As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at oilfield services stocks, starting with ProFrac (NASDAQ: ACDC).

Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.

The 26 oilfield services stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3.8%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.9% since the latest earnings results.

ProFrac (NASDAQ: ACDC)

Operating one of the largest electric-powered fracturing fleets in North America, ProFrac (NASDAQ: ACDC) provides hydraulic fracturing services that help oil and gas companies extract hydrocarbons from underground shale formations.

ProFrac reported revenues of $449.6 million, down 25.1% year on year. This print exceeded analysts’ expectations by 8.3%. Overall, it was a strong quarter for the company with a solid beat of analysts’ EBITDA estimates.

“Our first quarter 2026 results exceeded expectations despite weather-related disruptions early in the period, which reduced Adjusted EBITDA by approximately $9 million,” stated Executive Chairman, Matt Wilks.

ProFrac delivered the slowest revenue growth among its peers. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 32.7% since reporting and currently trades at $4.80.

Is now the time to buy ProFrac? Access our full analysis of the earnings results here, it’s free.

Best Q1: Select Water Solutions (NYSE: WTTR)

Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE: WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers.

Select Water Solutions reported revenues of $366 million, down 2.3% year on year, outperforming analysts’ expectations by 6.8%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 16.7% since reporting. It currently trades at $20.13.

Is now the time to buy Select Water Solutions? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Borr Drilling (NYSE: BORR)

Operating one of the world's youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE: BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.

Borr Drilling reported revenues of $247 million, up 14% year on year, falling short of analysts’ expectations by 2.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Borr Drilling delivered the weakest performance against analyst estimates of the whole group. As expected, the stock is down 32.3% since the results and currently trades at $4.18.

Read our full analysis of Borr Drilling’s results here.

NESR (NASDAQ: NESR)

Operating across 16 countries from Algeria to Indonesia, NESR (NASDAQ: NESR) provides oilfield services like hydraulic fracturing, cementing, and drilling to oil and gas companies.

NESR reported revenues of $404.6 million, up 33.5% year on year. This print topped analysts’ expectations by 9.8%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS and EBITDA estimates.

The stock is up 24.8% since reporting and currently trades at $28.84.

Read our full, actionable report on NESR here, it’s free.

Valaris (NYSE: VAL)

Operating the world's largest fleet of offshore drilling rigs across six continents, Valaris (NYSE: VAL) provides offshore drilling rigs and crews to oil and gas companies exploring and producing in deep waters and shallow seas.

Valaris reported revenues of $465.4 million, down 25% year on year. This number beat analysts’ expectations by 5.6%. Overall, it was an incredible quarter as it also put up a beat of analysts’ EPS estimates.

The stock is down 25.5% since reporting and currently trades at $76.35.

Read our full, actionable report on Valaris here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.