Filing Flows › Select Water Solutions (WTTR) › Q3 2025
Select Water Solutions (WTTR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Select Water Solutions (WTTR) reported revenue of $322M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -12% from the quarter before. Operating margin was -0.5%, net earnings $2.3M (0.7% of revenue).
Select Water Solutions, Q3 2025: revenue $322M (-13% year over year), operating margin -0.5%, net earnings $2.3M, operating cash flow $71.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $322M | -12% | -13% |
| Operating profit | −$1.8M | -111% | — |
| Net earnings | $2.3M | -78% | — |
| Operating cash flow | $71.7M | -13% | +38% |
What changed
Revenue was $322.2M in Q3 2025, down 13% year over year and down 12% from the previous quarter. Water Services was the largest line at 52% of revenue. Water Services lost $67.1M year over year (down 29%), 137% of the total change.
Gross margin was 13.5%, down 3.3 points from a year earlier. Operating costs exceeded revenue by $1.8M, an operating margin of -0.5%. Operating expenses grew 19% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+448%). Net earnings were $2.7M, down 83% year over year ($2.3M including minority interests, which bore $389K of losses). The effective tax rate was 15.9%. Non-operating items added $4.5M, 165% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $71.7M (up 38% year over year), 3125% of net income including minority interests. Non-cash charges added back $44.9M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items added $17.1M. Capital expenditures of $95.2M exceeded it, leaving free cash flow of −$23.5M.
Questions
What was Select Water Solutions' revenue in the third quarter 2025?
Select Water Solutions (WTTR) reported revenue of $322M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -12% from the quarter before.
Was Select Water Solutions profitable in the third quarter 2025?
Operating loss was $1.8M (-0.5% of revenue) and net earnings $2.3M.