What is the market's earnings forecast for Select Water next quarter?

What were the key takeaways from Select Water’s earnings call?

What does Select Water do and what are its main business segments?

What is Select Water's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Select Water year over year?

What is Select Water's gross profit margin?

What were the key takeaways from Select Water's earnings call?

What guidance did Select Water's management provide for the next earnings period?

- **2026 Growth Targets**: Water Infrastructure to grow 20-25%, targeting >60% of gross profit by 2027.
- **Lithium Royalty Stream**: Early 2027 revenue from partnerships, with potential for additional mineral extraction.
- **Infrastructure Expansion**: $175-225M CapEx to support Northern Delaware build-out and new beneficial reuse projects.
- **Chemical Tech Strength**: 19% 2025 revenue growth, 45% gross profit growth, with surfactant adoption accelerating.
- **Strategic Moves**: Evaluating Peak Rentals alternatives, integrating customer assets to enhance network efficiency.

**【CEO Summary Section】**
- **Record Year in 2025**: Achieved $1.4 billion revenue and $260 million adjusted EBITDA, with 800%+ growth in water infrastructure revenue since 2021.
- **Northern Delaware Expansion**: Recycled 330M barrels in 2025, reaching 1B barrels since 2021. Target: Water infrastructure to represent >60% of gross profit by 2027, with 20-25% YoY growth in 2026.
- **Customer Partnerships**: Acquired 1M+ dedicated acreage (avg. 11-year contracts) and integrated customer assets, including 3 storage facilities and a new disposal facility in New Mexico.
- **Chemical Tech Growth**: 19% revenue growth (2025) and 45% gross profit growth, driven by advanced friction reducers and surfactants.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: $64.2M adjusted EBITDA (vs. guidance of $60-64M), with 54% gross margin in Water Infrastructure.
- **2026 Outlook**: 
  - **Water Infrastructure**: 20-25% revenue growth, 54%+ gross margin.
  - **Chemical Tech**: $87M Q4 revenue (14% sequential growth), targeting similar 2026 revenue with 19-20% gross margins.
  - **CapEx**: $175-225M (incl. $50M+ maintenance), supporting infrastructure build-out.
- **Liquidity**: Strong cash flow from Water Services (70%+ conversion of gross profit to cash).

**【Q&A Highlights】**
- **Northern Delaware Strategy**: Focusing on smaller, accretive bolt-ons leveraging existing network, with potential expansion into Southern Delaware and Winkler County.
- **Lithium Extraction**: Announced partnerships in Haynesville and Permian, targeting early 2027 royalty revenue. Exploring iodine, strontium, and magnesium extraction opportunities.
- **Peak Rentals**: Evaluating strategic alternatives for Power Solutions business, which supports infrastructure growth with 350 MSAs and distributed power generation capabilities.
- **Beneficial Reuse**: Completed large-scale pilot with university, demonstrating treated water viability for land application and greenhouse use. Commercial-scale projects expected in 2026+.
- **Gas Exposure**: Leading disposal positions in Haynesville and Marcellus, with potential for expansion in 2026.
- **Simul-Frac Growth**: Increasing intensity of water usage in completions, driving demand for high-quality friction reducers and surfactants.

Select Water Solutions, Inc. (WTTR) Q4 2025 Earnings Call Transcript

- **Water Infrastructure Dominance**: 10% Q4 and >20% 2026 growth driven by 800,000+ new acres under contract and 1M barrels/day recycling capacity.
- **Chemical Tech Breakout**: 13% revenue growth, 19.9% margins, and 29% gross profit increase from new product adoption.
- **Lithium Royalty Stream**: $2.5M/year in 2027, scaling to $5M/year, leveraging 1.3M barrels/day of produced water infrastructure.
- **Financial Resilience**: $60M Q3 EBITDA, $72M operating cash flow, and strong balance sheet with $250M-$275M 2025 CapEx.
- **Strategic Differentiation**: Unique recycling-first model with dual-pipeline networks, enabling 80%+ Permian volumes recycled vs. peers.

**【CEO Summary Section】**
- **Water Infrastructure Growth**: Q3 revenue decreased 2.5% but maintained 53% gross margins. Expect 10% Q4 growth and >20% 2026 growth driven by 800,000+ new acres under dedication and 65,000+ new acres in the Permian Basin.
- **Chemical Technologies Success**: 13% sequential revenue growth, 19.9% gross margins, and 29% gross profit increase. New product development driving market share gains.
- **Lithium Extraction Partnership**: Texas' first commercial produced water lithium extraction facility with Mariana Minerals, generating $2.5M/year in 2027, ramping to $5M/year at full capacity.
- **Recycling First Strategy**: Recycling 1M barrels/day in the Permian, reducing costs for customers and providing synthetic disposal capacity.
- **Disposal Network Expansion**: Adding disposal capacity to complement recycling, with dual-pipeline systems in the Delaware Basin for flexibility.

**【CFO Financial Commentary】**
- **Consolidated Results**: Adjusted EBITDA of $60M in Q3, up $19M in operating cash flow, and $72M cash flow from operations.
- **Segment Performance**: 
  - **Water Infrastructure**: 53% gross margins, 10% Q4 growth guidance.
  - **Water Services**: 18% gross margins (below target), 23% sequential revenue decline due to divestments.
  - **Chemical Technologies**: 19.9% gross margins, 13% revenue growth.
- **Capital Allocation**: $250M-$275M 2025 CapEx (up $25M), with $95M Q3 growth CapEx for infrastructure projects.
- **Liquidity**: Strong balance sheet with $50M-$60M annual maintenance CapEx.

**【Q&A Key Highlights】**
- **Disposal vs. Recycling**: 80%+ of Permian volumes recycled, with disposal as a backstop. Stranded asset acquisitions enhance network flexibility.
- **Mineral Extraction Potential**: 1.3M barrels/day of produced water moving through infrastructure, targeting $10M-$15M annual royalty revenue by 2030.
- **Chemical Tech Growth**: New products addressing efficiency needs (e.g., extended lateral wellbores), driving 29% gross profit growth.
- **Peak Power Strategy**: Evaluating distributed power and battery storage opportunities, aiming for a distinct growth path separate from water infrastructure.
- **Competitive Position**: Leading market share in Delaware Basin with dual-pipeline systems, enabling 2-way water movement and optionality.
- **Haynesville Outlook**: Strong demand for disposal services, with potential for new infrastructure projects as gas drilling resumes.


Select Water Solutions, Inc. (WTTR) Q3 2025 Earnings Call Transcript

- **Q2 Growth**: Net income +22%, EBITDA +13%, with Water Infrastructure gross margin at 55%. New contracts in New Mexico add 60,000 acres and 1.8M bbl/day recycling capacity.
- **Strategic Transactions**: OMNI deal improves margins, Peak Rentals carve-out positions for distributed power growth. Water Infrastructure expected to grow 20%+ in 2026.
- **Resilience**: Despite macro challenges, Water Services margins held at 20%, Chemical Tech outperformed with 17.5% gross margin. Free cash flow capture >70% from core businesses.
- **Innovation**: Peak's battery-integrated power systems first in industry; Chemical Tech drag reducers support complex completions with high margins.


**【CEO Summary Section】**
- **Q2 Financial Highlights**: Net income increased 22%, adjusted EBITDA rose 13%, and consolidated gross margins improved by nearly 2 percentage points. Water Infrastructure segment achieved a 55% gross margin before D&A.
- **Strategic Contracts**: Secured new long-term agreements in New Mexico, adding 60,000 acres of leasehold dedication and 385,000 acres under right of first refusal (ROFR). These contracts include full water lifecycle services (gathering, recycling, disposal, distribution) and will add 30 miles of pipeline and 1.8 million barrels/day of recycling capacity by end-2025.
- **OMNI Transaction**: Swapped Northeast/MidCon/Bakken trucking operations for Bakken solids management assets, creating a market-leading solids footprint. Expected to improve margins and reduce operational risk.
- **Peak Rentals Spin-Off**: Formally carved out Peak Rentals (equipment rentals, distributed power) to pursue standalone capital structure. Peak's battery-integrated power systems are first in the industry for upstream/midstream applications. Management expects 20%+ growth in Water Infrastructure in 2026.

**【CFO Financial Commentary】**
- **Q2 Results**: Consolidated adjusted EBITDA of $73M (above high end of guidance). Water Infrastructure revenue +12%, gross profit +15%. Water Services revenue -4% (below low end of guide) but margins held steady at 20%.
- **2026 Outlook**: Water Infrastructure expected to grow 20%+ YoY, driven by $225M-$250M CapEx in 2025 and new projects coming online in 2026. Free cash flow capture >70% from core businesses.
- **Rationalization Efforts**: Divested 1/3 of trucking revenue and 1/5 of gross profit in Water Services. Peak Rentals carve-out incurred incremental SG&A costs but positions for independent growth.
- **Chemical Tech**: Q2 revenue -11% (vs. -5% guide), but gross margin improved to 17.5% (vs. 14-16% guide). Q3 expected to outperform activity with 15-17% margins.

**【Q&A Key Highlights】**
- **Infrastructure Build-Out**: Management confident in 20%+ 2026 growth, with 2025 exit rate supporting this target. New contracts in Eddy County will add 30 miles of pipeline and 1.8M bbl/day recycling capacity.
- **Peak Rentals Market Opportunity**: Distributed power demand surging due to oilfield electrification lag. Peak's exclusive battery agreement and 15-year rental platform give competitive advantage. Management sees potential for significant revenue growth in 2026+.
- **CapEx for 2026**: $225M-$250M in 2025, with $75M-$100M allocated to 2026 projects. Current backlog supports 20%+ growth, but management expects to add new contracts over time.
- **Asset Rationalization**: Beyond Peak, no immediate plans to divest remaining trucking (Permian, Rockies, Eagle Ford). Chemical Tech remains resilient with new product development wins.
- **Colorado Progress**: Completed landmark engineering study, advancing stakeholder engagement, and developing large-scale water banking program. Expect significant news in late 2026.


Select Water Solutions, Inc. (WTTR) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Performance**: 7% revenue growth, 14% EBITDA expansion, and $12M net income increase highlight operational resilience.
- **Northern Delaware Expansion**: 265,000-acre contract adds 1.3M bbl/day recycling capacity, solidifying New Mexico as 54% of total capacity.
- **AV Farms Commercialization**: Secured LOIs for agricultural and industrial water supply, with $72M invested to date and 39% ownership.
- **CapEx Growth**: Raised to $225-250M, driven by Permian and gas basin infrastructure projects.
- **Gas Basin Resilience**: Stable activity in Haynesville and Marcellus, with LNG off-take growth supporting long-term demand.


**【CEO Summary Section】**
- Q1 2025 revenue increased 7% YoY, driven by 21% growth in chemical technologies and 8% in water services. Adjusted EBITDA rose 14% to $64 million, with net income up $12 million.
- Secured 265,000 acres in the Northern Delaware Basin through a 11-year contract, adding 100 miles of pipelines and 1.3M bbl/day recycling capacity. New Mexico now represents 54% of total recycling capacity.
- Water Infrastructure gross margin improved 1% to 54%, offsetting a $4M sequential decline from legacy freshwater pipeline conversions.
- Guidance for Q2 2025: Adjusted EBITDA $68-72 million, driven by double-digit revenue growth in water infrastructure.

**【CFO Financial Commentary】**
- Water Infrastructure generated 54% gross margin (pre-D&A), with Q1 peak recycling rate of 500,000 bbl/day. Q2 revenue expected to grow 10-15% YoY.
- Water Services revenue rose 8% sequentially, with gross margin improving to 19.5% (vs. 16.4% Q4 2024). Chemical Technologies revenue up 21% YoY.
- CapEx guidance raised to $225-250 million (from $170-190M), with $72 million invested in AV Farms (39% ownership). Free cash flow conversion rate 5-15% of EBITDA.

**【Q&A Key Highlights】**
- **AV Farms Progress**: Secured LOIs with agricultural and industrial off-takers, targeting Q2 2025 contracts. Select will operate the asset long-term, with $74 million remaining to deploy over 1-3 years.
- **Tariff Impact**: Minimal direct impact on water infrastructure (domestic supply chain). Chemical Technologies reduced international sourcing to <50% post-pandemic.
- **2026 Growth Outlook**: Water Infrastructure expected to maintain 15%+ YoY growth, supported by $225-250M CapEx and new contracts in Permian and gas basins.
- **Gas Basin Resilience**: Haynesville and Marcellus disposal utilization rates stable, with LNG off-take growth driving Haynesville activity.
- **M&A Strategy**: Prioritizing accretive bolt-on acquisitions (e.g., Midland Basin disposal assets) to supplement organic growth.


Select Water Solutions, Inc. (WTTR) Q1 2025 Earnings Call Transcript

- **Water Infrastructure Dominance**: 2024 saw 26% revenue growth, 62% gross profit expansion, and 1.5B barrels transported, with 15-25% 2025 growth expected. 
- **Colorado Expansion**: $62M investment in 50-year municipal contracts, targeting $20-30M annual net income by 2030. 
- **Chemical Tech Recovery**: Q4 revenue up 14%, 2025 margin improvement via long lateral chemistry. 
- **Free Cash Flow Machine**: 30%+ of EBITDA converted to free cash, $170-190M CapEx focused on high-margin infrastructure. 
- **New Market Risk/Reward**: Colorado water play offers lower volatility, higher stability vs. traditional energy exposure.

**【CEO Summary Section】**
- **Record Year for Growth**: 2024 saw 26% revenue growth and 62% gross profit expansion in the Water Infrastructure segment, driven by 1.5 billion barrels of water transported. 
- **Strategic Infrastructure Expansion**: Signed 8 major new projects ($150M+ in CapEx) and added 150,000+ acres under dedication in Q4 alone, with a focus on high-margin, long-term contracts (average duration >10 years). 
- **New Market Expansion**: Announced $62M investment in Colorado's municipal/industrial water market, targeting 50-year contracts with 125M barrels/year capacity. 
- **2025 Outlook**: Water Infrastructure segment expected to grow 15-25% YoY, with 50%+ gross margins sustained. 

**【CFO Financial Commentary】**
- **2024 Financial Highlights**: 
  - Consolidated revenue: $1.5B 
  - Adjusted EBITDA: $258M 
  - Free cash flow: $78M 
  - Dividends & buybacks: $38M 
- **2025 Guidance**: 
  - 30%+ of adjusted EBITDA converted to free cash flow 
  - $170-190M CapEx (60% growth-focused) 
  - Q4 2025 exit rate positioned for 2026 growth acceleration 
- **Colorado Investment**: 35% LP ownership with option to increase to 56%, targeting $20-30M annual net income by 2030. 

**【Q&A Key Takeaways】**
- **Colorado Water Play**: 
  - 16,300 acre-foot/year capacity, 50,000+ acre-foot demand in local markets 
  - 50-year contracts with escalators, >50% gross margins 
  - Payback period longer than traditional infrastructure but higher stability 
- **Chemical Tech Growth**: 
  - Sequential Q4 revenue up 14% 
  - 2025 margin improvement via scale and new product adoption 
  - Focus on long laterals (4+ miles) requiring specialized chemistry 
- **Haynesville Positioning**: 
  - Largest disposal network in the basin 
  - Primed to benefit from LNG-driven gas demand growth 
- **Free Cash Flow Allocation**: 
  - 70%+ from services/chemicals reinvested in infrastructure 
  - Shareholder returns (dividends, buybacks) maintained alongside growth

Actual											-2.86	-0.52	-0.36	-0.21	-0.27	-0.19	-0.0777	-0.0201	0.0295	0.1549	0.22	0.1665	0.12	0.2	0.14	0.27	0.04	0.13	0.15	-0.02	0.08	0.1	0.03	0.0569
Forecast											-0.0707	-0.3329	-0.2719	-0.2037	-0.1623	-0.1193	-0.0719	-0.0508	-0.0119	0.0472	0.1754	0.2402	0.1488	0.2285	0.245	0.1508	0.0746	0.116	0.1398	0.0793	0.0631	0.1255	0.0014	0.0314
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3945.26%	-56.20%	-32.40%	-3.09%	-66.36%	-59.26%	-8.07%	+60.43%	+347.90%	+228.18%	+25.43%	-30.68%	-19.35%	-12.47%	-42.86%	+79.05%	-46.38%	+12.07%	+7.30%	-125.22%	+26.78%	-20.32%	+2042.86%	+81.21%

WTTR

WTTR fundamentals

WTTR Q4 2025 Earnings

Earnings Call

You can ask Aime

WTTR

WTTR fundamentals

WTTR Q4 2025 Earnings

Earnings Call

WTTR Earnings Call Summary for Q4/202511:00 AM on Feb 18, 2026

WTTR Earnings Call Summary for Q3/202511:00 AM on Nov 5, 2025

WTTR Earnings Call Summary for Q2/202511:00 AM on Aug 6, 2025

WTTR Earnings Call Summary for Q1/202511:00 AM on May 7, 2025

WTTR Earnings Call Summary for Q4/202411:00 AM on Feb 19, 2025

You can ask Aime