Ranger Energy Services
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Ranger Energy Services (RNGR) investor relations material

Ranger Energy Services Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved $547 million in total revenue and $73.2 million in Adjusted EBITDA for 2025, with net income of $12.3 million ($0.54 per diluted share), reflecting disciplined execution amid a stable but competitive market.

  • Integrated American Well Services (AWS), expanding scale, service offerings, and fleet, with integration milestones on track and synergy plans progressing.

  • Launched Echo/ECHO Hybrid Electric Rig program, signing a contract for 15 new rigs, validating strong customer demand for lower-emission, high-efficiency solutions, with deliveries starting Q3 2026 and full deployment by end of 2027.

  • Maintained strong operational performance in core high-spec rigs and ancillary services, with wireline services facing ongoing headwinds but showing signs of improvement.

  • Returned over 40% of 2025 free cash flow to shareholders via dividends and share repurchases, ending the year in a net cash position.

Financial highlights

  • Q4 2025 revenue was $142.2 million, up from $128.9 million in Q3 and flat year-over-year; full-year revenue was $546.9 million, down from $571.1 million in 2024.

  • Q4 net income was $3.2 million ($0.14 per diluted share), up from $1.2 million in Q3; Q4 Adjusted EBITDA was $20.3 million (14.3% margin).

  • Full-year Adjusted EBITDA was $73.2 million (13.4% margin), compared to $78.9 million (13.8%) in 2024.

  • Free cash flow for 2025 was $42.9 million ($1.89 per share), with a nearly 60% EBITDA conversion rate for the third consecutive year.

  • Ended 2025 with $67.7 million in liquidity, including $10.3 million in cash and $57.4 million in revolving credit facility capacity, and $3.5 million in outstanding borrowings.

Outlook and guidance

  • 2026 expected to be stable in activity, with focus on execution, AWS integration, and EchoRig deployment.

  • Pro forma annual EBITDA opportunity of over $100 million in 2026, with further upside as market conditions improve.

  • Q1 2026 results expected to be similar to Q4 2025 due to winter storm impacts, but full-year goals remain achievable.

  • Free cash flow conversion rate expected to be closer to 50% in 2026 due to EchoRig capital timing.

  • Deliveries of 15 additional ECHO Hybrid Electric Rigs scheduled to begin in Q3 2026, with full deployment by end of 2027.

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Frequently asked questions

Ranger Energy Services Inc provides onshore high-spec well service rigs and associated services to exploration and production companies in the United States. The company’s services include well completion support, workover operations, and production maintenance. Ranger Energy supports customers seeking to maximize production efficiency and field longevity. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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