Select Water Solutions, Inc. Segments Disclosure
NOTE 18—SEGMENT INFORMATION
Select is a leading provider of sustainable water and chemical solutions to the energy industry in the U.S. The Company’s services are offered through three reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM assesses performance and allocates resources on the basis of the three reportable segments. Corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately as Corporate or Other. The Company’s CODM is John D. Schmitz, Chairman, President and CEO.
The Company’s CODM assesses performance and allocates resources on the basis of the following three reportable segments:
Water Infrastructure — The Water Infrastructure segment consists of the Company’s fixed infrastructure assets, including operations associated with our water distribution pipeline infrastructure, our water recycling facilities, our produced water gathering pipelines, SWDs, and our solids management facilities, primarily serving E&P companies.
Water Services — The Water Services segment primarily consists of the Company’s water-related services businesses, including water sourcing, water transfer, fluids hauling, water monitoring, water containment and water network automation, primarily serving E&P companies. Additionally, this segment includes the operations of our Peak Rentals businesses.
Chemical Technologies — The Chemical Technologies segment provides technical solutions, products and expertise related to chemical applications in the oil and gas industry. We develop, manufacture, manage logistics and provide a full suite of chemicals used in hydraulic fracturing, stimulation, cementing and well completions for customers ranging from pressure pumpers to major integrated and independent oil and gas producers. This segment also utilizes its chemical experience and lab testing capabilities to customize tailored water treatment solutions designed for the recycling and treatment of produced water and to optimize the fracturing fluid system in conjunction with the quality of water used in well completions.
In assessing segment results and allocating resources, the CODM places particular emphasis on significant expense categories, including cost of revenue, selling, general & administrative expenses, and depreciation, accretion, and amortization. The CODM evaluates segment performance primarily based on segment EBITDA, which serves as the key profitability measure for decision-making. The Company reports EBITDA by segment as a measure of segment performance. The Company defines EBITDA as net income, plus interest expense, income taxes, and depreciation, amortization and accretion.
Financial information by segment for the years ended December 31, 2025, 2024 and 2023 is as follows:
For the year ended December 31, 2025 | ||||||||||||||||||
| | | | |||||||||||||||
Water Infrastructure | Water Services | Chemical Technologies | Other | Eliminations | Totals | |||||||||||||
Revenue | $ | 315,610 | $ | 796,012 | $ | 309,425 | $ | - | $ | (13,703) | $ | 1,407,344 | ||||||
Costs of revenue excluding depreciation, amortization and accretion | (156,485) | (635,325) | (252,342) | - | 13,703 | (1,030,449) | ||||||||||||
Depreciation, amortization and accretion | (100,061) | (67,663) | (6,773) | (5,321) | (179,818) | |||||||||||||
Selling general and administrative | (23,003) | (35,776) | (17,716) | (84,821) | (161,316) | |||||||||||||
Other(1) | (2,187) | 15,081 | 1,110 | (6,725) | 7,279 | |||||||||||||
Net income | $ | 21,467 | ||||||||||||||||
Interest expense, net | 23,181 | |||||||||||||||||
Tax benefit | (1,608) | |||||||||||||||||
Depreciation, amortization and accretion | 179,818 | |||||||||||||||||
EBITDA | $ | 133,935 | $ | 139,992 | $ | 40,477 | $ | (91,546) | $ | 222,858 | ||||||||
Capital expenditures | $ | 205,476 | $ | 67,028 | $ | 4,114 | $ | 465 | $ | 277,083 | ||||||||
Total assets, end of period | $ | 929,789 | $ | 435,761 | $ | 148,773 | $ | 81,289 | $ | 1,595,612 | ||||||||
For the year ended December 31, 2024 | ||||||||||||||||||
| | | | |||||||||||||||
Water Infrastructure | Water Services | Chemical Technologies | Other | Eliminations | Totals | |||||||||||||
Revenue | $ | 293,862 | $ | 910,479 | $ | 260,840 | $ | - | $ | (13,106) | $ | 1,452,075 | ||||||
Costs of revenue excluding depreciation, amortization and accretion | (148,772) | (721,205) | (222,195) | - | 13,106 | (1,079,066) | ||||||||||||
Depreciation, amortization and accretion | (65,092) | (81,119) | (7,332) | (3,404) | (156,947) | |||||||||||||
Selling general and administrative | (18,332) | (30,500) | (18,620) | (92,526) | (159,978) | |||||||||||||
Other(1) | 318 | 2,839 | (484) | (2,774) | (101) | |||||||||||||
Net income | $ | 35,450 | ||||||||||||||||
Interest expense, net | 6,965 | |||||||||||||||||
Tax expense | 13,568 | |||||||||||||||||
Depreciation, amortization and accretion | 156,947 | |||||||||||||||||
EBITDA | $ | 127,076 | $ | 161,613 | $ | 19,541 | $ | (95,300) | $ | 212,930 | ||||||||
Capital expenditures | $ | 131,338 | $ | 51,471 | $ | 4,405 | $ | 1,497 | $ | 188,711 | ||||||||
Total assets, end of period | $ | 652,870 | $ | 506,437 | $ | 136,658 | $ | 70,317 | $ | 1,366,282 | ||||||||
For the year ended December 31, 2023 | ||||||||||||||||||
| | | | |||||||||||||||
Water Infrastructure | Water Services | Chemical Technologies | Other | Eliminations | Totals | |||||||||||||
Revenue | $ | 235,290 | $ | 1,036,393 | $ | 323,541 | $ | - | $ | (9,871) | $ | 1,585,353 | ||||||
Costs of revenue excluding depreciation, amortization and accretion | (142,849) | (819,536) | (262,364) | - | 9,871 | (1,214,878) | ||||||||||||
Depreciation, amortization and accretion | (37,295) | (91,347) | (10,171) | (2,276) | (141,089) | |||||||||||||
Selling general and administrative | (13,641) | (40,149) | (18,151) | (83,607) | (155,548) | |||||||||||||
Other(1) | (597) | 123 | (10,943) | (39,005) | (50,422) | |||||||||||||
Net income | $ | 79,219 | ||||||||||||||||
Interest expense, net | 4,393 | |||||||||||||||||
Tax benefit | (60,196) | |||||||||||||||||
Depreciation, amortization and accretion | 141,089 | |||||||||||||||||
EBITDA | $ | 78,203 | $ | 176,831 | $ | 32,083 | $ | (122,612) | $ | 164,505 | ||||||||
Capital expenditures | $ | 87,583 | $ | 52,258 | $ | 11,048 | $ | 2,495 | $ | 153,384 | ||||||||
| (1) | Other includes lease abandonment costs, impairments, remeasurement gains, gains or losses on sales of property and equipment, tax receivable agreements expense, equity in losses of unconsolidated entities and other income and expenses. |
Revenue by groups of similar products and services is as follows:
For the year ended December 31, | |||||||||
| 2025 | | 2024 | 2023 | |||||
(in thousands) | |||||||||
Water transfer, monitoring and sourcing | $ | 396,184 | $ | 440,377 | $ | 478,869 | |||
Chemical technologies | 309,425 | 260,840 | 323,541 | ||||||
Fluids hauling | 180,111 | 242,186 | 287,503 | ||||||
Water recycling and reuse |
| 149,065 |
| 128,862 | 110,407 | ||||
Fluids disposal | 122,264 | 112,384 | 72,246 | ||||||
Accommodations and rentals |
| 86,778 | 78,729 | 83,326 | |||||
Flowback and well testing | 71,175 | 84,780 | 112,887 | ||||||
Water containment | 61,381 | 63,037 | 75,326 | ||||||
Solids management | 32,429 | 25,206 | 11,542 | ||||||
Pipelines and logistics | 11,564 | 27,410 | 41,095 | ||||||
Eliminations and other service lines |
| (13,032) |
| (11,736) | (11,389) | ||||
Total | $ | 1,407,344 | $ | 1,452,075 | $ | 1,585,353 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.