RPC INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
RES$5.31-5.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001558370-25-009562
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001104659-25-104292
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 107 current paragraphs.
38 unchanged; 58 reworded; 5 added; 3 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Operating income was $20.8 million for the three months ended September 30, 2025, compared to $19.2 million for the same period of 2024.
Current report
How We Evaluate Our Operations
Current report
NINE MONTHS ENDED SEPTEMBER 30, 2025, COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2024
Current report
In the third quarter of 2025, RPC implemented the provisions of the One Big, Beautiful Bill Act (“OBBBA”), which resulted in a lower tax obligation due to the 100% bonus depreciation on capital expenditures placed in service after January 19th, 2025 and immediate expensing of all domestic research and development costs, that were previously amortized over five years. Implementation of the OBBBA provisions did not have an impact on our effective rate or the Income tax provision in our Consolidated Statements of Operations for the three and nine months ended September 30, 2025.
Current report
The Company finalized the working capital adjustment related to the Pintail acquisition with the Seller and recorded a receivable of $12.3 million as of September 30, 2025. This receivable was collected in full subsequent to quarter end.
Removed paragraphs (3)
Previous report
Operating profit was $15.5 million for the three months ended June 30, 2025, compared to $35.5 million during the same period of 2024.
Previous report
SIX MONTHS ENDED JUNE 30, 2025, COMPARED TO SIX MONTHS ENDED JUNE 30, 2024
Previous report
On July 4, 2025, the United States Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated depreciation on fixed asset additions. The Company is in the process of evaluating the OBBBA and has not estimated its financial impact at this time.
Reworded paragraphs (58)
Previous wording
During the second quarter of 2025, total revenues of $420.8 million increased by $56.7 million or 15.6% compared to the same period in the prior year.
Current wording
During the third quarter of 2025, total revenues of $447.1 million increased by $109.5 million or 32.4% compared to the same period in the prior year.
Previous wording
Net income for the three months ended June 30, 2025, was $10.1 million or $0.05 diluted earnings per share compared to net income of $32.4 million, or $0.15 diluted earnings per share in the same period of 2024.
Current wording
Net income for the three months ended September 30, 2025, was $13.0 million, or $0.06 diluted earnings per share compared to net income of $18.8 million, or $0.09 diluted earnings per share in the same period of 2024.
Previous wording
Net cash provided by operating activities decreased to $92.9 million for the six months ended June 30, 2025, compared to $184.5 million for the same period of 2024.
Current wording
Net cash provided by operating activities decreased to $139.5 million for the nine months ended September 30, 2025, compared to $255.2 million for the same period of 2024.
Previous wording
On April 1, 2025 (the “Closing Date”), RPC, through its wholly owned subsidiary, Thru Tubing Solutions, Inc., completed its acquisition of Pintail Alternative Energy, L.L.C (“Pintail”). Headquartered in Midland, Texas, Pintail is a leading provider of oilfield wireline perforating services in the Permian Basin and operates more than 30 active fleets, and its conventional and electric wireline units are among the newest in the industry. The acquisition will build on RPC’s diversified oilfield services platform with geographic concentration in the most active oil producing region in the U.S. land market. Pintail is included in our Technical Services Segment.
Current wording
On April 1, 2025 (the “Closing Date”), RPC, through its wholly owned subsidiary, Thru Tubing Solutions, Inc., completed its acquisition of Pintail Alternative Energy, L.L.C. (“Pintail”). Headquartered in Midland, Texas, Pintail is a leading provider of oilfield wireline perforating services in the Permian Basin and its conventional and electric wireline units are among the newest in the industry. The acquisition is building on RPC’s diversified oilfield services platform with geographic concentration in the most active oil producing region in the U.S. land market. Pintail is included in the Company’s Technical Services Segment.
Previous wording
On the Closing Date, 100% of Pintail’s equity was automatically canceled and converted into the right to receive (i) $170 million in cash, without interest, (ii) $25 million of RPC common stock, which was paid by the issuance of 4,545,454 shares of restricted common stock of RPC to one of the previous owners, and (iii) $50 million in the form of a secured note payable to Houston LP (the “Seller Note”). Interest on the Seller Note accrues at a variable rate equal to the Simple Secured Overnight Financing Rate, for the applicable interest period, plus 2.0% per annum, or where applicable, at a specified default rate. Beginning with second quarter of 2025, the Company has begun interest payments on the Seller Note.
Current wording
On the Closing Date, 100% of Pintail’s equity was automatically canceled and converted into the right to receive (i) $170 million in cash, without interest, (ii) $25 million of RPC common stock, which was paid by the issuance of 4,545,454 shares of restricted common stock of RPC to one of the previous owners, and (iii) $50 million in the form of a secured note payable to Houston LP (the “Seller Note”). Interest on the Seller Note accrues at a variable rate equal to the Simple Secured Overnight Financing Rate, for the applicable interest period, plus 2.0% per annum, or where applicable, at a specified default rate. The Company began making interest payments on the Seller Note in the second quarter of 2025.
Previous wording
As of June 30, 2025, there were no outstanding borrowings under our credit facility.How We Evaluate Our Operations
Current wording
As of September 30, 2025, there were no outstanding borrowings under our credit facility.
Previous wording
We believe that EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow are important indicators of performance. Adjusted EBITDA is defined as EBITDA, adjusted for unusual (income)/expenses. Adjusted EBITDA margin reflects Adjusted EBITDA as a percentage of revenues. Management believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA margin enable investors to compare the operating performance of our core business consistently over various time periods without regard to changes in our capital structure. Management believes that Free cash flow, which measures our ability to generate needed cash from
Current wording
We believe that EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow are important indicators of performance. Adjusted EBITDA is defined as EBITDA, adjusted for unusual (income)/expenses. Adjusted EBITDA margin reflects Adjusted EBITDA as a percentage of revenues. Management believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
Previous wording
business operations, is an important financial measure for evaluating RPC’s financial condition. Our definition of Free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, since the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions.
Current wording
enable investors to compare the operating performance of our core business consistently over various time periods without regard to changes in our capital structure. Management believes that Free cash flow, which measures our ability to generate needed cash from business operations, is an important financial measure for evaluating RPC’s financial condition. Our definition of Free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, since the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions.
Previous wording
*Revenues.*Revenues of $420.8 million for the three months ended June 30, 2025, increased 15.6% compared to the three months ended June 30, 2024. The increase in revenues was primarily due to revenues from recently acquired Pintail of $98.9 million, partially offset by lower pressure pumping activity levels compared to the prior year. Pressure pumping results for the second quarter of 2025 were negatively impacted by pricing pressure, weather, third-party non-productive time and customer startup delays. Pressure pumping market remains highly competitive. Management believes the industry continues to be over-supplied and efficiency gains are consistently adding pump hour capacity to the industry. These challenges, as well as a declining rig count, have impacted activity, asset utilization, and pricing. International revenues represented 2.0% of total revenues in the second quarter of 2025 compared to 2.9% in the same period of the prior year. We believe that international revenues will continue to be less than 10% of RPC’s consolidated revenues in the foreseeable future.
Current wording
*Revenues.*Revenues of $447.1 million for the three months ended September 30, 2025, increased 32.4% compared to the three months ended September 30, 2024. The increase in revenues was primarily due to revenues of $99.8 million from recently acquired Pintail coupled with revenue increases in coiled tubing and downhole tools, partially offset by a decrease in pressure pumping. The pressure pumping market remains highly competitive. Management believes the industry continues to be over-supplied and efficiency gains are contributing to excess capacity in the industry. These challenges, as well as a declining rig count, have impacted activity levels, asset utilization, and pricing. International revenues represented 1.8% of total revenues in the third quarter of 2025 compared to
Previous wording
During the second quarter of 2025, the average price of oil was 20.8% lower and the average price of natural gas was 54.6% higher, both as compared to the same period in the prior year. The average domestic rig count (Source: Baker Hughes, Inc.) for the three months ended June 30, 2025, was 5.3% lower than in the same period in 2024.
Current wording
During the third quarter of 2025, the average price of oil was 14.0% lower and the average price of natural gas was 44.8% higher, both compared to the same period in the prior year. The average domestic rig count (Source: Baker Hughes, Inc.) for the three months ended September 30, 2025, was 7.8% lower than in the same period in 2024.
Previous wording
The Technical Services segment revenues for the second quarter of 2025 increased by 16.2% compared to the same period of the prior year due primarily to the addition of Pintail, partially offset by a decrease in pressure pumping revenues. Technical Services reported operating income was $21.1 million during the second quarter of 2025 compared to operating income of $30.2 million in the second quarter of 2024. The decrease in Technical Services operating income was primarily due to lower pricing in pressure pumping. Support Services segment revenues for the second quarter of 2025 increased by 6.1% compared to the same period in the prior year, primarily due to higher activity levels within rental tools. Support Services reported operating income of $4.6 million for the second quarter of 2025 compared to operating income of $4.4 million for the second quarter of 2024. Second quarter 2025 Support Services operating profit increased by $260 thousand compared to the second quarter of the prior year due to higher activity levels.
Current wording
The Technical Services segment revenues for the third quarter of 2025 increased by 34.7% compared to the same period of the prior year due primarily to the acquisition of Pintail, partially offset by a decrease in pressure pumping revenues. Technical Services reported operating income was $24.4 million during the third quarter of 2025 compared to operating income of $16.3 million in the third quarter of 2024. The increase in Technical Services operating income was primarily due to results from recently acquired Pintail, partially offset by lower pricing in pressure pumping. Support Services segment revenues for the third quarter of 2025 increased by 3.1% compared to the same period in the prior year, primarily due to higher activity levels within rental tools. Support Services reported operating income of $4.6 million for the third quarter of 2025 compared to operating income of $5.3 million for the third quarter of 2024. Third quarter 2025 Support Services operating income decreased by $682 thousand compared to the third quarter of the prior year.
Previous wording
*Cost of revenues.*Cost of revenues increased 21.1% to $317.7 million for the three months ended June 30, 2025, compared to $262.3 million for the three months ended June 30, 2024 primarily due to costs from recently acquired Pintail, partially offset by lower pressure pumping activities and change in job mix. In accordance with Staff Accounting Bulletin (SAB) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $36.6 million for the second quarter of 2025 compared to $29.5 million for the second quarter of 2024.
Current wording
*Cost of revenues.*Cost of revenues increased 35.2% to $334.7 million for the three months ended September 30, 2025, compared to $247.5 million for the three months ended September 30, 2024 primarily due to costs from recently acquired Pintail. In accordance with Staff Accounting Bulletin (SAB) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $38.4 million for the third quarter of 2025 compared to $31.8 million for the third quarter of 2024.
Previous wording
*Selling, general and administrative expenses.*Selling, general and administrative expenses increased to $40.8 million for the three months ended June 30, 2025, compared to $37.4 million for the three months ended June 30, 2024, primarily due to acquisition costs, coupled with expenses from recently acquired Pintail.
Current wording
*Selling, general and administrative expenses.*Selling, general and administrative expenses increased to $44.6 million for the three months ended September 30, 2025, compared to $37.7 million for the three months ended September 30, 2024, primarily due to an increase in employment incentives and higher other employment related costs, coupled with expenses from recently acquired Pintail.
Previous wording
*Acquisition related employment costs.*Acquisition related employment costs of $6.6 million represent non-cash accounting adjustments related to the Pintail acquisition consideration that is contingent upon continued employment. We expect to recognize these costs equally over 12 quarters and approximate $78.6 million in the aggregate.
Current wording
*Acquisition related employment costs.*Acquisition related employment costs of $6.5 million represent non-cash accounting adjustments related to the Pintail acquisition costs that are contingent upon continued employment. The remaining Acquisition related employment costs, totaling $65.1 million, are expected to be recognized equally over the next 10 quarters.
Previous wording
*Depreciation and amortization.*Depreciation and amortization increased 31.0% to $42.3 million for the three months ended June 30, 2025, compared to $32.3 million for the three months ended June 30, 2024. Depreciation and amortization increased due to additional fixed assets and intangibles related to the Pintail acquisition, coupled with capital expenditures in the past year.
Current wording
*Depreciation and amortization.*Depreciation and amortization increased 25.9% to $44.1 million for the three months ended September 30, 2025, compared to $35.0 million for the three months ended September 30, 2024. Depreciation and amortization increased due to additional fixed assets and intangibles related to the Pintail acquisition, coupled with capital expenditures in the past year.
Previous wording
Gain on disposition of assets, net. Gain on disposition of assets, net was $2.2 million for the three months ended June 30, 2025, compared to $3.3 million for the three months ended June 30, 2024. The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment.
Current wording
Gain on disposition of assets, net. Gain on disposition of assets, net was $3.6 million for the three months ended September 30, 2025, compared to $1.8 million for the three months ended September 30, 2024. The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment.
Previous wording
*Other income, net.*Other income, net was $1.2 million for the three months ended June 30, 2025, compared to $732 thousand for the same period in the prior year.
Current wording
*Other income, net.*Other income, net was $1.0 million for both the three months ended September 30, 2025 and the same period in the prior year.
Previous wording
*Interest expense and interest income.*Interest expense increased to $1.0 million for the three months ended June 30, 2025, compared to $99 thousand for the three months ended June 30, 2024 primarily due to interest on the Seller Note issued in conjunction with the Pintail acquisition. Interest expense includes interest on the Seller Note, facility fees on the unused portion of the credit facility and the amortization of loan costs. Interest income decreased to $1.6 million compared to $3.3 million in the prior year due to a lower average cash balance, primarily due to the acquisition of Pintail on April 1, 2025.
Current wording
*Interest expense and interest income.*Interest expense increased to $949 thousand for the three months ended September 30, 2025, compared to $261 thousand for the three months ended September 30, 2024 primarily due to interest on the Seller Note issued in conjunction with the Pintail acquisition. Interest expense includes interest on the Seller Note, facility fees on the unused portion of the credit facility and the amortization of loan costs. Interest income decreased to $1.7 million compared to $3.5 million in the prior year due to a lower average cash balance, primarily due to the acquisition of Pintail on April 1, 2025.
Previous wording
Income tax provision. Income tax provision was $7.2 million during the three months ended June 30, 2025 compared to $7.0 million tax provision for the same period in the prior year. The effective tax rate was 41.3% for the three months ended June 30, 2025 compared to a 17.8% effective tax rate for the same period in the prior year. The increase in effective tax rate is primarily due to Acquisition related employment costs which both contributed to a lower pre-tax income and included a non-deductible component.
Current wording
Income tax provision. Income tax provision was $9.6 million during the three months ended September 30, 2025 compared to $4.7 million in the same period in the prior year. The effective tax rate was 42.6% for the three months ended September 30, 2025 compared to a 19.9% effective tax rate for the same period in the prior year. The effective tax rate was unusually high primarily due to the non-deductible portion of Acquisition related employment costs and provision to tax return adjustments.
Previous wording
Net income, net income margin and diluted earnings per share. Net income was $10.1 million during the three months ended June 30, 2025, or $0.05 diluted earnings per share, compared to net income of $32.4 million during the three months ended June 30, 2024, or $0.15 diluted earnings per share. Net income margin was 2.4% for the three months ended June 30, 2025, compared to 8.9% for the same period in the prior year.
Current wording
Net income, net income margin and diluted earnings per share. Net income was $13.0 million during the three months ended September 30, 2025, or $0.06 diluted earnings per share, compared to net income of $18.8 million during the three months ended
Previous wording
Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA was $65.6 million, and Adjusted EBITDA margin was 15.6% for the three months ended June 30, 2025 compared to $68.5 million and 18.8%, respectively, for the same period in the prior year.
Current wording
Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA was $72.3 million, and Adjusted EBITDA margin was 16.2% for the three months ended September 30, 2025 compared to $55.2 million and 16.4%, respectively, for the same period in the prior year.
Previous wording
Cash provided by operating activities and Free cash flow. Cash provided by operating activities was $53.1 million for the three months ended June 30, 2025, compared to $127.9 million for the three months ended June 30, 2024. The decrease in cash provided by operating activities is due primarily to unfavorable changes in working capital, primarily due to a $52.8 million federal refund received in the second quarter of 2024, coupled with lower net income. Free cash flow decreased to $10.0 million for the three months ended June 30, 2025, from $52.9 million for the three months ended June 30, 2024, primarily due to a decrease in cash provided by operating activities, partially offset by lower capital expenditures.
Current wording
Cash provided by operating activities and Free cash flow. Cash provided by operating activities was $46.5 million for the three months ended September 30, 2025, compared to $70.7 million for the three months ended September 30, 2024. The decrease in cash provided by operating activities is due primarily to unfavorable changes in working capital, coupled with lower net income. Free cash flow was $4.1 million for the three months ended September 30, 2025 compared to $19.1 million for the three months ended September 30, 2024, primarily due to a decrease in cash provided by operating activities, partially offset by lower capital expenditures.
Previous wording
*Revenues.*Revenues of $753.7 million for the six months ended June 30, 2025, increased 1.6% compared to the six months ended June 30, 2024. The slight increase in revenues was primarily due to results from recently acquired Pintail, partially offset by lower pressure pumping activity levels compared to the prior year. Pressure pumping market remains highly competitive. Management believes the industry continues to be over-supplied and efficiency gains are consistently adding pump hour capacity to the industry. These challenges, as well as a declining rig count, have impacted activity, asset utilization, and pricing. International revenues represented 2.2% of total revenues in the first six months of 2025 compared to 2.8% in the same period of the prior year. We believe that international revenues will continue to be less than 10% of RPC’s consolidated revenues in the foreseeable future.
Current wording
*Revenues.*Revenues of $1.2 billion for the nine months ended September 30, 2025, increased 11.2% compared to the nine months ended September 30, 2024. The increase in revenues was primarily due to revenues of 198.6 million from recently acquired Pintail partially offset by lower pressure pumping activity levels compared to the prior year. The pressure pumping market remains highly competitive. Management believes the industry continues to be over-supplied and efficiency gains are contributing to excess capacity in the industry. These challenges, as well as a declining rig count, have impacted activity levels, asset utilization, and pricing. International revenues represented 2.0% of total revenues in the first nine months of 2025 compared to 2.9% in the same period of the prior year. We believe that international revenues will continue to be less than 10% of RPC’s consolidated revenues in the foreseeable future.
Previous wording
During the first six months of 2025, the average price of oil was 14.2% lower and the average price of natural gas was 73.9% higher, both as compared to the same period in the prior year. The average domestic rig count (Source: Baker Hughes, Inc.) for the six months ended June 30, 2025, was 5.4% lower than in the same period in 2024.
Current wording
During the first nine months of 2025, the average price of oil was 14.1% lower and the average price of natural gas was 64.2% higher, both compared to the same period in the prior year. The average domestic rig count (Source: Baker Hughes, Inc.) for the nine months ended September 30, 2025, was 6.3% lower than in the same period in 2024.
Previous wording
The Technical Services segment revenues for the six months ended June 30, 2025 increased by 1.5% compared to the same period of the prior year due primarily to results from recently acquired Pintail, partially offset by a decrease in Pressure Pumping revenues. Technical Services reported operating income of $35.1 million during the six months ended June 30, 2025 compared to operating income of $62.2 million in the same period of the prior year. The decrease in Technical Services operating income was primarily due to lower pricing in pressure pumping and several other service lines. Support Services segment revenues for the six months ended June 30, 2025 increased by 2.2% compared to the same period in the prior year, primarily due to higher activity levels within rental tools. Support Services reported operating income of $7.3 million for the six months ended June 30, 2025 compared to operating income of $8.0 million for the same period in the prior year. Support Services operating profit for the six months ended June 30, 2025 decreased by $678 thousand compared to the six months ended June 30, 2024.
Current wording
The Technical Services segment revenues for the nine months ended September 30, 2025 increased by 11.8% compared to the same period of the prior year due primarily to results from recently acquired Pintail, partially offset by a decrease in Pressure Pumping revenues. Technical Services reported operating income of $59.6 million during the nine months ended September 30, 2025 compared to operating income of $78.5 million in the same period of the prior year. The decrease in Technical Services operating income was primarily due to lower pricing coupled with increased activity in pressure pumping and several other service lines. Support Services segment revenues for the nine months ended September 30, 2025 increased by 2.5% compared to the same period in the prior year, primarily due to higher activity levels within rental tools. Support Services reported operating income of $11.9 million for the nine months ended September 30, 2025 compared to operating income of $13.3 million for the same period in the prior year. Support Services operating income for the nine months ended September 30, 2025 decreased by $1.4 million compared to the nine months ended September 30, 2024, due to lower pricing coupled with increased activity for rental tools.
Previous wording
*Cost of revenues.*Cost of revenues increased 4.2% to $561.6 million for the six months ended June 30, 2025, compared to $538.9 million for the six months ended June 30, 2024 primarily due to costs from recently acquired Pintail. Excluding results from Pintail, cost of revenues decreased in line with revenues primarily due to a decrease in expenses consistent with lower activity levels, such as materials and supplies, fleet and transportation and maintenance and repairs expenses. In accordance with Staff Accounting Bulletin (SAB) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $69.0 million for the six months ended June30, 2025 compared to $56.8 million for the same period in the prior year.
Current wording
*Cost of revenues.*Cost of revenues increased 14.0% to $896.3 million for the nine months ended September 30, 2025, compared to $786.4 million for the nine months ended September 30, 2024 primarily due to costs from recently acquired Pintail. Excluding results from Pintail, cost of revenues decreased in line with revenues primarily due to a decrease in expenses consistent with lower activity levels, such as materials and supplies, fleet and transportation and maintenance and repairs expenses. In accordance with Staff Accounting Bulletin (SAB) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $107.4 million for the nine months ended June 30, 2025 compared to $88.7 million for the same period in the prior year.
Previous wording
*Selling, general and administrative expenses.*Selling, general and administrative expenses increased to $83.3 million for the six months ended June 30, 2025, compared to $77.5 million for the six months ended June 30, 2024, primarily due to acquisition costs and expenses from recently acquired Pintail, coupled with ERP system implementation costs.
Current wording
*Selling, general and administrative expenses.*Selling, general and administrative expenses increased to $128.0 million for the nine months ended September 30, 2025, compared to $115.2 million for the nine months ended September 30, 2024, primarily due to an increase in employment incentives and higher other employment related costs, coupled with expenses from recently acquired Pintail.
Previous wording
*Acquisition related employment costs.*Acquisition related employment costs of $6.6 million represent non-cash accounting adjustments related to the Pintail acquisition consideration that is contingent upon continued employment. We expect to recognize these costs equally over 12 quarters and approximate $78.6 million in the aggregate.
Current wording
*Acquisition related employment costs.*Acquisition related employment costs of $13.0 million represent non-cash accounting adjustments related to the Pintail acquisition costs that are contingent upon continued employment. The remaining Acquisition related employment costs, totaling $65.1 million, are expected to be recognized equally over the next 10 quarters.
Previous wording
*Depreciation and amortization.*Depreciation and amortization increased 25.1% to $78.0 million for the six months ended June 30, 2025, compared to $62.3 million for the six months ended June 30, 2024. Depreciation and amortization increased due to additional fixed assets and intangibles related to the Pintail acquisition, coupled with capital expenditures in the past year.
Current wording
*Depreciation and amortization.*Depreciation and amortization increased 25.4% to $122.1 million for the nine months ended September 30, 2025, compared to $97.4 million for the nine months ended September 30, 2024. Depreciation and amortization increased due to additional fixed assets and intangibles related to the Pintail acquisition, coupled with capital expenditures in the past year.
Previous wording
Gain on disposition of assets, net. Gain on disposition of assets, net was $3.7 million for the six months ended June 30, 2025, compared to $4.6 million for the six months ended June 30, 2024. The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment.
Current wording
Gain on disposition of assets, net. Gain on disposition of assets, net was $7.3 million for the nine months ended September 30, 2025, compared to $6.3 million for the nine months ended September 30, 2024. The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment.
Previous wording
*Other income, net.*Other income, net was $2.0 million for the six months ended June 30, 2025, compared to $1.5 million for the same period in the prior year.
Current wording
*Other income, net.*Other income, net was $3.0 million for the nine months ended September 30, 2025, compared to $2.5 million for the same period in the prior year.
Previous wording
*Interest expense and interest income.*Interest expense increased to $1.1 million for the six months ended June 30, 2025, compared to $333 thousand for the six months ended June 30, 2024 primarily due to interest on the Seller Note issued in conjunction with the Pintail acquisition. Interest expense includes interest on the Seller Note, facility fees on the unused portion of the credit facility and the amortization of loan costs. Interest income decreased to $5.0 million compared to $6.3 million in the prior year primarily due to a lower average cash balance, primarily due to the acquisition of Pintail on April 1, 2025.
Current wording
*Interest expense and interest income.*Interest expense increased to $2.1 million for the nine months ended September 30, 2025, compared to $594 thousand for the nine months ended September 30, 2024 primarily due to interest on the Seller Note issued in conjunction with the Pintail acquisition. Interest expense includes interest on the Seller Note, facility fees on the unused portion of the credit facility and the amortization of loan costs. Interest income decreased to $6.8 million compared to $9.8 million in the prior year primarily due to a lower average cash balance, primarily due to the acquisition of Pintail on April 1, 2025.
Previous wording
Income tax provision. Income tax provision was $11.7 million during the six months ended June 30, 2025 compared to $15.4 million tax provision for the same period in the prior year. The effective tax rate was 34.5% for the six months ended June 30, 2025 compared to a 20.5% effective tax rate for the same period in the prior year. The increase in effective tax rate is primarily due to Acquisition related employment costs which both contributed to a lower pre-tax income and included a non-deductible component.
Current wording
Income tax provision. Income tax provision was $21.3 million during the nine months ended September 30, 2025 compared to $20.1 million for the same period in the prior year. The effective tax rate was 37.7% for the nine months ended September 30, 2025 compared to a 20.3% effective tax rate for the same period in the prior year. The effective tax rate was unusually high primarily due to the non-deductible portion of Acquisition related employment costs and provision to tax return adjustments.
Previous wording
Net income, net income margin and diluted earnings per share. Net income was $22.2 million during the six months ended June 30, 2025, or $0.10 diluted earnings per share, compared to net income of $59.9 million during the six months ended June 30, 2024, or $0.28 diluted earnings per share. Net income margin was 2.9% for the six months ended June 30, 2025, compared to 8.1% for the same period in the prior year.
Current wording
Net income, net income margin and diluted earnings per share. Net income was $35.1 million during the nine months ended September 30, 2025, or $0.16 diluted earnings per share, compared to net income of $78.7 million during the nine months ended September 30, 2024, or $0.37 diluted earnings per share. Net income margin was 2.9% for the nine months ended September 30, 2025, compared to 7.3% for the same period in the prior year.
Previous wording
Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA was $114.5 million, and Adjusted EBITDA margin was 15.2% for the six months ended June 30, 2025, compared to $131.7 million and 17.7% for the same period in the prior year.
Current wording
Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA was $186.8 million, and Adjusted EBITDA margin was 15.6% for the nine months ended September 30, 2025, compared to $186.9 million and 17.3% for the same period in the prior year.
Previous wording
Cash provided by operating activities and Free cash flow. Cash provided by operating activities was $92.9 million for the six months ended June 30, 2025, compared to $184.5 million for the six months ended June 30, 2024. The decrease in cash provided by operating activities is due primarily to unfavorable changes in working capital, primarily due to a $52.8 million federal refund received during the first six months of 2024, coupled with lower net income. Free cash flow decreased to $17.6 million for the six months ended June 30, 2025, from $56.7 million for the six months ended June 30, 2024, primarily due to a decrease in cash provided by operating activities, partially offset by lower capital expenditures.
Current wording
Cash provided by operating activities and Free cash flow. Cash provided by operating activities was $139.5 million for the nine months ended September 30, 2025, compared to $255.2 million for the nine months ended September 30, 2024. The decrease in cash provided by operating activities is due primarily to unfavorable changes in working capital, coupled with lower net income. Free cash flow decreased to $21.7 million for the nine months ended September 30, 2025, from $75.8 million for the nine months ended September 30, 2024, primarily due to a decrease in cash provided by operating activities, partially offset by lower capital expenditures.
Previous wording
The Company’s cash and cash equivalents decreased $163.9 thousand to $162.1 million as of June 30, 2025, compared to cash and cash equivalents of $326.0 million as of December 31, 2024.
Current wording
The Company’s cash and cash equivalents decreased $162.5 thousand to $163.5 million as of September 30, 2025, compared to cash and cash equivalents of $326.0 million as of December 31, 2024.
Previous wording
The following table sets forth the historical cash flows for the six months ended June 30, 2025 and 2024:
Current wording
The following table sets forth the historical cash flows for the nine months ended September 30, 2025 and 2024:
Previous wording
Cash provided by operating activities for the six months ended June 30, 2025, decreased by $91.5 million compared to the six months ended June 30, 2024, primarily due to unfavorable changes in working capital, primarily due to a $52.8 million tax refund received in the prior year, coupled with a decrease in net income. Change in working capital was a use of cash of $14.8 million during the six months ended June 30, 2025, compared to a $56.5 million source of cash in the same period last year. The most significant working capital related cash flows during the six months ended June 30, 2025, were a cash use of $45.4 million due to a decrease in unearned revenue due to the satisfaction of performance obligations that were associated with a customer cash prepayment we received in the fourth quarter of 2024, a $39.7 million cash source from a decrease in accounts receivable and a $21.4 million use of
Current wording
Cash provided by operating activities for the nine months ended September 30, 2025, decreased by $115.7 million compared to the nine months ended September 30, 2024, primarily due to unfavorable changes in working capital, including a $52.8 million tax refund received in the prior year, coupled with a decrease in net income. Change in working capital was a use of cash of $43.7 million during the nine months ended September 30, 2025, compared to a source of cash of $77.1 million in the same period last year. The most significant working capital related cash flow during the nine months ended September 30, 2025, was a cash use of $45.4 million due to a decrease in unearned revenue resulting from the satisfaction of performance obligations associated with a customer cash
Previous wording
cash from a decrease in accounts payable, both due to lower business activity levels compared to the prior year coupled with the timing of receipts. The changes in the other components were mainly due to the timing of payments and receipts.
Current wording
prepayment we received in the fourth quarter of 2024. The changes in the other components of working capital were mainly due to the timing of payments and receipts.
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Current report — wording carried from elsewhere
3.2% in the same period of the prior year. We believe that international revenues will continue to be less than 10% of RPC’s consolidated revenues in the foreseeable future.
Current report — wording carried from elsewhere
September 30, 2024, or $0.09 diluted earnings per share. Net income margin was 2.9% for the three months ended September 30, 2025, compared to 5.6% for the same period in the prior year.
Current report — wording carried from elsewhere
maintain its pressure pumping fleet and continues to evaluate future investments and options to further upgrade our equipment across the business.
Current report — wording carried from elsewhere
and equipment, particularly in pressure pumping, has inherently contributed to oversupply in the Oilfield Services (OFS) market. We believe that competition will remain intense.
Current report — wording carried from elsewhere
positive correlation between these expenditures and customers’ demand for the Company’s services. As such, when these expenditures fluctuate, customers’ demand for the Company’s services fluctuates as well. These fluctuations depend on the current and projected prices of oil and natural gas and resulting drilling activity and are not seasonal to any material degree.
Current report — wording carried from elsewhere
Such forward-looking statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes to be appropriate. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
material effect on our consolidated results of operations or financial conditions; our belief that the outcome of litigation will not have a material adverse effect on our financial position or results of operations; and our belief that the material weaknesses in Pintail’s audit for the fiscal year ended December 31, 2024, could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner if not remediated.