RPC (RES) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $467.7 million, up 1% sequentially and 4.6% year over year; adjusted EBITDA rose to $71.5 million, with a 15.3% margin.

• A $74.5 million non-cash Pintail Wireline impairment contributed to a $41.9 million GAAP net loss; adjusted net income was $22.8 million.

• Higher activity in several service lines and improved portfolio profitability were partly offset by lower Pintail Wireline revenue and continued cost pressures.

Financial highlights

• Q3 revenue was $467.7 million versus $460.9 million in Q2 and $447.1 million a year earlier; cost of revenues was $349.8 million versus $345.7 million in Q2.

• GAAP operating loss was $53.8 million and net loss was $41.9 million, or $0.20 per diluted share; Q3 included the $74.5 million impairment.

• Adjusted net income was $22.8 million, or $0.10 per diluted share, versus $17.8 million, or $0.08, in Q2; adjusted EBITDA was $71.5 million versus $66.0 million.

• Nine-month revenue was $1.383 billion and adjusted EBITDA was $191.0 million; 9M operating cash flow was $115.7 million and free cash flow was $5.0 million.

• Q3 operating cash flow was $41 million; after $40 million of CapEx, free cash flow was $1 million, with a $25 million working-capital increase.

Outlook and guidance

• 2026 CapEx guidance is $155 million–$175 million for maintenance, selected growth and ERP upgrades; $110.7 million was spent in 9M, and some equipment deliveries shifted to 2027.

• Early 2027 outlook is net positive, with E&Ps encouraged by commodity prices; management expects Q4 slowdown may be more muted than in recent years.

• Current oil prices and improving drilling and completion activity support a more favorable operating environment, though customer plans may be delayed by volatility and fluid schedules.

• Pressure-pumping fleets will be maintained at current levels; sidelined equipment will remain inactive until pricing improves and firm customer commitments support reactivation.