Select Water Solutions (WTTR) Q3 FY2026 earnings: revenue $412 million, up 27.9% on the year

Select Water Solutions, Inc. (WTTR) reported revenue of $412 million for Q3 FY2026, the quarter ended 30 September 2026, up 27.9% on the same quarter a year earlier. Net income was $21 million, up 668.1% on the year, and diluted earnings per share $0.16. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$412 million

+27.9% on the year · +4.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

6.5%

-0.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$21 million

+668.1% on the year · -2.0% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.16

+433.3% on the year · -5.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose 28% year over year: Consolidated revenue was $412 million, up $90 million or 28% from the third quarter of 2025 and up from $396 million in the second quarter of 2026.
Adjusted EBITDA up 57% year over year: Adjusted EBITDA was $93.5 million, compared with $92.7 million in the second quarter of 2026 and $59.5 million in the third quarter of 2025.
Water Infrastructure revenue hit a record: Water Infrastructure revenue reached a record $110 million, up 40% year over year and 8.4% sequentially from $102 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	412	396	322	+4.1%	+27.9%
Cost of revenue	331	319	279	+3.7%	+18.7%
Gross profit	81.4	76.8	43.6	+5.9%	+86.9%
Gross margin	19.7%	19.4%	13.5%
Selling, general and administrative	53.6	41.2	41.7	+30.2%	+28.6%
Operating income	26.9	34.3	-1.8	-21.7%
Operating margin	6.5%	8.7%	-0.5%
Interest expense	5.4	5.0	6.0	+6.6%	-10.2%
Pre-tax income	32.4	29.5	7.5	+9.9%	+331.6%
Income tax	9.0	6.4	0.4	+42.2%	+1,983.6%
Effective tax rate	27.9%	21.6%	5.8%
Net income	20.6	21.0	2.7	-2.0%	+668.1%
Net margin	5.0%	5.3%	0.8%
Diluted EPS	$0.16	$0.17	$0.03	-5.9%	+433.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	84.4	86.7	71.7	-2.6%	+17.8%
Capital expenditure	89.5	71.0	95.2	+26.1%	-6.0%
Free cash flow	-5.1	15.7	-23.5
Free cash flow margin	-1.2%	4.0%	-7.3%
Cash from investing	-95.8	-112	-126
Cash from financing	12.0	2.9	21.2	+314.3%	-43.1%
Depreciation and amortisation	1.0	1.2	1.3	-20.3%	-26.5%
Share-based compensation	8.3	8.4	7.4	-0.5%	+12.7%
Buybacks	0.1	0.6	0.3	-88.7%	-78.9%
Dividends paid	9.5	9.6	8.4	-0.6%	+13.7%
Diluted shares, weighted	131m	125m	104m	+4.6%	+25.9%
Shares outstanding at period end	144m	138m	121m	+3.7%	+18.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,096	1,049	808	+4.5%	+35.6%
Non-controlling interest	56.1	88.2	124	-36.3%	-54.6%
Debt	247	263	305	-6.0%	-19.0%
Operating lease liabilities	19.1	20.4	23.3	-6.1%	-17.9%
Other liabilities	400	367	328	+8.9%	+21.8%
Total liabilities and equity	1,818	1,788	1,588	+1.7%	+14.5%
Fixed assets	1,036	1,026	887	+0.9%	+16.7%
Goodwill	48.5	48.5	45.1	0.0%	+7.4%
Intangible assets	103	108	111	-5.1%	-7.3%
Cash and equivalents	34.1	33.4	17.8	+2.0%	+91.1%
Inventory	48.2	48.0	38.0	+0.4%	+26.9%
Other assets	549	524	489	+4.9%	+12.3%
Total assets	1,818	1,788	1,588	+1.7%	+14.5%

Questions

What was Select Water Solutions' revenue in Q3 FY2026?

Select Water Solutions (WTTR) reported revenue of $412 million for Q3 FY2026, the quarter ended 30 September 2026, up 27.9% on the same quarter a year earlier.

How much did Select Water Solutions earn in Q3 FY2026?

Net income for Q3 FY2026 was $21 million, up 668.1% on the year, and diluted earnings per share $0.16.

When did Select Water Solutions report Q3 FY2026 results?

Select Water Solutions filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	255	295	336	375	382	417	405	389	375	367	365	371	349	374	364	322	347	366	396	412
Cost of revenue	237	270	300	316	340	357	343	333	320	314	305	309	305	319	306	279	301	301	319	331
Gross profit	17.9	24.7	35.7	58.8	41.6	59.7	61.2	56.3	54.6	52.7	60.2	62.4	44.2	55.8	57.8	43.6	45.3	65.3	76.8	81.4
Gross margin	7%	8%	11%	16%	11%	14%	15%	14%	15%	14%	16%	17%	13%	15%	16%	14%	13%	18%	19%	20%
SG&A	25.2	28.3	26.7	29.8	34.1	35.8	34.3	39.0	46.4	44.0	39.0	37.3	39.7	37.4	38.9	41.7	43.3	40.6	41.2	53.6
Operating income	-8.3	-4.3	8.3	28.4	6.7	12.0	25.7	16.8	6.7	7.0	20.4	24.5	2.6	15.5	15.4	-1.8	-0.4	18.0	34.3	26.9
Operating margin	-3%	-1%	2%	8%	2%	3%	6%	4%	2%	2%	6%	7%	1%	4%	4%	-1%	-0%	5%	9%	7%
Interest expense	0.5	0.7	0.5	0.6	0.9	1.5	2.0	0.8	0.1	1.3	2.0	1.9	1.8	4.9	5.6	6.0	6.7	5.9	5.0	5.4
Pre-tax income	11.7	8.3	15.0	25.2	8.2	14.3	23.3	16.8	-33.5	5.8	18.8	24.2	0.7	12.4	16.4	7.5	-11.5	12.2	29.5	32.4
Tax rate	3%	3%	1%	1%	3%	1%	2%	3%	n/a	25%	21%	24%	340%	23%	28%	6%	n/a	20%	22%	28%
Net income	9.5	6.8	12.5	21.3	7.6	12.3	20.1	14.3	27.6	3.6	12.9	15.8	-1.6	8.2	10.6	2.7	-0.3	8.6	21.0	20.6
Net margin	4%	2%	4%	6%	2%	3%	5%	4%	7%	1%	4%	4%	-0%	2%	3%	1%	-0%	2%	5%	5%
Diluted EPS	$0.12	$0.07	$0.13	$0.22	$0.07	$0.12	$0.20	$0.14	$0.27	$0.04	$0.13	$0.15	-$0.02	$0.08	$0.10	$0.03	$0.00	$0.08	$0.17	$0.16
Operating cash flow	-2.4	-18.6	11.1	5.4	35.3	-18.0	102	118	83.2	32.1	83.1	51.9	67.8	-5.1	82.6	71.7	65.5	10.2	86.7	84.4
Capital expenditure	10.1	15.5	20.8	19.5	21.1	27.9	37.5	44.2	33.5	33.8	49.0	37.4	55.1	48.4	79.4	95.2	71.5	78.4	71.0	89.5
Free cash flow	-12.4	-34.0	-9.7	-14.2	14.3	-45.9	64.5	74.0	49.7	-1.6	34.2	14.4	12.7	-53.5	3.2	-23.5	-6.0	-68.1	15.7	-5.1
Buybacks	0.0	18.9	0.8	0.3	0.2	10.9	38.7	0.3	11.9	7.0	0.2	0.2	0.6	6.3	0.3	0.3	0.4	7.6	0.6	0.1
Dividends paid	n/a	n/a	n/a	n/a	5.2	6.2	5.9	5.8	7.0	7.5	7.0	7.0	8.2	8.6	8.3	8.4	8.4	8.8	9.6	9.5
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	119m	120m	121m	121m	121m	138m	138m	144m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.