10-K · February 18, 2026
Select Water (WTTR) remains a market leader in produced-water infrastructure with scale and long-term customer contracts, but 2025 showed slip in financial performance: year revenue declined modestly versus 2024,…
Earnings analysis · 10-Q
WTTR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Select Water Solutions reported solid results for Q1 2026, with revenue of $366 million and EPS of $0.08, both surpassing analyst expectations. The Water Infrastructure segment showed robust growth, indicating strong…
Read full summary
Select Water Solutions reported solid results for Q1 2026, with revenue of $366 million and EPS of $0.08, both surpassing analyst expectations. The Water Infrastructure segment showed robust growth, indicating strong demand for water services and infrastructure, while overall revenue faced a slight decline due to reduced activity in the Water Services segment. Management indicated a positive outlook driven by ongoing infrastructure investments and enhanced contract revenues.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.08
- Gross margin
- 17.8%
- Segment
- Water Infrastructure
- Segment
- Water Services
- Segment
- Chemical Technologies
What stood out
-
Revenue Beats Consensus
Q1 2026 revenue reached $366 million, up 8.9% from $337 million in Q1 2025, exceeding estimates of $344.8 million.
-
Strong EPS Performance
Reported EPS of $0.08, outperforming expectations of $0.05, marking a positive surprise of 60%.
-
Water Infrastructure Growth
Revenue from Water Infrastructure rose 33.6% to $96.7 million, driven by increased recycling volumes and infrastructure development.
-
Operating Cash Flow Turnaround
Operating cash flow turned positive at $10.2 million for the quarter, compared to a $5.1 million outflow in Q1 2025.
-
Improvement in Gross Margin
Gross margin improved to 17.8%, up from 14.9% in the prior quarter, reflecting better revenue mix and operational efficiencies.
-
Strong Liquidity Position
Cash and equivalents increased to $56 million, with available borrowing capacity of $251.7 million under the Sustainability-Linked Credit Facility.
What to watch
-
Decreased Water Services Revenue
Water Services revenue decreased by 15.3%, from $225.6 million to $191.2 million, impacted by divestitures and reduced testing activity.
-
Increased Costs due to Geopolitical Tensions
Geopolitical conflicts, especially in the Middle East, may lead to rising operational costs and disrupt supply chains, impacting future margins.
-
Negative Free Cash Flow
Free cash flow was negative at $67.1 million, indicating heavy capital expenditures, particularly in infrastructure projects.
Management's outlook
Strong long-term outlook for Water Infrastructure segment; management anticipates continued growth.
Earlier filings 4
10-Q · November 5, 2025
Select Water Solutions reported Q3 revenue of $322,243 (per filing) versus $371,349 in Q3 2024, driven by a sharp decline in Water Services partially offset by growth in Chemical Technologies. Gross profit fell to…
10-Q · August 6, 2025
Select Water Solutions reported Q2 2025 revenue of $364.215 million, essentially flat versus Q2 2024 ($365.131 million) while diluted Class A EPS declined to $0.10 from $0.13 a year ago. Gross margin compressed modestly…
10-Q · May 7, 2025
Select Water Solutions reported Q1 2025 revenue of $374,384,000, up $7,836,000 (+2.1%) versus Q1 2024 and above consensus; GAAP diluted Class A EPS was $0.08 versus $0.04 a year ago. Gross margin improved to 14.9% and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.