Why Is ProPetro (PUMP) Up 27.8% Since Last Earnings Report?

A month has gone by since the last earnings report for ProPetro Holding (PUMP). Shares have added about 27.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ProPetro due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for ProPetro Holding Corp. before we dive into how investors and analysts have reacted as of late.

ProPetro Q4 Earnings & Revenues Top Estimates

ProPetro Holding reported a fourth-quarter 2025 adjusted profit per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also improved from the year-ago loss of 1 cent per share, backed by a 16.3% year-over-year decline in costs and expenses.

Revenues of $290 million beat the consensus mark of $280 million. This improvement can be attributed to better-than-expected service revenues in the Wireline and Hydraulic Fracturing segments. Revenues in the Wireline segment reached $55.4 million, surpassing the consensus estimate by 7.4%. Revenues in the Hydraulic Fracturing segment reached $203.9 million, surpassing the consensus estimate by 1.4%. However, the top line decreased 9.6% from the year-ago quarter’s level of $321 million. This was due to a year-over-year decline in service revenues from the Hydraulic Fracturing and Cementing segments.

Adjusted EBITDA amounted to $51 million, up 46% from $35 million reported in the previous quarter. The figure also topped our model estimate of $46.4 million.

For the quarter under review, the Midland, TX-based oil and gas equipment and services company posted a net income of $1 million, a sequential rise from the previous quarter’s reported net loss of $2 million.

PUMP’s Business Reporting Segments

ProPetro conducts its business through four operating segments: Hydraulic Fracturing, Wireline, Cementing and Power Generation.

The hydraulic fracturing operations account for approximately 73.2% of the company’s total revenues and operations. During the fourth quarter, Service revenues from this unit decreased 3% to $203.9 million from the previous quarter’s level. However, the figure beat our estimate of $201.1 million.

Costs & Financial Position of PUMP in Q4

Total costs and expenses were $283.6 million for the fourth quarter, which was down 16.3% from the prior-year quarter’s level. The cost of services (exclusive of depreciation and amortization) was $214.6 million compared with $243.5 million in the prior-year quarter.

On the other hand, depreciation and amortization were reduced 14.8% to $41.2 million from the prior-year quarter's level.

In the fourth quarter of 2025, the company paid $64 million in capital expenditures and incurred a total of $71 million. Of the amount incurred, roughly $12 million was primarily allocated toward maintenance activities within the completions business, while approximately $59 million was directed to support PROPWR equipment orders. Net cash used in investing activities, as reported on the statement of cash flows for the quarter, totaled $39 million.

As of Dec. 31, 2025, PUMP had $91.3 million in cash and cash equivalents and $45 million in borrowings under its ABL Credit Facility.

Total liquidity was $205 million, including $114 million in available credit at December-end. Long-term debt amounted to $105.6 million. The total debt-to-total capital was 12.6%.

Net cash provided by operating activities totaled $81 million in this quarter, which was up from $37.9 million in the year-ago quarter. Free cash flow from the completions business improved to approximately $98.1 million compared with $25.2 million in the previous quarter.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -36.67% due to these changes.

VGM Scores

Currently, ProPetro has a great Growth Score of A, a score with the same score on the momentum front. However, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, ProPetro has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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