$WTTR

Select Water Solutions, Inc.

CIK:0001693256|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 395,807	$ 364,215	$ 761,765	$ 738,599
Costs of revenue
Depreciation, amortization and accretion	47,225	41,054	92,967	79,729
Total costs of revenue	318,966	306,462	619,644	625,076
Gross profit	76,841	57,753	142,121	113,523
Operating expenses
Selling, general and administrative	41,178	38,935	81,729	76,367
Depreciation and amortization	1,209	1,918	2,330	2,843
Impairments and abandonments	239	1,477	5,947	2,625
Lease abandonment costs	(129)	(2)	(197)	722
Total operating expenses	42,497	42,328	89,809	82,557
Income from operations	34,344	15,425	52,312	30,966
Other income (expense)
Gain on sales of property and equipment and divestitures, net	164	6,503	569	7,868
Interest expense, net	(5,021)	(5,645)	(10,928)	(10,521)
Other	5	92	(306)	421
Income before income tax expense and equity in losses of unconsolidated entities	29,492	16,375	41,647	28,734
Income tax expense	(6,360)	(4,521)	(8,793)	(7,415)
Equity in losses of unconsolidated entities	(570)	(183)	(860)	(88)
Net income	22,562	11,671	31,994	21,231
Less: net income attributable to noncontrolling interests	(1,527)	(1,024)	(2,353)	(2,345)
Net income attributable to Select Water Solutions, Inc.	21,035	10,647	29,641	18,886
Water Infrastructure
Revenue
Total revenue	101,614	80,855	198,350	153,246
Costs of revenue
Costs of revenue	42,419	36,211	84,771	69,704
Water Services
Revenue
Total revenue	198,153	215,660	389,384	441,308
Costs of revenue
Costs of revenue	152,654	173,312	302,108	355,030
Chemical Technologies
Revenue
Total revenue	96,040	67,700	174,031	144,045
Costs of revenue
Costs of revenue	76,668	55,885	139,798	120,613
Class A common stock
Other income (expense)
Net income attributable to Select Water Solutions, Inc.	$ 21,035	$ 10,647	$ 29,641	$ 18,886
Net income per share attributable to common stockholders (Note 15):
Basic	$ 0.17	$ 0.1	$ 0.25	$ 0.19
Diluted	$ 0.17	$ 0.1	$ 0.25	$ 0.18

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income	$ 22,562	$ 11,671	$ 31,994	$ 21,231
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and accretion	48,434	42,972	95,297	82,572
Deferred tax expense	6,412	4,472	8,806	6,958
Gain on disposal of property and equipment and divestitures			(569)	(7,868)
Equity in losses of unconsolidated entities	570	183	860	88
Credit loss expense			285	1,222
Amortization and write off of debt issuance costs			829	1,403
Inventory adjustments			137	20
Equity-based compensation			14,201	6,679
Impairments and abandonments	239	1,477	5,947	2,625
Other operating items, net			1,268	1,153
Changes in operating assets and liabilities
Accounts receivable			(56,181)	(28,809)
Prepaid expenses and other assets			(9,709)	4,123
Accounts payable and accrued liabilities			3,813	(13,872)
Net cash provided by operating activities			96,978	77,525
Cash flows from investing activities
Purchase of property and equipment			(149,396)	(127,833)
Equity-method and prefered stock investments			(500)	(72,059)
Acquisitions, net of cash received			(42,202)	(17,205)
Proceeds received from sales of property and equipment			2,354	9,603
Net cash used in investing activities			(189,744)	(207,494)
Cash flows from financing activities
Borrowings from revolving line of credit			43,500	65,000
Payments on revolving line of credit			(113,500)	(125,000)
Borrowings from long-term debt			12,992	250,000
Payments on long-term debt			(54)
Payments of finance lease obligations			(319)	(313)
Payment of debt issuance costs			(101)	(7,867)
Net proceeds from underwritten offering			191,630
Dividends and distributions paid			(18,328)	(16,873)
Payments under tax receivable agreements				(77)
Contributions from noncontrolling interests			500	2,875
Repurchase of common stock			(8,239)	(6,577)
Net cash provided by financing activities			108,081	161,168
Effect of exchange rate changes on cash			(3)	9
Net increase in cash and cash equivalents			15,312	31,208
Cash and cash equivalents, beginning of period			18,084	19,978	$ 19,978
Cash and cash equivalents, end of period	$ 33,396	$ 51,186	33,396	51,186	$ 18,084
Supplemental cash flow disclosure:
Cash paid for interest			14,414	10,152
Cash (refunds) paid for income taxes, net			(58)	1,352
Supplemental disclosure of noncash investing activities:
Property and equipment obtained through assumption of contract liabilties			14,000
Property and equipment obtained by assuming liabilities				800
Capital expenditures included in accounts payable and accrued liabilities			$ 35,610	$ 50,256

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 33,396	$ 18,084
Inventories	47,996	34,278
Prepaid expenses and other current assets	34,821	37,996
Total current assets	436,137	354,386
Property and equipment	1,796,566	1,629,406
Accumulated depreciation	(770,358)	(717,223)
Total property and equipment, net	1,026,208	912,183
Right-of-use assets, net	28,812	28,708
Goodwill	48,485	48,485
Other intangible assets, net	108,038	106,204
Deferred tax assets, net	45,849	48,881
Investments in unconsolidated entities	77,140	78,234
Other long-term assets	17,072	18,531
Total assets	1,787,741	1,595,612
Current liabilities
Accrued salaries and benefits	26,512	17,702
Accrued insurance	16,732	22,272
Sales tax payable	2,906	2,435
Accrued expenses and other current liabilities	39,044	37,549
Current operating lease liabilities	11,355	14,247
Current portion of long-term debt	63,150	31,250
Current portion of finance lease obligations	641	650
Total current liabilities	276,375	225,696
Long-term tax receivable agreements liabilities	50,095	43,421
Long-term operating lease liabilities	20,368	21,533
Long-term debt, net	196,439	285,043
Other long-term liabilities	106,944	92,852
Total liabilities	650,221	668,545
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Additional paid-in capital	1,203,251	989,329
Accumulated deficit	(155,283)	(184,924)
Total stockholders' equity	1,049,351	805,616
Noncontrolling interests	88,169	121,451
Total equity	1,137,520	927,067
Total liabilities and equity	1,787,741	1,595,612
Nonrelated Party
Current assets
Accounts receivable	319,867	263,965
Current liabilities
Accounts payable	63,304	49,682
Accrued accounts payable	49,309	46,275
Related Party
Current assets
Accounts receivable	57	63
Current liabilities
Accounts payable and accrued expenses, related parties	3,422	3,634
Class A common stock
Current liabilities
Common stock	1,271	1,049
Class B common stock
Current liabilities
Common stock	$ 112	$ 162