ProFrac Net Loss Widens 71% to $356 Million in 2025

Full-Year Net Loss Expands to $356 Million as Revenue Slides

ProFrac Holding Corp. (NASDAQ: ACDC) reported a significant downturn in its 2025 financial performance, according to results announced on March 12, 2026. For the full year ending December 31, 2025, the company's total revenue decreased to $1.94 billion, down from $2.19 billion in 2024. More critically, its net loss widened substantially to $356 million, a 71% increase from the $208 million loss recorded in the previous year.

The decline hit key operational metrics hard. Full-year Adjusted EBITDA fell 38% to $310 million, compressing the company's EBITDA margin to 16% from 23% in 2024. Cash generation also weakened considerably, with free cash flow collapsing to $25 million from $185 million a year prior. The company ended the year with net debt standing at approximately $1.03 billion, underscoring the financial pressures from its weakened operational results.

Q4 EBITDA Recovers 49% Sequentially Despite Widening Loss

Despite the bleak full-year figures, ProFrac demonstrated some operational recovery in the fourth quarter of 2025. Quarter-over-quarter, total revenue increased to $437 million from $403 million in the third quarter. Adjusted EBITDA showed a meaningful rebound, increasing 49% to $61 million from $41 million in the prior quarter. However, the company's net loss continued to grow, reaching $141 million in Q4 compared to a $92 million loss in Q3.

Management attributed the sequential improvement to better activity levels and cost management initiatives. The company highlighted its progress on an optimization plan aimed at achieving $100 million in annualized savings by the middle of 2026.

Our results in the fourth quarter 2025 improved meaningfully from the third quarter. Total Adjusted EBITDA increased 49% on improvement across both Stimulation Services and Proppant Production.

— Matt Wilks, Executive Chairman.

Weather Disruptions to Drag on Q1 2026 by up to $12 Million

Looking ahead, ProFrac projects a challenging start to the new year. The company expects first-quarter 2026 results to be softer than its fourth-quarter 2025 performance, directly citing business disruptions caused by harsh winter weather in January. Management quantified this headwind, estimating an adverse impact of approximately $8 million to $12 million on the company’s Adjusted EBITDA for the first quarter of 2026. While the company noted its hydraulic fracturing calendar has tightened since January, the initial guidance sets a cautious tone for investors.