Filing Flows › Select Water Solutions (WTTR) › Q1 2026 › vs Q1 2025
Select Water Solutions (WTTR) Q1 2026 vs Q1 2025 (year over year)
Select Water Solutions's revenue fell $8.4M (-2%) from $374M in Q1 2025 to $366M in Q1 2026. The biggest changes: Water Services −$34.4M (-15%); Water Infrastructure +$24.3M (+34%); Chemical Technologies +$1.6M (+2%). Gross margin 17.8% against 14.9% (+2.9 pts).
Select Water Solutions, Q1 2026: revenue $366M (-2% year over year), operating margin 4.9%, net earnings $8.6M, operating cash flow $10.2M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 17.8% | 14.9% | +2.9 pts |
| Operating margin | 4.9% | 4.2% | +0.8 pts |
| Net margin | 2.4% | 2.2% | +0.2 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Water Services | $191M | $226M | −$34.4M | -15% |
| Water Infrastructure | $96.7M | $72.4M | $24.3M | +34% |
| Chemical Technologies | $78.0M | $76.3M | $1.6M | +2% |
| Revenue | $366M | $374M | −$8.4M | -2% |
| Gross profit | $65.3M | $55.8M | $9.5M | +17% |
| Cost of revenue | $301M | $319M | −$17.9M | -6% |
| Operating profit | $18.0M | $15.5M | $2.4M | +16% |
| Operating expenses | $47.3M | $40.2M | $7.1M | +18% |
| Pre-tax earnings | $11.9M | $12.5M | −$589K | -5% |
| Other expense, net | $6.1M | $3.1M | $3.0M | +98% |
| SG&A | $40.6M | $37.4M | $3.1M | +8% |
| Other operating costs | $6.8M | $2.8M | $4.0M | +142% |
| Net earnings | $8.6M | $8.2M | $367K | +4% |
| Minority interests | $826K | $1.3M | −$495K | -37% |
| Income tax | $2.4M | $2.9M | −$461K | -16% |
| Operating cash sources | $61.3M | $51.3M | $10.0M | +19% |
| Depreciation & amortization | $46.9M | $39.6M | $7.3M | +18% |
| Share-based compensation | $5.8M | $3.5M | $2.3M | +67% |
| Working capital & other | $51.1M | $56.4M | −$5.3M | -9% |
| Operating cash flow | $10.2M | −$5.1M | $15.3M | — |
| Capital expenditures | $78.4M | $48.4M | $29.9M | +62% |
| Negative free cash flow (OCF − capex) | $68.1M | $53.5M | $14.6M | +27% |
Questions
How much did Select Water Solutions's revenue grow year over year in Q1 2026?
Select Water Solutions's revenue fell $8.4M (-2%) from $374M in Q1 2025 to $366M in Q1 2026.
What drove Select Water Solutions's revenue change in Q1 2026?
Water Services −$34.4M (-15%); Water Infrastructure +$24.3M (+34%); Chemical Technologies +$1.6M (+2%).