Key Points
- Select Water Solutions, Inc. (NYSE: WTTR) generated full year 2025 consolidated revenue of $1.4 billion, down from $1.5 billion in 2024.
- Full year 2025 net income stood at $21.5 million, compared to $35.5 million in 2024.
- Adjusted EBITDA for full year 2026 was $260.3 million, up slightly from $258.4 million in 2024.
- Q4 2025 revenue reached $346.5 million, versus $322.2 million in Q3 2025 and $349.0 million in Q4 2024.
- Q4 2025 net loss was $2.1 million, compared to net income of $2.3 million in Q3 2025 and net loss of $2.1 million in Q4 2024.
- Water Infrastructure segment revenues for full year 2025 were $313 million, an 8% increase year-over-year.
- Q4 2025 Water Infrastructure revenue was $81.2 million, up from $78.8 million in Q3 2025; gross margin before D&A at 54.1%.
- Chemical Technologies segment full year 2025 revenues hit $308 million, up 19% year-over-year; Q4 revenue $87.0 million, record quarterly.
- Water Services segment Q4 2025 revenue $178.3 million, up 7% sequentially; gross margin before D&A 19.6%.
- Surpassed one billion barrels of cumulative produced water recycled in 2025, driving over 800% revenue growth in Water Infrastructure since 2021.
- New long-term Water Infrastructure contracts supported by 15 million barrels minimum volume commitments (MVC) and ~180,000 acres leasehold/ROFR.
- Added 950,000 acres under new dedication with 11-year average contract length in 2025.
- Specific wins: Northern Delaware agreements (10- and 7-year, 155,000 acres, 5M barrels MVC, 8 miles pipeline, 2M barrels storage); asset conveyance (disposal permit, 30,000 bpd capacity, 1.5M barrels storage); disposal acquisition (25,000 bpd); Rockies 15-year deal (9.6M barrels MVC, 24,000 acres).
- 2026 outlook: Water Infrastructure revenue growth 20-25%; Chemical Technologies steady revenue, better margins; Water Services steady run-rate; Q1 Adjusted EBITDA $65-68M; net capex $175-225M.
- Full year 2025 cash from operations $214.7 million; net capex $279.3 million.
- Balance sheet: Cash $18.1M, total debt $320M, liquidity $163.6M as of Dec 31, 2025.
- Earnings call scheduled for Feb 18, 2026, at 11:00 a.m. ET.
Gainesville (Manchester Mirror) February 17, 2026 – Select Water Solutions, Inc. (NYSE: WTTR), a leading provider of sustainable water infrastructure and chemical solutions to the energy sector, announced its fourth quarter and full year 2025 financial and operational results, highlighting resilient performance amid market challenges and key strategic advancements in water management.
What Are the Key Financial Highlights for Q4 and FY 2025?
Consolidated revenue for the fourth quarter of 2025 totalled $346.5 million, marking an increase from $322.2 million in the third quarter but slightly below $349.0 million from the fourth quarter of 2024, as reported in the company’s official press release. Gross profit for Q4 stood at $45.3 million with a total gross margin of 13.1%, while gross profit before depreciation, amortisation, and accretion (D&A) reached $96.5 million, yielding a 27.9% margin before D&A. Adjusted EBITDA for the quarter was $64.2 million, up from $59.5 million in Q3 2025.
For the full year 2025, revenue came in at $1.407 billion, a decline from $1.452 billion in 2024, primarily due to shifts in segment dynamics. Net income attributable to Select Water Solutions was $21.2 million, or $0.21 per diluted Class A share, down from $30.6 million the prior year. Gross profit totalled $202.4 million (14.4% margin), impacted by $21 million higher D&A from infrastructure build-out, but gross profit before D&A improved to $376.9 million (26.8% margin). SG&A expenses remained steady at $161.3 million.
As detailed by Yahoo Finance in their coverage, these figures reflect ongoing investments in high-margin infrastructure despite softer activity in some areas.
How Did Water Infrastructure Perform in 2025?
The Water Infrastructure segment posted full year revenues of $313.2 million, an 8% year-over-year rise, driven by network expansions in key basins. In Q4, revenues grew to $81.2 million from $78.8 million in Q3, with gross margin before D&A steady at 54.1%.
John Schmitz, Chairman, President, and CEO, stated in the press release, “During 2025, we significantly bolstered our long-term Water Infrastructure growth strategy by adding 950,000 acres under new dedication with an 11-year average contract length.” He further noted, “We continued to add to our infrastructure footprint with new contract wins during the fourth quarter, and importantly, added multiple sizable MVC awards that underpin future growth alongside additional acreage dedication expansions.”
Specific developments included Northern Delaware produced water takeaway agreements with a large public independent operator for 10- and 7-year terms, backed by 155,000 acres and five million barrels MVC, involving eight miles of pipeline and two million barrels storage, set to go online by Q2 2026. A key customer conveyed a disposal permit (adding 30,000 barrels per day capacity) and three pits (1.5 million barrels storage) in Eddy County, NM. Select also acquired disposal facilities in Winkler County, TX, for 25,000 bpd. In the Rockies, a 15-year agreement adds pipeline to existing disposal, supported by 9.6 million barrels MVC and 24,000 acres.
Aggregate new projects since Q4 start: 14 miles pipeline, 3.5 million barrels storage, 55,000 bpd disposal, backed by 179,000 acres and 15 million barrels MVC, with $10 million capex. StockTitan.net highlighted these as underpinning future growth.
Looking ahead, the segment eyes 7-10% Q1 revenue growth and 20-25% full year 2026 increase.
[Permian Basin]
What drove Chemical Technologies Growth?
Chemical Technologies achieved record Q4 revenue of $87.0 million, up from $76.6 million in Q3 and $62.9 million in Q4 2024, with 20.3% gross margin before D&A. Full year revenue surged 19% to $307.6 million.
Schmitz commented, “Our Chemical Technologies segment finished the year with a record fourth quarter, resulting in annual gains of 19%, 57% and 45% in revenue, gross profit and gross profit before D&A, respectively, in 2025 as compared to 2024.” Guidance points to steady 2026 revenues with improved margins at 19-20%, driven by R&D products; Q1 in high $70s to $80 million.
PR Newswire coverage echoed these gains from market share capture.
How Did Water Services Fare Amid Challenges?
Water Services Q4 revenue rose 7% sequentially to $178.3 million from $166.9 million, despite down from $209.3 million in Q4 2024, with 19.6% gross margin before D&A (up from 18.0%). Full year revenue was $786.5 million, lower than $901.7 million prior year post-OMNI divestiture.
Schmitz explained, “We saw a 77% uplift in our temporary water transfer service revenues in New Mexico, resulting in a sizable outperformance during the quarter for our Water Services segment.” Expectations: steady Q4-like run-rate in 2026 with margins at 19-21%.
What Is the 2026 Outlook and Capital Plan?
Schmitz outlined, “Looking forward to 2026 overall, we expect yet another record setting year for Adjusted EBITDA and consolidated margins… Water Infrastructure segment to grow revenue by 20% to 25%… Q1 consolidated Adjusted EBITDA of $65 – $68 million.” Chemical steady, Water Services stable post-divestiture.
Net capex targeted at $175-225 million, including $50-60 million maintenance and growth-focused on Northern Delaware; $10-15 million asset sales expected. Free cash flow to improve with infrastructure maturation.
Yahoo Finance noted this positions Select for sustained growth.
What Do Cash Flow and Balance Sheet Metrics Show?
Full year operating cash flow was $214.7 million, down from $234.9 million; Q4 $65.5 million. Net capex $279.3 million (capex $294.6M offset by $15.3M sales). Financing included $235M credit facility proceeds.
As of December 31, 2025: cash $18.1 million (vs $20.0M prior), debt $320 million (up from $85M), liquidity $163.6 million (up from $134.8M). Borrowing base $235.1M, capacity $145.5M post-LCs.
What Milestones Mark Operational Success?
Schmitz highlighted, “In 2025, we proudly surpassed one billion barrels of cumulative produced water recycled… driven more than 800% revenue growth in our Water Infrastructure segment since the beginning of 2021. This milestone achievement has driven significant value to not only Select and our shareholders, but also the regions and communities where we operate.”
Diversification includes first large-scale municipal/industrial project, lithium partnerships, beneficial reuse pilots. Schmitz added, “We are rapidly scaling a differentiated produced water infrastructure business that focuses and builds around a commercial recycling-first platform.”
