A provider of specialized oilfield services, this company performs work directly at well sites for U.S. oil and gas producers — including pressure pumping, wireline, coiled tubing, cementing, and downhole tools — plus off-site equipment rentals, pipe inspection, and training. Its Technical Services arm makes up the bulk of its business, serving energy companies drilling in regions like the Permian basin. In 2025 it expanded by acquiring Pintail Completions in the Permian, and it operates a fleet of horizontal pressure-pumping equipment it plans to shift toward natural-gas-burning engines.
Gross margin rose 3.2 points sequentially to 25.0% as revenue grew 9.5%, but operating income fell 4.9% year over year.
rebounded from its Q1 low, but profitability remains under pressure. rose 9.5% to $460.9 million on higher pressure pumping and downhole-tool activity, yet fell 4.9% to $14.8 million as $7.3 million in non-cash acquisition employment costs and a 26.2% increase in SG&A consumed the gain. The company is funding operations from cash on hand while stays barely positive.
Key takeaways
rose 3.2 points sequentially to 25.0%, recovering from the 21.8% Q1 low, as growth in Technical Services outpaced the increase in cost of revenues.
rose 9.5% to $460.9 million, driven by higher activity in pressure pumping, downhole tools, and coiled tubing within the Technical Services .
fell 4.9% to $14.8 million despite the increase, as $7.3 million in non-cash acquisition-related employment costs and a 26.2% rise in SG&A to $51.5 million weighed on results.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 9.5% to $460.9M on higher pressure pumping and downhole tools, but operating income dipped slightly to $14.8M.
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Total Q2 2026 grew 9.5% to $460.9 million, driven by increased activity in pressure pumping, downhole tools, and coiled tubing within the Technical Services .
rose 19.0% to $12.1 million, or $0.05 per diluted share, up from $10.1 million a year ago, though the prior-year quarter included $6.6 million in similar acquisition costs.
fell 53.1% to $4.7 million, as declined 18.2% to $43.4 million and remained elevated.
Cash and equivalents fell 10.6% sequentially to $179.5 million, with no outstanding borrowings under the $100 million .
What changed
The Q1 2026 watch item on was answered: margin rose to 25.0% from 21.8%, showing that Pintail integration and legacy pricing pressure did not push it lower, though it remains below the 28.0% reported in Q2 2024.
U.S. well completion activity appears to have stabilized: from the legacy pressure pumping business grew, reversing the activity decline that had been flagged as a concern since Q3 2023.
remained barely positive at $4.7 million, consistent with the concern that the company would struggle to fund its $160–$180 million plan from operations without drawing on cash reserves.
The material internal-control weaknesses at Pintail were not flagged as remediated in this filing, leaving the risk identified in prior quarters unresolved.
What to watch
Whether can hold at or above 25.0% in Q3 2026 as the $7.3 million in non-cash acquisition employment costs roll off, or whether legacy pricing pressure pushes it back toward the low-20% range.
U.S. well completion counts in Q3 2026, to confirm whether the Q2 activity increase in pressure pumping represents a durable recovery or a temporary uptick in an oversupplied market.
generation relative to the $170–$190 million 2026 plan, to see whether the company can fund maintenance spending from operations or will continue to draw on its $179.5 million cash balance.
Whether the material internal-control weaknesses at Pintail are remediated before year-end, given the risk that a failure to do so could impair timely, accurate consolidated financial reporting.
Technical Services increased 10.4% and rose 30.5%, while Support Services revenue fell 5.4% and operating income dropped 50.6% due to job mix.
Cost of revenues rose 8.8% to $345.7 million, and SG&A expenses increased 26.2% to $51.5 million, primarily from higher activity levels and professional fees.
declined to $14.8 million from $15.5 million, and margin compressed to 2.6% from 2.4%, partly due to $7.3 million in non-cash acquisition-related employment costs.
Net for the first half fell to $74.6 million from $92.9 million, driven by a $51.0 million use of cash for and lower .
The company expects full-year 2026 of $170–$190 million and believes existing cash and liquidity are sufficient for the next twelve months, with no outstanding borrowings.
Quantitative and Qualitative Disclosures About Market Risk
The Company is subject to interest rate risk exposure through borrowings on its credit facility and the Pintail Seller Note. As of June 30, 2026, there were no outstanding interest-bearing advances on our credit facility, which provides for interest at a floating rate. Additiona…
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The Company is subject to interest rate risk exposure through borrowings on its credit facility and the Pintail Seller Note. As of June 30, 2026, there were no outstanding interest-bearing advances on our credit facility, which provides for interest at a floating rate.
Additionally, the Company is exposed to market risk resulting from changes in foreign exchange rates. However, since the majority of the Company’s transactions occur in U.S. currency, this risk is not expected to have a material effect on its consolidated results of operations or financial condition.
RPC is involved in litigation from time to time in the ordinary course of its business. RPC does not believe that the outcome of such litigation will have a material adverse effect on the financial position or results of operations of RPC.
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RPC is involved in litigation from time to time in the ordinary course of its business. RPC does not believe that the outcome of such litigation will have a material adverse effect on the financial position or results of operations of RPC.
There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
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There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.