Ranger Energy Services, Inc. (NYSE: RNGR) reported its financial results for the third quarter ended September 30, 2026, in a filing dated November 9, 2026. The company announced total revenue of $162.8 million for the quarter, a decrease of $13.7 million from the previous quarter but an increase of $33.9 million compared to the same period in 2025. Net income for the quarter was $2.5 million, or $0.10 per diluted share.
Adjusted EBITDA for the third quarter was $20.1 million, representing a margin of 12.3%. The company generated Free Cash Flow of $20.0 million during the quarter, which was used to fully repay outstanding borrowings and fund share repurchases. During the quarter, Ranger repurchased 142,100 shares of its common stock for a total value of $2.2 million. Since the inception of its share repurchase program in 2023 through the end of the third quarter, the company has repurchased 4,783,900 shares for a total value of $54.1 million.
On the operational front, Ranger completed the acquisition of STEP Energy Services' US coil tubing assets on October 8, 2026. The company stated this acquisition creates a leading coil tubing provider in the US, with over $10 million of EBITDA contribution expected in 2027. Additionally, Ranger secured contracts for four additional ECHO hybrid electric workover rigs, bringing the total number of rigs in operation or construction to 24. The company also declared a quarterly cash dividend of $0.06 per share, payable on December 4, 2026, to stockholders of record as of November 20, 2026.
Management noted that the quarter faced softer activity and pricing challenges due to customer budget constraints and inflationary costs, including a $1.5 million increase in employee medical costs quarter over quarter. The company is reorganizing certain operations acquired through AWS to improve focus and profitability. As of September 30, 2026, the company reported total liquidity of $76.2 million, consisting of $70.2 million of available capacity under its revolving credit facility and $6.0 million of cash on hand, with no active borrowings.
