USA Compression Partners LP 2025年度报告

Washington, D.C. 20549 Form10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 USA Compression Partners, LP (Exact name of registrant as Specified in its charter) 75-2771546 Delaware (I.R.S. Employer Identification No.) 8115 Preston Road, Suite 700Dallas, Texas 75225(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code:(214) 545-0440 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” or an “emerging growth company” in Rule12b-2 of theExchange Act. Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of common units held by non-affiliates of the registrant as of June30, 2025, the last business day of the registrant’s most recently completedsecond fiscal quarter was $1.9 billion. This calculation does not reflect a determination that such persons are affiliates for any other purpose. As of February12, 2026, there were 144,972,358 common units outstanding. DOCUMENTS INCORPORATED BY REFERENCE: NONE Table of Contents PARTI1 Item 1.Business1Item 1A.Risk Factors10Item 1B.Unresolved Staff Comments33Item 1C.Cybersecurity33Item 2.Properties34Item 3.Legal Proceedings34Item 4.Mine Safety Disclosures34 Item 5.Market For Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of EquitySecurities35Item 6.[Reserved]35Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations35Item 7A.Quantitative and Qualitative Disclosures About Market Risk50Item 8.Financial Statements and Supplementary Data51Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure51Item 9A.Controls and Procedures51Item 9B.Other Information54Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections54 PARTIII55 Item 10.Directors, Executive Officers, and Corporate Governance55Item 11.Executive Compensation60Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters83Item 13.Certain Relationships and Related Transactions and Director Independence85Item 14.Principal Accountant Fees and Services88 PARTIV89 Glossary The abbreviations, acronyms, and industry terminology used in this Annual Report are defined as follows: PARTI DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This report contains “forward-looking statements.” All statements other than statements of historical fact contained in this report areforward-lookingstatements,including,without limitation,statements regarding our plans