v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments
17. Segments
The Company previously managed its business through two operating segments: Contract Services and Other Services. Following the acquisition of DPS, the Company expanded beyond its legacy compression business to include distributed and behind-the-meter power generation and reorganized its reportable segments to reflect this broader energy infrastructure platform.
The Company established a new Power Infrastructure segment to represent its distributed power generation operations, while certain ancillary services associated with the power business that are similar in nature to existing service offerings are included within the Other Services segment. In addition, the Company renamed its Contract Services segment as Compression Infrastructure to better align with its expanded platform.
As a result, effective June 30, 2026, the Company now manages its business through three operating segments: Compression Infrastructure, Power Infrastructure and Other Services. Prior-period segment information has been recast to conform to the current period presentation reflecting the Company’s revised reportable segment structure. The recast includes the renaming of the former Contract Services segment to Compression Infrastructure and the presentation of Power Infrastructure as a separate reportable segment, with certain ancillary services associated with the compression and power businesses continuing to be reported within Other Services. The recast of prior-period segment information had no effect on the Company’s previously reported consolidated financial position, results of operations or cash flows.
Compression Infrastructure consists of operating Company-owned compression, customer-owned compression, and gas treating and cooling infrastructure under fixed-revenue contracts to enable the production, gathering and transportation of natural gas and oil.
Power Infrastructure includes the Company’s distributed and behind-the-meter power generation operations, which primarily consist of providing power generation equipment and associated capacity under structured customer arrangements with fixed monthly payments. These operations are designed to deliver rapid, reliable and scalable onsite power solutions for customers across a range of end markets, including data centers, utilities, industrial facilities and energy infrastructure, particularly in applications where demand for reliable power exceeds available grid capacity.
Other Services consists of a broad range of services to support ancillary needs of customers, including station construction, maintenance and overhaul, freight and crane charges, and other time and material-based offerings, as well as certain ancillary services associated with the compression and power generation businesses that are similar in nature to the Company’s historical service offerings.
Our Chief Executive Officer, also our chief operating decision maker (“CODM”), assesses the performance of each segment based on adjusted gross margin and certain asset measures, including capital expenditures. Total assets by segment are not regularly reviewed or used in the allocation of resources and are not practicably determinable on a consistent basis. Accordingly, total asset information is not presented for each reportable segment. Adjusted gross margin is calculated by subtracting specific costs of service, such as cost of operations, from revenues directly attributable to the segment. Adjusted gross margin is a key tool used by the CODM for annual budgeting, monthly forecasting, and determining how to allocate capital and resources across the segment.
The following tables represent financial metrics by segment:
(in thousands)Compression InfrastructurePower InfrastructureOther
Services		Total
Three Months Ended June 30, 2026
Revenue$315,125 $32,891 $43,104 $391,120 
Cost of operations (exclusive of depreciation and amortization)94,435 11,686 38,235 144,356 
Adjusted gross margin220,690 21,205 4,869 246,764 
Capital expenditures82,197 118,012 — 200,209 
Three Months Ended June 30, 2025
Revenue$293,534 $— $29,309 $322,843 
Cost of operations (exclusive of depreciation and amortization)93,137 — 22,114 115,251 
Adjusted gross margin200,397 — 7,195 207,592 
Capital expenditures82,618 — — 82,618 
Compression InfrastructurePower InfrastructureOther
Services		Total
Six Months Ended June 30, 2026
Revenue$622,110 $32,891 $81,878 $736,879 
Cost of operations (exclusive of depreciation and amortization)184,694 11,686 70,854 267,234 
Adjusted gross margin437,416 21,205 11,024 469,645 
Capital expenditures (1)
182,582 135,997 — 318,579 
Six Months Ended June 30, 2025
Revenue$582,490 $— $69,995 $652,485 
Cost of operations (exclusive of depreciation and amortization)186,372 — 57,340 243,712 
Adjusted gross margin396,118 — 12,655 408,773 
Capital expenditures160,171 — — 160,171 
(1)
Capital expenditures for the three months ended March 31, 2026 included an $18.0 million investment in power generation infrastructure related to the DPS Acquisition. This investment was included within Compression Infrastructure in our first quarter 2026 presentation. As part of the establishment of the Power Infrastructure reportable segment in the second quarter of 2026, the prior-period capital expenditure amount has been reclassified from Compression Infrastructure to Power Infrastructure in the year-to-date presentation to conform to the current-period segment presentation.
The following table reconciles adjusted gross margin to income before income taxes:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)
2026202520262025
Adjusted gross margin:
Compression Infrastructure$220,690 $200,397 $437,416 $396,118 
Power Infrastructure21,205 — 21,205 — 
Other Services4,869 7,195 11,024 12,655 
Depreciation and amortization:
Compression Infrastructure(73,106)(66,135)(141,787)(136,664)
Power Infrastructure(5,544)— (5,544)— 
Selling, general and administrative expenses(40,918)(35,121)(87,045)(67,376)
Loss on sale of assets(2,959)(6,606)(4,220)(15,817)
Interest expense(50,061)(45,755)(98,802)(92,979)
Loss on extinguishment of debt— — (36,512)— 
Other expense, net(939)(546)(1,878)(948)
Income before income taxes$73,237 $53,429 $93,857 $94,989