RPC (RES) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenues declined 5% sequentially to $425.8 million, with a net loss of $3.1 million and a loss per share of $0.02, compared to net income of $13.0 million in the prior quarter.

• Full year 2025 revenues rose 15% year-over-year to $1.63 billion, primarily due to the Pintail Completions acquisition; net income for the year was $32.1 million, down 65% from the prior year.

• Adjusted EBITDA for Q4 was $55.1 million (12.9% margin), down from $67.8 million in Q3; full year adjusted EBITDA was $232.7 million (14.3% margin), essentially flat year-over-year.

• Management remains focused on cost control, financial flexibility, and selective investment for organic growth, technology, and M&A, positioning for long-term success.

Financial highlights

• Q4 2025 revenues were $425.8 million, down 5% sequentially; full year revenues were $1.63 billion, up 15% year-over-year.

• Adjusted EBITDA for Q4 was $55.1 million (12.9% margin), and for the year $232.7 million (14.3% margin).

• Adjusted diluted EPS for Q4 was $0.04, with $0.06 in adjustments; full year adjusted EPS was $0.25.

• Operating cash flow for 2025 was $201.3 million; free cash flow was $52.9 million after $148.4 million in CapEx.

• Year-to-date dividend payments totaled $35.1 million; $2.9 million in share repurchases; cash at year-end was $210 million with no debt.

Outlook and guidance

• 2026 is expected to track closely with large Permian operator activity; capital expenditures are projected at $150–$180 million, with flexibility to adjust based on market conditions.

• Management is cautious about near-term profitability due to unrecoverable lost operating days from winter storms and remains disciplined on fleet reactivation, requiring improved returns.

• The company aims to deliver full cycle returns and position for long-term success amid a challenging macro environment and oil price volatility.