Ranger Energy Services, Inc 10-Q for FY2026 Q3

Ranger Energy Services, Inc. (RNGR)

10-Q 2026-11-09 For: 2026-09-30

Added on November 09, 2026

About this 10-Q

Ranger Energy Services, Inc filed this 10-Q on November 9, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $162.8M; up 26.3% from $128.9M a year earlier
Net income: $2.5M; up 108.3% from net income of $1.2M a year earlier
Diluted EPS: $0.10; up 100.0% from $0.05 a year earlier

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Delaware			81-5449572
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


						Page
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets						5
Condensed Consolidated Statements of Operations						6
Condensed Consolidated Statements of Stockholders’ Equity						7
Condensed Consolidated Statements of Cash Flows						8
Notes to Condensed Consolidated Financial Statements
Note 1 — Organization and Business Operations						9
Note 2 — Summary of Significant Accounting Policies						9
Note 3 — Revenue						10
Note 4 — Business Combination						12
Note 5 — Assets Held for Sale						13
Note 6 — Property and Equipment, Net						14
Note 7 — Intangible Assets						14
Note 8 — Accrued Expenses						14
Note 9 — Leases						15
Note 10 — Other Financing Liabilities						16
Note 11 — Debt						16
Note 12 — Equity						17
Note 13 — Risk Concentrations						18
Note 14 — Income Taxes						19
Note 15 — Earnings per Share						20
Note 16 — Commitments and Contingencies						20
Note 17 — Segment Reporting						21
Note 18 — Subsequent Events						23

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						24
Item 3. Quantitative and Qualitative Disclosures About Market Risk						38
Item 4. Controls and Procedures						39

PART II – OTHER INFORMATION
Item 1. Legal Proceedings						40
Item 1A. Risk Factors						40
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						40
Item 3. Defaults Upon Senior Securities						41
Item 4. Mine Safety Disclosur e s						41
Item 5. Other Information						41
Item 6. Exhibits						42

SIGNATURES						43


	September 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	6.0	$	10.3
Accounts receivable, net	113.5		77.9
Contract assets	23.2		17.1
Inventory	3.1		3.1
Prepaid expenses and other current assets	11.7		12.5
Assets held for sale	0.2		0.3
Total current assets	157.7		121.2

Property and equipment, net	274.0		280.9

Intangible assets, net	4.3		4.9
Operating leases, right-of-use assets	8.6		11.0
Other assets	1.4		1.3
Total assets	446.0		419.3

Liabilities and Stockholders' Equity
Accounts payable	$	26.9	$	25.3
Accrued expenses	34.6		25.4
Other financing liability, current portion	0.8		0.7
Long-term debt, current portion	—		3.5
Short-term lease liability	10.1		11.3
Short-term contract liability	4.7		0.5
Other current liabilities	0.1		2.5
Total current liabilities	77.2		69.2

Long-term lease liability	13.6		16.8
Other financing liability	9.0		9.6

Deferred tax liability	28.4		23.5
Long-term contract liability	14.3		—
Other long-term liabilities	0.1		0.1
Total liabilities	142.6		119.2

Commitments and contingencies (Note 16)

Stockholders' equity
Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of September 30, 2026 and December 31, 2025	—		—
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 28,731,205 shares issued and 23,395,477 shares outstanding as of September 30, 2026; 28,435,316 shares issued and 23,563,288 shares outstanding as of December 31, 2025	0.3		0.3
Class B Common Stock, $0.01 par value, 100,000,000 shares authorized; no shares issued or outstanding as of September 30, 2026 and December 31, 2025	—		—
Less: Class A Common Stock held in treasury at cost; 5,335,728 treasury shares as of September 30, 2026 and 4,872,028 treasury shares as of December 31, 2025	(58.1)		(50.9)
Retained earnings	57.0		48.9
Additional paid-in capital	304.2		301.8
Total stockholders' equity	303.4		300.1
Total liabilities and stockholders' equity	$	446.0	$	419.3


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025			2026		2025
Revenue
High Specification Rigs	$	110.5	$	80.9		$	333.0	$	254.7
Wireline Services	12.3		17.2			41.5		56.5
Processing Solutions and Ancillary Services	40.0		30.8			123.9		93.5
Total revenue	162.8		128.9			498.4		404.7

Operating expenses
Cost of services (exclusive of depreciation and amortization):
High Specification Rigs	92.6		65.2			273.8		204.0
Wireline Services	12.1		18.6			38.0		59.6
Processing Solutions and Ancillary Services	33.3		25.3			99.5		75.9
Total cost of services (exclusive of depreciation and amortization)	138.0		109.1			411.3		339.5
General and administrative	7.7		6.6			23.1		20.7
Depreciation and amortization	14.9		11.0			46.7		32.5
Impairment of assets	0.1		—			0.1		0.4
(Gain) loss on sale of assets	0.3		(0.4)			(1.5)		(0.6)
Change in fair value of contingent consideration	(3.0)		—			(2.3)		—
Total operating expenses	158.0		126.3			477.4		392.5

Operating income	4.8		2.6			21.0		12.2

Other income and expenses
Interest expense, net	0.7		0.4			2.6		1.0

Other income, net	(0.1)		(0.3)			(0.1)		(1.9)
Total other expense (income), net	0.6		0.1			2.5		(0.9)

Income before income tax expense	4.2		2.5			18.5		13.1
Income tax expense	1.7		1.3			6.1		4.0
Net income	2.5		1.2			12.4		9.1

Income per common share
Basic	$	0.11	$	0.06		$	0.53	$	0.41
Diluted	$	0.10	$	0.05		$	0.52	$	0.40
Weighted average common shares outstanding
Basic	23,416,260		21,769,012			23,593,251		22,208,218
Diluted	23,810,785		22,082,764			23,965,187		22,520,080


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026	2025	2026		2025		2026	2025	2026		2025
	Quantity		Amount				Quantity		Amount
Shares, Class A Common Stock
Balance, beginning of period	28,694,851	26,392,290	$	0.3	$	0.3	28,435,316	26,130,574	$	0.3	$	0.3
Issuance of shares under share-based compensation plans	37,408	43,372	—		—		436,868	438,846	—		—
Shares withheld for taxes on equity transactions	(1,054)	(562)	—		—		(140,979)	(134,320)	—		—

Balance, end of period	28,731,205	26,435,100	$	0.3	$	0.3	28,731,205	26,435,100	$	0.3	$	0.3

Treasury Stock
Balance, beginning of period	(5,193,628)	(4,155,728)	$	(55.9)	$	(41.9)	(4,872,028)	(3,877,628)	$	(50.9)	$	(38.6)
Repurchase of Class A Common Stock	(142,100)	(667,500)	(2.2)		(8.3)		(463,700)	(945,600)	(7.2)		(11.6)
Balance, end of period	(5,335,728)	(4,823,228)	$	(58.1)	$	(50.2)	(5,335,728)	(4,823,228)	$	(58.1)	$	(50.2)

Retained Earnings
Balance, beginning of period			$	55.9	$	47.3			$	48.9	$	42.2
Net income			2.5		1.2				12.4		9.1
Dividends declared			(1.4)		(1.3)				(4.3)		(4.1)
Balance, end of period			$	57.0	$	47.2			$	57.0	$	47.2

Additional paid-in capital
Balance, beginning of period			$	302.6	$	271.2			$	301.8	$	269.9
Equity based compensation			1.6		1.6				4.8		4.8
Shares withheld for taxes for equity compensation			—		(0.1)				(2.4)		(2.0)

Balance, end of period			304.2		$	272.7			304.2		$	272.7

Total stockholders' equity
Balance, beginning of period			$	302.9	$	276.9			$	300.1	$	273.8
Net income			2.5		1.2				12.4		9.1
Dividends declared			(1.4)		(1.3)				(4.3)		(4.1)
Equity based compensation			1.6		1.6				4.8		4.8
Shares withheld for taxes for equity compensation			—		(0.1)				(2.4)		(2.0)

Repurchase of Class A Common Stock			(2.2)		(8.3)				(7.2)		(11.6)
Balance, end of period			$	303.4	$	270.0			$	303.4	$	270.0


	September 30, 2026		September 30, 2025		December 31, 2025		December 31, 2024
Accounts receivable, net	$	113.5	$	74.1	$	77.9	$	68.4
Contract assets	23.2		15.7		17.1		16.7
Contract liabilities, current portion	4.7		—		0.5		—
Contract liabilities, noncurrent portion	14.3		—		—		—


For the twelve months ending September 30,	Total
2027	$	4.9
2028	7.4
2029	6.9
2030	2.4


Total	$	21.6


	As Previously Reported		Measurement Period Adjustments		Final
Cash	$	6.3	—		$	6.3
Accounts receivable	26.1		(0.2)		25.9
Inventory	0.2		—		0.2
Prepaid and other current assets	0.1		—		0.1
Property and equipment	68.3		(0.3)		68.0
Operating leases, right-of-use asset	6.9		—		6.9
Finance lease right-of-use assets, net	4.0		0.6		4.6

Total assets acquired	111.9		0.1		112.0

Accounts payable	7.8		(0.1)		7.7
Accrued expenses	4.0		0.1		4.1
Short-term lease liability	3.8		(0.1)		3.7
Long-term lease liability	7.7		0.2		7.9
Total liabilities assumed	23.3		0.1		23.4

Total purchase consideration transferred:
Cash	61.8		—		61.8

Net working capital adjustment	(3.0)		—		(3.0)
Equity issued	27.5		—		27.5
Fair value of contingent consideration	2.3		—		2.3
Total fair value of consideration transferred	$	88.6	$	—	$	88.6


	Estimated Useful Life (Years)	September 30, 2026		December 31, 2025
High specification rigs	15	$	200.2	$	191.8
Machinery and equipment	3 - 30	250.6		247.4
Vehicles	3 - 15	64.7		63.4
Other property and equipment	5 - 25	24.5		24.5
Property and equipment		540.0		527.1
Less: accumulated depreciation		(294.3)		(256.8)
Construction in progress		28.3		10.6
Property and equipment, net		$	274.0	$	280.9


	September 30, 2026		December 31, 2025
Accrued payables	$	12.9	$	9.1
Accrued compensation	16.0		11.5
Accrued taxes	1.8		1.4
Accrued insurance	3.9		3.4
Accrued expenses	$	34.6	$	25.4


	Three Months Ended
	September 30,				Variance
	2026		2025		$		%
Revenue
High Specification Rigs	$	110.5	$	80.9	$	29.6	37	%
Wireline Services	12.3		17.2		(4.9)		(28)	%
Processing Solutions and Ancillary Services	40.0		30.8		9.2		30	%
Total revenue	162.8		128.9		33.9		26	%

Operating expenses
Cost of services (exclusive of depreciation and amortization):
High Specification Rigs	92.6		65.2		27.4		42	%
Wireline Services	12.1		18.6		(6.5)		(35)	%
Processing Solutions and Ancillary Services	33.3		25.3		8.0		32	%
Total cost of services (exclusive of depreciation and amortization)	138.0		109.1		28.9		26	%
General and administrative	7.7		6.6		1.1		17	%
Depreciation and amortization	14.9		11.0		3.9		35	%
Impairment of assets	0.1		—		0.1		(100)	%
(Gain) loss on sale of assets	0.3		(0.4)		0.7		(175)	%
Change in fair value of contingent consideration	(3.0)		—		(3.0)		100	%
Total operating expenses	158.0		126.3		31.7		25	%

Operating income	4.8		2.6		2.2		85	%

Other income and expenses
Interest expense, net	0.7		0.4		0.3		75	%

Other income, net	(0.1)		(0.3)		0.2		(67)	%
Total other expenses, net	0.6		0.1		0.5		500	%

Income before income tax expense	4.2		2.5		1.7		68	%
Income tax expense	1.7		1.3		0.4		31	%
Net income	$	2.5	$	1.2	$	1.3	108	%


	Nine Months Ended September 30,				Change
	2026		2025		$		%
	(in millions)
Net cash provided by operating activities	$	53.5	$	44.9	$	8.6	19	%
Net cash used in investing activities	(32.6)		(17.5)		(15.1)		(86)	%
Net cash used in financing activities	(25.2)		(23.1)		(2.1)		(9)	%
Net change in cash	$	(4.3)	$	4.3	$	(8.6)	(200)	%


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (3)
July 1, 2026 - July 31, 2026	142,100	$	15.74	142,100	$	30,906,821
August 1, 2026 - August 31, 2026	—	—		—	30,906,821
September 1, 2026 - September 30, 2026	1,054	16.28		—	30,906,821
Total	143,154	$	15.74	142,100	$	30,906,821


INDEX TO EXHIBITS
Exhibit Number						Description
2.1*†						Asset Purchase Agreement, dated as of August 30 , 2026, by and among Ranger Energy Services, Inc., STEP Energy Services (USA) Ltd., STEP Energy Services (Leasing) LLC, STEP Energy Services Holdings Ltd., and STEP Nitrogen Industrial Services (USA) Ltd.
31.1*						Certification of Chief Executive Officer Pursuant to Rule 13a‑14(a)/15d‑14(a) of the Securities Exchange Act of 1934
31.2*						Certification of Chief Financial Officer Pursuant to Rule 13a‑14(a)/15d‑14(a) of the Securities Exchange Act of 1934
32.1**						Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.CAL*						iXBRL Calculation Linkbase Document
101.DEF*						iXBRL Definition Linkbase Document
101.INS*						iXBRL Instance Document
101.LAB*						iXBRL Labels Linkbase Document
101.PRE*						iXBRL Presentation Linkbase Document
101.SCH*						iXBRL Schema Document
104*						Cover page interactive data file (formatted in iXBRL and contained in Exhibit 101)


Ranger Energy Services, Inc.


/s/ Melissa Cougle						November 9, 2026
Melissa Cougle						Date
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)


ARTICLE I DEFINITIONS			1
Section 1.01 Certain Definitions			1
Section 1.02 Interpretation			17
ARTICLE II PURCHASE AND SALE			19
Section 2.01 Purchase and Sale of Assets			19
Section 2.02 Excluded Assets			20
Section 2.03 Assumed Liabilities			21
Section 2.04 Excluded Liabilities			22
Section 2.05 Purchase Price			24
Section 2.06 String Inventory Adjustment			27
Section 2.07 Tax Treatment; Allocation of Purchase Price			30
Section 2.08 Withholding Tax			30
Section 2.09 Third-Party Consents; Interim Counterparty Outreach			31
Section 2.10 Intellectual Property License.			33
ARTICLE III CLOSING AND DELIVERABLES			33
Section 3.01 Closing			33
Section 3.02 Closing Deliverables			34
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLERS			36
Section 4.01 Organization and Authorization of Sellers			36
Section 4.02 No Conflicts; Consents			37
Section 4.03 Trial Balances			37
Section 4.04 Undisclosed Liabilities			37
Section 4.05 Absence of Certain Changes, Events and Conditions			38
Section 4.06 Contracts			39
Section 4.07 Title to Purchased Assets			40
Section 4.08 Completeness of Purchased Assets			41
Section 4.09 Real Property			41
Section 4.10 Intellectual Property			43
Section 4.11 Inventory			44
Section 4.12 String Inventory			44
Section 4.13 Material Customers			45
Section 4.14 Insurance			45
Section 4.15 Legal Proceedings; Governmental Orders			45
Section 4.16 Related Party Transactions			46
Section 4.17 Compliance With Laws; Permits			46
Section 4.18 Environmental Matters			46


Section 4.19 Employee Benefit Matters			47
Section 4.20 Employment Matters			48
Section 4.21 Taxes			49
Section 4.22 Brokers			50
Section 4.23 Investment Representations			50
Section 4.24 Solvency			51
ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER			51
Section 5.01 Organization of Buyer			51
Section 5.02 Authority of Buyer			51
Section 5.03 No Conflicts; Consents			52
Section 5.04 Brokers			52
Section 5.05 Sufficiency of Funds; Authorization of Equity Consideration			52
Section 5.06 Valid Issuance of Equity Consideration Shares			52
Section 5.07 Legal Proceedings			52
Section 5.08 Buyer’s Independent Investigation			53
Section 5.09 Compliance with Securities Laws			53
Section 5.10 No Other Representations			54
ARTICLE VI COVENANTS			54
Section 6.01 Conduct of Business Prior to the Closing			54
Section 6.02 Access to Information			55
Section 6.03 No Solicitation of Other Bids			56
Section 6.04 Notice of Certain Events			57
Section 6.05 Employees and Employee Benefits			58
Section 6.06 Confidentiality			60
Section 6.07 Non-Competition; Non-Solicitation.			62
Section 6.08 Governmental Approvals and Consents.			65
Section 6.09 Closing Conditions. F			66
Section 6.10 Public Announcements; Post-Announcement Cooperation			66
Section 6.11 Bulk Sales Laws			67
Section 6.12 Transfer Taxes			67
Section 6.13 Tax Clearance Certificates			67
Section 6.14 Further Assurances			67
Section 6.15 Prorations			68
Section 6.16 Tax Cooperation; Tax Contests			68
Section 6.17 Wrong Pockets; Misdirected Payments			68
Section 6.18 Books and Records; Access			68
Section 6.19 Seller Names and Marks			69
Section 6.20 Environmental Remediation			69


Section 6.21 Vehicle Sale Proceeds			70
Section 6.22 Work in Process; Revenue and Costs			71
Section 6.23 SEC Financial Statements			72
ARTICLE VII CONDITIONS TO CLOSING			73
Section 7.01 Conditions to Obligations of All Parties			73
Section 7.02 Conditions to Obligations of Buyer			73
Section 7.03 Conditions to Obligations of Seller			76
ARTICLE VIII INDEMNIFICATION			77
Section 8.01 Survival			77
Section 8.02 Indemnification By Sellers			77
Section 8.03 Indemnification By Buyer			78
Section 8.04 Certain Limitations			78
Section 8.05 Indemnification Procedures			80
Section 8.06 Indemnification Payments; Recourse			82
Section 8.07 Tax Treatment of Indemnification Payments			83
Section 8.08 Effect of Investigation			83
Section 8.09 Exclusive Remedies			84
ARTICLE IX TERMINATION			84
Section 9.01 Termination			84
Section 9.02 Effect of Termination			85
Section 9.03 Expense Reimbursement			86
ARTICLE X MISCELLANEOUS			86
Section 10.01 Expenses			86
Section 10.02 Notices			86
Section 10.03 Headings			87
Section 10.04 Severability			87
Section 10.05 Entire Agreement			87
Section 10.06 Successors and Assigns			88
Section 10.07 No Third-Party Beneficiaries			88
Section 10.08 Amendment and Modification; Waiver			88
Section 10.09 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial			88
Section 10.10 Specific Performance			89
Section 10.11 Counterparts			90
Section 10.12 Disclosure Schedules			90


Section 10.13 Time of the Essence			90
Section 10.14 Sellers’ Agent			90


If to Sellers:			STEP Energy Services (USA) Ltd., as agent for each Seller 70 NE Loop 410, Suite 600 San Antonio, TX 78216 Attention: Klaas Deemter E-mail: Klaas.deemter@step-es.com
with a copy (which shall not constitute notice) to:			STEP Energy Services Ltd. 1200, 205 5th Ave SW Calgary, AB Attention: Joshua Kane E-mail: jkane@step-es.com
If to Buyer:			Ranger Energy Services, Inc. 10350 Richmond Ave. Houston, TX 77042 Attention: Justin Whitley E-mail: Justin.Whitley@rangerenergy.com
with a copy (which shall not constitute notice) to:			King & Spalding LLP 1100 Louisiana, Suite 4100 Houston, TX 77002 Attention: Jonathan B. Newton E-mail: jnewton@kslaw.com