USA Compression Partners, LP USAC
USA Compression Partners, LP (the "Partnership") is a growth-oriented Delaware limited partnership. We are managed by our general partner, USA Compression GP, LLC (the "General Partner"), which is wholly owned by Energy Transfer.
We believe that we are one of the largest independent providers of natural gas compression services in the U.S. in terms of total compression fleet horsepower. We have been providing compression services since 1998 and completed our initial public offering in January 2013. As of December 31, 2025, we had 3.9 million horsepower in our fleet. On January 12, 2026, we acquired all of the equity interests in J-W Energy Company ("J-W Energy") and its subsidiary, J-W Power Company ("J-W Power"), which acquisition we refer to as the J-W Power Acquisition. An additional 1.0 million horsepower was added to our fleet through the J-W Power Acquisition. Please see "Recent Developments" below for additional information on the J-W Power Acquisition.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $998.1M | $950.4M | $846.2M | $704.6M | $632.6M | $667.7M | $698.4M | $584.4M | $276.7M | $263.9M |
| SG&A | $66.3M | $72.7M | $72.7M | $61.3M | $56.1M | $60.0M | $64.4M | $69.0M | $24.9M | $22.7M |
| Total operating expenses | $691.6M | $656.0M | $614.2M | $535.3M | $491.8M | $1.13B | $530.0M | $519.0M | $539.3M | $290.9M |
| Operating income | $306.5M | $294.4M | $232.0M | $169.3M | $140.9M | -$464.9M | $168.4M | $65.3M | -$262.7M | -$27.0M |
| Interest expense | $187.4M | $193.5M | $169.9M | $138.1M | $129.8M | $128.6M | $127.1M | $78.4M | $0 | $21.1M |
| Pre-tax income | $116.2M | $101.8M | $69.6M | $31.3M | $11.2M | -$593.4M | $41.3M | -$13.0M | -$262.9M | -$27.1M |
| Income tax | $4.9M | $2.2M | $1.4M | $1.0M | $874.0K | $1.3M | $2.2M | $2.5M | $1.8M | $163.0K |
| Net income | $111.3M | $99.6M | $68.3M | $30.3M | $10.3M | -$594.7M | $39.1M | -$10.6M | -$264.7M | -$26.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.6M | $14.0K | $11.0K | $35.0K | $0 | $2.0K | $10.0K | $99.0K | $4.0M | $14.2M |
| Receivables | — | — | — | $83.8M | $68.2M | $63.7M | $80.3M | $75.6M | $32.7M | $32.2M |
| Inventory | $134.5M | $133.9M | $114.7M | $93.8M | $85.8M | $84.6M | $91.9M | $89.0M | $33.2M | $29.6M |
| Total current assets | $236.6M | $235.0M | $226.4M | $186.4M | $205.0M | $199.6M | $230.9M | $217.7M | $74.2M | $73.0M |
| Property, plant and equipment | — | — | — | — | — | — | $2.48B | $2.52B | $1.19B | $1.27B |
| Goodwill | — | — | — | — | — | $0 | $619.4M | $619.4M | $253.4M | $35.9M |
| Other intangibles | $186.9M | $216.3M | $245.7M | $275.0M | $304.4M | $333.8M | $363.2M | $392.6M | $198.2M | $75.2M |
| Total assets | $2.62B | $2.75B | $2.74B | $2.67B | $2.77B | $2.95B | $3.73B | $3.77B | $1.72B | $1.47B |
| Accounts payable | — | — | $39.8M | $35.3M | $22.5M | $13.5M | $21.7M | $24.2M | $1.4M | $13.1M |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Total current liabilities | $186.9M | $190.7M | $187.5M | $173.7M | $187.6M | $170.3M | $189.4M | $149.6M | $47.1M | $56.4M |
| Long-term debt | $2.52B | $2.50B | $2.34B | $2.11B | $1.97B | $1.93B | $1.85B | $1.76B | $782.9M | $685.4M |
| Total liabilities | $2.73B | $2.72B | $2.55B | $2.30B | $2.19B | $2.13B | $2.07B | $1.92B | $54.1M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $394.3M | $341.3M | $271.9M | $260.6M | $265.4M | $293.2M | $300.6M | $226.3M | $136.0M | $130.1M |
| Depreciation and amortisation | $255.4M | $235.4M | $216.7M | $207.3M | $209.4M | $209.6M | $202.0M | $186.5M | $146.0M | $134.6M |
| Stock-based compensation | $4.3M | $16.6M | $22.2M | $15.9M | $15.5M | $8.4M | $10.8M | $11.7M | $4.0M | $3.5M |
| Capital expenditure | $117.3M | $204.9M | $238.5M | $134.2M | $45.2M | $109.1M | $171.1M | $266.6M | $157.3M | $61.6M |
| Investing cash flow | -$115.0M | -$202.0M | -$232.7M | -$129.9M | -$39.2M | -$105.1M | -$144.5M | -$779.7M | -$142.5M | -$36.8M |
| Financing cash flow | -$270.8M | -$139.3M | -$39.3M | -$130.6M | -$226.2M | -$188.1M | -$156.2M | $549.4M | -$3.7M | -$90.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001522727-26-000015.
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