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How Dawson Geophysical (DWSN) makes money

Dawson Geophysical (DWSN) made $17.9M of revenue in the second quarter 2026 (Q2 2026), +82% from a year earlier. Fee Revenue brought in $14.0M (78%); Reimbursable Revenue brought in $3.9M (22%).

Drawing the Sankey…

Dawson Geophysical revenue by segment, Q2 2026Dawson Geophysical revenue by segment, Q2 2026Fee Revenue$14.0MReimbursable Revenue$3.9M
Dawson Geophysical: revenue by line, Q4 2024 to Q2 2026Dawson Geophysical: revenue by line, Q4 2024 to Q2 2026Fee RevenueReimbursable RevenueFee Revenue: $14.0M latest$14.0MReimbursable Revenue: $3.9M latest$3.9MQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Fee Revenue went from 88% of revenue in Q4 2024 to 78% in Q2 2026, the largest shift in the mix.
Dawson Geophysical revenue by quarterDawson Geophysical revenue by quarter$15.6MQ4 2024$16.1MQ1 2025$9.9MQ2 2025$22.7MQ3 2025$26.9MQ4 2025$36.7MQ1 2026$17.9MQ2 2026
Dawson Geophysical: where each dollar of revenue goesDawson Geophysical: where each dollar of revenue goesIncome tax0¢Operating cash flow36¢Free cash flow35¢

Revenue by segment, Q2 2026

SegmentRevenueShareQ/QY/Y
Fee Revenue$14.0M78.2%-57%+60%
Reimbursable Revenue$3.9M21.8%-7%+250%

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$17.9M100.0%
Income tax$15K0.1%
Operating cash flow$6.5M36.1%
Free cash flow$6.2M34.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$17.9M+82%
Q1 2026$36.7M+128%
Q4 2025$26.9M+72%
Q3 2025$22.7M+58%
Q2 2025$9.9M-21%
Q1 2025$16.1M-49%
Q4 2024$15.6M-36%

From Dawson Geophysical's 10-Q filed Aug 14, 2026 (on EDGAR).

Questions

How does Dawson Geophysical make money?

Dawson Geophysical (DWSN) made $17.9M of revenue in the second quarter 2026 (Q2 2026), +82% from a year earlier. Fee Revenue brought in $14.0M (78%); Reimbursable Revenue brought in $3.9M (22%).

What is Dawson Geophysical's biggest business?

Fee Revenue: $14.0M in the second quarter 2026, 78% of revenue, +60% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.