The $74.5M impairment on Pintail wireline signals ongoing pricing and activity pressure in that business, which may require further restructuring or divestiture. Monitor the Q4 2026 earnings call for any update on Pintail's outlook and whether additional impairments are expected. The sequential improvement in adjusted EBITDA and margins across the rest of the portfolio provides a partial offset, but the impairment raises questions about the recoverability of remaining goodwill ($81.2M) and intangibles ($61.0M).
Price Chart
Executive Summary
RPC reported Q3 2026 revenue of $467.7M, slightly below the $471.4M consensus, and adjusted EPS of $0.10, in line with the $0.10 estimate. The headline GAAP net loss of $41.9M (loss per share $0.20) was driven by a $74.5M non-cash impairment charge on the Pintail wireline business, masking an otherwise sequentially improving adjusted operating performance. Adjusted EBITDA rose 8% sequentially to $71.5M with margin expanding 100 bps to 15.3%, but the impairment signals persistent pricing and activity challenges in a key segment.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $467.7M, up 1% sequentially from $460.9M, but below consensus of $471.4M
- GAAP net loss of $41.9M (loss per share $0.20) vs net income of $12.1M in Q2 2026, due to $74.5M non-cash impairment on Pintail wireline assets
- Adjusted net income of $22.8M ($0.10 per diluted share) vs $17.8M ($0.08) in Q2 2026, in line with consensus of $0.10
- Adjusted EBITDA of $71.5M, up 8% from $66.0M in Q2 2026; Adjusted EBITDA margin improved to 15.3% from 14.3%
- Impairment charges of $74.5M: $58.3M related to Pintail's other intangible assets and $16.2M to property, plant and equipment
- Technical Services segment revenue $444.2M (up 1% sequentially), operating income $28.9M (up 5%), excluding impairment
- Support Services segment revenue $23.5M (up 3%), operating income $3.6M (up 56%)
- Board declared regular quarterly cash dividend of $0.04 per share, payable December 10, 2026
- Cash and cash equivalents $177.1M, no borrowings under $100M revolver; year-to-date free cash flow $5.0M
- Year-to-date share repurchases of $3.5M related to tax withholdings for restricted stock vesting
Financial Impact
GAAP net loss of $41.9M vs net income of $12.1M in Q2 2026; adjusted net income of $22.8M vs $17.8M; impairment charge of $74.5M on Pintail wireline assets
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Technical Services | $444.2M | +1.4% |
| Support Services | $23.5M | +3.3% |
Risk Factors
- Further impairment risk on Pintail wireline assets if pricing weakness and cost pressures persist
- Revenue slightly below consensus despite sequential growth, indicating potential demand softness
- Inflationary cost pressures on labor, trucking and fuel continue to pressure margins
- Working capital use of $68.0M year-to-date driven by higher receivables and strategic inventory purchases
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-119827 |
| Document: 0001104659-26-119827-index.html | 0001104659-26-119827 |
| Document: 0001104659-26-119827.txt | 0001104659-26-119827 |
| 8-K Data (Synthetic) | 0001104659-26-119827 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Press Release | $6.38 | awaiting T+60 | awaiting T+60 | $6.17 (−3.29%) |
Jul 30, 2026 13w ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Jul 30, 2026 13w ago | Press Release | $5.42 $6.25 | ▲ +15.31% | ▲ +12.85% | $6.17 (+13.84%) |
Jun 23, 2026 18w ago | 8-K | $5.72 $5.93 | ▲ +3.67% | ▲ +0.83% | $6.17 (+7.87%) |
Jun 11, 2026 20w ago | Institutional Cluster | $7.07 $6.50 | ▼ −8.06% | ▼ −12.46% | $6.17 (−12.73%) |
May 7, 2026 25w ago | 8-K | $7.09 $5.76 | ▲ +18.74% | ▲ +22.57% | $6.17 (+12.95%) |
Apr 28, 2026 26w ago | 8-K | $7.86 $5.61 | ▼ −28.66% | ▼ −32.77% | $6.17 (−21.54%) |
Apr 13, 2026 28w ago | DEFA14A | $6.72 $5.63 | ▼ −16.22% | ▼ −25.15% | $6.17 (−8.19%) |
Mar 18, 2026 32w ago | DEFA14A | $6.96 $7.07 | ▲ +1.60% | ▼ −9.93% | $6.17 (−11.34%) |
US Market Status
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