RPC, Inc. Reports 36.6% Revenue Growth to $454.8 Million in Q1 2026

RPC, Inc. reported a significant increase in revenue for the first quarter of 2026, achieving $454.8 million, a 36.6% rise from $332.9 million in the same period of 2025. This growth was primarily driven by contributions from the recently acquired Pintail Alternative Energy, which added approximately $97.8 million to the revenue figures. However, the company faced challenges in profitability, with net income dropping to $855,000, or $0.00 per diluted share, compared to $12 million, or $0.06 per diluted share, in the prior year. Operating income also decreased to $2.6 million from $12.4 million, reflecting increased costs associated with the acquisition and operational challenges.

The financial performance was impacted by a 45.8% increase in the cost of revenues, which rose to $355.6 million, largely due to the integration of Pintail's operations and higher activity levels. Selling, general, and administrative expenses also increased to $48.2 million from $42.5 million, driven by variable expenses linked to heightened operational activity. Additionally, acquisition-related employment costs of $7.3 million were recorded, reflecting non-cash adjustments tied to the Pintail acquisition.

In terms of operational metrics, RPC's accounts receivable increased significantly, with unbilled trade receivables rising to $69.3 million from $46.8 million at the end of 2025. The company reported a decrease in cash and cash equivalents, which fell to $200.7 million from $210 million at the end of the previous fiscal year. The company maintained a strong liquidity position, with no outstanding borrowings under its $100 million revolving credit facility as of March 31, 2026.

Looking ahead, RPC anticipates capital expenditures between $160 million and $180 million for 2026, focusing on maintenance and growth opportunities, including upgrades to its ERP and supply chain systems. The company remains cautious about the competitive landscape in the oilfield services market, particularly in pressure pumping, where oversupply and pricing pressures persist. RPC's management continues to monitor market conditions, including oil and natural gas prices, which are critical to customer activity levels and overall demand for its services. The company expects to continue paying dividends, with a quarterly cash dividend of $0.04 per share declared for June 2026.