ProPetro

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus: revenue of $305.8M slightly beat the $304.9M expectation (+0.3%), while GAAP EPS of -$0.07 significantly missed the -$0.02 mean estimate. The miss was primarily driven by a sharp decline in Hydraulic Fracturing revenue (down 15.7% YoY) and a higher-than-expected effective tax rate, which reached (271.8)% for the quarter due to nondeductible expenses. Management signaled a pivot toward power generation, raising FY26 CapEx guidance to $525M-$595M, well above previous levels, to support the scaling of the PROPWR® business line.