Reportable Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

The following tables set forth certain financial information with respect to the Company’s reportable segments; intersegment revenues and cost of services are shown under "Reconciling Items" (in thousands):


	Three Months Ended September 30, 2025
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	210,190	$	52,172	$	31,637	$	157	$	(240)	$	293,916
Cost of service - labor	$	44,035	$	13,173	$	6,750	$	1,049	$	—	$	65,007
Cost of service - expendables	$	30,537	$	14,793	$	15,497	$	—	$	(240)	$	60,587
Cost of service - other direct costs	$	96,218	$	10,580	$	2,630	$	1,478	$	—	$	110,906
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	4,007	$	2,734	$	1,169	$	1,777	$	—	$	9,687
Adjusted EBITDA for reportable segments	$	35,393	$	10,892	$	5,591	$	(4,147)	$	—	$	47,729
Depreciation and amortization	$	33,640	$	5,774	$	2,064	$	167	$	15	$	41,660
Capital expenditures incurred	$	17,608	$	1,763	$	231	$	78,751	$	—	$	98,353
Goodwill September 30, 2025	$	920	$	—	$	—	$	—	$	—	$	920
Total assets September 30, 2025	$	834,686	$	161,330	$	66,554	$	140,839	$	76,204	$	1,279,613


	Three Months Ended September 30, 2024
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	274,138	$	47,958	$	38,920	$	—	$	(148)	$	360,868
Cost of service - labor	$	59,609	$	13,043	$	8,758	$	—	$	—	$	81,410
Cost of service - expendables	$	40,217	$	13,254	$	16,888	$	—	$	(148)	$	70,211
Cost of service - other direct costs	$	102,775	$	9,862	$	3,297	$	—	$	—	$	115,934
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	5,371	$	2,605	$	988	$	—	$	—	$	8,964
Adjusted EBITDA for reportable segments	$	66,166	$	9,194	$	8,989	$	—	$	—	$	84,349
Depreciation and amortization (1)	$	49,088	$	5,260	$	2,264	$	—	$	23	$	56,635
Property and equipment impairment expense (2)	$	188,601	$	—	$	—	$	—	$	—	$	188,601
Capital expenditures incurred	$	33,465	$	1,757	$	1,575	$	—	$	38	$	36,835
Goodwill December 31, 2024	$	920	$	—	$	—	$	—	$	—	$	920
Total assets December 31, 2024	$	961,485	$	156,349	$	73,935	$	—	$	31,876	$	1,223,645


	Nine Months Ended September 30, 2025
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	725,330	$	153,609	$	100,713	$	157	$	(326)	$	979,483
Cost of service - labor	$	151,788	$	40,589	$	22,754	$	1,185	$	—	$	216,316
Cost of service - expendables	$	108,786	$	45,607	$	47,251	$	—	$	(326)	$	201,318
Cost of service - other direct costs	$	295,229	$	30,013	$	8,772	$	1,881	$	—	$	335,895
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	13,810	$	8,180	$	3,629	$	4,179	$	—	$	29,798
Adjusted EBITDA for reportable segments	$	155,717	$	29,220	$	18,307	$	(7,088)	$	—	$	196,156
Depreciation and amortization	$	110,575	$	16,809	$	6,024	$	184	$	58	$	133,650
Capital expenditures incurred	$	59,010	$	6,278	$	5,145	$	139,665	$	—	$	210,098
Goodwill September 30, 2025	$	920	$	—	$	—	$	—	$	—	$	920
Total assets September 30, 2025	$	834,686	$	161,330	$	66,554	$	140,839	$	76,204	$	1,279,613


	Nine Months Ended September 30, 2024
	Hydraulic Fracturing		Wireline		Cementing		Power Generation		Reconciling Items		Total
Service revenue	$	855,066	$	157,966	$	110,935	$	—	$	(235)	$	1,123,732
Cost of service - labor	$	178,387	$	40,988	$	27,385	$	—	$	—	$	246,760
Cost of service - expendables	$	116,899	$	43,063	$	48,235	$	—	$	(235)	$	207,962
Cost of service - other direct costs	$	327,761	$	28,655	$	10,903	$	—	$	—	$	367,319
General and administrative expenses excluding nonrecurring and non cash items for reportable segments	$	16,024	$	8,573	$	3,979	$	—	$	—	$	28,576
Adjusted EBITDA for reportable segments	$	215,995	$	36,687	$	20,433	$	—	$	—	$	273,115
Depreciation and amortization (1)	$	153,494	$	15,304	$	6,821	$	—	$	81	$	175,700
Property and equipment impairment expense (2)	$	188,601	$	—	$	—	$	—	$	—	$	188,601
Capital expenditures incurred	$	95,084	$	6,086	$	7,417	$	—	$	38	$	108,625
Goodwill December 31, 2024	$	920	$	—	$	—	$	—	$	—	$	920
Total assets December 31, 2024	$	961,485	$	156,349	$	73,935	$	—	$	31,876	$	1,223,645

(1)The write-offs of remaining book value of prematurely failed power ends and other components are recorded as depreciation in 2025. In order to conform to current period presentation, we have reclassified the corresponding amounts of $2.3 million and $11.7 million from loss on disposal of assets to depreciation for the three and nine months ended September 30, 2024, respectively.

(2)Represents noncash impairment expense on our Tier II Units.

A reconciliation from reportable segment level financial information to the condensed consolidated statement of operations is provided in the table below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Service Revenue
Hydraulic Fracturing	$	210,190	$	274,138	$	725,330	$	855,066
Wireline	52,172		47,958		153,609		157,966
Cementing	31,637		38,920		100,713		110,935
Power Generation	157		—		157		—
Total service revenue for reportable segments	294,156		361,016		979,809		1,123,967
Elimination of intersegment service revenue	(240)		(148)		(326)		(235)
Total consolidated service revenue	$	293,916	$	360,868	$	979,483	$	1,123,732

Cost of Services
Hydraulic Fracturing - labor	$	44,035	$	59,609	$	151,788	$	178,387
Hydraulic Fracturing - expendables	30,537		40,217		108,786		116,899
Hydraulic Fracturing - other direct costs	96,218		102,775		295,229		327,761
Wireline - labor	13,173		13,043		40,589		40,988
Wireline - expendables	14,793		13,254		45,607		43,063
Wireline - other direct costs	10,580		9,862		30,013		28,655
Cementing - labor	6,750		8,758		22,754		27,385
Cementing - expendables	15,497		16,888		47,251		48,235
Cementing - other direct costs	2,630		3,297		8,772		10,903
Power Generation - labor	1,049		—		1,185		—
Power Generation - expendables	—		—		—		—
Power Generation - other direct costs	1,478		—		1,881		—
Total cost of services for reportable segments	236,740		267,703		753,855		822,276
Elimination of intersegment cost of services	(240)		(148)		(326)		(235)
Total consolidated cost of services	$	236,500	$	267,555	$	753,529	$	822,041

General and Administrative Expenses
Hydraulic Fracturing	$	4,007	$	5,371	$	13,810	$	16,024
Wireline	2,734		2,605		8,180		8,573
Cementing	1,169		988		3,629		3,979
Power Generation	1,777		—		4,179		—
Total general and administrative expenses excluding nonrecurring and noncash items for reportable segments	9,687		8,964		29,798		28,576
Unallocated corporate administrative expenses	12,565		13,219		38,699		42,529
Stock-based compensation	4,625		4,615		12,695		12,975
Business acquisition contingent consideration adjustments	(4,600)		(1,800)		(5,000)		(1,800)
Other general and administrative expense	19		346		184		1,517
Retention bonus and severance expense	200		1,212		2,242		1,895
Total consolidated general and administrative expenses	$	22,496	$	26,556	$	78,618	$	85,692


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Adjusted EBITDA
Hydraulic Fracturing	$	35,393	$	66,166	$	155,717	$	215,995
Wireline	10,892		9,194		29,220		36,687
Cementing	5,591		8,989		18,307		20,433
Power Generation	(4,147)		—		(7,088)		—
Total Adjusted EBITDA for reportable segments	47,729		84,349		196,156		273,115
Unallocated corporate administrative expenses	(12,565)		(13,219)		(38,699)		(42,529)
Depreciation and amortization (1)	(41,660)		(56,635)		(133,650)		(175,700)
Property and equipment impairment expense (2)	—		(188,601)		—		(188,601)
Interest expense	(2,110)		(1,939)		(5,651)		(5,933)
Income tax benefit (expense)	704		41,365		(2,780)		28,041
Gain (loss) on disposal of assets (1)	674		187		(13,418)		(211)
Stock-based compensation	(4,625)		(4,615)		(12,695)		(12,975)
Business acquisition contingent consideration adjustments	4,600		1,800		5,000		1,800
Other income, net (3)	5,107		1,799		8,245		5,608
Other general and administrative expense, net	(19)		(346)		(184)		(1,517)
Retention bonus and severance expense	(200)		(1,212)		(2,242)		(1,895)
Net (loss) income	$	(2,365)	$	(137,067)	$	82	$	(120,797)

					September 30, 2025		December 31, 2024
Assets
Hydraulic Fracturing					$	834,686	$	961,485
Wireline					161,330		156,349
Cementing					66,554		73,935
Power Generation					140,839		—
Total assets for reportable segments					1,203,409		1,191,769
Unallocated corporate assets					76,204		31,876
Total assets					$	1,279,613	$	1,223,645

(1)The write-offs of remaining book value of prematurely failed power ends and other components are recorded as depreciation in 2025. In order to conform to current period presentation, we have reclassified the corresponding amount of $2.3 million and $11.7 million from loss on disposal of assets to depreciation for the three and nine months ended September 30, 2024, respectively.

(2)Represents noncash impairment expense on our Tier II Units.

(3)Other income for the three months ended September 30, 2025 is primarily comprised of a $2.0 million unrealized gain on short-term investment, tax refunds (net of advisory fees) totaling $1.9 million, insurance reimbursements of $0.8 million and other income of $0.4 million. Other income for the three months ended September 30, 2024 is primarily comprised of tax refunds (net of advisory fees) totaling $1.8 million. Other income for the nine months ended September 30, 2025 is primarily comprised of a $2.3 million unrealized gain on short-term investment, tax refunds (net of advisory fees) totaling $2.3 million, adjustments to workers' compensation and general liability insurance premiums of $1.0 million, interest income from note receivable from sale of business of $0.9 million, insurance reimbursements of $0.8 million and $0.9 million of other income. Other income for the nine months ended September 30, 2024 is primarily comprised of tax refunds (net of advisory fees) totaling $3.6 million and insurance reimbursements of $2.0 million.

ProPetro Holding Corp. 10-Q