It has been about a month since the last earnings report for USA Compression Partners (USAC Quick QuoteUSAC - Free Report) . Shares have added about 6.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is USA Compression due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

USA Compression Q2 Earnings & Revenues Beat Estimates, Rise Y/Y

USA Compression Partners reported second-quarter 2026 adjusted net profit of 31 cents per common unit, beating the Zacks Consensus Estimate of 24 cents. The metric improved from the year-ago quarter’s net profit of 22 cents per common unit, driven by a year-over-year increase in revenue-generating capacity.

The largest independent provider of natural gas compression services generated revenues of $342.1 million, improving 36.8% from the year-ago quarter’s level and beating the Zacks Consensus Estimate by 0.7%. This growth was aided by higher contract operations revenues and higher revenues from the sale of parts and services.

USAC’s contract operations revenues were $304.9 million, up 34% year over year, driven primarily by the addition of J-W's horsepower and average revenue per revenue-generating horsepower. Parts and service revenues were $22.1 million, reflecting the manufacturing and aftermarket services activity that J-W brought to the platform.

The Dallas, TX-based oil and gas equipment and services company’s adjusted EBITDA increased 29.2% to $193.2 million from $149.5 million in the prior-year quarter. Distributable cash flow rose to $125.3 million from $89.9 million in the year-ago period. The company reported net income of $45.7 million compared with $28.6 million in the year-ago quarter.

USAC reported net operating cash flow of $145.7 million in the second quarter, up from the prior-year quarter’s $124.2 million.

Q2 Operational Performance

The company’s revenue-generating capacity increased year over year to 4.45 million horsepower from 3.55 million horsepower. Moreover, the figure exceeded our estimate of 4.26 million horsepower.

Adjusted gross operating margin of 63.5% marked a decrease from the year-ago period’s 65.4%. Further, the average monthly revenue per horsepower rose to $22.84 from $21.31 in the second quarter of 2025. However, the figure missed our estimate of $24.20 million average monthly revenue per horsepower.

USA Compression’s average quarterly horsepower utilization rate was 92%, down from the year-ago quarter’s 94.4%.

DCF, Cost, Capex & Balance Sheet

USA Compression’s distributable cash flow available to limited partners totaled $125.3 million, providing 1.65x distribution coverage, up from the year-ago level of 1.4x.

The company reported $241.8 million in costs and expenses, up from $173.5 million in the year-ago quarter. It spent $46.8 million on growth capex. Maintenance capex amounted to $16.9 million.

As of June 30, 2026, USA Compression had net long-term debt of $2.9 billion. The partnership had $536.9 million of remaining unused availability under its revolving credit facility.

2026 Guidance

USA Compression reaffirmed its full-year 2026 outlook. The company expects adjusted EBITDA to be between $770 million and $800 million. It also expects distributable cash flow to range from $480 million to $510 million, expansion capital expenditures to be between $230 million and $250 million, and maintenance capital expenditures to total in the band of $60 million to $70 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted 12% due to these changes.

VGM Scores

Currently, USA Compression has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, USA Compression has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

USA Compression is part of the Zacks Oil and Gas - Mechanical and and Equipment industry. Over the past month, Nov Inc. (NOV Quick QuoteNOV - Free Report) , a stock from the same industry, has gained 11.3%. The company reported its results for the quarter ended June 2026 more than a month ago.

Nov Inc. reported revenues of $2.13 billion in the last reported quarter, representing a year-over-year change of -2.5%. EPS of $0.31 for the same period compares with $0.29 a year ago.

For the current quarter, Nov Inc. is expected to post earnings of $0.24 per share, indicating a change of +118.2% from the year-ago quarter. The Zacks Consensus Estimate has changed -4.1% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Nov Inc.. Also, the stock has a VGM Score of B.