Smart Sand, Inc. filed its third-quarter 2026 earnings release on November 10, 2026, reporting revenue of $112.3 million, net income of $8.4 million, and free cash flow of $17.3 million for the period ended September 30, 2026.

Key Highlights

  • Revenue of $112.3 million in Q3 2026, down from $115.1 million in Q2 2026 and up from $92.8 million in Q3 2025.
  • Net income of $8.4 million, or $0.21 per basic share and $0.20 per diluted share, for the third quarter of 2026.
  • Tons sold totaled approximately 1,783,000 in Q3 2026, a 4% sequential decrease and a 21% year-over-year increase.
  • Free cash flow of $17.3 million in Q3 2026, compared to $(1.4) million in Q2 2026 and $14.8 million in Q3 2025.
  • Adjusted EBITDA of $18.0 million in Q3 2026, down from $18.7 million sequentially and up from $13.6 million year over year.
  • Special dividend of $0.05 per share declared on November 5, 2026, to be paid November 30, 2026, returning approximately $2.2 million to stockholders.
  • Cash on hand of $21.7 million and $50.0 million in undrawn availability under the FCB ABL Credit Facility as of September 30, 2026.

Smart Sand Q3 2026 Financial Results: Sales Volumes, Margins, and Liquidity

According to the filing, Smart Sand, Inc. (NASDAQ:SND) reported third-quarter 2026 revenues of $112.3 million, driven by approximately 1,783,000 tons sold. The company disclosed that the sequential revenue decrease from Q2 2026's $115.1 million was "primarily driven by a 4% decrease in sales volumes partially offset by slightly higher average selling prices," while the 21% year-over-year volume increase contributed to the rise from Q3 2025's $92.8 million. Cost of goods sold was $93.1 million in the quarter, resulting in a gross profit of $19.2 million, compared to $19.8 million in Q2 2026 and $14.9 million in Q3 2025.

The filing reported contribution margin of $26.4 million, or $14.82 per ton sold, in Q3 2026, compared to $27.1 million, or $14.54 per ton sold, in Q2 2026 and $21.7 million, or $14.74 per ton sold, in Q3 2025. Operating expenses were $10.0 million in Q3 2026, up from $9.8 million in Q2 2026, with the company attributing the increase primarily to higher wages, benefits, and accounting fees. Net income of $8.4 million compared to $10.2 million in Q2 2026 and $3.0 million in Q3 2025.

On the liquidity front, the filing stated that free cash flow of $17.3 million resulted from net cash provided by operating activities of $21.1 million and capital expenditures of $3.8 million. Through September 30, 2026, the company had spent approximately $10.8 million in capital expenditures and projected full-year 2026 capital expenditures of between $15.0 million and $20.0 million, excluding acquisitions and potential investments in new terminals. The company also disclosed it did not repurchase any shares in Q3 2026 under its $20.0 million New Repurchase Program, authorized February 23, 2026, and running through April 2, 2028. Including the November 30, 2026 dividend, the company reported returning approximately $14.3 million to shareholders through dividends and share repurchases year to date in 2026.

What Was Disclosed

Smart Sand disclosed Q3 2026 financial results including revenue of $112.3 million, net income of $8.4 million, Adjusted EBITDA of $18.0 million, free cash flow of $17.3 million, a special dividend of $0.05 per share payable November 30, 2026, and projected full-year 2026 capital expenditures of $15.0 million to $20.0 million.