USAC earnings analysis
What we found in USAC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
USA Compression Partners LP reported Q1 2026 results with revenues of $331.3 million, significantly higher than the $303.8 million consensus estimate, and an EPS of $0.27, below the expected $0.34. The increase in revenue was attributed to the J-W Power Acquisition, which contributed roughly $60.3 million. Despite the revenue surprise, the EPS miss indicates potential operational challenges ahead.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 35.1% YoY
- Total revenues rose to $331.3 million from $245.2 million year-over-year, a 35.1% increase.
- Contract Operations Revenue Up 30.5%
- Contract operations revenue increased to $293.5 million, up from $225.0 million, driven primarily by the J-W Power Acquisition.
- Net Income Doubles Year-over-Year
- Net income reached $38.3 million, nearly doubling from $20.5 million in Q1 2025.
- Improved Distributable Cash Flow
- Distributable cash flow rose to $130.8 million, compared to $88.7 million in the prior year.
- Adjusted EBITDA Increased by 26.1%
- Adjusted EBITDA for Q1 2026 was $188.6 million, up from $149.5 million in Q1 2025, reflecting strong operational performance.
- Higher Horsepower Utilization Despite Acquisition Challenges
- Fleet horsepower increased by 27.7% to 4.9 million, reflecting expansion efforts despite lower utilization rates.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- EPS Miss Indicates Cost Pressures
- EPS for Q1 2026 was $0.27, missing the estimate of $0.34, suggesting potential operational inefficiencies.
- Integration Costs from Recent Acquisition
- Integration expenses from the J-W Power Acquisition may strain profitability, increasing SG&A costs by 87.5% year-over-year.
- Rising Interest Expense
- Interest expense rose to $48.97 million from $47.37 million, reflecting the higher debt load following acquisitions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.27
- Gross margin
- 38.0%
- Operating margin
- 27.6%
What they said about what is next.
Full-year 2026 Adjusted EBITDA guidance remains unchanged at $770 million to $800 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 17, 2026
- USA Compression presents a stable, contract-backed compression-services business with 3.9 million horsepower in its fleet as of December 31, 2025 and a strategy focused on modern, flexible units, long-term fixed-fee…
- 10-Q · August 6, 2025
- USA Compression reported quarterly revenue of $250,125,000 (up $14,812,000 or ~6.3% YoY vs $235,313,000) with operating income of $76,608,000 (operating margin 30.6%). Gross margin compressed modestly to 65.4% and…
- 10-Q · May 6, 2025
- USA Compression reported quarterly revenue of $245,234,000 for the three months ended March 31, 2025, up $15,958,000 versus $229,276,000 a year ago, with operating income rising to $69,391,000. Net income and EPS…
- 10-Q · August 6, 2024
- USA Compression reported quarter revenue of $235.313 million, up from $206.920 million in Q2 2023, with operating income rising to $77.372 million and diluted EPS of $0.23. Operating cash flow remains healthy (six…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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