ProFrac Holding (ACDC) financial statements
ProFrac Holding reported revenue of $1.9B in fiscal 2025, up 28.8% a year over 5 years.
Net income was -$369M and the operating margin -11.6%, against -17.3% in 2020.
Free cash flow was $20M.
The diluted share count rose 278% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ProFrac Holding's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $548M | $768M | $2.4B | $2.6B | $2.2B | $1.9B |
| Cost of revenue | $427M | $570M | $1.5B | $1.7B | $1.5B | $1.5B |
| Gross profit | $121M | $198M | $969M | $890M | $696M | $487M |
| Selling, general and admin | $48M | $64M | $225M | $234M | $205M | $190M |
| Operating income | -$95M | -$18M | $412M | $167M | -$60M | -$226M |
| Interest expense | $23M | $26M | $60M | $155M | $157M | $139M |
| Pre-tax income | -$118M | -$44M | $352M | -$58M | -$215M | -$368M |
| Income tax | $500,000 | -$200,000 | $9M | $1M | -$7M | -$13M |
| Net income | -$118M | -$42M | $92M | -$98M | -$215M | -$369M |
| EPS (diluted) | — | — | $2.06 | -$0.82 | -$1.38 | -$2.22 |
| Diluted shares | — | — | 44M | 131M | 160M | 168M |
| Gross margin | 22.0% | 25.8% | 39.9% | 33.8% | 31.8% | 25.1% |
| Operating margin | -17.3% | -2.3% | 17.0% | 6.3% | -2.8% | -11.6% |
| Net margin | -21.6% | -5.5% | 3.8% | -3.7% | -9.8% | -19.0% |
Balance sheet
Fiscal years, from ProFrac Holding's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $5M | $35M | $25M | $15M | $23M |
| Receivables | — | $162M | $536M | $346M | $313M | $267M |
| Inventory | — | $74M | $250M | $237M | $201M | $151M |
| Total current assets | — | $252M | $3M | $638M | $574M | $484M |
| Property, plant and equipment | — | $364M | $1.4B | $1.8B | $1.8B | $1.5B |
| Goodwill | — | — | $240M | $326M | $302M | $290M |
| Total assets | — | $665M | $1.3B | $3.1B | $3.0B | $2.6B |
| Total current liabilities | — | $247M | $3M | $649M | $660M | $597M |
| Long-term debt | — | $270M | $798M | $942M | $944M | $876M |
| Total liabilities | — | $516M | $3M | $1.7B | $1.8B | $1.7B |
| Shareholders' equity | — | $147M | -$1.2B | $1.2B | $1.0B | $718M |
| Net debt | -$3M | $296M | $890M | $1.0B | $1.1B | $997M |
Cash flow
Fiscal years, from ProFrac Holding's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $45M | $44M | $415M | $554M | $367M | $190M |
| Capital spending | $48M | $87M | $356M | $267M | $255M | $170M |
| Free cash flow | -$3M | -$44M | $59M | $286M | $112M | $20M |
| Stock-based compensation | — | — | $67M | $30M | $7M | $9M |
| Net borrowing | $6M | $13M | $287M | $273M | -$20M | -$18M |
| Free cash flow margin | -0.5% | -5.7% | 2.4% | 10.9% | 5.1% | 1.0% |
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Open ACDC in InvestinglyQuestions
What was ProFrac Holding's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does ProFrac Holding generate?
$20M in fiscal 2025 (operating cash flow minus capital spending).
From ProFrac Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.