UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Let me turn now to a few of the strategic initiatives that shaped the year. Starting with the American Well Services acquisition. We completed this transaction with a strategic intent to broaden our footprint, enhance scale, and strengthen our service offerings in the Permian Basin. I am pleased to report that the integration is progressing well. Our focus during the fourth quarter, and continuing into early 2026, has been on ensuring that the combined operations function cohesively, that our teams remain a ...

Financial Data and Key Metrics Changes - Total company revenue for 2025 was $547 million, with Adjusted EBITDA of $73.2 million, reflecting a stable operational performance despite market challenges [4][19] - Q4 revenue was $142.2 million, up from $128.9 million in Q3, and essentially flat compared to $143.1 million in Q4 2024 [16] - Net income for Q4 was $3.2 million or $0.14 per diluted share, compared to $1.2 million or $0.05 per diluted share in the prior quarter [18] Business Line Data and Key Metrics Changes - High-spec rigs generated $92.3 million in Q4, up from $80.9 million in Q3 and $87 million in Q4 2024, with rig hours growing 16% sequentially [17] - Processing Solutions and Ancillary Services contributed $37.5 million in Q4, a 22% sequential increase from Q3, driven by organic performance and AWS acquisition [17] - Wireline services revenue was $12.4 million in Q4, down from $17.2 million in Q3, reflecting lower completed stage counts [17] Market Data and Key Metrics Changes - The market environment in 2025 was characterized by stable demand and a focus on high-quality service execution, with continued emphasis on efficiency and cost management [5][12] - The company expects the operating environment in 2026 to remain stable, similar to 2025, with a focus on execution and strategic evaluation [12] Company Strategy and Development Direction - The acquisition of American Well Services (AWS) aims to broaden the company's footprint and enhance service offerings in the Permian Basin, with integration progressing well [6][26] - The EchoRig program represents a significant advancement in well service technology, focusing on reducing emissions and improving operational efficiency [8][9] - The company plans to continue investing in EchoRig deployments and integrating AWS while maintaining a disciplined approach to capital deployment [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and build on its foundation, with a focus on safety, efficiency, and customer service [14][27] - The pro forma financial profile post-AWS acquisition suggests an annual EBITDA generation opportunity of over $100 million in 2026, with expectations for activity improvement in the U.S. onshore market [13][12] Other Important Information - Free cash flow for 2025 was $42.9 million, with a conversion rate of nearly 60%, reflecting disciplined operational execution [22] - The company returned over 40% of free cash flow to shareholders in 2025 through dividends and stock repurchases, demonstrating confidence in long-term cash generation [24] Q&A Session Summary Question: Update on Echo rig build-out and manufacturing capability - Management indicated productive conversations with customers regarding Echo rigs and confirmed that manufacturing capacity can be expanded if needed [31][32] Question: Comments on plug and abandonment contract - Management highlighted a contract with the Texas regulator for complex wells, positioning the company as a contractor of choice for government P&A programs [33][34] Question: CapEx for EchoRig program - Management noted that CapEx will ramp up in the back half of the year, with progress milestone payments expected in the first half [36][41] Question: Earnings power with Echo rig build-out - Management discussed the potential for margin expansion with the integration of AWS and the Echo rig build-out, though specific metrics were not provided [53][55]

Financial Data and Key Metrics Changes - Total company revenue for 2025 was $547 million, with Adjusted EBITDA of $73.2 million, reflecting a stable operational performance despite market challenges [4][20] - Fourth quarter revenue was $142.2 million, up from $128.9 million in the third quarter and essentially flat compared to $143.1 million in the fourth quarter of 2024 [16] - Net income for the fourth quarter was $3.2 million or $0.14 per diluted share, compared to $1.2 million or $0.05 per diluted share in the prior quarter [18] Business Line Data and Key Metrics Changes - High-spec rigs generated $92.3 million in revenue for the fourth quarter, up from $80.9 million in the third quarter and $87 million in the fourth quarter of 2024, with rig hours growing 16% sequentially [17] - Processing Solutions and Ancillary Services contributed $37.5 million in revenue, representing a 22% sequential increase from Q3, driven by organic performance and contributions from the AWS acquisition [17] - Wireline services revenue was $12.4 million, down from $17.2 million in the third quarter, reflecting lower completed stage counts [17] Market Data and Key Metrics Changes - The operating environment is expected to remain stable in 2026, similar to 2025, with a focus on execution and strategic evaluation [12] - The U.S. onshore market is anticipated to see activity improvement over the next 18-24 months, with Ranger prepared to deploy high-quality assets [13] Company Strategy and Development Direction - The acquisition of American Well Services (AWS) aims to broaden Ranger's footprint and enhance service offerings in the Permian Basin, with integration progressing well [6][7] - The EchoRig program represents a significant advancement in well service technology, focusing on reducing emissions and improving operational efficiency [8][9] - The company plans to maintain a disciplined approach to capital deployment while supporting growth opportunities and returning capital to shareholders [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and build on its foundation, with a focus on safety, efficiency, and customer service [12][14] - Despite expectations for a relatively flat 2026, there is optimism for future growth as the macro environment improves [13] Other Important Information - Free cash flow for 2025 was $42.9 million, with a conversion rate of nearly 60%, reflecting disciplined operational execution [23] - The company returned over 40% of free cash flow to shareholders through dividends and stock repurchases, demonstrating confidence in long-term cash generation capabilities [25] Q&A Session Summary Question: Update on Echo rig build-out and manufacturing capability - Management is excited about the Echo contract and is having productive conversations with customers, with manufacturing capacity not expected to be a bottleneck [31][32] Question: Comments on plug and abandonment contract - The contract is with the Texas regulator and represents growth opportunities in complex wells, with low single digits of rigs currently dedicated to P&A [33][35] Question: CapEx for EchoRig program - CapEx will ramp up in the back half of the year, with progress milestone payments expected in the first half [36][41] Question: Earnings power with Echo rig build-out - The Echo rigs will represent a significant portion of the active fleet, with potential for margin expansion as contracts are executed [48][56]

Financial Data and Key Metrics Changes - Total company revenue for 2025 was $547 million, with Adjusted EBITDA of $73.2 million, reflecting a stable operational performance despite market challenges [4][20] - Fourth quarter revenue was $142.2 million, up from $128.9 million in the third quarter and essentially flat compared to $143.1 million in the fourth quarter of 2024 [17] - Full year net income was $3.2 million or $0.14 per diluted share, compared to $1.2 million or $0.05 per diluted share in the prior quarter [19] Business Line Data and Key Metrics Changes - High-spec rigs generated $92.3 million in revenue for the fourth quarter, up from $80.9 million in the third quarter and $87 million in the fourth quarter of 2024, with rig hours growing 16% sequentially [18] - Processing Solutions and Ancillary Services contributed $37.5 million in revenue, representing a 22% sequential increase from Q3, driven by organic performance and contributions from the AWS acquisition [18] - Wireline services revenue was $12.4 million, down from $17.2 million in the third quarter, reflecting lower completed stage counts [18] Market Data and Key Metrics Changes - The operating environment in 2025 was characterized by stable demand and a focus on high-quality service execution, with continued emphasis on efficiency and cost management [5][12] - The company expects the operating environment in 2026 to remain generally stable, similar to 2025, with a focus on execution and strategic evaluation [12] Company Strategy and Development Direction - The acquisition of American Well Services (AWS) aims to broaden the company's footprint and enhance service offerings in the Permian Basin, with integration progressing well [6][7] - The EchoRig program represents a significant advancement in well service technology, focusing on reducing emissions and improving operational efficiency [8][9] - The company plans to continue investing in growth opportunities while maintaining capital discipline, with a focus on safety, efficiency, and customer service [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and build on its foundation, with expectations for healthy cash generation and continued growth opportunities [15][26] - The pro forma financial profile post-AWS acquisition suggests an annual EBITDA generation opportunity of over $100 million in 2026, with potential for further growth in a supportive macro environment [13][14] Other Important Information - Free cash flow for 2025 was $42.9 million, with a conversion rate of nearly 60%, reflecting disciplined operational execution [23] - The company returned over 40% of free cash flow to shareholders in 2025 through dividends and stock repurchases, demonstrating confidence in long-term cash generation capabilities [25] Q&A Session Summary Question: Update on Echo build-out and customer conversations - Management indicated productive conversations with customers regarding Echo rigs and expressed confidence in manufacturing capabilities to meet demand [32][33] Question: Details on plug and abandonment contract - The contract is with the Texas regulator and aims to position the company as a contractor of choice for complex wells, with potential growth opportunities [35] Question: CapEx metrics for EchoRig program - Management noted that CapEx will ramp up in the back half of the year, with progress milestone payments expected in the first half [37][39] Question: Earnings power with Echo rig build-out - Management highlighted that Echo rigs could represent a significant portion of the fleet, with potential margin expansion expected as contracts are executed [50][56]

分组1 - Ranger Energy reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.20 per share, and down from $0.25 per share a year ago, representing an earnings surprise of -30.00% [1] - The company posted revenues of $142.2 million for the quarter, missing the Zacks Consensus Estimate by 2.6%, and down from $143.1 million year-over-year [2] - Over the last four quarters, Ranger Energy has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] 分组2 - Ranger Energy shares have increased by approximately 25.2% since the beginning of the year, outperforming the S&P 500's gain of 0.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.28 on revenues of $168 million, and for the current fiscal year, it is $1.34 on revenues of $688 million [7] - The Oil and Gas - Field Services industry, to which Ranger Energy belongs, is currently in the top 35% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Stuart Bodden, Chief Executive Officer of Ranger Energy Services, commented, "During the fourth quarter and throughout 2025, Ranger demonstrated the resilience that is characteristic of our business model. The Company concluded 2025 with robust cash generation and reinforced its standing as a through-cycle service provider in the oilfield services sector. Our results reflect the enduring "Adjusted EBITDA" is not presented in accordance with generally accepted accounting principles in the United States ("U.S ...

front, we completed the acquisition of American Well Services ("AWS†), which is already meaningfully contributing to our financial performance. The transaction was executed at an extremely compelling valuation, and the acquired assets are well maintained, properly certified, and deployed with premier operators. The additional service lines that accompanied the traditional well service rigs present meaningful incremental growth opportunities for Ranger going forward."In 2025, we launched our next-generatio ...

Core Viewpoint - Ranger Energy Services, Inc. will report its fourth quarter and full year 2025 financial and operating results on March 5, 2026, before the market opens [1] Financial Reporting - The earnings conference call will take place at 10:00 a.m. Eastern time (9:00 a.m. Central time) following the financial results announcement [1] - Interested parties can join the call by dialing 1-833-255-2829 for domestic calls or 1-412-902-6710 for international calls [1]

Group 1 - Ranger Energy Services (RNGR) is positioned as an interesting investment option within the oilfield services industry, which may appear dull at first glance but has the potential to outperform its peers [1] - The company has a strong focus on the oilfield equipment services sector, indicating a specialized approach that could lead to competitive advantages [1] Group 2 - The analyst has over 14 years of experience in stock analysis, with a specific focus on the energy sector for the past 7 years, which adds credibility to the insights provided [1]