Select Energy Services (WTTR) financial statements
Select Energy Services reported revenue of $1.4B in fiscal 2025, up 18.6% a year over 9 years.
Net income was $21M and the operating margin 2.0%, against -98.9% in 2016.
Free cash flow was -$80M, and the company returned $34M in dividends and $7M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Select Energy Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $302M | $692M | $1.5B | $1.3B | $605M | $765M | $1.4B | $1.6B | $1.5B | $1.4B |
| Cost of revenue | $347M | $635M | $1.3B | $1.1B | $634M | $744M | $1.2B | $1.4B | $1.2B | $1.2B |
| Gross profit | -$44M | $58M | $198M | $149M | -$29M | $21M | $161M | $232M | $219M | $202M |
| Selling, general and admin | $35M | $82M | $103M | $112M | $74M | $83M | $119M | $156M | $160M | $161M |
| Operating income | -$299M | -$30M | $62M | $23M | -$395M | -$66M | $39M | $61M | $54M | $29M |
| Interest expense | $16M | $7M | $5M | $3M | $2M | $2M | $3M | $4M | $7M | $23M |
| Pre-tax income | -$314M | -$36M | $56M | $6M | -$403M | -$50M | $57M | $21M | $49M | $25M |
| Income tax | -$524,000 | -$851,000 | $2M | $2M | -$1M | $147,000 | $957,000 | -$60M | $14M | -$2M |
| Net income | -$1M | -$17M | $37M | $3M | -$339M | -$42M | $48M | $74M | $31M | $21M |
| Gross margin | -14.6% | 8.3% | 13.0% | 11.5% | -4.8% | 2.7% | 11.6% | 14.6% | 15.1% | 14.4% |
| Operating margin | -98.9% | -4.3% | 4.0% | 1.8% | -65.2% | -8.6% | 2.8% | 3.9% | 3.8% | 2.0% |
| Net margin | -0.3% | -2.4% | 2.4% | 0.2% | -56.0% | -5.5% | 3.5% | 4.7% | 2.1% | 1.5% |
Balance sheet
Fiscal years, from Select Energy Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $40M | $3M | $17M | $79M | $169M | $86M | $7M | $57M | $20M | $18M |
| Receivables | $76M | $374M | $342M | $268M | $129M | $233M | $430M | — | — | — |
| Inventory | $1M | $45M | $45M | $38M | $33M | $44M | $41M | $39M | $38M | $34M |
| Total current assets | $125M | $447M | $432M | $416M | $352M | $395M | $518M | $454M | $385M | $354M |
| Property, plant and equipment | $249M | $474M | $503M | $453M | $350M | $392M | $500M | $518M | $726M | $912M |
| Goodwill | $12M | $273M | $274M | $267M | — | — | — | $5M | $18M | $48M |
| Total assets | $405M | $1.4B | $1.4B | $1.3B | $875M | $950M | $1.2B | $1.2B | $1.4B | $1.6B |
| Total current liabilities | $46M | $185M | $180M | $152M | $89M | $162M | $231M | $212M | $233M | $226M |
| Long-term debt | — | $75M | $45M | — | — | — | $16M | — | $85M | $285M |
| Total liabilities | $70M | $293M | $250M | $235M | $169M | $255M | $339M | $326M | $451M | $669M |
| Shareholders' equity | $113M | $657M | $833M | $937M | $593M | $592M | $766M | $772M | $794M | $806M |
| Net debt | -$40M | $74M | $29M | -$79M | -$169M | -$86M | $9M | -$57M | $65M | $298M |
Cash flow
Fiscal years, from Select Energy Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | -$3M | $232M | $204M | $106M | -$16M | $33M | $285M | $235M | $215M |
| Capital spending | $36M | $99M | $165M | $110M | $21M | $40M | $72M | $136M | $173M | $295M |
| Free cash flow | -$31M | -$102M | $67M | $94M | $85M | -$56M | -$39M | $149M | $62M | -$80M |
| Stock-based compensation | $317,000 | $8M | $10M | $15M | $6M | $9M | $16M | $17M | $26M | $20M |
| Dividends paid | — | — | — | — | — | — | $6M | $25M | $30M | $34M |
| Share buybacks (net) | — | -$297,000 | -$17M | -$19M | -$11M | -$1M | -$20M | -$62M | -$8M | -$7M |
| Net borrowing | -$298M | -$111M | -$90M | -$50M | — | — | -$22M | — | — | $250M |
| Free cash flow margin | -10.3% | -14.7% | 4.4% | 7.3% | 14.0% | -7.4% | -2.8% | 9.4% | 4.3% | -5.7% |
Questions
What was Select Energy Services's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Select Energy Services generate?
-$80M in fiscal 2025 (operating cash flow minus capital spending).
From Select Energy Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.