Select Water Solutions Reports Earnings of $0.16 per Share and Quarterly Revenue of $412 Million
Key Facts
Select Water Solutions reported Class A diluted earnings of $0.16 per share for the third quarter ended September 30, 2026, compared with $0.03 in the same period a year earlier, according to the company’s filing with the Securities and Exchange Commission. Consolidated revenue was $412 million, up from $322 million a year earlier and $396 million in the second quarter. Net income rose to $22.9 million, from $2.3 million in the third quarter of 2025, compared with $22.6 million in the previous quarter. The year-over-year comparison shows improvement in revenue, net income and earnings per share, while the quarterly change in net income was limited. The company announced its results in its third-quarter financial statement.
Adjusted EBITDA was $93.5 million for the quarter, compared with $59.5 million a year earlier and $92.7 million in the second quarter. Chief Executive John Schmitz said the company delivered growth in consolidated revenue and gross profit, noting that its Water Infrastructure segment posted another record quarter for revenue and gross profit. In Water Services, revenue rose 7.1% quarter over quarter, which the company attributed mainly to gains in the Permian Basin. The Chemical Technologies segment generated revenue of $90 million, at the high end of its previous guidance range of $85 million to $90 million. The figures place segment growth alongside increases in consolidated revenue and earnings, with performance varying across periods and businesses.
Free cash flow did not track adjusted earnings in the third quarter, coming in at negative $3.6 million after reaching positive $17 million in the second quarter. However, free cash flow was less negative than the negative $19.4 million recorded in the third quarter of 2025. The comparison shows a divergence between year-over-year improvement in earnings and revenue indicators and the quarterly movement in cash. The figures cited did not provide a separate explanation for the quarterly shift, so the statement reports the cash flow amounts for the three periods. This comes as the company expanded its Water Infrastructure business through an acquisition it announced as completed before releasing its results.
Select Water Solutions announced on November 2 that it had completed the acquisition of Pilot Water Solutions, and the deal is expected to contribute partially to Water Infrastructure revenue in the fourth quarter. The company estimated fourth-quarter revenue for the segment at between $150 million and $160 million, based on that partial contribution. When it announced the acquisition agreement, the company said more than 80% of Pilot Water’s annual revenue was supported by long-term contracts, with an average term of more than 7 years. It also estimated at the time that Pilot Water would add between $120 million and $130 million to adjusted EBITDA in 2027, before additional targeted cost savings of between $10 million and $15 million. The company expected Water Infrastructure to account for about 70% of its pro forma profitability after the deal by 2027.
In its outlook for the coming period, the company estimated fourth-quarter adjusted EBITDA at between $95 million and $100 million. It also raised its estimate for 2026 net capital expenditures to a range of $300 million to $310 million. The guidance combines expected growth in adjusted earnings from the $93.5 million reported in the third quarter with annual capital spending that is relatively high compared with the quarter’s size. WTTR shares closed at $16.18 on November 6, 2026, according to EL7 data. That close is the available market reference point before the results were published, without adding an undocumented daily trading range.