ProFrac Holding (NASDAQ:ACDC) reported its full-year and fourth-quarter 2025 financial results on Thursday, reflecting a challenging year for the hydraulic fracturing service provider characterized by lower overall demand and a strategic reduction in capital spending.
The company posted total annual revenue of $1.94 billion, a decline from the $2.19 billion generated in 2024.
The full-year bottom line was impacted by a net loss of $356 million, widening from the $208 million loss recorded in the prior year.
Adjusted EBITDA for 2025 totaled $310 million, representing 16% of revenue, down from the 23% margin achieved in 2024.
This contraction in profitability was mirrored in the company’s cash flow metrics, as net cash provided by operating activities fell to $190 million and free cash flow dropped to $25 million for the year.
Despite the annual headwinds, the fourth quarter showed signs of operational stabilization.
Revenue for the period rose to $437 million, up from $403 million in the third quarter.
This sequential growth contributed to an adjusted EBITDA of $61 million, a marked improvement from the $41 million posted in the preceding three months.
Notably, ProFrac returned to positive territory for quarterly free cash flow, generating $14 million compared to a negative $29 million in the third quarter.
Management’s focus on capital discipline was evident in the year-end figures, with capital expenditures for 2025 totaling $170 million, a significant reduction from the $255 million spent in 2024.
As of December 31, 2025, the company reported net debt of $1.03 billion.