RNGR · Full Picture

Ranger Energy Services, Inc. — the full picture

Earnings window · 2026-04-07 to 2026-07-25 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 72
    +24.9% revenue (realized)
    The Company included $26.3 million of revenue related to the AWS acquisition in High Specification Rigs revenue for the three months ended March 31, 2026 (as stated in the MD&A discussion of that segment).
  2. Gross Margin Drivers · Gross marginPriority 69
    +17.0% margin (realized)
    High Specification Rigs cost of services included $21.6 million of costs related to the AWS acquisition for the three months ended March 31, 2026.
  3. Operating Cash Flow Trends · Cash flow generationPriority 64
    -10.9% cash (realized)
    Cash generated from working capital decreased by $35.7 million, being a cash outflow of $39.6 million for the three months ended March 31, 2026 compared to a $3.9 million inflow for the three months ended March 31, 2025.
  4. Acquisitions and Dispositions · M&A and divestituresPriority 62
    qualitative only
  5. Outstanding Indebtedness · Debt, leverage & refinancingPriority 56
    -6.7% liability (realized)
    Under the Wells Fargo Revolving Credit Facility the total loan capacity was $66.5 million based on a borrowing base certificate in effect as of March 31, 2026.
  6. Revenue Performance and Mix · Revenue growth & mixPriority 56
    -4.2% revenue (realized)
    Adjusted EBITDA for the three months ended March 31, 2026 was $23.3 million compared to $15.5 million for the three months ended March 31, 2025, an increase of $7.8 million.
  7. Liquidity and Cash Position · Liquidity & cash positionPriority 54
    +4.9% cash (realized)
    The Company had total liquidity of $42.5 million as of March 31, 2026, consisting of $6.9 million of cash on hand and $35.6 million availability under the Wells Fargo Revolving Credit Facility.
  8. Operating Expense Trends · Operating expenses (SG&A)Priority 54
    -4.4% operating_income (realized)
    Depreciation and amortization increased $5.6 million, or 53%, to $16.2 million for the three months ended March 31, 2026 from $10.6 million for the three months ended March 31, 2025, primarily due to inclusion of depreciation associated with assets acquired in the AWS acquisition.
  9. Capital Return Program · Buybacks & dividendsPriority 53
    qualitative only
    As of March 31, 2026, $37.6 million remained available under the Company’s aggregate $85.0 million share repurchase program authorization.
  10. Operating Capacity and Utilization · Supply chain & operationsPriority 53
    qualitative only
    Rig hours increased to 145,400 for the three months ended March 31, 2026 from 115,700 for the three months ended March 31, 2025.
  11. Product Launch and Transition · Products & launchesPriority 52
    qualitative only
  12. Geographic Revenue Shift · Geographic mixPriority 51
    qualitative only
    Following the acquisition of AWS in November 2025, the Company entered 2026 with a larger presence in the Permian Basin and an operating footprint more heavily concentrated in this basin than in prior operating periods.

Threads by pillar

Revenue & Demand Priority 78 · 5 threads

Costs & Margins Priority 80 · 3 threads

Capital & Balance Sheet Priority 86 · 6 threads

Strategy & Portfolio Priority 78 · 2 threads

Legal, Regulatory & Policy Priority 29 · 1 thread

Guidance & Outlook Priority 25 · 1 thread

Macro & Market Conditions Priority 37 · 2 threads

Expected impact by metric

metricforward netforward grossrealized
net_income——+0.6%
operating_income——-33.3%
liability——-6.7%
revenue——+20.8%
cash——-8.4%
assets——+2.4%
margin——+17.0%