WTTR earnings analysis
What we found in WTTR'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.08
- Gross margin
- 17.8%
- Segment
- Water Infrastructure
- Segment
- Water Services
- Segment
- Chemical Technologies
What they said about what is next.
Strong long-term outlook for Water Infrastructure segment; management anticipates continued growth.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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