Ranger Energy Services, Inc 10-Q for FY2026 Q2

Ranger Energy Services, Inc. (RNGR)

10-Q 2026-07-28 For: 2026-06-30

Added on July 28, 2026

About this 10-Q

Ranger Energy Services, Inc filed this 10-Q on July 28, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

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

Revenue: $176.5M; up 25.5% from $140.6M a year earlier
Net income: $6.9M; down 5.5% from net income of $7.3M a year earlier
Diluted EPS: $0.29; down 9.4% from $0.32 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						14
Note 10 — Other Financing Liabilities						16
Note 1 1 — Debt						16
Note 1 2 — Equity						17
Note 1 3 — Risk Concentrations						18
Note 1 4 — Income Taxes						19
Note 1 5 — Earnings per Share						20
Note 1 6 — Commitments and Contingencies						20
Note 1 7 — Segment Reporting						21
Note 1 8 — Subsequent Events						23

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						23
Item 3. Quantitative and Qualitative Disclosures About Market Risks						36
Item 4. Controls and Procedures						37

PART II – OTHER INFORMATION
Item 1. Legal Proceedings						38
Item 1A. Risk Factors						38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						38
Item 3. Defaults Upon Senior Securities						39
Item 4. Mine Safety Disclosure						39
Item 5. Other Information						39
Item 6. Exhibits						40

SIGNATURES						41


	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	4.2	$	10.3
Accounts receivable, net	123.5		77.9
Contract assets	34.4		17.1
Inventory	3.0		3.1
Prepaid expenses and other current assets	8.4		12.5
Assets held for sale	0.3		0.3
Total current assets	173.8		121.2

Property and equipment, net	278.5		280.9

Intangible assets, net	4.5		4.9
Operating leases, right-of-use assets	9.4		11.0
Other assets	1.4		1.3
Total assets	467.6		419.3

Liabilities and Stockholders' Equity
Accounts payable	$	29.5	$	25.3
Accrued expenses	40.1		25.4
Other financing liability, current portion	0.8		0.7
Long-term debt, current portion	13.7		3.5
Short-term lease liability	10.6		11.3
Other current liabilities	5.8		3.0
Total current liabilities	100.5		69.2

Long-term lease liability	14.8		16.8
Other financing liability	9.2		9.6

Deferred tax liability	27.2		23.5
Contract liabilities	12.9		—
Other long-term liabilities	0.1		0.1
Total liabilities	164.7		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 June 30, 2026 and December 31, 2025	—		—
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 28,694,851 shares issued and 23,501,223 shares outstanding as of June 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 June 30, 2026 and December 31, 2025	—		—
Less: Class A Common Stock held in treasury at cost; 5,193,628 treasury shares as of June 30, 2026 and 4,872,028 treasury shares as of December 31, 2025	(55.9)		(50.9)
Retained earnings	55.9		48.9
Additional paid-in capital	302.6		301.8
Total stockholders' equity	302.9		300.1
Total liabilities and stockholders' equity	$	467.6	$	419.3


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025			2026		2025
Revenue
High Specification Rigs	$	113.4	$	86.3		$	222.5	$	173.8
Wireline Services	18.6		22.1			29.2		39.3
Processing Solutions and Ancillary Services	44.5		32.2			83.9		62.7
Total revenue	176.5		140.6			335.6		275.8

Operating expenses
Cost of services (exclusive of depreciation and amortization):
High Specification Rigs	93.0		68.7			181.2		138.8
Wireline Services	15.2		20.7			25.9		41.0
Processing Solutions and Ancillary Services	34.5		25.6			66.2		50.6
Total cost of services (exclusive of depreciation and amortization)	142.7		115.0			273.3		230.4
General and administrative	7.6		7.0			15.4		14.1
Depreciation and amortization	15.6		10.9			31.8		21.5
Impairment of assets	—		—			—		0.4
Gain on sale of assets	(1.2)		(0.9)			(1.8)		(0.2)
Total operating expenses	164.7		132.0			318.7		266.2

Operating income	11.8		8.6			16.9		9.6

Other income and expenses
Interest expense, net	1.1		0.1			1.9		0.6

Other expense (income), net	0.4		(1.6)			0.7		(1.6)
Total other expense (income), net	1.5		(1.5)			2.6		(1.0)

Income before income tax expense	10.3		10.1			14.3		10.6
Income tax expense	3.4		2.8			4.4		2.7
Net income	6.9		7.3			9.9		7.9

Income per common share
Basic	$	0.29	$	0.33		$	0.42	$	0.35
Diluted	$	0.29	$	0.32		$	0.41	$	0.35
Weighted average common shares outstanding
Basic	23,694,601		22,457,455			23,649,757		22,384,737
Diluted	23,995,214		22,673,369			23,983,192		22,714,732


	Three Months Ended June 30,						Six Months Ended June 30,
	2026	2025	2026		2025		2026	2025	2026		2025
	Quantity		Amount				Quantity		Amount
Shares, Class A Common Stock
Balance, beginning of period	28,687,500	26,375,710	$	0.3	$	0.3	28,435,316	26,130,574	$	0.3	$	0.3
Issuance of shares under share-based compensation plans	9,921	16,580	—		—		399,460	395,474	—		—
Shares withheld for taxes on equity transactions	(2,570)	—	—		—		(139,925)	(133,758)	—		—

Balance, end of period	28,694,851	26,392,290	$	0.3	$	0.3	28,694,851	26,392,290	$	0.3	$	0.3

Treasury Stock
Balance, beginning of period	(4,910,728)	(3,877,628)	$	(51.4)	$	(38.6)	(4,872,028)	(3,877,628)	$	(50.9)	$	(38.6)
Repurchase of Class A Common Stock	(282,900)	(278,100)	(4.5)		(3.3)		(321,600)	(278,100)	(5.0)		(3.3)
Balance, end of period	(5,193,628)	(4,155,728)	$	(55.9)	$	(41.9)	(5,193,628)	(4,155,728)	$	(55.9)	$	(41.9)

Retained Earnings
Balance, beginning of period			$	50.5	$	41.4			$	48.9	$	42.2
Net income			6.9		7.3				9.9		7.9
Dividends declared			(1.5)		(1.4)				(2.9)		(2.8)
Balance, end of period			$	55.9	$	47.3			$	55.9	$	47.3

Additional paid-in capital
Balance, beginning of period			$	301.0	$	269.5			$	301.8	$	269.9
Equity based compensation			1.7		1.7				3.2		3.2
Shares withheld for taxes for equity compensation			(0.1)		—				(2.4)		(1.9)

Balance, end of period			302.6		$	271.2			302.6		$	271.2

Total stockholders' equity
Balance, beginning of period			$	300.4	$	272.6			$	300.1	$	273.8
Net income			6.9		7.3				9.9		7.9
Dividends declared			(1.5)		(1.4)				(2.9)		(2.8)
Equity based compensation			1.7		1.7				3.2		3.2
Shares withheld for taxes for equity compensation			(0.1)		—				(2.4)		(1.9)

Repurchase of Class A Common Stock			(4.5)		(3.3)				(5.0)		(3.3)
Balance, end of period			$	302.9	$	276.9			$	302.9	$	276.9


	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable, net	$	123.5	$	77.9	$	68.4
Contract assets	34.4		17.1		16.7
Contract liabilities, current portion	2.5		0.5		—
Contract liabilities, noncurrent portion	12.9		—		—


For the twelve months ending June 30,	Total
2027	$	2.5
2028	5.2
2029	5.0
2030	2.8


Total	$	15.5


	As Originally Reported		Measurement Period Adjustments		As Adjusted
Cash	$	6.3	—		$	6.3
Accounts receivable	25.7		0.4		26.1
Inventory	0.2		—		0.2
Prepaid and other current assets	0.1		—		0.1
Property and equipment	70.6		(2.9)		67.7
Operating leases, right-of-use asset	6.9		—		6.9
Finance lease right-of-use assets, net	3.0		1.6		4.6
Goodwill	2.2		(2.2)		—
Total assets acquired	115.0		(3.1)		111.9

Accounts payable	7.8		(0.1)		7.7
Accrued expenses	4.0		—		4.0
Short-term lease liability	3.1		0.6		3.7
Long-term lease liability	7.4		0.5		7.9
Total liabilities assumed	22.3		1.0		23.3

Total estimated purchase consideration transferred:
Cash	61.8		—		61.8

Net working capital adjustment	(0.9)		(2.1)		(3.0)
Equity issued	27.5		—		27.5
Fair value of contingent consideration	4.3		(2.0)		2.3
Total estimated fair value of consideration transferred	$	92.7	$	(4.1)	$	88.6


	Estimated Useful Life (Years)	June 30, 2026		December 31, 2025
High specification rigs	15	$	195.9	$	191.8
Machinery and equipment	3 - 30	249.7		247.4
Vehicles	3 - 15	64.1		63.4
Other property and equipment	5 - 25	25.4		24.5
Property and equipment		535.1		527.1
Less: accumulated depreciation		(282.8)		(256.8)
Construction in progress		26.2		10.6
Property and equipment, net		$	278.5	$	280.9


	June 30, 2026		December 31, 2025
Accrued payables	$	13.4	$	9.1
Accrued compensation	20.7		11.5
Accrued taxes	1.9		1.4
Accrued insurance	4.1		3.4
Accrued expenses	$	40.1	$	25.4


	Three Months Ended
	June 30,				Variance
	2026		2025		$		%
Revenue
High Specification Rigs	$	113.4	$	86.3	$	27.1	31	%
Wireline Services	18.6		22.1		(3.5)		(16)	%
Processing Solutions and Ancillary Services	44.5		32.2		12.3		38	%
Total revenue	176.5		140.6		35.9		26	%

Operating expenses
Cost of services (exclusive of depreciation and amortization):
High Specification Rigs	93.0		68.7		24.3		35	%
Wireline Services	15.2		20.7		(5.5)		(27)	%
Processing Solutions and Ancillary Services	34.5		25.6		8.9		35	%
Total cost of services (exclusive of depreciation and amortization)	142.7		115.0		27.7		24	%
General and administrative	7.6		7.0		0.6		9	%
Depreciation and amortization	15.6		10.9		4.7		43	%

Gain on sale of assets	(1.2)		(0.9)		(0.3)		33	%
Total operating expenses	164.7		132.0		32.7		25	%

Operating income	11.8		8.6		3.2		37	%

Other income and expenses
Interest expense, net	1.1		0.1		1.0		1000	%

Other expense (income), net	0.4		(1.6)		2.0		(125)	%
Total other expenses (income), net	1.5		(1.5)		3.0		(200)	%

Income before income tax expense	10.3		10.1		0.2		2	%
Income tax expense	3.4		2.8		0.6		21	%
Net income	$	6.9	$	7.3	$	(0.4)	(5)	%


	Six Months Ended June 30,				Change
	2026		2025		$		%
	(in millions)
Net cash provided by operating activities	$	23.0	$	31.3	$	(8.3)	(27)	%
Net cash used in investing activities	(23.4)		(11.6)		(11.8)		(102)	%
Net cash used in financing activities	(5.7)		(11.7)		6.0		51	%
Net change in cash	$	(6.1)	$	8.0	$	(14.1)	(176)	%


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)
April 1, 2026 - April 30, 2026	34,170	$	17.14	31,600	$	37,082,330
May 1, 2026 - May 31, 2026	74,700	16.09		74,700	35,880,761
June 1, 2026 - June 30, 2026	176,600	15.50		176,600	33,143,132
Total	285,470	$	15.85	282,900	$	33,143,132


INDEX TO EXHIBITS
Exhibit Number						Description
10.1*						Form of Restricted Stock Unit Agreement for Directors under the Amended and Restated Ranger Energy Services, Inc. 2017 Long-term Incentive Plan (2026)
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						July 28, 2026
Melissa Cougle						Date
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)


Grant Date:	[Grant Date]	(the “Grant Date”)
Name of Grantee:	[Participant Name]	(the “Grantee” or “you”)
Number of Restricted Stock Units subject to Award:	[Awards Granted]	(the “RSUs”)


/s/ Stuart Bodden_____________________________
Name: Stuart Bodden						Date: [Grant Date]
Title: President and Chief Executive Officer



____________________________________________						________________________
Name: [ParticipantName]						Date: [Date]