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Call sheet · Q1'26

ProPetro Holding (PUMP)

Q1'26 earnings call · held April 30, 2026 · compared with the Q4'25 call · management-credibility review
5/12
Disclosure score
4 high, 4 medium flags
Financial quality
Bottom line
The sleeper story: PUMP just committed to $3B of equipment purchases through 2031 WITHOUT secured financing while their core business generated only $3M of operating cash flow. Yes, the Iran war is creating frac market tightness, but they only added ONE fleet for Q2 despite claiming all gas equipment is 'sold out.' The binding constraint isn't market demand; it's their balance sheet imploding as working capital turns negative and they burn $79M in two months. Most revealing quote: 'We continue to actively work to source low-cost and flexible financing,' which means the Caterpillar deal was signed without funding lined up. My view changes if they announce $500M+ of committed financing at reasonable terms or PROPWR contracts covering 50%+ of planned capacity.

The 30-second version

  • PROPWR's 2.1GW Caterpillar framework is the sleeper: they just secured 5 years of power gen capacity in a supply-constrained market
  • The obvious Iran war tailwind story masks weak execution: weather knocked Q1 EBITDA down 29% QoQ despite pricing 'increases'
  • Cash flow collapsed 96% QoQ to $3M while they're committing to $600M+ of CapEx

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$290M (Q4 2025)$271M (Q1 2026)-7% sequential decline
Net Income (Loss)$1M profit (Q4 2025)($4M) loss (Q1 2026)Swung to loss
EPS$0.01 (Q4 2025)($0.03) (Q1 2026)400% deterioration
Adjusted EBITDA$51M / 18% margin (Q4 2025)$36M / 13% margin (Q1 2026)-29% QoQ, -500bps margin compression
Operating Cash Flow$81M (Q4 2025)$3M (Q1 2026)-96% collapse
Working Capital Impact+$35M source (Q4 2025)-$32M use (Q1 2026)$67M swing negative
Active Frac Fleets~11 (Q4 2025 implied)~11 (Q1 2026)Flat despite 'recovery'
CapEx Incurred$71M (Q4 2025)$85M (Q1 2026)+20% increase
CapEx Paid (Cash)$64M (Q4 2025)$43M (Q1 2026)-33% but incurred up
PROPWR Committed Capacity240MW (Q4 2025)240MW (Q1 2026)Zero new contracts closed

Accountability tracked

6 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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