Select Water Solutions, Inc. announced its financial and operational results for the second quarter ended June 30, 2025. The company reported net income of $11.7 million, a 22.1% sequential increase, and Adjusted EBITDA of $72.6 million, up 13.4% sequentially. Consolidated revenue for the quarter was $364.2 million.
The Water Infrastructure segment continued its strong performance, with revenue increasing 11.7% sequentially to $80.9 million and gross profit rising 17%. Gross margins before D&A for this segment reached 55.2%. The company also secured multiple new long-term contracted Water Infrastructure projects in the Permian, including a 12-year contract in Eddy County, New Mexico, adding approximately 42,000 dedicated acres.
In a significant strategic move, Select closed an asset swap transaction with OMNI Environmental Solutions in July 2025. Select acquired a landfill, processing/treatment plant, disposal facilities, and oil reclamation assets in the Bakken region, while divesting non-core trucking operations in the Northeast, MidCon, and Bakken. This transaction is expected to improve consolidated margins and reduce operational risk.
The company also announced it is formally evaluating capital structure options for its Peak Rentals business, which provides equipment rentals and power solutions, to accelerate its growth and improve access to capital. Scott McNeill was appointed CEO of Peak to lead this strategic development.
For the third quarter of 2025, consolidated Adjusted EBITDA is projected to decline sequentially to $55-$60 million, primarily due to the immediate impacts of the OMNI divestments and reduced macro activity levels. However, the Water Infrastructure segment is expected to see 10% sequential growth in Q4 2025 and 20% year-over-year growth in 2026.
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