USA Compression Partners LP
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.38%.
Did USAC Beat Earnings? Q4 2025 Results
USA Compression Partners delivered a mixed fourth quarter for fiscal 2025, falling short of Wall Street expectations on the bottom line even as it posted record top-line revenue. The partnership earned $0.22 per unit, missing the $0.31 consensus estimate by 29.03%, while revenue of $252.48 million came in just 0.34% below the $253.36 million estimate, though it still represented a 2.7% increase year-over-year. The earnings shortfall was partly explained by a $3.01 million loss on extinguishment of debt tied to the redemption of senior notes due 2027, a one-time charge that weighed on net income despite solid operational performance. Average revenue per revenue-generating horsepower per month climbed to $21.69 from $20.85 a year earlier, reflecting durable pricing strength across the fleet. Looking ahead, management issued 2026 guidance for Adjusted EBITDA of $770 million to $800 million and Distributable Cash Flow of $480 million to $510 million, with the January 2026 closing of the J-W Power acquisition, adding roughly 0.8 million in active horsepower, seen as the primary growth catalyst.
- Record total revenues driven by higher average revenue per revenue-generating horsepower per month ($21.69 vs $20.85 YoY)
- Average revenue-generating horsepower grew to 3.58 million from 3.56 million YoY
- Horsepower utilization remained steady at 94.5%
- Fleet horsepower expanded to 3,894,332 from 3,862,102
- Record full-year Adjusted EBITDA of $613.8 million and Distributable Cash Flow of $385.7 million
“I want to congratulate our entire team on an exceptional year of value creation in 2025. Our operations and commercial teams continued to deliver for customers day in and day out, while our back-office teams successfully navigated the transition to a shared-services model. These efforts produced record adjusted EBITDA and distributable cash flow in 2025 and laid the foundation for strong momentum in 2026, further bolstered by the January closing of the J-W acquisition. As we look ahead, we are excited to integrate J-W operations into USA Compression and to continue creating value for our customers and unitholders.”
USA Compression Partners CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, USA Compression provided guidance for Adjusted EBITDA of $770 million to $800 million and Distributable Cash Flow of $480 million to $510 million. Expansion capital expenditures are expected to be $230 million to $250 million (including $38 million of non-compression related capital), and maintenance capital expenditures are expected to be $60 million to $70 million. The outlook reflects the January 2026 closing of the J-W Power Acquisition, which added approximately 0.8 million in active horsepower and 1.0 million total horsepower.
USAC YoY Financials
USAC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.