USA Compression Partners LP
Q2 2026 Earnings
Market Reaction
Did USAC Beat Earnings? Q2 2026 Results
USA Compression Partners, LP delivered a mixed second quarter for 2026, posting earnings per unit of $0.31 against a consensus estimate of $0.33, a miss of 5.46%, even as revenue came in at $342.15 million, edging past the $340.36 million estimate by 0.52% and marking a robust 36.7% increase from $250.13 million a year ago. The primary engine behind that top-line surge was the J-W Power Acquisition, which substantially expanded the partnership's compression fleet and pushed average revenue-generating horsepower to 4.45 million from 3.55 million, while average revenue per horsepower per month climbed to $22.84 from $21.31. Adjusted EBITDA reached $193.23 million, up from $149.48 million in the prior-year period, supporting a distribution coverage ratio of 1.65x on a $0.53 per unit quarterly payout. Looking ahead, management reaffirmed full-year 2026 guidance calling for Adjusted EBITDA of $770 million to $800 million and Distributable Cash Flow of $480 million to $510 million, with roughly half of planned 2027 new horsepower already contracted.
- Average revenue-generating horsepower grew to 4.45 million from 3.55 million year-over-year
- Average revenue per revenue-generating horsepower per month increased to $22.84 from $21.31
- J-W Power Acquisition integration expanding fleet and customer base
- SAP platform fully operational enabling unified operations
- Distributable Cash Flow Coverage Ratio of 1.65x vs 1.40x in prior year
“Second-quarter results reflect steady sequential improvement as we advance through an important integration year. With our SAP platform fully operational, our combined operational organization unified and executing, and our commercial team building momentum with an integrated customer base, the foundation we are building is strong. That foundation is reflected in our multi-year commercial results – with approximately half of planned 2027 new horsepower already contracted and meaningful 2028 commitments in hand, our customers are signaling our same long-term confidence in natural gas infrastructure.”
USA Compression Partners CEO, on the earnings call
Forward Guidance & Outlook
USA Compression confirmed full-year 2026 guidance: Adjusted EBITDA of $770 million to $800 million; Distributable Cash Flow of $480 million to $510 million; Expansion capital expenditures of $230 million to $250 million (including $38 million of non-compression related capital); Maintenance capital expenditures of $60 million to $70 million. Approximately half of planned 2027 new horsepower is already contracted with meaningful 2028 commitments in hand. The Partnership has 97,650 large horsepower on order for delivery, of which 53,650 is expected to be delivered within the next 12 months.
USAC YoY Financials
USAC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.