$FLOC

Flowco Holdings Inc.

CIK:0002035149|SEC Filings

Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rentals	$ 132,670	$ 102,104	$ 254,543	$ 199,400
Sales	103,189	91,111	190,846	186,165
Total revenues	235,859	193,215	445,389	385,565
Operating expenses:
Cost of rentals (exclusive of depreciation and amortization disclosed separately below)	35,221	27,602	67,773	54,453
Cost of sales (exclusive of depreciation and amortization disclosed separately below)	74,209	62,579	136,613	128,145
Selling, general and administrative expenses	35,655	32,683	72,131	63,217
Depreciation and amortization	49,372	33,165	90,867	67,284
Loss on sale of equipment	184	68	494	23
Income from operations	41,218	37,118	77,511	72,443
Other expenses:
Interest expense, net	(5,597)	(6,445)	(9,945)	(11,810)
Other income (expenses), net	(29)	559	(490)	292
Total other expenses	(5,626)	(5,886)	(10,435)	(11,518)
Income before provision for income taxes	35,592	31,232	67,076	60,925
Income tax provision	(4,648)	(3,880)	(8,678)	(6,528)
Net income	30,944	27,352	58,398	54,397
Net income attributable to redeemable non-controlling interests	18,429	21,881	38,441	42,754
Net income attributable to Flowco Holdings Inc.	$ 12,515	$ 5,471	$ 19,957	$ 11,643
Earnings per share:
Basic earnings per share	$ 0.29	$ 0.21	$ 0.54	$ 0.45
Diluted earnings per share	$ 0.28	$ 0.21	$ 0.52	$ 0.44
Weighted average shares outstanding:
Weighted average shares outstanding, Basic	42,857,602	25,728,144	37,289,553	25,725,197
Weighted average shares outstanding, Diluted	43,971,042	26,195,643	38,399,535	26,193,327

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 58,398	$ 54,397
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,867	67,284
Provision for inventory obsolescence	1,152	1,274
Amortization of operating right-of-use assets	5,299	4,011
Amortization of deferred financing costs	675	674
Loss on sale of equipment	494	23
Gain on lease termination	(42)	(263)
Stock-based compensation	6,160	7,991
Provision for deferred income taxes	7,785	1,428
Allowance for credit losses	583	941
Changes in operating assets and liabilities:
Accounts receivable	(14,996)	(3,356)
Inventory	(2,412)	(941)
Prepaid expenses and other current assets	(12,775)	614
Other assets and liabilities	(46)	(66)
Accounts payable - trade	16,011	2,014
Accrued expenses	14,037	(6,695)
Deferred revenue	7,377	(2,079)
Operating lease liabilities	(5,558)	(3,591)
Finance lease liabilities	931	1,067
Net cash provided by operating activities	173,940	124,727
Cash flows from investing activities
Net cash paid in Valiant acquisition	(161,846)	0
Additions to property, plant and equipment	(71,859)	(63,620)
Proceeds from sale of property, plant and equipment	105	270
Payment for capitalized patent costs	(314)	(95)
Net cash used in investing activities	(233,914)	(63,445)
Cash flows from financing activities
Issuance of Class A common stock in IPO, net of underwriting discount	0	461,803
Payment of offering costs	0	(2,458)
Repurchase of Class A common stock	(16,516)	0
Payments on long-term debt	(536,403)	(739,997)
Proceeds from long-term debt	666,992	271,131
Payments on finance lease obligations	(8,220)	(5,663)
Proceeds on finance lease terminations	36	313
Purchase of LLC Interests from Continuing Equity Owners	0	(20,876)
Payment of debt issuance costs	0	(13)
Payment of dividend equivalent units	(2)	0
Payments of selling commissions and fees	(69)	0
Distributions to members of Flowco LLC	(25,041)	(18,792)
Dividends paid to Flowco Holdings Inc. shareholders	(6,136)	(2,058)
Net cash provided by (used in) financing activities	74,641	(56,610)
Net increase (decrease) in cash and cash equivalents	14,667	4,672
Beginning of period	4,522	4,615
End of period	$ 19,189	$ 9,287

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,189	$ 4,522
Accounts receivable, net of allowances for credit losses of $1,325 and $1,079, respectively (Note 9)	145,469	100,465
Inventory	186,334	149,590
Prepaid expenses and other current assets	19,676	5,615
Total current assets	370,668	260,192
Property, plant and equipment, net	863,028	797,534
Operating lease right-of-use assets	21,323	17,556
Finance lease right-of-use assets	24,517	25,861
Intangible assets, net (Note 8)	306,472	273,437
Goodwill (Note 8)	305,155	249,692
Deferred tax asset, net	27,091	16,692
Other assets	4,756	5,387
Total assets	1,923,010	1,646,351
Current liabilities:
Accounts payable	45,285	22,827
Accrued expenses	49,438	26,909
Current portion of tax receivable agreement liability	3,500	0
Current portion of operating lease obligations	8,582	8,004
Current portion of finance lease obligations	13,044	12,895
Deferred revenue	18,914	7,376
Total current liabilities	138,763	78,011
Long-term liabilities:
Long-term debt, net	298,407	167,819
Tax receivable agreement liability	104,650	21,952
Operating lease obligations, net of current portion	12,957	9,783
Finance lease obligations, net of current portion	9,151	10,862
Total long-term liabilities	425,165	210,416
Total liabilities	563,928	288,427
Commitments and contingencies (Note 16)
Redeemable non-controlling interests	993,935	1,129,298
Stockholders' equity:
Additional paid-in capital	340,198	40,731
Retained earnings	24,940	187,886
Total stockholders' equity to Flowco Holdings Inc.	365,147	228,626
Total liabilities, redeemable non-controlling interests and stockholders' equity	1,923,010	1,646,351
Class A Common Stock
Stockholders' equity:
Common Stock	4	3
Class B Common Stock
Stockholders' equity:
Common Stock	$ 5	$ 6