ProPetro Holding Corp. (PUMP): 2Q26 First Take: Lower EBITDA on Margins; Focus on US Land Activity and Power Generation Outlook

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Equity Research

29 July 2026 | 8:24AM EDT

ProPetro Holding Corp. (PUMP): 2Q26 First Take: Lower EBITDA on

Margins; Focus on US Land Activity and Power Generation Outlook

ProPetro reported adjusted EBITDA of $45 mil, below GS estimate of $54 mil and

below FactSet consensus estimate of $53 mil. This was driven by lower margins,

partially offset by higher revenue. Higher revenue of $306 mil (+3% vs GS; in-line

with cons) was a result of higher contribution than anticipated from Power

Generation ($9.3 mil vs GS $7.7 mil and cons $8.0 mil), Hydraulic Fracturing (+7% vs

GS; +2% vs cons), Cementing (+3% vs GS; +13% vs cons), partially offset by Wireline

(-10% vs GS; -9% vs cons). EBITDA of $45 mil was below GS expectation of $54 mil.

The miss vs. GS was driven by lower than expected margins and by lower profitability

per fleet than our expectations. Based on GS assumed average fleet count of 12 (+1

from 1Q26) for the quarter, PUMP’s 2Q26 results imply ~$14.9 mil EBITDA per fleet

compared to GS estimate of ~$16.3 mil. PUMP reported $105 mil of capex

compared to GS estimate of $183 mil for the quarter.

Neil Mehta

Goldman Sachs & Co. LLC

Alexa Petrick Breno

+1(917)343-9472 |

Goldman Sachs & Co. LLC

Caitlin Donohue

+1(212)357-9738 |

Goldman Sachs & Co. LLC

Power Generation: The company noted continued commercial momentum for the

power generation business, and increased power generation capacity under contract

from ~240 MWs to ~350 MWs this past quarter. The incremental awards for ~110

MWs are committed under contract on two projects, one with an integrated

upstream operator in the Permian and another with a separate industrial customer.

Outlook: The company guided to FY2026 capex incurred to be $525-595 million

(decreased from $540-610 million), with the Completions business accounting for

~$125-145 million (decreased from $140-160 mil). The lower capex is due to the

company shifting the expected buyout of a fleet to early 2027 from 2026. The

remainder of the capex will be attributed to the Power Generation business, with the

company guiding to capex of ~$400-450 million (unchanged). The company also

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