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Call sheet · Q2'26

ProPetro Holding (PUMP)

Q2'26 earnings call · held July 29, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
3 medium flags
Financial quality
Bottom line
ProPetro reported a recovery in revenue and adjusted EBITDA, alongside a wider net loss: $306 million revenue, $45 million adjusted EBITDA and an $8 million net loss. Operating cash flow improved to $66 million, supported by stronger adjusted EBITDA and a working-capital reversal. PROPWR added 110 MW of committed oil-and-gas and industrial capacity, while some data-center negotiations are taking longer than expected. The next tests are contract conversion and operating execution. The lower 2026 incurred-capex range partly reflects a fleet buyout moving into 2027, so it should not all be counted as a lasting saving.

The 30-second version

  • Revenue and adjusted EBITDA improved, but the net loss widened
  • Power contracts grew; some data-center negotiations are taking longer
  • Lower capex guidance partly reflects buyout timing

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$271M, -7% QoQ$306M, +13% QoQRevenue increased 13% sequentially
Net Loss$4M / $0.03 LPS$8M / $0.07 LPSLoss doubled despite revenue growth
Adjusted EBITDA$36M, 13% margin, -29% QoQ$45M, 15% margin, +23% QoQAdjusted EBITDA margin rose to 15% from 13%
Operating Cash Flow$3M$66MImproved EBITDA and working-capital reversal
FY2026 total incurred capex guide$540M-$610M$525M-$595MGuided down ~$15M at midpoint
Completions CapEx Guide$140M-$160M$125M-$145MCut driven by deferred FORCE buyout
PROPWR CapEx Guide (2026)$400M-$450M$400M-$450M, 'consistent with prior guidance'Unchanged
Cash & Equivalents$157M$784MCash includes convertible-note proceeds
Total Liquidity$289M$905MLiquidity increased following financing
PROPWR Contracted Capacity~240MW350MW+110MW, but all O&G/industrial, not data center

Accountability tracked

3 new promises made2 narrative shifts flagged4 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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