# RPC INC (RES)

Informational only - not investment advice.

CIK: 0000742278
SIC: 1389 Oil & Gas Field Services, NEC
SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 13](/major-group/13/) > [SIC 1389 Oil & Gas Field Services, NEC](/industry/1389/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=742278
Filing source: https://www.sec.gov/Archives/edgar/data/742278/000110465926021480/res-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001104659-26-021480 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000742278.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,626,566,000 USD | 2025 | verified |
| Net income | 32,080,000 USD | 2025 | verified |
| Assets | 1,468,385,000 USD | 2025 | verified |
| Free cash flow | 52,924,000 USD | 2025 | computed |
| Net margin | 1.97% | 2025 | computed |
| Operating margin | 2.75% | 2025 | computed |
| Revenue YoY | +14.95% | 2025 | computed |
| ROE | 2.92% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RES | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.0% | 3.7% | 21 | 15 |
| Operating margin | 2.8% | 3.9% | 38 | 14 |
| Revenue growth | 15.0% | -3.1% | 100 | 15 |
| FCF margin | 3.3% | 4.9% | 36 | 15 |
| ROE | 2.9% | 4.1% | 36 | 15 |
| ROA | 2.2% | 2.8% | 36 | 15 |
| Liabilities / equity | 0.34 | 0.83 | 7 | 15 |
| Current ratio | 3.24 | 1.99 | 100 | 15 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1389 Oil & Gas Field Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1626566000 | USD | 2025 | 2026-02-27 |
| Net income | 32080000 | USD | 2025 | 2026-02-27 |
| Assets | 1468385000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000742278.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 728,974,000 | 1,595,227,000 | 1,721,005,000 | 1,222,409,000 | 598,302,000 | 864,929,000 | 1,601,762,000 | 1,617,474,000 | 1,414,999,000 | 1,626,566,000 |
| Net income |  |  | -141,246,000 | 162,511,000 | 175,402,000 | -87,111,000 | -212,192,000 | 7,217,000 | 218,363,000 | 195,113,000 | 91,444,000 | 32,080,000 |
| Operating income |  |  | -238,942,000 | 226,217,000 | 210,030,000 | -114,288,000 | -309,635,000 | 16,291,000 | 287,940,000 | 244,950,000 | 97,538,000 | 44,732,000 |
| Diluted EPS |  |  | -0.66 | 0.75 | 0.82 | -0.41 | -1.00 | 0.03 | 1.01 | 0.90 | 0.43 | 0.15 |
| Operating cash flow |  |  | 101,704,000 | 133,704,000 | 389,009,000 | 209,141,000 | 77,958,000 | 47,719,000 | 201,286,000 | 394,763,000 | 349,386,000 | 201,331,000 |
| Capital expenditures |  |  | 33,938,000 | 117,509,000 | 242,610,000 | 250,629,000 | 65,065,000 | 67,645,000 | 139,552,000 | 181,005,000 | 219,930,000 | 148,407,000 |
| Dividends paid | 91,608,000 | 33,602,000 | 10,861,000 | 43,319,000 | 101,069,000 | 32,231,000 |  |  | 8,645,000 | 34,562,000 | 34,433,000 | 35,122,000 |
| Share buybacks |  |  | 3,257,000 | 26,784,000 | 43,001,000 | 7,361,000 | 826,000 | 567,000 | 918,000 | 21,088,000 | 9,938,000 | 2,868,000 |
| Assets |  |  | 1,035,452,000 | 1,147,224,000 | 1,199,580,000 | 1,053,218,000 | 790,505,000 | 864,365,000 | 1,129,013,000 | 1,286,845,000 | 1,386,489,000 | 1,468,385,000 |
| Liabilities |  |  | 228,653,000 | 235,527,000 | 249,161,000 | 222,885,000 | 158,938,000 | 222,574,000 | 271,278,000 | 264,332,000 | 308,198,000 | 369,214,000 |
| Stockholders' equity |  |  | 806,799,000 | 911,697,000 | 950,419,000 | 830,333,000 | 631,567,000 | 641,791,000 | 857,735,000 | 1,022,513,000 | 1,078,291,000 | 1,099,171,000 |
| Cash and cash equivalents |  |  | 131,835,000 | 91,050,000 | 116,262,000 | 50,023,000 | 84,496,000 | 82,433,000 | 126,424,000 | 223,310,000 | 325,975,000 | 209,974,000 |
| Free cash flow |  |  | 67,766,000 | 16,195,000 | 146,399,000 | -41,488,000 | 12,893,000 | -19,926,000 | 61,734,000 | 213,758,000 | 129,456,000 | 52,924,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | -19.38% | 10.19% | 10.19% | -7.13% | -35.47% | 0.83% | 13.63% | 12.06% | 6.46% | 1.97% |
| Operating margin |  |  | -32.78% | 14.18% | 12.20% | -9.35% | -51.75% | 1.88% | 17.98% | 15.14% | 6.89% | 2.75% |
| Return on equity |  |  | -17.51% | 17.83% | 18.46% | -10.49% | -33.60% | 1.12% | 25.46% | 19.08% | 8.48% | 2.92% |
| Return on assets |  |  | -13.64% | 14.17% | 14.62% | -8.27% | -26.84% | 0.83% | 19.34% | 15.16% | 6.60% | 2.18% |
| Liabilities / equity |  |  | 0.28 | 0.26 | 0.26 | 0.27 | 0.25 | 0.35 | 0.32 | 0.26 | 0.29 | 0.34 |
| Current ratio |  |  | 4.72 | 4.40 | 4.32 | 4.31 | 5.38 | 3.76 | 3.94 | 4.79 | 4.03 | 3.24 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000742278.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.32 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.33 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.30 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 330,417,000 | 18,038,000 | 0.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 394,531,000 | 39,637,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 377,833,000 | 27,044,000 | 0.13 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 364,153,000 | 31,886,000 | 0.15 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 337,652,000 | 18,488,000 | 0.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 335,361,000 | 12,434,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 332,877,000 | 11,817,000 | 0.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 420,809,000 | 10,127,000 | 0.05 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 447,103,000 | 12,474,000 | 0.06 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 425,777,000 | -3,228,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 454,755,000 | 527,000 | 0.00 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 460,869,000 | 11,651,000 | 0.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RES's latest 10-K: [/company/RES/business/](/company/RES/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RES's latest 10-K: [/company/RES/risk-factors/](/company/RES/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/742278/000110465926088774/res-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

The following discussion should be read in conjunction with the Consolidated Financial Statements included elsewhere in this document. See also Forward-Looking Statements on page 28.

RPC, Inc. (“RPC” or “the Company”) provides a broad range of specialized oilfield services primarily to independent and major Oilfield companies engaged in exploration, production and development of oil and gas properties throughout the United States, including the Gulf of America, mid-continent, southwest, Rocky Mountain and Appalachian regions, and in selected international locations. The Company’s revenues and profits are generated by providing equipment and services to customers who operate oil and gas properties and invest capital to drill new wells and enhance production or perform maintenance on existing wells. We continuously monitor factors that impact current and expected customer activity levels, such as the prices of oil and natural gas, changes in pricing for our services and equipment, and utilization of our equipment and personnel. Our financial results are affected by geopolitical factors such as political instability in the petroleum-producing regions of the world, the Iran war and related blockade of the Strait of Hormuz and other oil transportation shipping lanes, the actions of the OPEC oil cartel, overall economic conditions and weather in the United States, the prices of oil and natural gas, other shifting trends in our industry, and our customers’ drilling and production activities.

The discussion of our key business and financial strategies set forth under the Overview section in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025, is incorporated herein by reference.

During the second quarter of 2026, total revenues of $460.9 million increased by $40.1 million or 9.5% compared to the same period in the prior year. Operating income was $14.8 million for the three months ended June 30, 2026, compared to $15.5 million for the same period of 2025. Net income for the three months ended June 30, 2026, was $12.1 million, or $0.05 diluted earnings per share compared to net income of $10.1 million, or $0.05 diluted earnings per share in the same period of 2025. Net cash provided by operating activities decreased to $74.6 million for the six months ended June 30, 2026, compared to $92.9 million for the same period of 2025, primarily due to working capital increases associated with higher activity levels.

As of June 30, 2026, there were no outstanding borrowings under our credit facility.

How We Evaluate Our Operations 

​

We use Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow, all non-GAAP measures, to evaluate and analyze the operating performance of our businesses. See section titled Non-GAAP financial measures for Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow computations.

​

These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures, other than free cash flow, enables investors to compare the operating performance of our core business consistently over various time periods, without regard to acquisition related employment costs and changes in our accounting for purchases of wireline cables, and without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating RPC's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, RPC’s definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.

​

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

​

20

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RPC, INC. AND SUBSIDIARIES

​

See Non-GAAP Financial Measures below for a reconciliation of EBITDA and Adjusted EBITDA to net income, and Adjusted EBITDA margin to net income margin, the most directly comparable financial measures calculated and presented in accordance with GAAP and a reconciliation of Cash Provided by Operating Activities to Free Cash Flow, the most directly comparable liquidity measure calculated and presented in accordance with GAAP.

​

Results of Operations

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three months ended","\u200b","Six months ended"],["\u200b","\u200b","June 30,","\u200b","June 30,"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["(in thousands, except for percentages)","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Revenues by business segment:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Technical","\u200b","$","438,115","\u200b","$","396,754","\u200b","$","872,397","\u200b","$","708,598"],["Support","\u200b","\u200b","22,754","\u200b","\u200b","24,055","\u200b","\u200b","43,227","\u200b","\u200b","45,088"],["Total revenue","\u200b","\u200b","460,869","\u200b","\u200b","420,809","\u200b","\u200b","915,624","\u200b","\u200b","753,686"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Cost of revenues (exclusive of depreciation and amortization shown separately below)","\u200b","\u200b","345,718","\u200b","\u200b","317,746","\u200b","\u200b","701,303","\u200b","\u200b","561,641"],["Selling, general and administrative expenses","\u200b","\u200b","51,523","\u200b","\u200b","40,825","\u200b","\u200b","99,730","\u200b","\u200b","83,324"],["Acquisition related employment costs","\u200b","\u200b","7,291","\u200b","\u200b","6,554","\u200b","\u200b","14,583","\u200b","\u200b","6,554"],["Depreciation and amortization","\u200b","\u200b","42,982","\u200b","\u200b","42,347","\u200b","\u200b","85,836","\u200b","\u200b","77,970"],["Gain on disposition of assets","\u200b","\u200b","(1,416)","\u200b","\u200b","(2,199)","\u200b","\u200b","(3,219)","\u200b","\u200b","(3,725)"],["Other income, net","\u200b","\u200b","(929)","\u200b","\u200b","(1,152)","\u200b","\u200b","(1,678)","\u200b","\u200b","(2,037)"],["Interest expense","\u200b","\u200b","671","\u200b","\u200b","1,007","\u200b","\u200b","1,501","\u200b","\u200b","1,138"],["Interest income","\u200b","\u200b","(1,546)","\u200b","\u200b","(1,618)","\u200b","\u200b","(3,316)","\u200b","\u200b","(5,013)"],["Income tax provision","\u200b","\u200b","4,500","\u200b","\u200b","7,151","\u200b","\u200b","7,954","\u200b","\u200b","11,656"],["Net income","\u200b","$","12,075","\u200b","$","10,148","\u200b","$","12,930","\u200b","$","22,178"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net income margin","\u200b","\u200b","2.6%","\u200b","\u200b","2.4%","\u200b","\u200b","1.4%","\u200b","\u200b","2.9%"],["Net cash provided by operating activities","\u200b","$","43,434","\u200b","$","53,078","\u200b","$","74,607","\u200b","$","92,943"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Non-GAAP Financial Measures","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["EBITDA","\u200b","$","58,682","\u200b","$","59,035","\u200b","$","104,905","\u200b","$","107,929"],["Adjusted EBITDA","\u200b","\u200b","65,973","\u200b","\u200b","60,869","\u200b","\u200b","119,488","\u200b","\u200b","109,763"],["Adjusted EBITDA margin","\u200b","\u200b","14.3%","\u200b","\u200b","14.5%","\u200b","\u200b","13.0%","\u200b","\u200b","14.6%"],["Free cash flow","\u200b","$","4,702","\u200b","$","10,025","\u200b","$","3,770","\u200b","$","17,620"]]
[[/GREPCENT_TABLE]]

​

THREE MONTHS ENDED JUNE 30, 2026, COMPARED TO THREE MONTHS ENDED JUNE 30, 2025

Revenues. Revenues of $460.9 million for the three months ended June 30, 2026, increased 9.5% compared to the three months ended June 30, 2025. The increase in revenues was primarily due to increased activities in pressure pumping, downhole tools and coiled tubing, partially offset by a decrease in wireline activity. Management believes the oilfield services completion market continues to be over-supplied and efficiency gains are contributing to excess capacity in the industry. These challenges, although slight improvements were realized during the quarter, have impacted activity levels, asset utilization, and pricing. International revenues represented 2.0% of total revenues in the second quarter of 2026 unchanged compared to 2.0% in the same period of the prior year. We believe that international revenues will continue to be less than 10% of RPC’s consolidated revenues in the foreseeable future.

​

During the second quarter of 2026, the average price of oil was 49.1% higher due to Middle East supply disruptions, while the average price of natural gas was 8.1% lower, compared to the same period in the prior year. The average domestic rig count (Source: Baker Hughes, Inc.) for the three months ended June 30, 2026, was 3.0% lower than in the same period in 2025.

The Technical Services segment revenues for the second quarter of 2026 increased by 10.4% compared to the same period of the prior year due primarily to increased activities in pressure pumping, downhole tools and coiled tubing revenues. Support Services segment revenues for the second quarter of 2026 decreased by 5.4% compared to the same period in the prior year, primarily due to job mix.

21

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RPC, INC. AND SUBSIDIARIES

​

Technical Services reported operating income of $27.6 million in the second quarter of 2026, an increase of 30.5% compared to the second quarter of 2025. The increase in Technical Services operating income was primarily due to an increase in downhole tools, coiled tubing and pressure pumping activity, partially offset by a decrease in wireline activity. Support Services reported operating income of $2.3 million for the second quarter of 2026, a decrease of 50.6% which was primarily due to job mix.

Cost of revenues. Cost of revenues increased 8.8% to $345.7 million for the three months ended June 30, 2026, compared to $317.7 million for the three months ended June 30, 2025, primarily due to increases in expenses consistent with higher activity levels. In accordance with Staff Accounting Bulletin (“SAB”) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/742278/000110465926021480/res-20251231x10k.htm
Complete FY 2025 MD&A: /company/RES/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Presentation

The following discussion should be read in conjunction with Selected Financial Data and the consolidated financial statements included elsewhere in this document. See also Forward-Looking Statements on page 3. Discussions of year-to-year comparisons of 2024 and 2023 items that are not included in this Form 10-K can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 on our Annual report on Form 10-K for the year ended December 31, 2024, which Item is incorporated herein by reference.

Overview

RPC, Inc. provides a broad range of specialized OFS primarily to independent and major oilfield companies engaged in exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of America, Rocky Mountain and Appalachian regions, and in selected international markets. The Company’s revenues and profits are generated by providing equipment and services to customers who operate oil and gas properties and invest capital to drill new wells and enhance production or perform maintenance on existing wells.

Several key trends discussed above in Item 1., Business, were key drivers of the Company’s results in 2025:

[[GREPCENT_TABLE]]
[["","\u25cf","Generally lower industry activity, including a 6.3% decline in the rig count."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Lower oil prices, which limits the profit incentive for our customers to use our (and our competitors) oilfield services, including pressure pumping and other ancillary product and service offerings."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Continued efficiencies of oilfield equipment allowing the industry to extract the same or more hydrocarbons with the same or fewer assets. This has resulted in an oversupply of OFS capacity in the market and led to increased price competition."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Trend toward client preference for lower emissions equipment, typically dual fuel or electric assets; the Company has multiple Tier 4 dual fuel frac fleets which have maintained stronger utilization than legacy Tier 2 assets. The Company does not currently offer electric frac fleets."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","E&P consolidation (See section titled Industry Overview and Key Themes in Item 1., Business, for more detail) has resulted in the loss of some customers."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The Pintail acquisition described in more detail below."]]
[[/GREPCENT_TABLE]]

These and other key trends we expect to impact our future results, including expected ongoing consolidation of OFS as well as E&P companies, expected reduction in volatility of rig counts due to increase in capital discipline in E&P, ongoing geopolitical uncertainties, expectations for increased energy consumption due to the rise of AI, general oversupply of OFS capacity, particularly in pressure pumping, creating a high level of price competition, trend for larger E&Ps to seek out OFS partners who can provide larger scale and newer technology options, a favorable long-term outlook for natural gas demand, potential increases to cost of materials due to tariffs, and our strategy to diversify our service lines are discussed in more detail above under “Item 1, Business Technical Services Segment”; “Industry Overview & Key Themes”; “ Competition”; and “Strategy” above, which are incorporated by reference in this Management’s Discussion and Analysis.

​

Revenues during 2025 totaled $1.6 billion, an increase of 15.0% compared to 2024. The increase in revenues was primarily due to revenues from recently acquired Pintail of $295.8 million, partially offset by lower pressure pumping activity levels compared to the prior year.

Operating income for 2025 was $44.7 million, a 54.1% decrease compared to the prior year.

Net income for 2025 was $32.1 million, or $0.15 earnings per share compared to net income of $91.4 million, or $0.43 earnings per share in 2024.

Cash flows from operating activities decreased to $201.3 million in 2025 compared to $349.4 million in 2024. During 2025, capital expenditures totaled $148.4 million primarily for capitalized maintenance and upgrades of our existing equipment, coupled with ERP and other IT system upgrades.

As of December 31, 2025, there were no outstanding borrowings under our credit facility.

​

25

​

Pintail Acquisition

As described in more detail in the notes to financial statements, on April 1, 2025, we completed our acquisition of Pintail Alternative Energy, L.L.C. ("Pintail”). Under the acquisition agreement, the consideration for the transaction consisted of: (i) $170 million in cash ("the Closing Cash”), subject to certain adjustments (ii) $25 million of RPC common stock (pursuant to which 4,545,454 shares were issued) (the “Stock Consideration”), and (iii) $50 million in the form of a secured note payable to Houston LP (the "Seller Note”). For further information, see “Acquisition related employment costs” and “Cash Requirements” below.

How We Evaluate Our Operations 

​

We use Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow, all non-GAAP measures, to evaluate and analyze the operating performance of our businesses.

​

We believe that EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow are important indicators of performance. Adjusted EBITDA is defined as EBITDA, adjusted for unusual (income)/expenses. Adjusted EBITDA margin reflects Adjusted EBITDA as a percentage of revenues. Management believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA margin enable investors to compare the operating performance of our core business consistently over various time periods without regard to changes in our capital structure. Management believes that Free cash flow, which measures our ability to generate needed cash from business operations, is an important financial measure for evaluating RPC’s financial condition. Our definition of Free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, since the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions.

​

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and should not be considered as an alternative to net income/(loss), operating income/(loss), and related margins, or any other measure of financial performance presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Similarly, Free cash flow should be considered in addition to, rather than as a substitute for GAAP presentation of net cash provided by operating activities, as a measure of our financial condition.

​

See “Non-GAAP Financial Measures” below for a reconciliation of EBITDA and Adjusted EBITDA to net income, and Adjusted EBITDA margin to net income margin, the most directly comparable financial measure calculated and presented in accordance with GAAP and a reconciliation of Free Cash Flow to Operating Cash Flow, the most directly comparable financial measure calculated and presented in accordance with GAAP.

​

26

​

Results of Operations

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b"],["(in thousands, except for percentages)","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Revenues by business segment:","","\u200b","\u200b","","\u200b","\u200b","","\u200b","\u200b"],["Technical","$","1,536,048","\u200b","$","1,326,005","\u200b","$","1,516,137","\u200b"],["Support","\u200b","90,518","\u200b","\u200b","88,994","\u200b","\u200b","101,337","\u200b"],["Total revenue","$","1,626,566","\u200b","$","1,414,999","\u200b","$","1,617,474","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Cost of revenues (exclusive of depreciation and amortization shown separately below)","$","1,232,882","","$","1,036,648","","$","1,089,519","\u200b"],["Selling, general and administrative expenses","\u200b","175,639","\u200b","\u200b","156,437","\u200b","\u200b","165,940","\u200b"],["Acquisition related employment costs","\u200b","20,312","\u200b","\u200b","\u2014","\u200b","\u200b","\u2014","\u200b"],["Pension settlement charges","\u200b","\u2014","\u200b","\u200b","\u2014","\u200b","\u200b","18,286","\u200b"],["Depreciation and amortization","\u200b","161,193","\u200b","\u200b","132,575","\u200b","\u200b","108,123","\u200b"],["Gain on disposition of assets","\u200b","(8,192)","\u200b","\u200b","(8,199)","\u200b","\u200b","(9,344)","\u200b"],["Other income, net","\u200b","(6,431)","\u200b","\u200b","(2,854)","\u200b","\u200b","(3,035)","\u200b"],["Interest expense","\u200b","3,029","\u200b","\u200b","724","\u200b","\u200b","341","\u200b"],["Interest income","\u200b","(8,415)","\u200b","\u200b","(13,134)","\u200b","\u200b","(8,599)","\u200b"],["Income tax provision","\u200b","24,469","\u200b","\u200b","21,358","\u200b","\u200b","61,130","\u200b"],["Net income","$","32,080","\u200b","$","91,444","\u200b","$","195,113","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net income margin","\u200b","2.0%","\u200b","\u200b","6.5%","\u200b","\u200b","12.1%","\u200b"],["Net cash provided by operating activities","$","201,331","\u200b","$","349,386","\u200b","$","394,763","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Non-GAAP Financial Measures","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Adjusted EBITDA","$","232,668","\u200b","$","232,967","\u200b","$","374,394","\u200b"],["Adjusted EBITDA margin","\u200b","14.3%","\u200b","\u200b","16.5%","\u200b","\u200b","23.1%","\u200b"],["Free cash flow","$","52,924","\u200b","$","129,456","\u200b","$","213,758","\u200b"]]
[[/GREPCENT_TABLE]]

​

Year Ended December 31, 2025, Compared to Year Ended December 31, 2024

Revenues. Revenues of $1.6 billion for 2025 increased 15.0% compared to 2024, with both Technical Services segment and Support Services segment revenues increasing. The increase in revenues was primarily due to revenues from recently acquired Pintail of $295.8 million, partially offset by lower pressure pumping activity levels compared to the prior year. The pressure pumping market remains highly competitive. Management believes the industry continues to be over-supplied and efficiency gains are consistently adding pump hour capacity to the industry. These challenges, as well as a declining rig count, have impacted activity, asset utilization, and pricing.

​

Technical Services segment revenues of $1.5 billion for 2025 increased 15.8% compared to the prior year. The increase in Technical Services revenue was due primarily to results from recently acquired Pintail, partially offset by a decrease in pressure pumping revenues. Technical Services reported operating income of $68.0 million during 2025 compared to operating income of $89.1 million in 2024. The decrease in Technical Services operating income was primarily due to lower pricing coupled with decreased activity in pressure pumping and several other service lines. Support Services segment revenues for 2025 increased by 1.7% compared to 2024, primarily due to higher activity levels within rental tools. Support Services reported operating income of $13.6 million for 2025 compared to operating income of $15.8 million for 2024. Support Services operati

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RES/mda/fy2025/
All MD&A years: /company/RES/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RES/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001922 (https://www.sec.gov/Archives/edgar/data/742278/000155837025001922/res-20241231x10k.htm)
- [FY 2023 MD&A](/company/RES/mda/fy2023/): filed 2024-02-28; accession 0001558370-24-001993 (https://www.sec.gov/Archives/edgar/data/742278/000155837024001993/res-20231231x10k.htm)
- [FY 2022 MD&A](/company/RES/mda/fy2022/): filed 2023-02-27; accession 0001558370-23-002171 (https://www.sec.gov/Archives/edgar/data/742278/000155837023002171/res-20221231x10k.htm)
- [FY 2021 MD&A](/company/RES/mda/fy2021/): filed 2022-02-28; accession 0001558370-22-002344 (https://www.sec.gov/Archives/edgar/data/742278/000155837022002344/res-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1389 Oil & Gas Field Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RES.md · JSON record: /company/RES.json · verified financials: /company/RES/financials.json / /company/RES/financials.csv · machine TOC for the whole site: /llms.txt