ProPetro Q3 2026: EPS of $0.09 Beats Estimates as Power Arm Turns Profitable
As seen on the 24/7 Wall St. homepage on October 28, 2026.
Contracted power capacity now sits near 510 megawatts after the Targa award, a needle-mover for a $954 million market cap. The PROPWR power unit swung to adjusted EBITDA one quarter after a segment loss, alongside a return to GAAP profit and sold-out frac fleets.
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ProPetro returned to GAAP profitability in Q3 2026 with earnings of $0.09 per diluted share, beating expectations. Revenue rose 20.9% year over year on higher completions utilization and incremental deployments from the PROPWR power generation segment.
PROPWR swung to roughly $7.6 million of Adjusted EBITDA in Q3 after a segment loss in Q2 2026, proving the unit can generate real earnings. A new agreement with Targa Resources for about 230 megawatts lifts total contracted PROPWR capacity to roughly 510 megawatts, a commercial milestone against a $954 million market cap.
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ProPetro is running 13 active frac fleets at essentially full utilization, with capacity now sold out. CEO Sam Sledge said improving pricing and better visibility into job duration supported recent reactivations. Repricing of most contracted horsepower lands in the first half of 2027 into a tighter Permian market, a margin tailwind into next year.
Full-year 2026 capital expenditure guidance stands at $525 million to $575 million, most of it weighted toward PROPWR, and free cash flow was negative for the quarter. Management expects 2027 PROPWR capex above 2026 levels as Caterpillar framework deliveries ramp. Sledge said conviction in landing data center agreements has not changed, with additional deployments targeted as early as late 2027.
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