ProPetro Q1 earnings beat by 67% but revenue miss sends stock down

ProPetro Holding Corp. (PUMP) reported a first-quarter earnings per share beat of 66.67 percent, even as a revenue shortfall and market uncertainty pushed its stock down 16.21 percent in pre-market trading.

"The results we generated in the first quarter of 2026 demonstrate the resilience of our business model," CEO Sam Sledge said in the earnings call. "We’ll continue to leverage the industrialized nature of our completions business to drive expansion of ProPower, which we expect to fuel future earnings growth."

The oilfield services company posted a net loss of $4 million, or -$0.03 per share, surpassing the consensus analyst forecast of a -$0.09 loss. However, revenue came in at $271 million, a 4.27 percent miss compared to the expected $283.08 million and a 7 percent sequential decline.

Metric	Actual	Consensus	Beat/Miss
Revenue	$271M	$283.08M	-4.27%
EPS	-$0.03	-$0.09	+66.67%

Shares fell to $15.25 in pre-market trading following the announcement. The results come as the company pivots toward future growth, announcing a strategic framework agreement with Caterpillar to acquire up to 2.1 gigawatts of power generation capacity for its ProPower division over the next five years.

To fund this expansion, ProPetro raised its full-year 2026 capital expenditure guidance to a range of $540 million to $610 million. The company's ProPower business is projected to incur $400 million to $450 million of that total, primarily for down payments related to the Caterpillar agreement. The completions business is expected to account for $140 million to $160 million.

Management highlighted a tightening supply and demand environment in the completions market, driven by high demand for natural gas-burning equipment. ProPetro expects to operate approximately 12 fleets in the second quarter, an increase from 11 in Q1, as its next-generation fleets are fully booked.

The significant investment in the ProPower division signals ProPetro's strategy to capitalize on the growing demand for reliable power in the data center, industrial, and oil and gas sectors. The agreement with Caterpillar positions ProPetro to have approximately 2.6 gigawatts of total power generation capacity deployed by 2032.

The Q1 results highlight a transitional period for ProPetro, with the legacy completions business providing cash flow to fund the high-growth ProPower segment. Investors will be watching the execution of the Caterpillar agreement and the deployment of new fleets in the coming quarters.

This article is for informational purposes only and does not constitute investment advice.