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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-42477

Flowco Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	99-4382473
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1300 Post Oak Blvd., Suite 450 Houston, TX	77056
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (713) 997-4877

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	FLOC	New York Stock Exchange
Class A common stock, par value $0.0001 per share	FLOC	NYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of November 5, 2025, the number of shares of the registrant’s Class A common stock outstanding was approximately 28,263,707, and the number of shares of the registrant’s Class B common stock outstanding was approximately 61,391,236.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	8
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	9
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	10
	Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024	11
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	13
	Notes to Unaudited Condensed Consolidated Financial Statements	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	63

Signatures		65

BASIS OF PRESENTATION

Certain Definitions

The following is a listing of certain abbreviations, acronyms, and other industry terminology that may be used throughout this Quarterly Report on Form 10-Q (“Quarterly Report”):

•

“2024 Business Combination” refers to the acquisition by Flowco LLC, on June 20, 2024, of 100% of the membership interests of each of Estis Intermediate, Flowco Productions and Flogistix Intermediate, as described more fully in “Part 1. Item 1. Business – Recent Developments – 2024 Business Combination” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 (“Annual Report”).

•

“Blocker Companies” refer to (i) WD Thunder CV Parallel Blocker LP, (ii) WDE Flogistix Upper TE, LLC, (iii) WDE Flogistix Upper FI, LLC, (iv) GEC III-GI FPS Blocker Corp. and (v) GEC III-GI Estis Blocker Corp.

•

“Blocker Shareholders” refer to the owners of the Blocker Companies prior to the Transactions, who exchanged their interests in the Blocker Companies for shares of our Class A common stock ("Class A common stock") in connection with the consummation of the Transactions.

•

“Continuing Equity Owners” refer collectively to holders of LLC Interests and our Class B common stock ("Class B common stock") immediately following consummation of the Transaction, including certain executive officers, employees and other minority investors and their respective permitted transferees who may exchange at each of their respective options, in whole or in part from time to time, their LLC Interests (along with an equal number of shares of Class B common stock (and such shares will be immediately cancelled)) for, at our election, cash or newly-issued shares of our Class A common stock as described under Part III, Item 13. Certain Relationships and Related Transactions and Director Independence – Flowco LLC Agreement of our Annual Report.

•

“Credit Agreement” refers, as applicable, to the Second Amended and Restated Credit Agreement, dated as of August 20, 2024, by and among, Flowco MasterCo LLC; Flowco Productions, LLC; Estis Intermediate Holdings, LLC; Flogistix Intermediate Holdings, LLC; as borrowers, the loan parties named therein, the lenders named therein, and JPMorgan Chase Bank, N.A.; as administrative agent, and the joint bookrunner and joint lead arrangers named therein, as amended to date.

•

“Estis” means Estis Compression, LLC, a Delaware limited liability company. Estis Compression, LLC is a wholly owned subsidiary of Estis Intermediate Holdings, LLC, and the predecessor to Flowco LLC.

•

“Estis Intermediate” means Estis Intermediate Holdings, LLC, a Delaware limited liability company and a parent company to Estis.

•

“Estis Member” means GEC Estis Holdings, LLC, as an Original Equity Owner following the 2024 Business Combination.

•

“Flogistix” means Flogistix, LP, a Texas limited partnership.

•

“Flogistix Intermediate” means Flogistix Intermediate Holdings, LLC, a Delaware limited liability company.

•

“Flogistix Member” means Flogistix Holdings, LLC, as an Original Equity Owner following the 2024 Business Combination.

•

“Flowco Holdings” or "Company" refers to Flowco Holdings Inc., a Delaware corporation. Flowco Holdings was formed on July 25, 2024, and was the issuer of the Class A common stock offered and sold in the IPO.

•

“Flowco LLC” refers to Flowco MergeCo LLC, a Delaware limited liability company. Flowco LLC was formed on June 3, 2024, to effectuate the 2024 Business Combination.

•

“Flowco LLC Agreement” refers, as applicable, to Flowco LLC’s amended and restated limited liability company agreement, dated as of June 20, 2024, as in effect prior to the IPO, or to the second amended and restated limited liability company agreement dated as of January 17, 2025, and as such agreement may thereafter be amended and/or restated.

•

“Flowco MasterCo” means Flowco MasterCo LLC, a Delaware limited liability company and a wholly owned subsidiary of Flowco LLC.

•

“Flowco Productions” means Flowco Productions LLC, a Delaware limited liability company.

•

“FPS” or the “FPS Member” means Flowco Production Solutions, L.L.C., as an Original Equity Owner following the 2024 Business Combination. The FPS Member contributed substantially all of its assets to Flowco Productions immediately prior to the contribution of its equity interests in connection with the 2024 Business Combination, and for purposes of such historical financial statement presentations herein, we refer to such entity as “FPS.”

•

“GAAP” or “U.S. GAAP” means accounting principles generally accepted in the U.S.

•

“GEC” means GEC Advisors LLC, a Delaware limited liability company.

•

“GEC Affiliates” means GEC and its affiliates, including Jonathan B. Fairbanks.

•

“IPO” refers to our initial public offering, which we consummated on January 15, 2025, and through which we offered and sold 20,470,000 shares of our Class A common stock at a price to the public of $24.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 2,670,000 shares of our Class A common stock. The gross proceeds to us from the IPO were $491.3 million, before deducting underwriting discounts.

•

“LLC Interests” refer to the common units of Flowco LLC, including those that we purchase with a portion of the net proceeds from the IPO.

•

“Master Reorganization Agreement” refers to the Master Reorganization Agreement by and among Flowco Holdings, Flowco LLC, Estis Member, FPS Member, Flogistix Member, the Blocker Companies, the Blocker Shareholders and the other parties thereto.

•

“Original Equity Owners” refer to the owners of LLC Interests in Flowco LLC prior to the consummation of the Transactions, collectively, which consist of FPS Member, Estis Member and Flogistix Member.

•

“Section 704(c) Allocations” refers to disproportionate allocations (if any) of income and gain from inventory property held by Flowco LLC as of the date of the IPO under Section 704(c) of the Internal Revenue Code of 1986, as amended, resulting from our acquisition of LLC Interests from Flowco LLC including in connection with the Transactions.

•

“Tax Receivable Agreement” refers to the Tax Receivable Agreement entered into by and among Flowco Holdings, Flowco LLC and the Continuing Equity Owners in connection with the IPO, pursuant to which, among other things, Flowco Holdings is required to pay to each Continuing Equity Owner 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of the tax benefits provided by Basis Adjustments, Section 704(c) Allocations, and certain other tax benefits (such as interest deductions) covered by the Tax Receivable Agreement as described in Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence – Tax Receivable Agreement of our Annual Report.

•

“Transactions” refers to the organizational transactions described in “The Transactions” below in Part I of this Quarterly Report and the IPO, and the application of the net proceeds therefrom.

•

“We,” “us,” “our,” the “Company,” and similar references refer: (i) following the consummation of the Transactions, including the IPO, to Flowco Holdings, and, unless otherwise stated, all of its direct and indirect subsidiaries, including Flowco LLC; and (ii) prior to the completion of the Transactions, including the IPO, to Flowco LLC and, unless otherwise stated, all of its direct and indirect subsidiaries, or, as applicable, our predecessors and their respective subsidiaries.

•

“White Deer” means White Deer Management LLC, a Delaware limited liability company.

•

“White Deer Affiliates” means White Deer and its affiliates.

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are neither historical facts nor assurances of future performance and may include words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “goal”, “intend”, “likely”, “may”, “plan”, “project”, “strategy” and other words and terms of similar meaning. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part 1, Item 1A, Risk Factors of our Annual Report.

About this Quarterly Report

This Quarterly Report includes certain historical consolidated financial and other data for Flowco MergeCo LLC. (“Flowco LLC”), including its predecessor and subsidiaries. Flowco Holdings Inc. (“Flowco Holdings”) was formed to serve as the issuer in the IPO, which was consummated on January 15, 2025. Concurrent with the completion of the IPO, Flowco Holdings became the new parent holding company of Flowco LLC and its subsidiaries. As Flowco Holdings did not have any previous operations prior to the IPO, Flowco LLC is viewed as the accounting predecessor of Flowco Holdings. On June 20, 2024, Flowco LLC consummated the 2024 Business Combination through the acquisition of 100% of membership interests of each Estis Intermediate, Flowco Productions and Flogistix Intermediate (“Merging Entities”). A description of the 2024 Business Combination was included in the final prospectus, filed with the SEC on January 15, 2025, pursuant to Rule 424(b)(4) relating to our Registration Statement (the “Final Prospectus”) and is also described more fully in “Part 1. Item 1. Business – Recent Developments – 2024 Business Combination” and elsewhere in our Annual Report. As a result of the 2024 Business Combination, Estis was determined to be the accounting acquirer and predecessor to Flowco LLC, and consequently, to Flowco Holdings. The historical financial information of Flowco LLC prior to the 2024 Business Combination was not presented as Flowco LLC was determined to lack commercial substance for not having engaged in any prior business activities. Therefore, all historical financial information of Flowco LLC prior to June 20, 2024, reflects the historical financial information of Estis as the accounting predecessor. All historical financial information subsequent to June 20, 2024, reflects the combined historical information of the Merging Entities.

Certain monetary amounts, percentages, and other figures included in this Quarterly Report have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this Quarterly Report. Certain other amounts that appear in this Quarterly Report may not sum due to rounding.

The Transactions

Flowco Holdings, formed as a Delaware corporation on July 25, 2024, is a holding company, and its principal asset consists of LLC Interests in Flowco LLC. Prior to the IPO, all of our business operations were conducted through Flowco LLC, and the Original Equity Owners were the only members of Flowco LLC.

IPO and Reorganization Transactions

In connection with the IPO and pursuant to the Master Reorganization Agreement and related documents (including an Omnibus Agreement entered into following the IPO described below), we consummated the following organizational transactions, described below, to reorganize our corporate structure:

•

we amended the Flowco LLC Agreement to, among other things, (i) recapitalize all existing ownership interests in Flowco LLC; (ii) issue non-economic member interest; and (iii) appoint Flowco Holdings as the sole managing member of Flowco LLC upon its acquisition of LLC Interests in connection with the IPO;

•

we amended and restated Flowco Holdings’ certificate of incorporation to, among other things, provide (i) for Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our stockholders generally; (ii) for Class B common stock, with each share of our Class B common stock entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees;

•

we acquired the LLC Interests held by certain of the existing indirect owners of Flowco LLC, by means of one or more mergers or otherwise, including mergers of the Blocker Companies, in exchange for 5,251,620 shares of our Class A common stock;

•

we issued 64,823,042 shares of our Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration;

•

we issued 20,470,000 shares of our Class A common stock (after taking into account the exercise in full of the underwriters’ option to purchase an additional 2,670,000 shares of our Class A common stock in the IPO) to the purchasers in the IPO in exchange for gross proceeds of approximately $491.3 million (after taking into account the exercise in full of the underwriters’ option to purchase an additional 2,670,000 shares of our Class A common stock in the IPO at $24.00 per share) based upon the IPO price of $24.00 per share, before deducting the underwriter discounts and offering related expenses;

•

we used the net proceeds from the IPO to purchase 20,470,000 newly issued LLC Interests directly from Flowco LLC at a price per unit equal to the IPO price;

•

Flowco LLC used the net proceeds from the sale of LLC Interests to Flowco Holdings (i) to redeem approximately $20.9 million of Flowco LLC interests from certain non-affiliate holders and (ii) with respect to the remainder, repay indebtedness under our Credit Agreement as described under Part III, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources and Part III, Item 13. Certain Relationship and Related Transactions, and Director Independence of our Annual Report; and

•

Flowco Holdings entered into (i) the Stockholder Agreement with GEC, White Deer and certain of their affiliates; (ii) the Registration Rights Agreement with the Continuing Equity Owners and Blocker Shareholders; and (iii) the Tax Receivable Agreement with Flowco LLC and each of the TRA Participants (as defined below). Following the IPO, it was determined that certain allocations of Class A common stock, and of a corresponding number of Class B common stock and LLC Interests, in connection with certain reorganization transactions were made in error. Flowco Holdings, Flowco LLC and the applicable members

of Flowco LLC entered into an Omnibus Agreement to correct such errors through (i) a rescission of 1,057,629 LLC Interests and corresponding number of shares of Class B common stock previously issued to a White Deer Affiliate and (ii) the issuance of 1,057,629 LLC Interests to Flowco Holdings, and the issuance of 1,057,629 shares of Class A common stock to White Deer Affiliates. The outstanding shares and LLC Interests described herein give effect to the corrections set forth in the Omnibus Agreement. For a description of the terms of the Stockholder Agreement, Registration Rights Agreement, and the Tax Receivable Agreement, see Part III, Item 13. Certain Relationship and Related Transactions, and Director Independence of our Annual Report.

Post-IPO Organizational Structure

Described below are the details of our organizational structure immediately following the IPO:

•

Flowco Holdings became a holding company with its principal asset consisting of LLC Interests acquired directly from Flowco LLC and indirectly from the Blocker Shareholders;

•

Flowco Holdings became the sole managing member of Flowco LLC and had a sole control of the business and affairs of Flowco LLC;

•

Flowco Holdings issued 25,721,620 LLC Interests of Flowco LLC, representing approximately 28.4% of the economic interest in Flowco LLC;

•

GEC Affiliates owned, (i) directly and indirectly, 868,557 shares of Class A common stock of Flowco Holdings, representing approximately 1.0% of the combined voting power of all of Flowco Holdings’ common stock and approximately 3.4% of the economic interest in Flowco Holdings; (ii) directly through the GEC Affiliates’ ownership of LLC Interests and indirectly through Flowco Holdings’ ownership of LLC Interests, approximately 41.9% of the economic interest in Flowco LLC; and (iii) 37,087,231 shares of Class B common stock of Flowco Holdings, representing approximately 41.0% of the combined voting power of all of Flowco Holdings’ common stock;

•

White Deer Affiliates owned, (i) directly and indirectly, 4,383,063 shares of Class A common stock of Flowco Holdings, representing approximately 4.8% of the combined voting power of all of Flowco Holdings’ common stock and approximately 17.0% of the economic interest in Flowco Holdings; (ii) directly through the White Deer Affiliates’ ownership of LLC Interests and indirectly through Flowco Holdings’ ownership of LLC Interests, approximately 16.0% of the economic interest in Flowco LLC; and (iii) 10,100,525 shares of Class B common stock of Flowco Holdings, representing approximately 11.2% of the combined voting power of all of Flowco Holdings’ common stock;

•

The Continuing Equity Owners (excluding GEC Affiliates and White Deer Affiliates) owned (i) 17,635,286 LLC Interests of Flowco LLC, representing approximately 19.5% of the economic interest in Flowco LLC and (ii) 17,635,286 shares of Class B common stock of Flowco Holdings, representing approximately 19.5% of the combined voting power of all of Flowco Holdings’ common stock; and

•

The purchasers in the IPO owned (i) 20,470,000 shares of Class A common stock (after taking into account the exercise in full of the underwriters’ option to purchase an additional 2,670,000 shares of our Class A common stock in the IPO) of Flowco Holdings, representing approximately 22.6% of the combined voting power of all Flowco Holdings’ common stock and approximately 79.6% of the economic interest in Flowco Holdings, and (ii) through Flowco Holdings’ ownership of LLC Interests, indirectly hold approximately 22.6% of the economic interest in Flowco LLC.

As the sole managing member of Flowco LLC, we operate and control all the business and affairs of Flowco LLC and, through Flowco LLC and its direct and indirect subsidiaries, conduct our business. Following the IPO, we have a minority economic interest in Flowco LLC but control the management of Flowco LLC as its sole managing member.

As a result, we consolidate Flowco LLC and record a significant non-controlling interest in a consolidated entity in our consolidated financial statements for the economic interest in Flowco LLC held by the Continuing Equity Owners.

As of September 30, 2025, we own 31.5% of economic interests in Flowco LLC.

Up-C Structure and Tax Receivable Agreements

Our corporate structure following the IPO is commonly referred to as an umbrella partnership-C corporation (“Up-C”) structure, which is often used by partnerships and limited liability companies when they undertake an initial public offering of their business. The Up-C structure allows the Tax Receivable Agreements Participants (“TRA Participants”) to retain their equity ownership in Flowco LLC and to continue to realize tax benefits associated with owning interests in an equity that is treated as a partnership, or “flow-through” entity, for United States (U.S.) federal income tax purposes. Investors in and after the IPO, by contrast, hold their equity ownership in our Company, a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. One of the tax benefits to the TRA Participants associated with this structure is that future taxable income of Flowco LLC that is allocated to the TRA Participants will be taxed on a flow-through basis and, therefore, will not be subject to corporate taxes at the entity level. The Up-C structure also provides the TRA Participants with potential liquidity that holders of non-publicly traded limited liability companies are not typically afforded. The TRA Participants and Flowco Holdings also expect to benefit from the Up-C structure as a result of certain cash tax savings arising from redemptions or exchanges of the TRA Participants’ LLC Interests for Class A common stock or cash, and certain other tax benefits covered by the Tax Receivable Agreement discussed under Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence – Tax Receivable Agreement and Part I, Item 1A. Risk Factors – Risk Factors Related to our Organizational Structure of our Annual Report. In general, the TRA Participants expect to receive payments under the Tax Receivable Agreement of 85% of the amount of certain tax benefits, and Flowco Holdings expects to benefit in the form of cash tax savings in amounts equal to 15% of certain tax benefits. Any payments made by us to the TRA Participants under the Tax Receivable Agreement will reduce cash otherwise arising from such tax savings. We expect such payments will be substantial. As described below under Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence-Tax Receivable Agreement of our Annual Report, prior to the completion of the IPO, we entered into the Tax Receivable Agreement with Flowco LLC and the TRA Participants that provides for the payment by Flowco Holdings to the TRA Participants of 85% of the amount of tax benefits, if any, that Flowco Holdings actually realizes (or in some circumstances is deemed to realize) as a result of (i) Basis Adjustments, (ii) Section 704(c) Allocations, and (iii) certain tax benefits (such as interest deductions) arising from payments made under the Tax Receivable Agreement.

Redemption Rights of Holders of LLC Interests

The Continuing Equity Owners may, subject to certain exceptions, from time to time at each of their options require Flowco LLC to redeem all or a portion of their LLC Interests in exchange for, at our election, newly-issued shares of our Class A common stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of our Class A common stock for each LLC Interest redeemed, in each case, in accordance with the terms of the Flowco LLC Agreement; provided that, at our election, we may effect a direct exchange by Flowco Holdings of such Class A common stock or such cash, as applicable, for such LLC Interests. The Continuing Equity Owners may, subject to certain exceptions, exercise such redemption right for as long as their LLC Interests remain outstanding. See Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence – IPO and Reorganization Transactions of our Annual Report. Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of LLC Interests pursuant to the terms of the Flowco LLC Agreement, a number of shares of our Class B common stock registered in the name of the redeeming or exchanging Continuing Equity Owner will automatically be transferred to us and will be cancelled for no consideration on a one-for-one basis with the number of LLC Interests redeemed or exchanged.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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Flowco Holdings Inc.

Condensed Consolidated Balance Sheets

(unaudited)


	As of
	September 30, 2025		December 31, 2024
	(in thousands except share and per share amounts)
Assets
Current assets:
Cash and cash equivalents	$	7,235	$	4,615
Accounts receivable, net of allowances for credit losses of $1,870 and $1,169, respectively (Note 9)		118,970		120,353
Inventory		159,290		151,179
Prepaid expenses and other current assets		7,668		9,982
Total current assets		293,163		286,129
Property, plant and equipment, net		801,139		702,616
Operating lease right-of-use assets		16,343		19,480
Finance lease right-of-use assets		27,365		21,871
Intangible assets, net (Note 8)		281,310		302,522
Goodwill (Note 8)		249,692		249,692
Deferred tax asset		11,507		—
Other assets		5,716		6,639
Total assets	$	1,686,235	$	1,588,949

Liabilities, redeemable non-controlling interests and stockholders'/members' equity
Current liabilities:
Accounts payable	$	32,329	$	31,321
Accrued expenses		35,597		33,829
Current portion of operating lease obligations		7,256		6,809
Current portion of finance lease obligations		13,214		7,837
Deferred revenue		12,538		8,002
Total current liabilities		100,934		87,798
Long-term liabilities:
Long-term debt, net		222,628		635,916
Tax receivable agreement liability		19,791		—
Operating lease obligations, net of current portion		9,453		12,739
Finance lease obligations, net of current portion		12,135		13,389
Total long-term liabilities		264,007		662,044
Total liabilities		364,941		749,842
Commitments and contingencies (Note 16)
Redeemable non-controlling interests		950,336		—
Members' equity:
Members' equity		—		839,107
Total members' equity		—		839,107
Stockholders' equity:
Class A common stock, $0.0001 par value – 300,000,000 shares authorized; 28,255,895 shares issued and outstanding as of September 30, 2025; no such shares authorized, issued or outstanding as of December 31, 2024.		3		—
Class B common stock, $0.0001 par value – 150,000,000 shares authorized; 61,391,236 shares issued and outstanding as of September 30, 2025; no such shares authorized, issued or outstanding as of December 31, 2024.		6		—
Additional paid-in capital		55,539		—
Retained earnings		315,410		—
Total stockholders' equity to Flowco Holdings Inc.		370,958		—
Total liabilities, redeemable non-controlling interests and members'/stockholders' equity	$	1,686,235	$	1,588,949

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Flowco Holdings Inc.

Condensed Consolidated Statements of Operations

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
	(in thousands except share and per share amounts)
Revenues:
Rentals	$	106,966		$	87,240		$	306,366		$	184,982
Sales		69,975			102,125			256,140			164,303
Total revenues		176,941			189,365			562,506			349,285
Operating expenses:
Cost of rentals (exclusive of depreciation and amortization disclosed separately below)		29,295			25,274			83,748			48,956
Cost of sales (exclusive of depreciation and amortization disclosed separately below)		44,888			75,535			173,033			124,073
Selling, general and administrative expenses		28,980			25,012			92,197			36,204
Depreciation and amortization		38,953			30,581			106,237			56,502
Loss on sale of equipment		232			72			255			727
Income from operations		34,593			32,891			107,036			82,823
Other expenses:
Interest expenses		(2,757	)		(11,861	)		(14,567	)		(22,174	)
Loss on debt extinguishment		—			(221	)		—			(221	)
Other income (expenses), net		229			233			521			(1,813	)
Total other expenses		(2,528	)		(11,849	)		(14,046	)		(24,208	)
Income before provision for income taxes		32,065			21,042			92,990			58,615
Income tax benefit (provision)		2,208			(396	)		(4,320	)		(702	)
Net income		34,273		$	20,646			88,670		$	57,913
Net income attributable to redeemable non-controlling interests		21,756						64,510
Net income attributable to Flowco Holdings Inc.	$	12,517					$	24,160

	Three Months Ended September 30, 2025						Period from January 16, 2025 to September 30, 2025
Earnings per share:
Basic	$	0.46					$	0.92
Diluted	$	0.32					$	0.82
Weighted average shares outstanding:
Basic		27,445,906						26,338,938
Diluted		90,661,805						90,890,091

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Flowco Holdings Inc.

Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders'/Members' Equity

(unaudited)


			Flowco LLC Members' Equity (prior to the Transactions) - Note 1								Flowco Holdings Stockholders' Equity
(in thousands, except number of units)		Redeemable Non- Controlling	Common Units			Class A Units			Members'		Class A Common Stock			Class B Common Stock				Additional Paid- In		Retained		Treasury		Total Stockholders'
		Interests	Units	Amount		Units	Amount		Equity		Shares	Amount		Shares	Amount			Capital		Earnings		Stock		Equity
Balance as of June 30, 2024	$	—	—	$	—	10,000,000		—	$	995,299	—	$	—	—	$	—	$	—	$	—		—	$	—
2024 Business Combination issuance of units		—	—		—	—		—		—	—		—	—		—		—		—		—		—
Distribution to Members		—			—	—		—		(100,004)	—		—	—		—		—		—		—		—
Net income		—			—	—		—		20,646	—		—	—		—		—		—		—		—
Equity-based compensation		—			—	—		—		356	—		—	—		—		—		—		—		—
Balance as of September 30, 2024	$	—	—	$	—	10,000,000		—	$	916,297	—	$	—	—	$	—	$	—	$	—	$	—	$	—

Balance as of June 30, 2025	$	1,164,654	—	$	—	—	$	—	$	—	25,729,432	$	3	64,823,042	$	6	$	18,113	$	132,227	$	—	$	150,349
Net loss prior to the Transactions and IPO		—	—		—	—		—		—	—		—	—		—		—		—		—		—
Reorganization transactions		—	—		—	—		—		—	—		—	—		—		—		—		—		—
Equity-based compensation and crystallization of legacy equity plans		—	—		—	—		—		—	—		—	—		—		—		—		—		—
IPO and the Transactions		—	—		—	—		—		—	—		—	—		—		(13)		—		—		(13)
Increase in deferred tax asset from IPO and the Transactions, net of amounts payable under Tax Receivable Agreement		—	—		—	—		—		—	—		—	—		—		(6,979)		—		—		(6,979)
Net income subsequent to the Transactions and IPO		21,756	—		—	—		—		—	—		—	—		—		—		12,517		—		12,517
Foreign currency translation adjustment		—	—		—	—		—		—	—		—	—		—		(22)		—		—		(22)
Distributions to Members		—	—		—	—		—		—	—		—	—		—		—		(4,911)		—		(4,911)
Stock-based compensation		—	—		—	—		—		—	47,886		—	—		—		1,479		—		—		1,479
Dividends declared ($0.08 per share)		—	—		—	—		—		—	—		—	—		—		—		(2,386)		—		(2,386)
Class A common stock issued in exchange of Class B common stock		(55,321)	—		—	—		—		—	3,431,806		—	(3,431,806)		—		55,321		—		—		55,321
Repurchase of Class A common stock		—	—		—	—		—		—	—		—	—		—		—		—		(15,150)		(15,150)
Retirement of Class A common stock		—	—		—	—		—		—	(953,229)		—	—		—		(15,150)		—		15,150		—
Subsequent measurement of redeemable non-controlling interests		(180,753)	—		—	—		—		—	—		—	—		—		2,790		177,963		—		180,753
Balance as of September 30, 2025	$	950,336	—	$	—	—	$	—	$	—	28,255,895	$	3	61,391,236	$	6	$	55,539	$	315,410	$	—	$	370,958

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Flowco Holdings Inc.

Condensed Consolidated Statements of Stockholders'/Members' Equity

(unaudited)


			Flowco LLC Members' Equity (prior to the Transactions) - Note 1								Flowco Holdings Stockholders' Equity
(in thousands, except number of units)		Redeemable Non- Controlling	Common Units			Class A Units			Members'		Class A Common Stock			Class B Common Stock				Additional Paid- In		Retained		Treasury		Total Stockholders'
		Interests	Units	Amount		Units	Amount		Equity		Shares	Amount		Shares	Amount			Capital		Earnings		Stock		Equity
Balance as of December 31, 2023	$	—	1,000	$	—	5,100,000	$	—	$	133,751	—	$	—	—	$	—	$	—	$	—	$	—	$	—
2024 Business Combination issuance of units		—	(1,000)		—	4,900,000		—		854,628
Distribution to Members		—	—		—	—		—		(130,504)	—		—	—		—		—		—		—		—
Net income		—	—		—	—		—		57,913	—		—	—		—		—		—		—		—
Equity-based compensation		—	—		—	—		—		509	—		—	—		—		—		—		—		—
Balance as of September 30, 2024	$	—	—	$	—	10,000,000		—	$	916,297	—	$	—	—	$	—	$	—	$	—	$	—	$	—

Balance as of December 31, 2024	$	—	—	$	—	10,000,000	$	—	$	839,107	—	$	—	—	$	—	$	—	$	—	$	—	$	—
Net loss prior to the Transactions and IPO		—	—		—	—		—		(548)	—		—	—		—		—		—		—		—
Reorganization transactions		838,559	—		—	(10,000,000)		—		(838,559)	—		—	65,748,380		6		—		—		—		6
Equity-based compensation and crystallization of legacy equity plans		3,588	—		—	—		—		—	—		—	—		—		—		—		—		—
IPO and the Transactions		71,129	—		—	—		—		—	25,721,620		3	(925,338)		—		434,498		—		—		434,501
Increase in deferred tax asset from IPO and the Transactions, net of amounts payable under Tax Receivable Agreement		—	—		—	—		—		—	—		—	—		—		(7,031)		—		—		(7,031)
Net income subsequent to the Transactions and IPO		65,058	—		—	—		—		—	—		—	—		—		—		24,160		—		24,160
Foreign currency translation adjustment		—	—		—	—		—		—	—		—	—		—		(75)		—		—		(75)
Distributions to Members		—	—		—	—		—		—	—		—	—		—		—		(23,703)		—		(23,703)
Stock-based compensation		—	—		—	—		—		—	55,698		—	—		—		5,882		—		—		5,882
Dividends declared ($0.08 per share)		—	—		—	—		—		—	—		—	—		—		—		(4,497)		—		(4,497)
Class A common stock issued in exchange of Class B common stock		(55,321)	—		—	—		—		—	3,431,806		—	(3,431,806)		—		55,321		—		—		55,321
Repurchase of Class A common stock		—	—		—	—		—		—	—		—	—		—		—		—		(15,150)		(15,150)
Retirement of Class A common stock		—	—		—	—		—		—	(953,229)		—	—		—		(15,150)		—		15,150		—
Subsequent measurement of redeemable non-controlling interests		27,323	—		—	—		—		—	—		—	—		—		(417,906)		319,450		—		(98,456)
Balance as of September 30, 2025	$	950,336	—	$	—	—	$	—	$	—	28,255,895	$	3	61,391,236	$	6	$	55,539	$	315,410	$	—	$	370,958

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Flowco Holdings Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Nine months ended September 30,
	2025			2024
	(in thousands)
Cash flows from operating activities
Net income	$	88,670		$	57,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		106,237			56,502
Provision for inventory obsolescence		1,636			1,283
Amortization of operating right-of-use assets		6,627			2,294
Amortization of deferred financing costs		1,012			395
Loss on sale of equipment		255			727
Loss on debt extinguishment		—			221
Gain on lease termination		(791	)		(353	)
Stock-based compensation		9,470			509
Provision for deferred income taxes		(780	)		—
Allowance for credit losses		1,551			(383	)
Changes in operating assets and liabilities:
Accounts receivable		(168	)		(4,426	)
Inventory		(9,575	)		6,212
Prepaid expenses and other current assets		2,314			518
Other assets and liabilities		(74	)		(2,566	)
Accounts payable - trade		1,008			(3,265	)
Accrued expenses		359			2,304
Deferred revenue		4,536			1,971
Operating lease liabilities		(6,417	)		(2,259	)
Finance lease liabilities		1,324			(389	)
Net cash provided by operating activities		207,194			117,208
Cash flows from investing activities
Asset acquisition		(71,813	)		—
Additions to property, plant and equipment		(103,283	)		(62,087	)
Payment of contingent consideration related to a business combination		(548	)		—
Proceeds from sale of property, plant and equipment		434			160
Net cash acquired in 2024 Business Combination		—			3,088
Payment for capitalized patent costs		(434	)		(64	)
Net cash used in investing activities		(175,644	)		(58,903	)
Cash flows from financing activities
Issuance of Class A common stock in IPO, net of underwriting discount		461,803			—
Payment of offering costs		(2,458	)		—
Repurchase of Class A common stock		(15,000	)		—
Payments on long-term debt		(906,785	)		(164,385	)
Proceeds from long-term debt		493,497			267,633
Payments on finance lease obligations		(11,046	)		(3,008	)
Proceeds on finance lease terminations		349			507
Purchase of LLC Interests from Continuing Equity Owners		(20,876	)		—
Payment of debt issuance costs		(13	)		(5,424	)
Payment of dividend equivalent units		(10	)		—
Payment of tax withheld on stock-based compensation		(296	)		—
Distributions to members of Flowco LLC		(23,703	)		(130,504	)
Dividends paid to Flowco Holdings Inc. shareholders		(4,392	)		—
Net cash used in financing activities		(28,930	)		(35,181	)
Net increase (decrease) in cash and cash equivalents		2,620			23,124
Cash and cash equivalents

Flowco Holdings Inc. 10-Q