Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
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| Condensed Consolidated Balance Sheets | ||
| Accounts receivable, allowance | $ 1,155 | $ 1,205 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
| Common stock, shares issued (in shares) | 184,963,935 | 184,746,759 |
| Treasury stock, common shares (in shares) | 9,699,550 | 9,877,754 |
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | ||||
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Mar. 31, 2026 |
Dec. 31, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
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| Condensed Consolidated Statements of Equity | |||||
| Dividend declared per common stock (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.19 | $ 0.19 |
Description of Business and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2026 | |
| Description of Business and Basis of Presentation | |
| Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation We are an energy infrastructure company with a primary focus on midstream natural gas compression. We are a premier provider of natural gas compression services, in terms of total compression fleet horsepower, to customers in the energy industry throughout the U.S., and a leading supplier of aftermarket services to customers that own compression equipment in the U.S. Our business supports a must–run service that is essential to the production, processing, transportation and storage of natural gas. We operate in two business segments: contract operations and aftermarket services. Our contract operations business primarily includes designing, sourcing, owning, installing, operating, servicing, repairing and maintaining our owned fleet of natural gas compression equipment to provide natural gas compression services to our customers. Our aftermarket services business provides a full range of services to support the compression needs of our customers that own compression equipment, including operations, maintenance, overhaul and reconfiguration services and sales of parts and components. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to this Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our 2025 Form 10-K. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
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Recent Accounting Developments |
3 Months Ended |
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Mar. 31, 2026 | |
| Recent Accounting Developments | |
| Recent Accounting Developments | 2. Recent Accounting Developments Accounting Standards Updates Implemented Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends Topic 326 to provide for a practical expedient for all entities and an accounting policy election for entities other than public business entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB ASU 2016-10, Revenue from Contracts with Customers (Topic 606). All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. We adopted ASU 2025-05 on January 1, 2026 and elected the practical expedient. The adoption did not have a material impact on our condensed consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. We adopted ASU 2023-09 retrospectively during the year ended December 31, 2025. Business Combinations – Joint Venture Formations In August 2023, the FASB issued ASU 2023-05, to reduce diversity in practice and provide decision-useful information to a joint venture’s investors by requiring that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture will recognize and initially measure its assets and liabilities at fair value, with exceptions to fair value measurement that are consistent with the business combinations guidance, on the date of formation. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information to do so. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or been made available for issuance, either prospectively or retrospectively. We adopted ASU 2023-05 during the three months ended March 31, 2025 and its adoption had no impact on our condensed consolidated financial statements. Accounting Standards Updates Not Yet Implemented Accounting for Internal-Use Software Costs In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 removes all references to software project development stages in Subtopic 350-40 and clarifies cost capitalization may begin when (1) management has authorized and committed to funding the project and (2) it is probable the project will be completed, and the software will be used to perform its intended function and provides new examples to illustrate its application. ASU 2025-06 specifies that the property, plant and equipment disclosure requirements apply to capitalized software costs accounted for under Subtopic 350-40, regardless of how those costs are presented in the financial statements. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), which will require tabular disclosures about certain expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Entities are required to adopt ASU 2024-03 prospectively with the option for retrospective application. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.
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Business Transactions |
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| Business Transactions | 3. Business Transactions NGCS Acquisition On May 1, 2025, we completed the NGCS Acquisition, whereby we acquired all of the issued and outstanding equity interests in NGCS, including a fleet of approximately 326,000 operating horsepower and an 18,000 horsepower backlog of contracted new equipment, for aggregate total consideration of $349.4 million. Total consideration consisted of $296.5 million in cash, of which we paid $265.1 million to NGCSI sellers and $31.4 million to NGCSE sellers, and approximately 2.3 million shares of common stock issued to NGCSE sellers with an NGCS acquisition date fair value of $53.0 million. The cash portion of the purchase price was funded with borrowings under the Credit Facility. In accordance with the terms of the Merger Agreement, customary post-closing adjustments were made during the third quarter of 2025, resulting in a reduction to the purchase price of approximately $2.0 million. The NGCS Acquisition was accounted for using the acquisition method of accounting, which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the NGCS acquisition date. The excess of the consideration transferred over those fair values is recorded as goodwill. The preliminary allocation of the purchase price, which is subject to certain adjustments, was based upon preliminary valuations. Our estimates and assumptions are subject to change upon the completion of management’s review of the final valuations. We are in the process of finalizing valuations related to deferred tax liabilities, tax contingencies and goodwill, which could impact future income tax expense. The final valuation of net assets acquired is expected to be completed as soon as practicable, but no later than one year from the NGCS acquisition date. The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed as of the NGCS acquisition date:
Goodwill The amount of goodwill resulting from the NGCS Acquisition is attributable to the expansion of our services in the Permian Basin where we currently operate and was allocated to our contract operations segment. The goodwill recorded is considered to have an indefinite life and will be reviewed annually for impairment or more frequently if indicators of potential impairment exist. None of the goodwill recorded for the NGCS Acquisition is expected to be deductible for U.S. federal income tax purposes. Tax Contingency and Indemnification We recorded a non-income tax-based contingency of $0.5 million and a corresponding indemnification asset of $0.5 million based on facts existing on the NGCS acquisition date. The non-income tax-based contingency arose from pre-acquisition activity at NGCS. As part of the NGCS Acquisition, the sellers agreed to indemnify us for certain non-income tax and environmental contingencies up to $11.4 million as of the NGCS acquisition date. Dependent upon facts and circumstances, the sellers’ indemnification obligation may be reduced over a period of four years from the NGCS acquisition date but may also be extended until the resolution of claims timely submitted to the sellers. Results of Operations The results of operations attributable to the NGCS Acquisition have been included in our condensed consolidated financial statements as part of our contract operations segment since the NGCS acquisition date. We are unable to provide earnings attributable to the assets acquired and liabilities assumed since the NGCS acquisition date, as we do not prepare full stand-alone earnings reports for those assets and liabilities. Transaction-Related Costs The following table presents transaction-related costs incurred in connection with the NGCS Acquisition by cost type:
(1) Professional fees include legal, advisory, consulting and other fees. (2) Compensation-related costs include amounts related to NGCSI employee retention and severance associated with the NGCS Acquisition. Payments are due and payable at various times up to and including the one-year anniversary of the NGCS Acquisition. Valuation Methodologies The valuation methodologies and significant inputs for fair value measurements associated with the NGCS Acquisition are detailed by significant asset class below. The fair value measurements for property, plant and equipment and intangible assets are based on significant inputs that are not observable in the market and therefore represent Level 3 measurements. Property, Plant and Equipment Property, plant and equipment is primarily comprised of natural gas and electric motor drive compression equipment that will depreciate on a straight-line basis over an estimated average remaining useful life of 15 years. The fair value of the property, plant and equipment was determined using both the cost and market approach. For most of the compression equipment, we estimated the replacement cost using the direct cost method by evaluating recent purchases of similar assets or published data, then adjusting the replacement cost for physical deterioration and functional and economic obsolescence, as applicable. For certain compression equipment, we then considered the market approach by comparing our estimated dollar per horsepower to market comparables and market participant assumptions and adjusted as necessary. Other fixed assets were valued using the indirect cost method, whereby we applied asset-specific trend information using published indexes to calculate the estimated replacement cost of assets that were identified to be reflected at historical cost. Other assets were depreciated based on published normal useful life estimates and prior experience with similar assets. Intangible Assets The intangible assets consist of customer relationships and trade names that have estimated useful lives of 12 years and five years, respectively. The amount of intangible assets and their associated useful lives were determined based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows. The fair value of the identifiable intangible assets related to customer relationships was determined using the multi-period excess earnings method, which is a specific application of the discounted cash flow method, an income approach, whereby we estimated and then discounted the future cash flows of the intangible asset by adjusting overall business revenue for attrition, obsolescence, cost of sales, operating expenses, taxes and the required returns attributable to other contributory assets acquired. Significant estimates made in arriving at expected future cash flows included our expected customer attrition rate and the amount of earnings attributable to the assets. To discount the estimated future cash flows, we utilized a discount rate that was at a premium to our WACC to reflect the less liquid nature of the customer relationships relative to the tangible assets acquired. The trade name fair market value was measured using the relief-from-royalty method under the income approach, whereby we calculated the royalty savings by estimating a reasonable royalty rate that a third party would negotiate in a licensing agreement expressed as a percentage of total revenue involving a trade name. The revenue related to the trade name was multiplied by the selected royalty rate over the estimated expected useful life of the trade name to arrive at the royalty savings. The royalty savings were tax effected and discounted to present value using a discount rate commensurate with the risk profile of the trade name relative to our WACC and the return on the other acquired assets. |
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Inventory |
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| Inventory | 4. Inventory Inventory is comprised of the following:
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Property, Plant and Equipment, Net |
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| Property, Plant and Equipment, Net | 5. Property, Plant and Equipment, Net Property, plant and equipment, net is comprised of the following:
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Investments in Unconsolidated Affiliates and Other Strategic Investments |
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Mar. 31, 2026 | |
| Investments in Unconsolidated Affiliates and Other Strategic Investments | |
| Investments in Unconsolidated Affiliates and Other Strategic Investments | 6. Investments in Unconsolidated Affiliates and Other Strategic Investments Investment in FGC Holdco In October 2024, we, together with ColdStream, entered into a limited liability agreement with FGC Holdco, a company that designs, manufactures and sells MaCH4 NRS equipment through distributors. As of the effective date of the agreement, FGC Holdco had initial authorized capital of 1.0 million units, with 68% of its units issued to ColdStream and 32% of its units issued to us at a cost of $0.001 per unit. Subject to certain contractual provisions, we are obligated to fund, as capital contributions, our proportionate share of FGC Holdco’s general, administrative and operational costs and expenses. During the three months ended March 31, 2026 and 2025, we invested $0.4 million and $0.2 million, respectively, in FGC Holdco, and as of March 31, 2026 and December 31, 2025, the carrying value of our investment in FGC Holdco, including transaction costs of $0.2 million, was $0.1 million and $0.2 million, respectively, which is included in other assets in our condensed consolidated balance sheets. We determined FGC Holdco is a VIE over which we do not have the power to direct the activities that most significantly impact economic performance and therefore are not the primary beneficiary. The board of directors of FGC Holdco have control over the activities that most significantly impact the economic performance, and while we have voting rights through board participation, we do not have the ability to control board decisions. We apply the equity method of accounting to account for this investment. The carrying value of our equity investment is impacted by our share of investee income or loss, distributions, amortization or accretion of basis differences and other-than-temporary impairments. As of March 31, 2026, we had a $0.2 million basis difference between the cost of our investment and our proportionate share of the carrying value of FGC Holdco’s underlying net assets. The basis difference is primarily attributed to intangible assets and is being amortized over the estimated useful life. Basis differences are updated as needed to reflect the impact of additional capital contributions. We recognized losses of $0.5 million related to our investment in FGC Holdco for the three months ended March 31, 2026, which is included in equity in net loss of unconsolidated affiliate, in our condensed consolidated statements of operations. The investment is included in other assets in our condensed consolidated balance sheets. Cash contributions are included in the investing activities section of our condensed consolidated statements of cash flows. See Note 16 (“Related Party Transactions”) for further details. Investment in Ionada We are the lead investor in a series A preferred financing round for Ionada, a global carbon capture technology company committed to reducing GHG emissions and creating a sustainable future. We have elected the fair value measurement alternative to account for this investment. See Note 15 (“Fair Value Measurements”) for further details. On March 13, 2026, we invested an additional $1.3 million in Ionada and as a result, the carrying value of our investment in Ionada at March 31, 2026 was $6.8 million, including transaction costs of $0.5 million, and is included in other assets in our condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, we had a fully diluted ownership equity interest in Ionada of 16% and 12%, respectively. Subject to certain contractual conditions, we may invest on the same terms and conditions as the initial and secondary investments up to $4.8 million prior to July 2026, for a fully diluted ownership interest up to 24%. Investment in ECOTEC We hold a 25% equity interest in ECOTEC, a company specializing in methane emissions detection, monitoring and management. We have elected the fair value option to account for this investment, and during the three months ended March 31, 2026 and 2025, we did not recognize unrealized gains or losses related to the change in fair value of our investment. Changes in the fair value of this investment are recognized in other income, net in our condensed consolidated statements of operations. See Note 15 (“Fair Value Measurements”) for further details. Other Strategic Investments In December 2025, we entered into a SAFE with Shoreline AI, a software-as-a-service company, focused on predictive maintenance for energy infrastructure assets. We have elected the fair value measurement alternative to account for this investment and as of March 31, 2026 and December 31, 2025, the carrying value of our investment was equal to its $5.2 million cost, including transaction costs of $0.2 million, and is included in other assets in our condensed consolidated balance sheets.
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Long-Term Debt |
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| Long-Term Debt | 7. Long-Term Debt Long–term debt is comprised of the following:
Credit Facility Third Amendment to the Amended and Restated Credit Agreement In December 2025, we amended our Amended and Restated Credit Agreement to, among other things, remove the 0.10% per annum credit spread adjustment that was previously included in the calculation of the interest rate applicable to the loans made under the Credit Facility, decrease the applicable margin for all borrowings by 0.25% per annum such that the applicable margin for borrowings varies and decrease the commitment fee payable on the daily unused amount of the Credit Facility from 0.375% per annum to 0.25% per annum when less than 50% of the Credit Facility is utilized. We did not incur any transaction costs related to the Third Amendment to the Amended and Restated Credit Agreement. As of March 31, 2026, there were $2.6 million letters of credit outstanding under the Credit Facility and the applicable margin on borrowings outstanding was 1.4%. The weighted average annual interest rate on the outstanding balance under the Credit Facility was 5.1% and 5.8% at March 31, 2026 and December 31, 2025, respectively. We incurred $0.7 million and $0.6 million of commitment fees on the daily unused amount of the Credit Facility during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we were in compliance with all covenants under our Amended and Restated Credit Agreement. Additionally, all undrawn capacity on our Credit Facility was available for borrowings as of March 31, 2026. Second Amendment to the Amended and Restated Credit Agreement In May 2025, we amended our Amended and Restated Credit Agreement to, among other things, increase the borrowing capacity of the Credit Facility from $1.1 billion to $1.5 billion and to provide for the ability for the borrowers to request additional increases in the aggregate commitments under the Credit Facility to a total amount not to exceed $2.3 billion (with any increase being at the discretion of the lenders and subject to the satisfaction of certain conditions set forth in the Amended and Restated Credit Agreement). During the year ended December 31, 2025, we incurred $1.9 million in transaction costs related to the Second Amendment to the Amended and Restated Credit Agreement, which were included in other assets in our condensed consolidated balance sheets and are being amortized over the remaining term of the Credit Facility. First Amendment to the Amended and Restated Credit Agreement In August 2024, we amended our Amended and Restated Credit Agreement to, among other things:
We incurred $2.6 million in transaction costs related to the First Amendment to the Amended and Restated Credit Agreement, which were included in other assets in our condensed consolidated balance sheets and are being amortized over the remaining term of the Credit Facility. 2034 Notes On January 21, 2026, we completed a private offering of $800.0 million aggregate principal amount of 6.0% senior notes due 2034 and received net proceeds of $789.4 million after deducting issuance costs. In January 2026, the approximately $10.6 million of issuance costs were recorded as deferred financing costs within long-term debt in our condensed consolidated balance sheets and are being amortized to interest expense in our condensed consolidated statement of operations over the term of the notes. The net proceeds were used to repay borrowings outstanding under our Credit Facility. The 2034 Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the U.S. except pursuant to a registration exemption under the Securities Act and applicable state securities laws. We offered and issued the 2034 Notes only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act. The 2034 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by us, and by all of our existing subsidiaries, other than Archrock Services, L.P. and Archrock Partners Finance Corp., which are the issuers of the 2034 Notes. The 2034 Notes and the guarantees rank equally in right of payment with all of our and the guarantors’ existing and future senior unsecured indebtedness. We may, at our option, redeem all or part of the 2034 Notes at any time on or after February 1, 2029, at specified redemption prices, plus any accrued and unpaid interest. In addition, prior to February 1, 2029, we may redeem up to 40% of the 2034 Notes, in an amount equal to the net cash proceeds of one or more equity offerings, at a specified redemption price, plus any accrued and unpaid interest. We may also redeem all or part of the 2034 Notes at any time prior to February 1, 2029 at a redemption price equal to the principal amount and a make whole premium, plus any accrued and unpaid interest. The indenture governing the 2034 Notes contains covenants that, among other things, limit our ability to pay dividends on, repurchase or redeem our common stock or repurchase or redeem subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred securities; create or incur certain liens; sell assets; consolidate, merge or transfer all or substantially all of our assets; enter into agreements that restrict distributions or other payments from our restricted subsidiaries to us; engage in transactions with affiliates; and create unrestricted subsidiaries. If the 2034 Notes achieve an investment grade rating from any two out of three of Moody’s Investors Service, Inc., Fitch Ratings, Inc. and S&P Global Ratings and no default has occurred and is continuing, many of these covenants will terminate. The indenture governing the 2034 Notes also contains customary events of default. 2032 Notes In August 2024, we completed a private offering of $700.0 million aggregate principal amount of 6.625% senior notes due September 2032 and received net proceeds of $690.0 million after deducting issuance costs. The $10.0 million of issuance costs were recorded as deferred financing costs within long-term debt in our condensed consolidated balance sheets and are being amortized to interest expense in our condensed consolidated statement of operations over the term of the notes. A portion of the net proceeds were used to fund a portion of the cash consideration for the TOPS Acquisition, the 2027 Notes Tender Offer and to repay borrowings outstanding under our Credit Facility. The 2032 Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the U.S. except pursuant to a registration exemption under the Securities Act and applicable state securities laws. We offered and issued the 2032 Notes only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act. The 2032 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by us, and by all of our existing subsidiaries, other than Archrock Partners, L.P. and Archrock Partners Finance Corp., which are the issuers of the 2032 Notes. The 2032 Notes and the guarantees rank equally in right of payment with all of our and the guarantors’ existing and future senior unsecured indebtedness. We may, at our option, redeem all or part of the 2032 Notes at any time on or after September 1, 2027, at specified redemption prices, plus any accrued and unpaid interest. In addition, prior to September 1, 2027, we may redeem up to 40% of the 2032 Notes, in an amount equal to the net cash proceeds of one or more equity offerings, at a specified redemption price, plus any accrued and unpaid interest. We may also redeem all or part of the 2032 Notes at any time prior to September 1, 2027 at a redemption price equal to the principal amount and a make whole premium, plus any accrued and unpaid interest. The indenture governing the 2032 Notes contains covenants that, among other things, limit our ability to pay dividends on, repurchase or redeem our common stock or repurchase or redeem subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred securities; create or incur certain liens; sell assets; consolidate, merge or transfer all or substantially all of our assets; enter into agreements that restrict distributions or other payments from our restricted subsidiaries to us; engage in transactions with affiliates; and create unrestricted subsidiaries. If the 2032 Notes achieve an investment grade rating from each of Moody’s Investors Service, Inc. and S&P Global Ratings and no default has occurred and is continuing, many of these covenants will terminate. The indenture governing the 2032 Notes also contains customary events of default. 2028 Notes In December 2020, we completed a private offering of $300.0 million aggregate principal amount of 6.25% senior notes due April 2028, which were issued pursuant to the indenture under which we completed a private offering of $500.0 million aggregate principal amount of 6.25% senior notes in December 2019. The notes of the two offerings have identical terms and are treated as a single class of securities. The $300.0 million of notes were issued at 104.875% of their face value and have an effective interest rate of 5.6%. The $500.0 million of notes were issued at 100% of their face value and have an effective interest rate of 6.8%. The net proceeds from the 2028 Notes were used to repay borrowings outstanding under our Credit Facility. Issuance costs related to the 2028 Notes were considered deferred financing costs, and together with the issue premium of the December 2020 offering of 2028 Notes, were recorded within long-term debt in our consolidated balance sheets and were being amortized to interest expense in our consolidated statements of operations over the terms of the notes. 2028 Notes Redemption On April 1, 2026, we repurchased our 2028 Notes. The 2028 Notes were redeemed at 100% of their $800.0 million aggregate principal amount plus accrued and unpaid interest of approximately $25.0 million with borrowings under the Credit Facility. We recorded a debt extinguishment gain of $0.7 million during the second quarter of 2026 due to the write-off of unamortized debt premium of $4.0 million, which was partially offset by the write-off of unamortized debt issuance costs of $3.3 million. 2027 Notes In March 2019, we completed a private offering of $500.0 million aggregate principal amount of 6.875% senior notes due April 2027 and received net proceeds of $491.2 million after deducting issuance costs of $8.8 million. The $500.0 million of notes were issued at 100% of their face value and have an effective interest rate of 7.9%. The net proceeds from the 2027 Notes were used to repay borrowings outstanding under our Credit Facility. Issuance costs related to the 2027 Notes were considered deferred financing costs and were recorded within long-term debt in our consolidated balance sheets and were being amortized to interest expense in our consolidated statements of operations over the terms of the notes. 2027 Notes Tender Offer In connection with the offering of the 2032 Notes, we completed a concurrent cash tender offer of $202.0 million, which reflects approximately 101% of the $200.0 million aggregate principal amount of the tendered 2027 Notes and $0.2 million of agent and legal fees. On the date of tender, the net carrying value of the tendered 2027 Notes was $198.8 million and during the third quarter of 2024, we recorded a debt extinguishment loss of $3.2 million in our condensed consolidated statements of operations. 2027 Notes Redemption In November 2025, we repurchased our 2027 Notes. The 2027 Notes were redeemed at 100% of their $300.0 million aggregate principal amount plus accrued and unpaid interest of approximately $2.6 million with borrowings under the Credit Facility. We recorded a debt extinguishment loss of $0.9 million related to unamortized debt issuance costs during the fourth quarter of 2025. |
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Commitments and Contingencies |
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Mar. 31, 2026 | |
| Commitments and Contingencies. | |
| Commitments and Contingencies | 8. Commitments and Contingencies Insurance Matters Our business can be hazardous, involving unforeseen circumstances such as uncontrollable flows of natural gas or well fluids and fires or explosions. As is customary in our industry, we review our safety equipment and procedures and carry insurance against some, but not all, risks of our business. Our insurance coverage includes property damage, general liability and commercial automobile liability and other coverage we believe is appropriate. We believe that our insurance coverage is customary for the industry and adequate for our business, however, losses and liabilities not covered by insurance would increase our costs. Additionally, we are substantially self–insured for workers’ compensation and employee group health claims in view of the relatively high per–incident deductibles we absorb under our insurance arrangements for these risks. Losses up to the deductible amounts are estimated and accrued based upon known facts, historical trends and industry averages. We are also self–insured for property damage to our offshore assets. Tax Matters We are subject to a number of state and local taxes that are not income–based. As many of these taxes are subject to audit by the taxing authorities, it is reasonably possible that an audit could result in additional taxes due. We accrue for such additional taxes when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the liability. As of March 31, 2026 and December 31, 2025, we accrued $6.6 million and $7.9 million, respectively, for the outcomes of non–income–based tax audits. We do not expect that the ultimate resolutions of these audits will result in a material variance from the amounts accrued. We do not accrue for unasserted claims for tax audits unless we believe the assertion of a claim is probable, it is probable that it will be determined that the claim is owed and we can reasonably estimate the claim or range of the claim. We believe the likelihood is remote that the impact of potential unasserted claims from non–income–based tax audits could be material to our condensed consolidated financial position, but it is reasonably possible that the resolution of future audits could be material to our condensed consolidated results of operations or cash flows. As of March 31, 2026 and December 31, 2025, $2.9 million and $3.1 million, respectively, of the tax contingencies mentioned above had an offsetting indemnification asset. We settled certain sales and use tax audits for which we recorded a net benefit of $27.8 million during the year ended December 31, 2025, which was primarily reflected as a decrease to cost of sales, exclusive of depreciation and amortization. For subsequent open certain sales and use tax periods, we recorded tax credits as a net benefit of $8.0 million during the year ended December 31, 2025, which was primarily reflected as a decrease to cost of sales, exclusive of depreciation and amortization. As of March 31, 2026, these settlements and credits were reflected in our condensed consolidated balance sheet as a $6.1 million tax refund receivable and an offsetting $0.3 million in accrued liabilities and $1.0 million in other liabilities. As of December 31, 2025, these settlements and credits were reflected in our condensed consolidated balance sheet as a $41.5 million tax refund receivable and an offsetting $9.9 million in accrued liabilities and $1.0 million in other liabilities. Litigation and Claims In the ordinary course of business, we are involved in various pending or threatened legal actions. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows, including our ability to pay dividends. However, because of the inherent uncertainty of litigation and arbitration proceedings, we cannot provide assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows, including our ability to pay dividends.
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Stockholders' Equity |
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| Stockholders' Equity | 9. Stockholders’ Equity NGCS Acquisition In May 2025, we completed the NGCS Acquisition and issued approximately 2.3 million shares of common stock to NGCSE sellers as part of the acquisition purchase price. The NGCS acquisition date fair value was $53.0 million and is reflected in common stock and additional paid-in capital in our condensed consolidated statements of equity. See Note 3 (“Business Transactions”) for further details. Share Repurchases Share Repurchase Program Our Board of Directors authorized the Share Repurchase Program in April 2023 that allowed us to repurchase and retire up to $50.0 million of outstanding common stock. Between April 2024 and October 2025, extensions of the Share Repurchase Program were approved by our Board of Directors to repurchase and retire outstanding common stock through December 31, 2026. As of March 31, 2026, available capacity under the Share Repurchase Program was $113.2 million. Under the Share Repurchase Program, shares of our common stock may be repurchased periodically, including in the open market, privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, at any time. Since April 2023 and through March 31, 2026, we have repurchased 4,632,263 shares of common stock at an average price of $20.91 per share, for an aggregate of $96.9 million. As of March 31, 2026, we have retired all of the shares of common stock that had been previously repurchased under the Share Repurchase Program. Shares Withheld Related to Net Settlement of Equity Awards The 2020 Plan allows us to withhold shares upon vesting of restricted stock at the then-current market price to cover taxes required to be withheld on the vesting date. The following table summarizes shares repurchased and shares withheld:
Cash Dividends The following table summarizes our dividends declared and paid in each of the quarterly periods of 2026 and 2025:
On April 30, 2026, our Board of Directors declared a quarterly dividend of $0.22 per share of common stock, or approximately $38.7 million, to be paid on May 19, 2026 to stockholders of record at the close of business on May 12, 2026. |
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Revenue from Contracts with Customers |
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| Revenue from Contracts with Customers | 10. Revenue from Contracts with Customers The following table presents our revenue from contracts with customers by segment and disaggregated by revenue source:
(1) Primarily relates to fees associated with owned non-compression equipment. (2) Includes $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively, related to billable maintenance on owned compressors that was recognized at a point in time. All other contract operations revenue is recognized over time. (3) Services revenue within aftermarket services is recognized over time. OTC parts and components sales are recognized at a point in time. See Note 17 (“Segments”) for further details. Performance Obligations As of March 31, 2026, we had $864.6 million of remaining performance obligations related to our contract operations segment, which will be recognized through 2032 as follows:
(1) Performance obligations are expected to be $1.4 million and $0.7 million during the years ending December 31, and , respectively. We do not disclose the aggregate transaction price for the remaining performance obligations for aftermarket services as there are no contracts with customers with an original contract term that is greater than one year. Receivables from Contracts with Customers As of March 31, 2026 and December 31, 2025, our receivables from contracts with customers, net of allowance for credit losses, were $144.4 million and $128.9 million, respectively. Allowance for Credit Losses The changes in our allowance for credit losses are as follows:
Contract Liabilities Freight billings to customers for the transport of compression assets, customer–specified modifications of compression assets and milestone billings on aftermarket services often result in a contract liability. As of March 31, 2026 and December 31, 2025, our contract liabilities were $11.5 million and $12.0 million, respectively, which are included in deferred revenue and other long-term liabilities in our condensed consolidated balance sheets. During the three months ended March 31, 2026 and 2025, we deferred revenue of $5.7 million and $5.2 million, respectively, and recognized revenue of $6.3 million and $3.7 million, respectively. The revenue recognized and deferred during the periods is primarily related to freight billings for contract operations and milestone billings for aftermarket services. |
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Long-Lived and Other Asset Impairment |
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| Long-Lived and Other Asset Impairment | 11. Long-Lived and Other Asset Impairment Compression Fleet We periodically review the future deployment of our idle compression assets for units that are not of the type, configuration, condition, make or model that are cost efficient to maintain and operate. Based on these reviews, we determine that certain idle compressors should be retired from the active fleet. The retirement of these units from the active fleet triggers a review of these assets for impairment and as a result of our review, we may record an asset impairment to reduce the book value of each unit to its estimated fair value. The fair value of each unit is estimated based on the expected net sale proceeds compared to other fleet units we recently sold, a review of other units recently offered for sale by third parties or the estimated component value of the equipment we plan to use. In connection with our review of our idle compression assets, we evaluate for impairment idle units that were culled from our fleet in prior years and are available for sale. Based on that review, we may reduce the expected proceeds from disposition and record additional impairment to reduce the book value of each unit to its estimated fair value. The following table presents the results of our compression fleet impairment review as recorded in our contract operations segment:
See Note 15 (“Fair Value Measurements”) for further details. |
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Restructuring Charges |
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| Restructuring Charges | 12. Restructuring Charges During the second quarter of 2025, management approved and initiated a plan to exit certain facilities that were no longer deemed economical for our business, and during the first quarter of 2026, we continued to execute the plan and incurred $0.1 million of costs to exit these facilities. The facility closure costs incurred under the above restructuring plan were recorded to restructuring charges in our condensed consolidated statements of operations. We expect to incur additional restructuring charges of $0.2 million to $0.4 million over the next three months related to these restructuring activities. During the first quarter of 2025, management approved and executed a plan to exit a facility no longer deemed economical for our business, and in the first quarter of 2025, we incurred $0.7 million of costs to exit this facility. The severance and property disposal costs incurred under the above restructuring plan were recorded to restructuring charges in our condensed consolidated statements of operations. We do not expect to incur additional restructuring charges related to these restructuring activities. The following table presents restructuring charges incurred by segment:
The following table presents restructuring charges incurred by cost type:
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Income Taxes |
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Mar. 31, 2026 | |
| Income Taxes | |
| Income Taxes | 13. Income Taxes Effective Tax Rate The year-to-date effective tax rate for the three months ended March 31, 2026 differed significantly from our statutory rate primarily due to state taxes, unrecognized tax benefits and the limitation on executive compensation partially offset by the benefit from equity-settled long term incentive compensation. |
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| Earnings Per Common Share | 14. Earnings Per Common Share Basic earnings per common share is computed using the two–class method, which is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Under the two–class method, basic earnings per common share is determined by dividing net income, after deducting amounts allocated to participating securities, by the weighted average number of common shares outstanding for the period. Participating securities include unvested restricted stock and stock–settled restricted stock units that have nonforfeitable rights to receive dividends or dividend equivalents, whether paid or unpaid. During periods of net loss, only distributed earnings (dividends) are allocated to participating securities, as participating securities do not have a contractual obligation to participate in our undistributed losses. Diluted earnings per common share is computed using the weighted average number of common shares outstanding adjusted for the incremental common stock equivalents attributed to outstanding performance–based restricted stock units and stock to be issued pursuant to our ESPP unless their effect would have been anti–dilutive. The following table shows the calculation of net income attributable to common stockholders, which is used in the calculation of basic and diluted earnings per common share, potential shares of common stock that were included in computing diluted earnings per common share and the potential shares of common stock issuable that were excluded from computing diluted earnings per common share as their inclusion would have been anti–dilutive:
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Fair Value Measurements |
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| Fair Value Measurements | 15. Fair Value Measurements The accounting standard for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value into the following three categories:
Assets and Liabilities Measured at Fair Value on a Recurring Basis Investment in ECOTEC As of March 31, 2026, we owned a 25% equity interest in ECOTEC in which we have elected the fair value option to account for this investment. There were no purchases of equity interests or unrealized changes in the fair value of our investment in ECOTEC recognized during both the three months ended March 31, 2026 and 2025. The fair value of our investment in ECOTEC at both March 31, 2026 and December 31, 2025 was $14.6 million, and is included in other assets in our condensed consolidated balance sheets. The fair value determination of this investment primarily consisted of unobservable inputs, which creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement, which was valued through an average of an income approach (discounted cash flow method) and a market approach (guideline public company method), are the WACC and the revenue multiples. Significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement. This fair value measurement is classified as . See Note 6 (“Investments in Unconsolidated Affiliates and Other Strategic Investments”) for further details. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Investments in Unconsolidated Affiliates and Other Strategic Investments As of March 31, 2026 and December 31, 2025, the carrying value of our investments in which we have elected the fair value measurement alternative was $12.0 million and $10.6 million, respectively, and is included in other assets in our condensed consolidated balance sheets. There were no upward adjustments, impairments or downward adjustments to the carrying value of these investments as of both March 31, 2026 and December 31, 2025. See Note 6 (“Investments in Unconsolidated Affiliates and Other Strategic Investments”) for further details. Compression Fleet During the three months ended March 31, 2026, we recorded nonrecurring fair value measurement adjustments related to our idle compressors. Our estimate of the compression fleet’s fair value was primarily based on the expected net sale proceeds compared with other fleet units we recently sold and/or a review of other units recently offered for sale by third parties, or the estimated component value of the equipment we plan to use. We discounted the expected proceeds, net of selling and other carrying costs, using a weighted average disposal period of four years. These fair value measurements are classified as Level 3. The fair value of our impaired compression fleet as of March 31, 2026 and December 31, 2025 was as follows:
The significant unobservable inputs used to develop the above fair value measurements were weighted by the relative fair value of the compression fleet being measured. Additional quantitative information related to our significant unobservable inputs follows:
(1) Calculated based on an estimated discount for market liquidity of 20% and 19% as of March 31, 2026 and December 31, 2025, respectively. See Note 11 (“Long-Lived and Other Asset Impairment”) for further details. Other Financial Instruments The carrying amounts of our cash, accounts receivable and accounts payable approximate fair value due to the short–term nature of these instruments. The carrying amount of borrowings outstanding under our Credit Facility approximates fair value due to its variable interest rate. The fair value of these outstanding borrowings is a Level 3 measurement. The fair value of our fixed rate debt is estimated using yields observable in active markets, which are Level 2 inputs, and was as follows:
(1) Carrying amounts exclude unamortized premium and deferred financing costs. See Note 7 (“Long-Term Debt”) for further details.
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| Related Party Transactions | 16. Related Party Transactions ECOTEC During both the three months ended March 31, 2026 and March 31, 2025, we made purchases of $0.2 million, from our unconsolidated affiliate ECOTEC. FGC Holdco During the three months ended March 31, 2026, we made no purchases from our unconsolidated affiliate FGC Holdco, whereas during the three months ended March 31, 2025, we made purchases of $1.9 million from our unconsolidated affiliate to sell to third parties or for use in our operations. The carrying value of assets and liabilities recognized in our condensed consolidated balance sheets related to our variable interests in FGC Holdco and our maximum exposure to loss related to our involvement with an unconsolidated VIE were as follows:
Hilcorp From August 2019 to present, our Board of Directors has included a member affiliated with our customer Hilcorp or its subsidiaries or affiliates. Revenue from Hilcorp and affiliates was $9.0 million and $11.1 million during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, there were no used equipment sales to Hilcorp and affiliates, whereas during the three months ended March 31, 2025, we recorded a sale of used equipment to Hilcorp and affiliates of $9.9 million. Accounts receivable, net due from Hilcorp and affiliates was $0.1 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. Shoreline AI During the three months ended March 31, 2026, we made no purchases from our unconsolidated affiliate Shoreline AI for use in our operations. |
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Segments |
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| Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 17. Segments We manage our business segments primarily based on the type of product or service provided. We have two segments that we operate within the U.S.: contract operations and aftermarket services. Our contract operations segment primarily provides natural gas compression services to meet specific customer requirements. Our aftermarket services segment provides a full range of services to support the compression needs of customers, from parts sales and normal maintenance services to full operation of a customer’s owned assets. Our CODM is our President & Chief Executive Officer. Our CODM evaluates the performance of our segments and allocates resources primarily based on adjusted gross margin, defined as revenue less cost of sales, exclusive of depreciation and amortization, which are key components of segment operations. Adjusted gross margin is the primary measure used by our CODM to evaluate segment performance because it focuses on the current performance of segment operations and excludes the impact of the prior historical costs of assets acquired or constructed that are utilized in those operations, the indirect costs associated with our SG&A activities, our financing methods and income taxes. Our CODM considers adjusted gross margin forecast to actual results and period over period financial variances in conjunction with product and customer service metrics and market trends when assessing segment performance and deciding how to allocate resources. Summarized financial information for our reporting segments is shown below:
The following table reconciles gross margin, the most directly comparable GAAP measure, to adjusted gross margin:
The following table reconciles adjusted gross margin to income before income taxes:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ 73,794 | $ 70,850 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Description of Business and Basis of Presentation. | |
| Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to this Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our 2025 Form 10-K. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. |
| Accounting Standards Updates Implemented and Accounting Standards Updates Not Yet Implemented | Accounting Standards Updates Implemented Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends Topic 326 to provide for a practical expedient for all entities and an accounting policy election for entities other than public business entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB ASU 2016-10, Revenue from Contracts with Customers (Topic 606). All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. We adopted ASU 2025-05 on January 1, 2026 and elected the practical expedient. The adoption did not have a material impact on our condensed consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. We adopted ASU 2023-09 retrospectively during the year ended December 31, 2025. Business Combinations – Joint Venture Formations In August 2023, the FASB issued ASU 2023-05, to reduce diversity in practice and provide decision-useful information to a joint venture’s investors by requiring that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture will recognize and initially measure its assets and liabilities at fair value, with exceptions to fair value measurement that are consistent with the business combinations guidance, on the date of formation. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information to do so. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or been made available for issuance, either prospectively or retrospectively. We adopted ASU 2023-05 during the three months ended March 31, 2025 and its adoption had no impact on our condensed consolidated financial statements. Accounting Standards Updates Not Yet Implemented Accounting for Internal-Use Software Costs In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 removes all references to software project development stages in Subtopic 350-40 and clarifies cost capitalization may begin when (1) management has authorized and committed to funding the project and (2) it is probable the project will be completed, and the software will be used to perform its intended function and provides new examples to illustrate its application. ASU 2025-06 specifies that the property, plant and equipment disclosure requirements apply to capitalized software costs accounted for under Subtopic 350-40, regardless of how those costs are presented in the financial statements. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), which will require tabular disclosures about certain expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Entities are required to adopt ASU 2024-03 prospectively with the option for retrospective application. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. |
Business Transactions (Tables) |
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| Summary of preliminary purchase price allocation based on estimated fair values of assets and liabilities assumed |
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| Schedule of transaction-related costs incurred by cost type |
(1) Professional fees include legal, advisory, consulting and other fees. (2) Compensation-related costs include amounts related to NGCSI employee retention and severance associated with the NGCS Acquisition. Payments are due and payable at various times up to and including the one-year anniversary of the NGCS Acquisition.
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Inventory (Tables) |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||
| Inventory | ||||||||||||||||||||||||||||||||||||
| Schedule of inventory |
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Property, Plant and Equipment, Net (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property, plant and equipment, net |
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Long-Term Debt (Tables) |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term debt |
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Stockholders' Equity (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of shares repurchased and shares withheld |
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| Summary of dividends declared and paid |
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Revenue from Contracts with Customers (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenue from contracts with customers by segment |
(1) Primarily relates to fees associated with owned non-compression equipment. (2) Includes $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively, related to billable maintenance on owned compressors that was recognized at a point in time. All other contract operations revenue is recognized over time. (3) Services revenue within aftermarket services is recognized over time. OTC parts and components sales are recognized at a point in time.
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| Schedule of remaining performance obligations |
(1) Performance obligations are expected to be $1.4 million and $0.7 million during the years ending December 31, and , respectively.
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| Summary of changes in allowance for credit losses |
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Long-Lived and Other Asset Impairment (Tables) |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Lived and Other Asset Impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of impairment of long-lived assets |
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Restructuring Charges (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Charges. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restructuring charges by segment |
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| Schedule of restructuring charges by type |
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Earnings Per Common Share (Tables) |
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| Earnings Per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of calculation of basic and diluted net income per common share |
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Fair Value Measurements (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||
| Fair value | |||||||||||||||||||||||||||||
| Schedule of carrying value and estimated fair value of debt instruments |
(1) Carrying amounts exclude unamortized premium and deferred financing costs. See Note 7 (“Long-Term Debt”) for further details.
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| Fair value | |||||||||||||||||||||||||||||
| Schedule of non-recurring fair value assets |
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| Schedule of significant unobservable inputs |
(1) Calculated based on an estimated discount for market liquidity of 20% and 19% as of March 31, 2026 and December 31, 2025, respectively.
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Related Party Transactions (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||
| FCG Holdco | |||||||||||||||||||||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying value and exposure to loss related to unconsolidated VIE |
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Segments (Tables) |
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| Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of segment reporting information |
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| Reconciliation of adjusted gross margin to income before taxes |
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Description of Business and Basis of Presentation (Details) |
3 Months Ended |
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Mar. 31, 2026
segment
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| Description of Business and Basis of Presentation | |
| Number of reportable segments | 2 |
Business Transactions - NGCS, Goodwill and Tax Contingency and Indemnification (Details) $ in Thousands |
May 01, 2025
USD ($)
|
|---|---|
| Non-income tax based contingency | Maximum | |
| Business Transactions | |
| Accrued liability | $ 11,400 |
| NGCS | |
| Business Transactions | |
| Goodwill expected to be deductible for tax purposes | 0 |
| Corresponding indemnification asset | $ 500 |
| NGCS | Minimum | |
| Business Transactions | |
| Period over which seller's indemnity obligation reduces | 4 years |
| NGCS | Non-income tax based contingency | |
| Business Transactions | |
| Amount of seller's indemnification obligation | $ 500 |
Business Transactions - NGCS, Transaction-Related Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
May 01, 2025 |
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Business Transactions | |||
| Total transaction-related costs | $ 596 | $ 3,935 | |
| NGCS | |||
| Business Transactions | |||
| Professional fees | 285 | 2,870 | |
| Compensation-related costs | 50 | ||
| Total transaction-related costs | $ 335 | $ 2,870 | |
| Compensation related costs, Payment period | 1 year | ||
Business Transactions - NGCS, Assets Acquired (Details) - NGCS |
May 01, 2025 |
|---|---|
| Business Transactions | |
| Property, plant and equipment, Estimated average remaining useful life | 15 years |
| Customer relationships | |
| Business Transactions | |
| Intangible assets, Estimated useful life | 12 years |
| Trade names | |
| Business Transactions | |
| Intangible assets, Estimated useful life | 5 years |
Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Composition of Inventory net of reserves | ||
| Parts and supplies | $ 92,879 | $ 96,943 |
| Work in progress | 16,842 | 12,804 |
| Inventory | $ 109,721 | $ 109,747 |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | $ 5,137,911 | $ 5,065,900 |
| Accumulated depreciation | (1,438,775) | (1,407,811) |
| Property, plant and equipment, net | 3,699,136 | 3,658,089 |
| Compression equipment, facilities and other fleet assets | ||
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | 4,860,669 | 4,791,318 |
| Land and buildings | ||
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | 36,180 | 36,058 |
| Transportation and shop equipment | ||
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | 150,426 | 147,160 |
| Computer hardware and software | ||
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | 80,765 | 79,367 |
| Other | ||
| Property, Plant and Equipment, Net | ||
| Property, plant and equipment | $ 9,871 | $ 11,997 |
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
Aug. 26, 2024 |
|---|---|---|---|
| Debt Instruments | |||
| Long-term debt | $ 2,379,028 | $ 2,410,893 | |
| Credits Facility | |||
| Debt Instruments | |||
| Long-term debt | 96,775 | $ 918,475 | |
| 6.000% senior notes due February 2034 | |||
| Debt Instruments | |||
| Principal outstanding | 800,000 | ||
| Unamortized debt issuance costs | (10,393) | ||
| Long-term debt | $ 789,607 | ||
| Interest rate (as a percent) | 6.00% | 6.00% | |
| 6.625% senior notes due September 2032 | |||
| Debt Instruments | |||
| Principal outstanding | $ 700,000 | $ 700,000 | |
| Unamortized debt issuance costs | (8,043) | (8,356) | |
| Long-term debt | $ 691,957 | $ 691,644 | |
| Interest rate (as a percent) | 6.625% | 6.625% | 6.625% |
| 6.25% senior notes due April 2028 | |||
| Debt Instruments | |||
| Principal outstanding | $ 800,000 | $ 800,000 | |
| Unamortized debt premium | 4,011 | 4,513 | |
| Unamortized debt issuance costs | (3,322) | (3,739) | |
| Long-term debt | $ 800,689 | $ 800,774 | |
| Interest rate (as a percent) | 6.25% | 6.25% |
Commitments and Contingencies - Tax Matters - Loss contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Mar. 31, 2026 |
|
| Loss Contingencies | ||
| Contingency with offsetting indemnification asset | $ 3,100 | $ 2,900 |
| Net benefit recorded from sales and use tax audit | 27,800 | |
| Income tax credits | 8,000 | |
| Tax refund receivable | 41,479 | 6,091 |
| Accrued liabilities | 9,900 | 300 |
| Other liabilities | 1,000 | 1,000 |
| Non-income based tax audits | ||
| Loss Contingencies | ||
| Accrued liability | $ 7,900 | $ 6,600 |
Stockholders' Equity - Issuance of Shares (Details) - NGCS - USD ($) shares in Millions, $ in Millions |
1 Months Ended | |
|---|---|---|
May 01, 2025 |
May 31, 2025 |
|
| Equity | ||
| Shares issued as consideration for acquisition (in shares) | 2.3 | 2.3 |
| Value of shares issued for acquisition | $ 53.0 |
Stockholders' Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 36 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2026 |
Apr. 30, 2023 |
|
| Treasury Stock | ||||
| Shares repurchased (in shares) | 635,098 | 513,528 | ||
| Average price per share (in dollars per share) | $ 27.31 | $ 29.59 | ||
| Aggregate amount repurchased (in dollars) | $ 17,342 | $ 15,197 | ||
| Share Repurchase Program | ||||
| Treasury Stock | ||||
| Shares authorized for repurchase (in dollars) | $ 50,000 | |||
| Available capacity for repurchase (in dollars) | $ 113,200 | $ 113,200 | ||
| Shares repurchased (in shares) | 170,952 | 9,161 | 4,632,263 | |
| Average price per share (in dollars per share) | $ 25.87 | $ 24.39 | $ 20.91 | |
| Aggregate amount repurchased (in dollars) | $ 4,422 | $ 223 | $ 96,900 | |
| 2020 and 2013 Stock Incentive Plans | ||||
| Treasury Stock | ||||
| Shares repurchased (in shares) | 464,146 | 504,367 | ||
| Average price per share (in dollars per share) | $ 27.84 | $ 29.69 | ||
| Aggregate amount repurchased (in dollars) | $ 12,920 | $ 14,974 | ||
Stockholders' Equity - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | ||||
|---|---|---|---|---|---|---|
Apr. 30, 2026 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
|
| Distributions | ||||||
| Declared Dividends per Common Share (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.19 | $ 0.19 | |
| Dividends Paid (in dollars) | $ 39,907 | $ 36,876 | $ 36,921 | $ 33,620 | $ 34,185 | |
| Subsequent Event | Q2 2026 quarterly dividend | ||||||
| Distributions | ||||||
| Dividends payable, date declared | Apr. 30, 2026 | |||||
| Dividends Paid (in dollars) | $ 38,700 | |||||
| Dividends payable, date to be paid | May 19, 2026 | |||||
| Dividends payable, date of record | May 12, 2026 | |||||
Revenue from Contracts with Customers - Contract Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Revenue from Contracts with Customers | ||
| Accounts receivable, net of allowance - Customer related | $ 144.4 | $ 128.9 |
Revenue from Contracts with Customers - Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Changes in allowance for credit losses | ||
| Balance at beginning of period | $ 1,205 | |
| Benefit from credit losses | (24) | $ 156 |
| Write-offs charged against allowance | (26) | |
| Balance at end of period | $ 1,155 | |
Revenue from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Revenue from Contracts with Customers | |||
| Contract liability | $ 11,500 | $ 12,000 | |
| Deferred revenue | 5,735 | $ 5,235 | |
| Deferred revenue recognized in earnings | $ 6,260 | $ 3,746 | |
Long-Lived and Other Asset Impairment (Details) - Idle Compressor Units hp in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2026
USD ($)
CompressorUnit
hp
|
Mar. 31, 2025
USD ($)
CompressorUnit
hp
|
|
| Impaired Long-Lived Assets Held and Used | ||
| Idle compressors retired from the active fleet | CompressorUnit | 60 | 20 |
| Horsepower of idle compressors retired from the active fleet | hp | 24 | 6 |
| Impairment recorded on idle compressors retired from the active fleet | $ | $ 5,259 | $ 972 |
| Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income | Long-lived and other asset impairment | Long-lived and other asset impairment |
Restructuring Charges - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Charges | ||
| Charges incurred | $ 136 | $ 665 |
| Other Restructuring | ||
| Restructuring Charges | ||
| Charges incurred | 100 | |
| Facility closure | ||
| Restructuring Charges | ||
| Charges incurred | 136 | 665 |
| Expected additional restructuring charges | $ 0 | |
| Facility closure | Minimum | ||
| Restructuring Charges | ||
| Expected additional restructuring charges | 200 | |
| Facility closure | Maximum | ||
| Restructuring Charges | ||
| Expected additional restructuring charges | $ 400 | |
Restructuring Charges - By segment (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Charges | ||
| Restructuring charges | $ 136 | $ 665 |
| Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | 136 | 665 |
| Corporate | ||
| Restructuring Charges | ||
| Restructuring charges | 145 | |
| Corporate | Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | 145 | |
| Contract Operations | Operating | ||
| Restructuring Charges | ||
| Restructuring charges | 136 | 520 |
| Contract Operations | Operating | Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | $ 136 | $ 520 |
Restructuring Charges - By type (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Charges | ||
| Restructuring charges | $ 136 | $ 665 |
| Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | 136 | 665 |
| Severance costs | Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | 596 | |
| Property disposal and closure costs | Facility closure | ||
| Restructuring Charges | ||
| Restructuring charges | $ 136 | $ 69 |
Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Earnings Per Common Share | ||
| Net income | $ 73,794 | $ 70,850 |
| Less: Allocation of earnings to participating securities | (1,801) | (1,407) |
| Net income attributable to common stockholders | 71,993 | 69,443 |
| Less: Allocation of earnings to cash or share settled restricted stock units | 464 | |
| Diluted net income attributable to common stockholders | $ 71,993 | $ 69,907 |
| Weighted-average common shares outstanding used in basic earnings per common share (in shares) | 174,084 | 174,014 |
| Effect of dilutive securities: | ||
| Performance-based restricted stock units (in shares) | 310 | 355 |
| Time-based restricted stock units (in shares) | 97 | |
| ESPP shares (in shares) | 5 | 2 |
| Weighted-average common shares outstanding used in diluted earnings per common share (in shares) | 174,496 | 174,371 |
Fair Value Measurements - Recurring Basis - Investment in ECOTEC - Unobservable inputs (Details) - ECOTEC - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Fair value measurement of assets and liabilities | |||
| Ownership interest (as a percent) | 25.00% | ||
| Unrealized changes in the fair value | $ 0.0 | $ 0.0 | |
| Investment | $ 14.6 | $ 14.6 | |
| Equity Securities, FV-NI, Fair Value by Fair Value Hierarchy Level | Level 3 | ||
| Equity investment | |||
| Fair value measurement of assets and liabilities | |||
| Purchases of equity interests | $ 0.0 | 0.0 | |
| Unrealized changes in the fair value | $ 0.0 | $ 0.0 | |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | |
Fair Value Measurements - Nonrecurring Basis - Investment in Ionada (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Fair Value Measurements | ||
| Carrying value of investment | $ 12.0 | $ 10.6 |
| Upward adjustments | 0.0 | 0.0 |
| Impairments | 0.0 | 0.0 |
| Downward adjustments | $ 0.0 | $ 0.0 |
Fair Value Measurements - Nonrecurring Basis - Compressors (Details) - Level 3 - Impaired Long-Lived Assets - Compressors $ in Thousands |
Mar. 31, 2026
USD ($)
Y
$ / hp
|
Dec. 31, 2025
USD ($)
Y
$ / hp
|
|---|---|---|
| Measurement Input, Weighted average disposal period | ||
| Assets measured on nonrecurring basis | ||
| Measurement input | Y | 4 | 4 |
| Measurement Input, Sale proceeds | Minimum | ||
| Assets measured on nonrecurring basis | ||
| Measurement input | 0 | 0 |
| Measurement Input, Sale proceeds | Maximum | ||
| Assets measured on nonrecurring basis | ||
| Measurement input | 241 | 241 |
| Measurement Input, Sale proceeds | Weighted average | ||
| Assets measured on nonrecurring basis | ||
| Measurement input | 53 | 54 |
| Measurement Input, Discount for market liquidity | ||
| Assets measured on nonrecurring basis | ||
| Measurement input | 0.20 | 0.19 |
| Nonrecurring Basis | ||
| Assets measured on nonrecurring basis | ||
| Impaired assets | $ | $ 737 | $ 871 |
Fair Value Measurements - Other Financial Instruments (Details) - Fixed rate debt - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Carrying amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
| Long-term debt, fair value | $ 2,300,000 | $ 1,500,000 |
| Fair value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
| Long-term debt, fair value | $ 2,311,000 | $ 1,527,000 |
| Long-Term Debt, Fair Value by Fair Value Hierarchy Level | us-gaap:FairValueInputsLevel2Member | us-gaap:FairValueInputsLevel2Member |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Related Party Transactions | |||
| Revenue | $ 373,767 | $ 347,163 | |
| Proceeds from sale | 21,301 | 2,904 | |
| Inventory | 109,721 | $ 109,747 | |
| Total assets | 4,388,625 | 4,349,304 | |
| Related parties | ECOTEC | |||
| Related Party Transactions | |||
| Purchases from related party | 200 | 200 | |
| Related parties | Hilcorp and affiliates | |||
| Related Party Transactions | |||
| Proceeds from sale | 0 | 9,900 | |
| Accounts receivable - Customer related | 100 | 1,700 | |
| Related parties | Shoreline AI | |||
| Related Party Transactions | |||
| Purchases from related party | 0 | ||
| Affiliated Entity | FGC Holdco | |||
| Related Party Transactions | |||
| Amount of purchases from unconsolidated affiliate to sell to third parties or for use in operations | 0 | 1,900 | |
| Inventory | 7,718 | 7,718 | |
| Investment in unconsolidated affiliate | 127 | 159 | |
| Total assets | 7,845 | 7,877 | |
| Maximum exposure to loss | 7,845 | $ 7,877 | |
| Affiliated Entity | Hilcorp and affiliates | |||
| Related Party Transactions | |||
| Revenue | $ 9,000 | $ 11,100 | |
Segments - Number (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
segment
| |
| Segments | |
| Number of reportable segments | 2 |
Segments - Revenue and Adjusted Gross Margin (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Reconciliation of gross margin to adjusted gross margin | ||
| Revenue | $ 373,767 | $ 347,163 |
| Cost of sales, exclusive of depreciation and amortization | 126,344 | 125,056 |
| Adjusted gross margin | 247,423 | 222,107 |
| Contract operations | ||
| Reconciliation of gross margin to adjusted gross margin | ||
| Revenue | 330,880 | 300,397 |
| Cost of sales, exclusive of depreciation and amortization | 93,271 | 89,799 |
| Adjusted gross margin | 237,609 | 210,598 |
| Aftermarket services | ||
| Reconciliation of gross margin to adjusted gross margin | ||
| Revenue | 42,887 | 46,766 |
| Cost of sales, exclusive of depreciation and amortization | 33,073 | 35,257 |
| Adjusted gross margin | $ 9,814 | $ 11,509 |
Segments - Reconciliation of Gross Margin to Adjusted Gross Margin (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Reconciliation of gross margin to adjusted gross margin | ||
| Total revenues | $ 373,767 | $ 347,163 |
| Cost of sales, exclusive of depreciation and amortization | (126,344) | (125,056) |
| Depreciation and amortization | (69,734) | (57,620) |
| Gross margin | 177,689 | 164,487 |
| Depreciation and amortization | 69,734 | 57,620 |
| Adjusted gross margin | $ 247,423 | $ 222,107 |
Segments - Reconciliation of Adjusted Gross Margin to Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Reconciliation of adjusted gross margin to income | ||
| Adjusted gross margin | $ 247,423 | $ 222,107 |
| Less: | ||
| Selling, general and administrative | 45,231 | 37,207 |
| Depreciation and amortization | 69,734 | 57,620 |
| Long-lived and other asset impairment | 5,259 | 972 |
| Restructuring charges | 136 | 665 |
| Interest expense | 39,510 | 37,741 |
| Transaction-related costs | 596 | 3,935 |
| Gain on sale of assets, net | (10,116) | (7,335) |
| Other income, net | (605) | (684) |
| Income before income taxes | $ 97,678 | $ 91,986 |