USA Compression Partners, LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data USA Compression Partners, LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	266	280	584	698	668	633	705	846	950	998
Cost of revenue		125	215	227	206	194	234	285	313	329
Gross profit		155	370	471	462	438	470	561	638	669
Selling, general and administrative	22.7	24.9	69	64.4	60	56.1	61.3	72.7	72.7	66.3
Operating expenses	291	539	519	530
Operating income	-27	-263	65.3	168	-465	141	169	232	294	307
Interest expense	21.1	0	78.4	127	129	130	138	170	193	187
Other non-operating income	-0.15	-0.22	-78.3	-127	-129	-130	-138	-162	-193	-190
Pre-tax income	-27.1	-263	-13	41.3	-593	11.2	31.3	69.6	102	116
Income tax	-0.16	1.84	-2.47	2.19	1.33	0.87	1.02	1.37	2.23	4.87
Net income	-26.9	-265	-10.6	39.1	-595	10.3	30.3	68.3	99.6	111
EBITDA	128	-96.1	279	400	-226	380	406	478	559	591

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	14.2	4.01	0.1	0.01	0	0	0.04	0.01	0.01	8.56
Receivables	32.2	32.7	75.6	80.3	63.7	68.2	83.8
Inventory	29.6	33.2	89	91.9	84.6	85.8	93.8	115	134	134
Other current assets	2.08	4.21	1.59	2.2	2.44	6.02	8.78	10.6	12	11
Total current assets	73	74.2	218	231	200	205	186	226	235	237
Property, plant and equipment	1,268	1,193	2,521	2,483	2,381	2,222	2,173	2,238	2,273	2,163
Lease right-of-use assets			0	18.3	22.8	20.2	18.2	17.3	14.3	13.7
Goodwill	35.9	253	619	619	0					0
Intangible assets	75.2	198	393	363	334	304	275	246	216	187
Other non-current assets	6.74	0.21	23.5	15.6	12	16.1	13.1	9.75	6.62	20.1
Total assets	1,472	1,719	3,775	3,730	2,949	2,768	2,666	2,737	2,746	2,620
Accounts payable	13.1	1.38	24.2	21.7	13.5	22.5	35.3	39.8
Accrued liabilities	26.6	41.5	94	119	110	114	76	85.1	99.4	93.8
Deferred revenue	16.7	2.22	31.4	48.3	47.2	51.2	62.3	62.6	63.9	65
Short-term debt			0	0	0	0	0	0	0	0
Total current liabilities	56.4	47.1	150	189	170	188	174	188	191	187
Long-term debt	685	783	1,759	1,852	1,927	1,973	2,107	2,336	2,503	2,524
Lease liabilities			0	17.3	21.2	18.6	16.1	14.7	11.7	10.7
Total liabilities		54.1	1,918	2,073	2,134	2,190	2,305	2,554	2,718	2,732
Total debt	685	783	1,759	1,852	1,927	1,973	2,107	2,336	2,503	2,524
Total liabilities and equity	1,472	1,719	3,775	3,730	2,949	2,768	2,666	2,737	2,746	2,620

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.9	-265	-10.6	39.1	-595	10.3	30.3	68.3	99.6	111
Depreciation and amortization	155	167	214	231	239	239	237	246	265	285
Stock-based compensation	3.54	4.05	11.7	10.8	8.4	15.5	15.9	22.2	16.6	4.34
Deferred income tax	-0.16	1.8	-2.66	1.38	0.53	-0.04	-0.15	-0.05	0.57	0.47
Change in receivables	25.6	9.33	-36.2	-5.66	23.5	0.15	30	-13	5.68	6.64
Change in inventory	-0.52	-0.7	-6.74	-25.1	-11.7	-12.6	-31.6	-76.8	-102	-41.1
Change in payables	-2.29	2.53	-5.14	-5.76	-3.75	9.02	7.55	0.52	-3.89	-0.73
Cash from operations	130	136	226	301	293	265	261	272	341	394
Capital expenditures	-61.6	-157	-267	-171	-109	-45.2	-134	-239	-205	-117
Cash from investing	-36.8	-142	-780	-144	-105	-39.2	-130	-233	-202	-115
Debt issued	301	398					0	0	1,000	750
Debt repaid	-344	-300						0	0	-750
Cash from financing	-90.4	-3.67	549	-156	-188	-226	-131	-39.3	-139	-271
Net change in cash	2.93	-10.2	-3.91	-0.09	-0.01	-0	0.04	-0.02	0	8.55
Free cash flow	68.5	-21.3	-40.2	129	184	220	126	33.4	136	277
Interest paid	20.5	0	61	105	121	121	129	164	154	181
Income taxes paid	0.23	0	0.18	0.49	0.63	0.82	0.89	1.15	1.46	1.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.7%	Gross profit / revenue.
Operating margin	30.0%	Operating income / revenue.
EBITDA margin	57.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	12.4%	Net income / revenue.
FCF margin	26.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.0%	Cash from operations / revenue.
Effective tax rate	7.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.0%	Net income / average total assets.
SG&A / revenue	8.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.7%	Capital expenditures / revenue.
D&A / revenue	27.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	11.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	54.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	102.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / assets	79.8%	Total debt / total assets.
Liabilities / assets	92.2%	Total liabilities / total assets.
Net debt	$2.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.85x	Operating income / interest expense.
Working capital	$82.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	0.39x	Revenue / average property, plant and equipment.
Inventory turnover	2.53x	Cost of revenue / average inventory.
Days inventory	144 days	365 x average inventory / cost of revenue.
FCF conversion	211.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.7%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.70B	Share price x shares outstanding.
Enterprise value	$6.63B	Market cap + total debt - cash - short-term investments.
P/E	25.3x	Market cap / net income. Only when net income is positive.
P/S	3.15x	Market cap / revenue.
P/FCF	11.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.28x	Market cap / cash from operations, when positive.
EV/Sales	5.64x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.87x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.4%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).

What was USA Compression Partners, LP's revenue in fiscal 2025?

USA Compression Partners, LP reported revenue of $998.1M for fiscal 2025, 5% higher than the year before.

Was USA Compression Partners, LP profitable in fiscal 2025?

Yes. Net income was $111.3M, a net margin of 11.2%.

How much free cash flow did USA Compression Partners, LP generate in fiscal 2025?

Cash from operations of $394.3M minus capital expenditures of $117.3M left free cash flow of $277.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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