USAC
USA Compression Partners, LP23.51
-0.38-1.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Capex details, manufacturing growth flexibility
Q&A largely reaffirmed the JW integration story and 2026 guidance but unpacked capex details: $205M for compression (including $150M new units, 105k HP mostly back-half loaded) plus $40M for fleet upgrades like telemetry dashboards enabling AI efficiencies. JW's manufacturing provides 2027 growth optionality amid 120-week lead times, with 10k HP contracted and 1.5-2% growth eyed. Equipment costs should rise later this year. Confident placing remaining new HP with tier-one customers; distributed power evaluated but sidelined for now. Normalized distribution coverage hit 1.55x, targeting 1.6x+ to mull growth. Manufacturing flexes against delays. Investors track synergy capture, lead-time navigation.
Key Stats
Market Cap
2.88BP/E (TTM)
29.02Basic EPS (TTM)
0.81Dividend Yield
0.09%Recent Filings
8-K
Board resignation announced
8-K
USAC attends JPM conference
8-K
Record Q4 revenues, 2026 outlook
USA Compression Partners posted record Q4 2025 revenues of $252.5 million, up from $245.9 million a year ago, with Adjusted EBITDA at $154.5 million and Distributable Cash Flow rising to $103.2 million. Fleet utilization held steady at 94.5%, while average revenue per horsepower climbed to $21.69. Record results fuel 2026 guidance of $770-800 million Adjusted EBITDA. J-W acquisition adds 1.0 million horsepower.
10-K
FY2025 results
USA Compression Partners delivered FY2025 revenues of $998.1M, up 5.0% y/y, with contract operations rising 3.0% to $912.0M on 4.7% higher average revenue per revenue-generating horsepower ($21.38, derived) and 0.9% more average revenue-generating horsepower (3.6M, derived), while Q4 fleet utilization held steady at 94.7%. Adjusted EBITDA climbed 5.0% to $613.8M (61.5% margin), fueled by pricing gains and deployment of large-horsepower units amid Permian associated gas growth, though impairments hit $7.8M from idle fleet retirements. Net debt stood at $2.5B with $954M revolver availability; maintenance capex rose to $39.4M. Q4 accelerated sequential revenue momentum. Customer bankruptcies threaten service demand.
8-K
USAC closes $860M J-W acquisition
USA Compression Partners closed its $860 million acquisition of J-W Energy and J-W Power on January 12, 2026, paying $430 million cash from its revolver and issuing 18.2 million common units. The deal adds over 0.8 million horsepower across key basins, lifting the fleet to 4.4 million. Acquisition accretes distributable cash flow. Seller lockup curbs unit sales for 6-12 months.
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