ProPetro Holding Corp. Q3 2026 Earnings Recap

ProPetro shares rose 1.4% after earnings, a roughly flat reaction. The quarter included higher revenue, net income and adjusted EBITDA, while investors also had to weigh PROPWR’s continued margin burden from capacity rebuilding and a 2027 earnings ramp expected to be back-end weighted.

Key Takeaways

• PROPWR generated approximately $8 million of adjusted EBITDA in the third quarter, a sequential increase; rebuilding completions capacity continued to weigh on margins.
• ProPetro expects 250–275 MW of PROPWR capacity deployed by year-end 2026 and more than 500 MW by early 2028. Management said 2027 earnings should build in a stair-step pattern, with growth weighted to the latter part of the year.
• The Targa agreement adds approximately 230 MW, bringing total contracted capacity to approximately 510 MW. Management described the pricing and expected annual return as attractive.
• The company said it has secured approximately 2.6 GW of power-generation capacity, including more than 1 GW of Caterpillar 10-MW units.
• ProPetro remains in advanced negotiations on several hundred megawatts of data-center projects, but said diligence and changing project timelines have extended contracting processes.