowback and well-testing services.
10-K for FY2025, filed Feb 25, 2026United States and international oil and gas exploration and production companies and to other companies that service customers in the oil…View ↗
The Completion Fluids & Products Segment’s principal competitors in the sale of CBFs to the oil and gas industry are other major…View ↗
The Water & Flowback Services Segment provides comprehensive water management and frac flowback services to a wide-range of onshore oil and…View ↗
Flowback Services Segment include major integrated and independent U.S. and international oil and gas producers that are active in the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.
10-K for FY2025, filed Feb 25, 2026
$55.4MView ↗
10-K for FY2025, filed Feb 25, 2026
$3MView ↗
10-K for FY2025, filed Feb 25, 2026
$19.5MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Launches TETRA Neptune Z-Lite and wins a three-well deepwater project
The board also approved a final investment decision for the Arkansas bromine project.
Sources
8-K, filed Aug 4, 2026
Revenues of $185.7 million Income from continuing operations of $10.2 million, inclusive of $1.1 million of unusual charges Adjusted EBITDA…View ↗
Growing. Revenue grew 62% in 4 years, from $388.3M in FY2021 to $630.9M in FY2025, about 13% a year.
Desalination offering
The earlier report describes water treatment and recycling; the latest also describes TETRA Oasis, a commercial desalination technology for reuse and mineral extraction from produced water.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 25, 2026Our Water & Flowback Services Division provides a wide variety of water management services that support hydraulic fracturing in…View ↗
In December 2024, we announced the commercial launch of TETRA Oasis Total Desalination Solution ("TETRA Oasis TDS”), a patented end-to-end…View ↗
Who Do They Compete With?
Competes with Occidental Chemical, Vitro, Nedmag, Select Water Solutions, Halliburton, and Schlumberger
10-K for FY2025, filed Feb 25, 2026The Completion Fluids & Products Segment’s liquid and dry calcium chloride products have a wide range of uses outside the energy industry.…View ↗
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