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Select Water Solutions (WTTR) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · Select Water Solutions (WTTR) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $396M · 5¢ of every $1 of revenue kept as net profit · operating margin 8.7%
Select Water Solutions made $396M in Q2 2026 (+9% Y/Y): Water Services $198M, Water Infrastructure $102M, Chemical Technologies $96.0M. Operating margin 8.7%, net earnings $21.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $395.8M in Q2 2026, up 9% year over year and up 8% from the previous quarter. Water Services was the largest line at 50% of revenue. Chemical Technologies added $28.3M year over year (up 42%), 90% of the total change. Water Services declined 8%.
Gross margin was 19.4%, up 3.6 points from Q2 2025. Operating profit was $34.3M, a 8.7% margin (up 4.4 points year over year). Of the extra revenue versus Q2 2025, 60% reached operating profit, above the 4% margin then. Operating expenses grew 0% against revenue growth of 9%. Net earnings were $21.0M, up 98% year over year. The effective tax rate was 22.0%.
Operating cash flow was $86.7M (up 5% year over year), 384% of net income including minority interests. Non-cash charges added back $48.4M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items added $7.4M. After purchase of property and equipment, net ($69.7M), free cash flow as the company reports it was $17.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $396M | +9% | 8.7% | $21.0M | $86.7M |
| Q1 2026 | 10-Q | May 6, 2026 | $366M | -2% | 4.9% | $8.6M | $10.2M |
| Q4 2025 | 10-K | Feb 18, 2026 | $347M | -0.7% | -0.1% | −$2.1M | $65.5M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $322M | -13% | -0.5% | $2.3M | $71.7M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $364M | -0.3% | 4.2% | $10.6M | $82.6M |
| Q1 2025 | 10-Q | May 7, 2025 | $374M | +2% | 4.2% | $8.2M | −$5.1M |
| Q4 2024 | 10-K | Feb 19, 2025 | $349M | -7% | 0.7% | −$2.1M | $67.8M |
Charts
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Select Water Solutions
Select Water Solutions, Inc. and its consolidated subsidiaries (collectively referred to as “Select,” the “Company,” “we,” “us,” or “our”) is a leading provider of sustainable water-management solutions to the energy industry in the U.S. As a leader in the water management industry, we place the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success.
In its own words, from its 10-K, filed Feb 18, 2026.
Select Water Solutions against its Oil & Gas Field Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +7%. Operating margin: 8.7% against the peers' median 8.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WTTR Select Water Solutions | Q2 2026 | $396M | +9% | 8.7% |
| SLB SLB Limited | Q3 2026 | $9.4B | +6% | 10.8% |
| HAL Halliburton | Q3 2026 | $5.7B | +2% | 10.9% |
| LBRT Liberty Energy | Q3 2026 | $1.2B | +26% | 1.6% |
| OII Oceaneering International | Q3 2026 | $785M | +6% | 11.7% |
| NESR National Energy Services Reunited | Q2 2026 | $521M | +59% | 12.5% |
| ACDC ProFrac Holding | Q3 2026 | $511M | +27% | -6.7% |
| RES RPC | Q3 2026 | $468M | +5% | -11.5% |
| XPRO Expro | Q3 2026 | $440M | +7% | 1.1% |
Source: Select Water Solutions 10-Q on SEC EDGAR · CIK 1693256 · Oil & Gas Field Services, NEC
13F: who owns WTTR and who is buying
More on WTTR
- How Select Water Solutions makes money: revenue by segment
- Select Water Solutions next earnings date and what analysts expect
- Select Water Solutions stock forecast, price target and fair value
- Who owns Select Water Solutions stock: holders, funds and Congress trades
- Select Water Solutions guidance and outlook
- Is Select Water Solutions a takeover target? LBO and rumors
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Select Water Solutions guidance history: guided vs reported
- Select Water Solutions gross margin by quarter
- Select Water Solutions operating margin by quarter
- Select Water Solutions net income by quarter
- Select Water Solutions free cash flow by quarter
- Select Water Solutions capital expenditures by quarter
- Select Water Solutions Water Services revenue by quarter
- Select Water Solutions Water Infrastructure revenue by quarter