Ranger Energy Services (RNGR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $162.8M, up 26.3% YoY but down 7.8% QoQ; Adjusted EBITDA was $20.1M, pressured sequentially by softer activity and higher costs.

• Q3 Free Cash Flow was $20.0M; revolving-credit borrowings were zero at quarter-end, with total liquidity of $76.2M.

• STEP added U.S. coiled tubing assets, while four additional ECHO commitments lifted the contracted fleet to 24 by end-2027.

Financial highlights

• Q3 revenue was $162.8M versus $176.5M in Q2 and $128.9M in Q3 2025; nine-month revenue rose to $498.4M from $404.7M.

• Net income was $2.5M, or $0.10 diluted EPS, versus $6.9M/$0.29 in Q2 and $1.2M/$0.05 in Q3 2025.

• Adjusted EBITDA was $20.1M versus $28.6M in Q2 and $16.8M in Q3 2025; nine-month Adjusted EBITDA rose to $72.0M from $52.9M.

• Operating income was $4.8M versus $11.4M in Q2 and $2.6M in Q3 2025; Q3 included a $3.0M non-cash gain from lower AWS contingent consideration.

Outlook and guidance

• STEP’s coiled tubing assets are expected to contribute more than $10M of Adjusted EBITDA in 2027; the longer-term annualized Adjusted EBITDA goal remains $100M, with no firm 2027 outlook set.

• Contracted ECHO fleet is expected to reach 24 rigs by end-2027; deployment timing depends on customer demand, capital plans and construction schedules.

• Wireline revenue is expected to improve in Q4 as new work programs began in October, with a return to mid-single-digit margins anticipated.