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Oil & gas midstream · Energy · Fiscal year ends Dec 31
Archrock reported revenue of $1.5B in the fiscal year ended Dec 2025, up 28.7% from the year before. Operating income was $589M, an operating margin of 39.5%, and net income was $322M. Operating cash flow of $622M less capital expenditure of $502M left free cash flow of $120M. Net debt was $2.4B.
Ranks among the 19 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 781 | 846 | 990 | 1,158 | 1,490 |
| Cost of revenue | 359 | 419 | 449 | 459 | 509 |
| Gross profit | 423 | 262 | 375 | 506 | 724 |
| Selling, general & admin | 107 | 117 | 117 | 139 | 148 |
| Operating incomederived: pre-tax income + interest | 147 | 162 | 254 | 356 | 589 |
| Interest expense | 108 | 101 | 111 | 124 | 165 |
| Pre-tax income | 39.0 | 60.6 | 142 | 232 | 424 |
| Income tax | 10.7 | 16.3 | 37.2 | 60.1 | 101 |
| Net income | 28.2 | 44.3 | 105 | 172 | 322 |
| Diluted EPS | 0.18 | 0.28 | 0.67 | 1.05 | 1.83 |
| Diluted shares | 152 | 153 | 154 | 162 | 175 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.6 | 1.6 | 1.3 | 4.4 | 1.6 |
| Receivables | 105 | 112 | 120 | 132 | 142 |
| Inventory | 72.9 | 84.6 | 81.8 | 89.7 | 110 |
| Current assets | 187 | 232 | 213 | 233 | 304 |
| Net PP&E | 2,227 | 2,199 | 2,302 | 3,324 | 3,658 |
| Goodwill | – | – | 0.0 | 52.2 | 125 |
| Total assets | 2,590 | 2,599 | 2,656 | 3,824 | 4,349 |
| Payables | 38.9 | 64.3 | 61.0 | 57.6 | 43.7 |
| Deferred revenue | 3.8 | 7.3 | 5.7 | 6.9 | 8.4 |
| Current liabilities | 125 | 149 | 152 | 189 | 197 |
| Long-term debt | 1,531 | 1,548 | 1,585 | 2,198 | 2,411 |
| Total liabilities | 1,699 | 1,738 | 1,785 | 2,501 | 2,858 |
| Shareholders' equity | 891 | 861 | 871 | 1,324 | 1,491 |
| Backlog (remaining obligations) | 265 | 310 | 440 | 840 | 851 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 237 | 203 | 310 | 430 | 622 |
| Capital expenditure | 97.9 | 240 | 299 | 359 | 502 |
| Free cash flow | 140 | −36.4 | 11.6 | 70.6 | 120 |
| Depreciation & amortisation | 179 | 164 | 166 | 193 | 257 |
| Stock-based compensation | 11.3 | 11.9 | 13.0 | 14.6 | 19.0 |
| Share buybacks | 2.5 | 2.4 | 8.9 | 13.3 | 70.2 |
| Dividends paid | 89.3 | 90.3 | 95.8 | 110 | 142 |
| Dividend per share | 0.58 | 0.58 | 0.61 | 0.67 | 0.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.2% | 17.1% | 16.9% | 28.7% |
| Operating income growth (YoY) | – | 10.0% | 56.8% | 40.3% | 65.4% |
| EPS growth (YoY) | – | 55.6% | 139.3% | 56.7% | 74.3% |
| Gross margin | 54.1% | 31.0% | 37.9% | 43.7% | 48.6% |
| Operating margin | 18.8% | 19.1% | 25.6% | 30.8% | 39.5% |
| Net margin | 3.6% | 5.2% | 10.6% | 14.9% | 21.6% |
| Return on equityBlank when equity is negative | 3.2% | 5.1% | 12.1% | 13.0% | 21.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.0% | 6.6% | 10.1% | 9.8% | 14.2% |
| Free cash flow margin | 17.9% | −4.3% | 1.2% | 6.1% | 8.0% |
| Cash conversion (CFO ÷ net income) | 8.41x | 4.59x | 2.95x | 2.49x | 1.93x |
| Receivable days | 49 | 48 | 44 | 42 | 35 |
| Inventory days | 74 | 74 | 66 | 71 | 79 |
| Payable days | 40 | 56 | 50 | 46 | 31 |
| Interest cover | 1.36x | 1.60x | 2.28x | 2.88x | 3.56x |
| Debt ÷ equity | 1.72x | 1.80x | 1.82x | 1.66x | 1.62x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,529 | 1,547 | 1,584 | 2,194 | 2,409 |
| Current ratio | 1.49x | 1.56x | 1.40x | 1.24x | 1.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.