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Select Water Solutions, Inc. reported stronger results for Q2 2026. Total revenue was $395.8 million versus $364.2 million a year earlier. Net income attributable to the company was $21.0 million, up from $10.6 million, and diluted Class A EPS was $0.17 versus $0.10. For the first half of 2026, revenue reached $761.8 million and net income attributable to the company was $29.6 million.
Growth was driven by higher contributions from Water Infrastructure and Chemical Technologies, while Water Services revenue declined. Gross profit increased to $76.8 million from $57.8 million as costs of revenue grew more slowly than sales. Operating income rose to $34.3 million from $15.4 million.
Cash and cash equivalents were $33.4 million, and first-half operating cash flow was $97.0 million, supporting $189.7 million of capital spending and acquisitions. Total debt principal was $262.9 million, primarily a $250.0 million term loan under a sustainability-linked credit facility, with $244.4 million of revolver availability and total equity of $1.14 billion. In February 2026, the company completed an underwritten offering of 15.8 million Class A shares at $12.75 per share, with net proceeds contributed to SES Holdings. During 2026 it acquired additional water infrastructure assets, including Black River Ranch and new saltwater disposal facilities, and continued quarterly dividends of $0.07 per Class A share.
Select Water Solutions, Inc. reported strong results for the quarter ended June 30, 2026. Revenue was $395.8 million, up from $366.0 million in the prior quarter and $364.2 million a year earlier. Net income rose to $22.6 million, with net income attributable to the company of $21.0 million, and diluted Class A EPS of $0.17 versus $0.08 in the first quarter of 2026.
Profitability improved across the business. Gross profit increased to $76.8 million, and total gross margin expanded to 19.4%. Gross profit before depreciation and amortization was $124.1 million, with gross margin before D&A of 31.3%. Adjusted EBITDA reached $92.7 million, up from $77.6 million in the first quarter and $72.6 million in the prior-year quarter.
All three segments contributed, with Water Infrastructure revenue of $101.6 million, Water Services revenue of $198.2 million and Chemical Technologies revenue of $96.0 million, and Water Infrastructure and Chemical Technologies achieving record segment revenue and higher margins before D&A than a year ago. Operating cash flow was $86.7 million and free cash flow was $17.0 million despite $69.7 million of net capital expenditures and $42.0 million of acquisition-related investing outflows. Liquidity totaled $277.8 million at June 30, 2026, including access to a sustainability-linked credit facility with approximately $244.4 million of available borrowing capacity.
The company also executed a seven-year minimum volume commitment agreement in the Northern Delaware Basin covering 128 million barrels of produced water, including conveyance of 14 saltwater disposal wells and a planned 19-mile pipeline project expected to cost $25–$30 million. Management guided to third-quarter 2026 Adjusted EBITDA of $90–$94 million.
Schmitz John reported acquisition or exercise transactions in this Form 4 filing.
Select Water Solutions, Inc. disclosed new equity awards to President & CEO John Schmitz effective July 16, 2026. He received 250,000 shares of Class A restricted stock at no cost, vesting 50% on July 16, 2028 and 50% on October 1, 2028, and nine grants of 125,000 performance share units each. The PSUs are earned only if average stock-price targets are met in specified quarters from October 2026 through December 2028, with any earned units vesting on January 1, 2029 as Class A shares. Following the stock grant he holds 536,436 shares directly, plus additional indirect holdings through trusts and investment entities.
Select Water Solutions EVP & CFO George Christopher Kile reported a tax-related share withholding on Class A Common Stock. On this Form 4, 730 shares were disposed of at $17.99 per share to cover tax obligations arising from the vesting of restricted stock. After this withholding, Kile directly holds 340,275 shares of Class A Common Stock. The transaction reflects a routine tax-withholding event rather than an open-market trade.
Crestview-related holders reported open-market sales of Class A Common Stock via Form 144. The excerpt lists sales on 04/08/2026 and 05/19/2026, including 569,760 shares for $8,614,771.20, 2,430,240 shares for $36,745,228.80, 96223 shares for $1,454,891.76, 617,240 shares for $11,678,180.80 and 2,632,760 shares for $49,811,819.20.
The cover block also shows a placement line with 2,000,000 and $39,960,000.00 alongside an entry of 124,353,951 and an exchange reference dated 07/01/2026. Broker information lists J.P. Morgan Securities LLC. The filings identify the transactions as sales of Class A Common Stock by Crestview entities and related advisors.
Select Water Solutions, Inc. changed the responsibilities of a key executive. Effective June 1, 2026, Michael C. Skarke moved from Executive Vice President and Chief Operating Officer to Executive Vice President and Chief Commercial Officer, continuing to report to the Chief Executive Officer.
Mr. Skarke will focus on building out and commercializing the company’s water infrastructure networks and developing other businesses, including opportunities tied to recent acquisitions and diversification. The company does not plan to appoint a new Chief Operating Officer, and business segment leaders will report directly to the CEO. His compensation will not change with this new role.
Crestview-affiliated entities reported a net sale and restructuring of their stake in Select Water Solutions, Inc. On 2026-05-19, Crestview Partners II SES Investment B, LLC sold a total of 3,250,000 Class A shares in open-market transactions at $18.92 per share. In a related "Redemption" step, Crestview Partners II SES Investment, LLC caused 2,632,760 Common LLC Units of SES Holdings, LLC to be converted into the same number of Class A shares and an equal number of Class B shares was canceled for no consideration.
Following these moves, Crestview Partners II SES Investment B, LLC directly beneficially owns 2,615,972 Class A shares, while Crestview Partners II SES Investment, LLC indirectly holds 11,158,101 Class B shares and 11,158,101 Common LLC Units that are redeemable on a one-for-one basis for Class A shares or, at the issuer's election, cash based on the trailing 10-day VWAP. Crestview Partners II GP, L.P. may be deemed to share voting and dispositive power over these holdings, though each reporting person disclaims beneficial ownership beyond its pecuniary interest.
WTTR filed a Form 144 notice reporting proposed sales of Class A Common Stock by affiliated holders. The filing lists an aggregate figure of 124,353,951 and a date anchor of 05/19/2026. The excerpt also shows specific proposed seller entries by Crestview entities with share counts of 569,760, 2,430,240, and 96,223 dated 04/08/2026.
Select Water Solutions, Inc. director Richard Alan Burnett reported open-market sales of Class A Common Stock over two days. On May 14, 2026, he sold 19,684 shares at a weighted average price of $18.73 per share. On May 15, 2026, he sold an additional 45,316 shares at a weighted average price of $18.74 per share, for total reported sales of 65,000 shares. After these transactions, Burnett directly held 71,578 shares of Select Water Solutions Class A Common Stock.
WTTR: Richard Burnett filed a Form 144 proposing to sell 19,684 shares of Class A Common stock. The filing records proceeds of $368,754.15 tied to the proposed sale dated 05/14/2026. The notice also lists restricted stock vesting events of 19,576 (05/07/2022), 14,705 (05/06/2023), 7,992 (05/05/2024) and 3,043 (05/07/2025). The excerpt shows 124,353,951 shares referenced with date 05/15/2026.