Select Water Solutions FY2025 Adj EBITDA $260.3M; guides Q1 Adj EBITDA $65-68M; new infrastructure contracts

Select Water Solutions, Inc.

Full year 2025 revenue $1.4B, net income $21.5M, Adj EBITDA $260.3M; Q4 rev $346.5M, Adj EBITDA $64.2M.
Water Infrastructure rev +8% YoY to $313M; Chemical Technologies rev +19% YoY to $308M; gross margin before D&A improved.
Guides Q1 2026 Adj EBITDA $65-68M; FY 2026 capex $175-225M; Water Infrastructure rev growth 20-25% YoY.
New contracts: 15M bbl MVC, ~180,000 acres dedications; adds 14 mi pipeline, 3.5M bbl storage, 55K bbl/d disposal.
Acquired disposal permit/pits in Eddy County, NM; Winkler County disposal; Rockies 15-yr deal with 9.6M bbl MVC.

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