HOUSTON--(BUSINESS WIRE)--August 11, 2026--
Flowco Holdings Inc. (NYSE: FLOC) ("Flowco" or the "Company"), a provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry, today announced financial results for the second quarter ended June 30, 2026.
Key Second Quarter 2026 Highlights
-- Revenues of $235.9 million, generating net income of $30.9 million and
Adjusted Net Income1 of $34.3 million
-- Adjusted EBITDA1 of $93.9 million
-- Adjusted EBITDA Margin1 of 39.8%
-- Net cash provided by operating activities of $95.2 million and Free
Cash Flow1 of $49.8 million
-- In July 2026, Flowco's Board of Directors approved a quarterly cash
dividend of $0.09 per share
-- In August 2026, Flowco's Board of Directors approved a special cash
dividend of $0.14 per share payable to Class A common stockholders
-- Robust liquidity with approximately $446 million of availability under
our revolving credit facility as of August 7, 2026
Financial Summary
Three Months Ended
---------------------------------------
June 30, March 31, June 30,
2026 2026 2025
-------- ----------- --------
(in thousands)
Revenues $235,859 $ 209,530 $193,215
Net income 30,944 27,454 27,352
Adjusted Net
Income (1) 34,267 35,661 32,998
Adjusted EBITDA
(1) 93,884 85,534 76,488
------- ------- -------
Adjusted EBITDA
Margin (1) 39.8% 40.8% 39.6%
(1) Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, and
Free Cash Flow are non-GAAP financial measures. See definitions of
these measures and the reconciliation of GAAP to non-GAAP financial
measures outlined in the reconciliation tables accompanying this
press release.
Joe Bob Edwards, President and CEO, commented, "Flowco delivered solid second quarter results within our original guidance range, reflecting the resilience of our differentiated production optimization business and continued focus across the organization. Strong customer demand for our solutions, combined with disciplined execution, enabled us to offset the impact of cost headwinds during the quarter and generate approximately $50 million of free cash flow.
Valiant has exceeded our expectations, and we are encouraged by both its financial performance and the opportunities to further enhance our production optimization platform through cross-selling, technology integration and deeper customer relationships.
We continue to benefit from our North American positioning, where we are seeing consistent customer demand driven by operators' focus on maximizing production, improving operating efficiency and generating attractive returns from existing assets. Against this backdrop, we believe our differentiated technology portfolio, recurring cash flow generation and strong balance sheet position us well to deliver long-term value for our shareholders."
Segment Information
We report our results in two segments, Production Solutions and Natural Gas Technologies. Production Solutions includes the rental, sale and service associated with high pressure gas lift, electric submersible pumps $(ESP)$, conventional gas lift and plunger lift, including a range of digital solutions and other production-related technologies. Natural Gas Technologies includes the design, manufacture, rental and sale of vapor recovery and natural gas systems. Corporate costs not directly related to either segment are categorized separately.
Segment Financial Information
Three Months Ended
-------------------------------
June 30, March 31, June 30,
2026 2026 2025
-------- ----------- --------
(in thousands)
Production Solutions
Revenues $170,878 $ 140,163 $128,245
Adjusted Segment EBITDA (1) 71,019 61,469 53,343
------- ------- -------
Adjusted Segment EBITDA Margin (1) 41.6% 43.9% 41.6%
Natural Gas Technologies
Revenues $ 64,981 $ 69,367 $ 64,970
Adjusted Segment EBITDA (1) 27,759 29,665 27,397
------- ------- -------
Adjusted Segment EBITDA Margin (1) 42.7% 42.8% 42.2%
Corporate
Adjusted Segment EBITDA (1) $(4,894) $ (5,600) $(4,252)
------- ------- -------
Adjusted Segment EBITDA Margin (1) nm nm nm
Total
Revenues $235,859 $ 209,530 $193,215
Adjusted EBITDA (1) 93,884 85,534 76,488
------- ------- -------
Adjusted EBITDA Margin (1) 39.8% 40.8% 39.6%
(1) Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin are
non-GAAP financial measures. See definitions of these measures and
the reconciliation of GAAP to non-GAAP financial measures outlined
in the reconciliation tables accompanying this release.
Production Solutions
Second quarter 2026 revenue and Adjusted Segment EBITDA for the Production Solutions segment increased 21.9% and 15.5%, respectively, from the first quarter of 2026, driven by higher Downhole Components revenue and Adjusted EBITDA (inclusive of two additional months of earnings contribution from Valiant, which added an ESP offering to our Production Solutions segment in March 2026). Adjusted Segment EBITDA margin decreased 229 basis points, primarily reflecting increased maintenance and operating costs at Surface Equipment.
Natural Gas Technologies
Second quarter 2026 revenue and Adjusted Segment EBITDA for the Natural Gas Technologies segment decreased 6.3% and 6.4%, respectively, from the first quarter of 2026, primarily due to lower Vapor Recovery system sales. Adjusted Segment EBITDA Margin was effectively flat.
Corporate
Second quarter 2026 Corporate Adjusted Segment EBITDA improved to $(4.9) million from $(5.6) million in the first quarter of 2026, primarily due to lower professional services fees.
Balance Sheet & Liquidity
As of August 7, 2026, the Company had outstanding borrowings under its senior secured revolving credit facility ("Credit Agreement") of $274.1 million and, with a current borrowing base of $721.8 million, had availability under the Credit Agreement of $446.4 million.
Dividend Declarations
On July 30, 2026, Flowco announced that its Board of Directors declared a quarterly cash dividend of $0.09 per share of Class A common stock payable on August 26, 2026 to Class A common stockholders of record as of the close of business on August 14, 2026. Flowco MergeCo LLC, the Company's operating subsidiary, will make a corresponding distribution of $0.09 per unit to holders of its common units.
On August 10, 2026, Flowco also announced that its Board of Directors declared a special cash dividend of $0.14 per share of Class A common stock payable on August 31, 2026 to only Class A common stockholders of record as of the close of business on August 21, 2026.
Conference Call and Webcast Information
Flowco will host a conference call on Tuesday, August 11, 2026, at 8:00 a.m. Eastern Time to discuss second quarter 2026 results. The conference call can be accessed live over the phone by dialing 1-877-704-4453 (for the U.S.) or 1-201-389-0920 (for International). A telephonic replay of the conference call will be available three hours after the call and can be accessed by dialing 1-844-512-2921 (for the U.S.) or 1-412-317-6671 (for International). The passcode for the call and replay is 13761962. A live webcast of the conference call will also be available under the Investor Relations section of Flowco's website at ir.flowco-inc.com.
About Flowco
Flowco is a leading provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry. The Company's products and services include a full range of equipment and technology solutions that enable oil and natural gas producers to efficiently and cost-effectively maximize the profitability and economic lifespan of their assets.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release may be forward-looking statements. These statements generally relate to future events or our future financial or operating performance, and include, but are not limited to: statements regarding guidance or estimates related to the Company's results of operations or financial condition; industry trends, customer demand and industry outlook, and effects on Flowco's operations; Flowco's strategies and plans, including matters relating to the Company's growth, capital expenditures, dividend policies, and leverage profile. When used in this press release, words such as "expect, " "project," "estimate," "believe," "anticipate," "intend," "plan," "seek," "forecast," "target," "predict," "may," "should," "would," "could," and "will," the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Flowco believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. These risks and uncertainties are described further in our annual report on Form 10-K for the year ended December 31, 2025, in our subsequent quarterly reports on Form 10-Q and in our other filings filed with the Securities and Exchange Commission. Flowco undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Flowco Holdings Inc.
Condensed Consolidated Statement of Operations
Three Months Ended Six Months Ended
--------------------------------------- -------------------------
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
----------- ----------- ----------- ----------- -----------
(in thousands except share and per share amounts)
Revenues:
Rentals $ 132,670 $ 121,873 $ 102,104 $ 254,543 $ 199,400
Sales 103,189 87,657 91,111 190,846 186,165
---------- ---------- ---------- ---------- ----------
Total revenues 235,859 209,530 193,215 445,389 385,565
Operating expenses:
Cost of rentals
(exclusive of
depreciation and
amortization
disclosed
separately
below) 35,221 32,552 27,602 67,773 54,453
Cost of sales
(exclusive of
depreciation and
amortization
disclosed
separately
below) 74,209 62,404 62,579 136,613 128,145
Selling, general
and
administrative
expenses 35,655 36,476 32,683 72,131 63,217
Depreciation and
amortization 49,372 41,495 33,165 90,867 67,284
Loss on sale of
equipment 184 310 68 494 23
---------- ---------- ---------- ---------- ----------
Income from
operations 41,218 36,293 37,118 77,511 72,443
Other expenses:
Interest expense,
net (5,597) (4,348) (6,445) (9,945) (11,810)
Other income
(expenses), net (29) (461) 559 (490) 292
---------- ---------- ---------- ---------- ----------
Total other
expenses (5,626) (4,809) (5,886) (10,435) (11,518)
---------- ---------- ---------- ---------- ----------
Income before
provision for
income taxes 35,592 31,484 31,232 67,076 60,925
Provision for
income taxes (4,648) (4,030) (3,880) (8,678) (6,528)
---------- ---------- ---------- ---------- ----------
Net income 30,944 27,454 27,352 58,398 54,397
Net income
attributable to
redeemable
non-controlling
interests 18,429 20,012 21,881 38,441 42,754
---------- ---------- ---------- ---------- ----------
Net income
attributable to
Flowco Holdings
Inc. $ 12,515 $ 7,442 $ 5,471 $ 19,957 $ 11,643
========== ========== ========== ========== ==========
Earnings per share:
Basic $ 0.29 $ 0.24 $ 0.21 $ 0.54 $ 0.45
Diluted $ 0.28 $ 0.23 $ 0.21 $ 0.52 $ 0.44
Weighted average
shares
outstanding:
Basic 42,857,602 31,620,520 25,728,144 37,289,553 25,725,197
Diluted 43,971,042 32,719,382 26,195,643 38,399,535 26,193,327
Flowco Holdings Inc.
Condensed Consolidated Balance Sheets
As of
-----------------------------------------
June 30, December 31,
2026 2025
-------------------- -------------------
(in thousands except share and per share
amounts)
Assets
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 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 306,472 273,437
Goodwill 305,155 249,692
Deferred tax asset 27,091 16,692
Other assets 4,756 5,387
--- --------------- ---------------
Total assets $ 1,923,010 $ 1,646,351
=== =============== ===============
Liabilities,
redeemable
non-controlling
interests and
stockholders' equity
Current liabilities:
Accounts payable $ 45,285 $ 22,827
Accrued expenses 49,438 26,909
Current portion of
tax receivable
agreement
liability 3,500 --
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
--- --------------- ---------------
Redeemable
non-controlling
interests 993,935 1,129,298
--- --------------- ---------------
Stockholders' equity:
Class A common
stock, $0.0001 par
value --
300,000,000 shares
authorized;
43,964,877 shares
issued and
outstanding as of
June 30, 2026;
300,000,000 shares
authorized;
29,091,960 shares
issued and
outstanding as of
December 31, 2025. 4 3
Class B common
stock, $0.0001 par
value --
150,000,000 shares
authorized;
46,380,539 shares
issued and
outstanding as of
June 30, 2026;
150,000,000 shares
authorized;
60,562,983 shares
issued and
outstanding as of
December 31, 2025. 5 6
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
=== =============== ===============
Flowco Holdings Inc.
Condensed Consolidated Statements of Cash Flows
Six Months Ended
June 30,
---------------------
2026 2025
--------- ---------
(in thousands)
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) --
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 -- 461,803
Payment of offering costs -- (2,458)
Repurchase of Class A common stock (16,516) --
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 -- (20,876)
Payment of debt issuance costs -- (13)
Payment of dividend equivalent units (2) --
Payments of selling commissions and
fees (69) --
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
Cash and cash equivalents
Beginning of period 4,522 4,615
-------- --------
End of period $ 19,189 $ 9,287
======== ========
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company uses non-GAAP financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Free Cash Flow, as well as Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin, in this press release to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results provides management additional insight on the consolidated financial performance from period to period to project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our management and investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Similarly, Free Cash Flow does not represent our residual cash flow for discretionary expenditures, since the calculation of this measure does not reflect certain debt service requirements or certain other non-discretionary expenditures. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate our business.
Adjusted Net Income
Adjusted Net Income is a non-GAAP measure that we define as net income (loss) adjusted to eliminate the impact of (i) transaction-related expenses, (ii) share-based compensation, (iii) loss on the sale of equipment, and (iv) non-recurring charges. Adjusted Net Income is a supplemental non-GAAP financial measure used by management, our stockholders and others to provide visibility on the profitability and financial strength of the Company by excluding certain expenses related to non-recurring Company transactions.
Reconciliation from net income to Adjusted Net Income is set forth as follows:
Three Months Ended
-----------------------------------
June 30, March 31, June 30,
2026 2026 2025
---------- ----------- ----------
(in thousands)
Net income $ 30,944 $ 27,454 $ 27,352
Transaction-related
expenses (1) 66 4,811 6
Share-based
compensation expense
(2) 3,073 3,086 1,670
Non-recurring charges
(3) -- -- 3,902
Loss on sale of
equipment 184 310 68
------ ------- ------
Adjusted Net Income $ 34,267 $ 35,661 $ 32,998
====== ======= ======
(1) Represents the transaction-related expenses and business combination
expenses associated with the Valiant acquisition, which were
expensed as incurred and included in the consolidated statements of
operations.
(2) Reflects non-cash compensation expense for equity-based awards to
our employees and non-employee directors for the periods presented.
(3) Represents one-time charges related to termination benefits and
related expenses, which includes one of our executive officers, and
the costs associated with the re-purposing of one of our
manufacturing facilities in Pampa, TX.
Adjusted EBITDA and Adjusted EBITDA margin
We define EBITDA as net income, adjusted to exclude interest expense, provision for income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted to exclude (i) share-based compensation expense, (ii) transaction-related expenses and (iii) other non-cash and non-recurring expenses.
EBITDA and Adjusted EBITDA are key performance indicators we use in evaluating our operating performance and in making financial, operating and planning decisions. In particular, the exclusion of certain expenses in calculating EBITDA and Adjusted EBITDA provides additional visibility on operating performance across reporting periods by removing the effect of non-cash and/or non-recurring expenses. Accordingly, we believe that this measure provides useful information to our stockholders and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Reconciliation from net income to EBITDA and Adjusted EBITDA are set forth as follows:
Three Months Ended
-----------------------------------
June 30, March 31, June 30,
2026 2026 2025
---------- ----------- ----------
(in thousands)
Net income $ 30,944 $ 27,454 $ 27,352
Interest expense 5,597 4,348 6,445
Income tax benefit (provision) 4,648 4,030 3,880
Depreciation and amortization 49,372 41,495 33,165
------ ------- ------
EBITDA 90,561 77,327 70,842
Transaction-related expenses (1) 66 4,811 6
Share-based compensation expense
(2) 3,073 3,086 1,670
Non-recurring charges (3) -- -- 3,902
Loss on sale of equipment 184 310 68
------ ------- ------
Adjusted EBITDA $ 93,884 $ 85,534 $ 76,488
====== ======= ======
(1) Represents the transaction-related expenses and business combination
expenses associated with the Valiant acquisition, which were
expensed as incurred and included in the consolidated statements of
operations.
(2) Reflects non-cash compensation expense for equity-based awards to
our employees and non-employee directors for the periods presented.
(3) Represents one-time charges related to termination benefits and
related expenses, which includes one of our executive officers, and
the costs associated with the re-purposing of one of our
manufacturing facilities in Pampa, TX.
Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
In addition to business segment profit or loss, our management also evaluates Adjusted Segment EBITDA, which is presented on a business unit level for purposes of allocating resources and evaluating operating and financial performance. As discussed above, the Company operates and manages its business units in the following two operating and reporting segments:
-- Production Solutions: relates to rentals, sales and services related to
high pressure gas lift, electric submersible pumps (ESP), conventional
gas lift and plunger lift. This segment includes rental, sales and
service revenues.
-- Natural Gas Technologies: relates to the design, manufacturing, rental,
sale and servicing of vapor recovery and natural gas systems. This
segment includes rental, sales and service revenues.
We define Adjusted Segment EBITDA as segment net income, as adjusted in the same manner as defined for EBITDA and Adjusted EBITDA above. Reconciliation from segment net income, which includes direct segment costs but excludes corporate costs not directly related to either segment, to Adjusted Segment EBITDA is set forth as follows:
Three Months Ended
-------------------------------
June 30, March 31, June 30,
2026 2026 2025
--------- --------- ---------
(in thousands)
Production Solutions
Net income $ 38,296 $ 35,100 $ 32,676
Interest expense 176 127 2,302
Income tax benefit (provision) 89 29 53
Depreciation and amortization 32,197 25,899 18,192
-------- -------- --------
EBITDA 70,758 61,155 53,223
(Gain) loss on sale of equipment 261 314 120
-------- -------- --------
Adjusted Segment EBITDA 71,019 61,469 53,343
Natural Gas Technologies
Net income $ 10,502 $ 13,895 $ 11,229
Interest expense 170 186 224
Income tax benefit (provision) -- 1 29
Depreciation and amortization 17,164 15,587 14,967
-------- -------- --------
EBITDA 27,836 29,669 26,449
Non-recurring charges (3) -- -- 1,000
(Gain) loss on sale of equipment (77) (4) (52)
-------- -------- --------
Adjusted Segment EBITDA 27,759 29,665 27,397
Corporate
Net income $(17,854) $(21,541) $(16,553)
Interest expense 5,251 4,035 3,919
Income tax benefit (provision) 4,559 4,000 3,798
Depreciation and amortization 11 9 6
-------- -------- --------
EBITDA (8,033) (13,497) (8,830)
Transaction-related expenses (1) 66 4,811 6
Share-based compensation expense
(2) 3,073 3,086 1,670
Non-recurring charges (3) -- -- 2,902
-------- -------- --------
Adjusted Segment EBITDA (4,894) (5,600) (4,252)
-------- -------- --------
Total Adjusted EBITDA $ 93,884 $ 85,534 $ 76,488
======== ======== ========
(1) Represents the transaction-related expenses and business combination
expenses associated with the Valiant acquisition, which were
expensed as incurred and included in the consolidated statements of
operations.
(2) Reflects non-cash compensation expense for equity-based awards to
our employees and non-employee directors for the periods presented.
(3) Represents one-time charges related to termination benefits and
related expenses, which includes one of our executive officers
(Corporate), and the costs associated with the re-purposing of one
of our manufacturing facilities in Pampa, TX (Natural Gas
Technologies).
Free Cash Flow
Free Cash Flow is a non-GAAP measure that we define as cash flow provided by operating activities less additions to property, plant and equipment (which includes both maintenance and growth capital expenditures, but excludes asset acquisitions of a business, and excludes other business acquisitions and equity investments). Management believes this information is important to provide because it is used by management to evaluate the Company's operational performance and trends between periods and to manage our business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's results of ongoing operations. Free Cash Flow is not intended to replace GAAP financial measures. A reconciliation of net cash provided by operating activities to Free Cash Flow, as well as Free Cash Flow (Deficit) after net cash paid in acquisitions, is set forth as follows:
Three Months Ended Six Months Ended
June 30, June 30,
------------------- --------------------
2026 2025 2026 2025
-------- -------- --------- --------
(in thousands)
Net cash
provided by
operating
activities $ 95,232 $ 82,178 $ 173,940 $124,727
Additions to
property,
plant and
equipment (45,474) (35,770) (71,859) (63,620)
------- ------- -------- -------
Free Cash Flow $ 49,758 $ 46,408 $ 102,081 $ 61,107
Net cash paid
in
acquisitions (82) -- (161,846) --
------- ------- -------- -------
Free Cash Flow
(Deficit)
after Net
Cash Paid in
Acquisition $ 49,676 $ 46,408 $ (59,765) $ 61,107
======= ======= ======== =======
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CONTACT: Investor Contact:
Andrew Leonpacher | VP of Finance, Corporate Development, and Investor Relations
investor.relations@flowco-inc.com
(713) 997-4647
Media Contact:
Cheryl Brashear-White | VP of Marketing Communications
cheryl.white@flowco-inc.com
(405) 819-5290