The Q1 beat on revenue and in-line adjusted EPS is overshadowed by GAAP net income of just $0.9M and negative free cash flow. With the U.S. rig count flat sequentially and down 7% YoY, the oilfield services environment remains challenged. Monitor the Q2 conference call for any change in customer spending plans or guidance; the maintained $0.04 dividend provides a small floor but the stock is likely to trade on oil price direction and rig count trends.
Price Chart
Executive Summary
RPC reported Q1 2026 revenue of $454.8M (up 7% sequentially) but GAAP net income was only $0.9M ($0.00 EPS), a sharp decline from $12.0M ($0.06 EPS) in Q1 2025. Adjusted EPS was $0.03, in line with the $0.03 consensus, while revenue beat the $406.7M estimate. The sequential improvement from Q4's net loss is overshadowed by the 37% YoY revenue decline and near-zero profitability, reflecting a weak oilfield services environment.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $454.8M, up 7% sequentially from $425.8M but down from $332.9M in Q1 2025 (note: prior year period was 9 months of pre-Pintail acquisition; YoY comparison is not apples-to-apples)
- GAAP net income $0.9M ($0.00 EPS) vs $12.0M ($0.06 EPS) in Q1 2025
- Adjusted net income $7.6M ($0.03 EPS), matching the $0.03 consensus estimate
- Adjusted EBITDA $53.5M, down from $55.1M in Q4 2025; Adjusted EBITDA margin 11.8%, down 110 bps sequentially
- Technical Services revenue $434.3M (+7% seq); Support Services flat at $20.5M
- U.S. rig count averaged 548, flat sequentially but down 6.8% YoY
- Free cash flow negative $0.9M in Q1 2026 vs positive $7.6M in Q1 2025
- Cash and equivalents $200.7M; no borrowings on $100M revolver
- Quarterly dividend maintained at $0.04/share
Financial Impact
GAAP net income collapsed to near-zero ($0.9M) from $12.0M a year ago; adjusted net income of $7.6M is down 37% from $12.0M in Q1 2025. Revenue of $454.8M beat the $406.7M consensus but the YoY comparison is distorted by the Pintail acquisition.
Risk Factors
- Sustained low oil prices or volatility could further reduce customer activity
- Negative free cash flow and near-zero GAAP profitability limit financial flexibility
- Acquisition-related employment costs ($7.3M/quarter) continue to weigh on reported earnings
- Industry concerns about duration of higher commodity prices may delay spending recovery
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-056633 |
| Document: 0001104659-26-056633-index.html | 0001104659-26-056633 |
| Document: 0001104659-26-056633.txt | 0001104659-26-056633 |
| 8-K Data (Synthetic) | 0001104659-26-056633 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 12w ago | 8-K | $5.42 $6.25 | ▲ +15.31% | ▲ +12.85% | $6.38 (+17.71%) |
Jul 30, 2026 12w ago | Press Release | $5.42 $6.25 | ▲ +15.31% | ▲ +12.85% | $6.38 (+17.71%) |
Jun 23, 2026 17w ago | 8-K | $5.72 $5.93 | ▲ +3.67% | ▲ +0.83% | $6.38 (+11.54%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.07 $6.50 | ▼ −8.06% | ▼ −12.46% | $6.38 (−9.76%) |
May 7, 2026 24w ago | 8-K | $7.09 $5.76 | ▲ +18.74% | ▲ +22.57% | $6.38 (+9.99%) |
Apr 28, 2026 25w ago | 8-K | $7.86 $5.61 | ▼ −28.66% | ▼ −32.77% | $6.38 (−18.87%) |
Apr 13, 2026 28w ago | DEFA14A | $6.72 $5.63 | ▼ −16.22% | ▼ −25.15% | $6.38 (−5.06%) |
Mar 18, 2026 31w ago | DEFA14A | $6.96 $7.07 | ▲ +1.60% | ▼ −9.93% | $6.38 (−8.32%) |
US Market Status
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