USAC USA Compression Partners, LP

Overview and Growth

Fiscal 2025 results for USA Compression Partners, LP combined $998.10M of revenue with net income of $111.32M and an operating cash inflow of $394.26M. At $998.10M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $950.45M in fiscal 2024, revenue recorded a 5.0% year-over-year increase. Total assets stood at $2.62B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.38x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $669.29M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 67.1% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $306.50M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 30.7%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $111.32M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 11.2%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $116.19M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 11.6%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $4.87M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 4.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end assets was 4.2%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $2.62B, supported by $2.73B of liabilities and -$112.50M of shareholder equity. Equity was negative at -$112.50M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. Current assets were $236.57M against $186.92M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.27x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $8.56M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 4.6% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $2.52B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-assets relationship was 96.3%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 104.3%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 0.3%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 4.6% lower than fiscal 2024 assets of $2.75B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $394.26M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 3.54x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $117.28M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 29.7% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $276.99M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 27.8%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 10.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.