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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.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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