Ranger Wireline Turns Profitable After Winter Slump

The Tip Desk · July 27, 2026 · 3 min read

Second-quarter Adjusted EBITDA reached $28.6 million, a 16.2% margin, as Wireline swung to a $1.0 million operating profit.

Ranger Energy Services (RNGR), a provider of high-specification mobile rigs, wireline and ancillary well services, reported second-quarter revenue of $176.5 million, up $17.4 million from $159.1 million in the first quarter of 2026. The company attributed the sequential increase to expanding activity levels.

Adjusted EBITDA rose to $28.6 million, or a 16.2% margin, from $23.3 million and 14.6% in the first quarter. Net income was $6.9 million, or $0.29 a diluted share, compared with $3.0 million, or $0.12 a diluted share, in the prior quarter. The company said the EBITDA improvement was driven by stronger revenue and margins in High Specification Rigs and Processing Solutions and Ancillary Services, inclusion of American Well Services results, and a profitable Wireline quarter.

Wireline was the sharpest turn. Segment revenue rose 75% to $18.6 million from $10.6 million, and Wireline Completions reported 2,560 completed stages, up 246% from 740. Operating income swung to a $1.0 million profit from a $2.4 million loss, and Adjusted EBITDA rose to $3.6 million from $0.2 million. The company said the sequential increase reflected new contract activity completed during the quarter, with Pump Down and Conventional Production lines improving as warmer months arrived.

Chief Executive Officer Stuart Bodden said the Wireline team had facilitated a recovery over the past few quarters and that the quarter was a breakout financially. He said some contract activity has been completed for the year and that the back half of 2026 will see reductions in activity and more modest profitability as a consequence.

High Specification Rigs, the largest segment, generated $113.4 million of revenue, up from $109.1 million in the first quarter. Rig hours increased 1% sequentially to 146,800 from 145,400. Hourly rig rates rose 6% sequentially to $772 from $731, which the company said largely reflected fuel-surcharge pass-through and changes in asset and regional mix. Segment Adjusted EBITDA was $20.6 million, down from $21.4 million in the first quarter; the company said the quarter was negatively affected by a $750,000 state audit levy related to prior years that is under dispute.

Processing Solutions and Ancillary Services revenue increased 13% to $44.5 million from $39.4 million, and Adjusted EBITDA rose to $10.0 million from $7.7 million. The company attributed the improvement primarily to higher operating activity across several service lines, with the most significant contribution from ancillary solutions acquired in the AWS transaction. Bodden said Plug and Abandonment, Torrent and Coil Tubing lines outperformed, and that most ancillary service lines experienced activity expansion with improved profitability.

Cost of services was $142.7 million, or 81% of revenue, compared with $130.6 million in the first quarter. General and administrative expenses were $7.6 million. Both 2026 quarters included additional expenses related to the AWS acquisition.

Free Cash Flow for the quarter was $20.0 million. The company repurchased 282,900 shares for $4.5 million net of tax at an average $15.84 a share and declared a $0.06 a share cash dividend payable August 21, 2026. Total liquidity was $61.3 million as of June 30, 2026, consisting of $57.1 million of revolving-credit capacity and $4.2 million of cash. The company said the reduction from $67.7 million at year-end reflected a buildup of working capital from certain customers.

Bodden said the company had achieved a run rate of more than $100 million in annual EBITDA in the second full quarter post-acquisition. Ranger also announced an award for three additional ECHO rigs to be built with Chevron.