RESHIGH SIGNALFINANCIAL10-K

RPC shows massive 2216% revenue increase alongside severe profit margin compression, with net income declining 65% despite the revenue surge.

The dramatic revenue increase coupled with steep declines in profitability suggests RPC either completed a transformative acquisition or underwent significant operational changes that fundamentally altered its cost structure. The margin compression indicates the company is struggling to convert this massive revenue growth into profitable operations, which could signal integration challenges or unfavorable business mix changes.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Revenue exploded from $1.8B to $41.9B (+2216%), yet profitability collapsed with net income falling 65% to $32.1M and operating income declining 54% to $44.7M, indicating severe margin compression. Cash generation weakened significantly with operating cash flow down 42% to $201.3M and cash reserves declining 36% to $210M, while liabilities increased 20% to $369.2M. The disconnect between massive revenue growth and deteriorating profitability, combined with weakening cash metrics and higher liabilities, suggests RPC completed a major acquisition that dramatically expanded scale but at the cost of operational efficiency and financial performance.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+2216.2%
$1.8B→$41.9B

Strong top-line growth of 2216.2% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
-71.1%
$9.9M→$2.9M

Buyback activity reduced 71.1% — capital being redeployed elsewhere or cash conservation underway.

Net Income
P&L
-64.9%
$91.4M→$32.1M

Net income declined 64.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-54.1%
$97.5M→$44.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Interest Expense
P&L
-44.5%
$614K→$341K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
-42.4%
$349.4M→$201.3M

Operating cash flow fell 42.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-35.6%
$326.0M→$210.0M

Cash declined 35.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
-32.5%
$219.9M→$148.4M

Capex reduced 32.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
+19.8%
$308.2M→$369.2M

Liabilities increased 19.8% — monitor debt-to-equity ratio and interest coverage.

Current Liabilities
Balance Sheet
+19.4%
$181.9M→$217.2M

Current liabilities rose 19.4% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
Common Stock held by non-affiliates on June 30, 2025, the last business day of the registrant s most recently completed second fiscal quarter, was $ 421,394,820 based on the closing price on the New York Stock Exchange on June 28, 2025, of $4.73 per share.
Form 10-K Summary 74 Signatures 75 Index to Consolidated Financial Statements, Reports and Schedule 76 Schedule II Valuation and Qualifying Accounts 77 2 PART I Throughout this report, we refer to RPC, Inc., together with its subsidiaries, as we, us, RPC or the Company.
RPC acts as a holding company for the following service companies: Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions, Pintail Completions and Patterson Services.
The Company intends to continue upgrading its equipment to natural gas burning over time in response to the industry trending toward lower emission and more cost effective dual-fuel assets but does not intend to increase its overall number of frac fleets.
Products are also used during workover operations and new market applications such as plug abandonment, geothermal, and others.
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REMOVED
Common Stock held by non-affiliates on June 30, 2024, the last business day of the registrant s most recently completed second fiscal quarter, was $ 520,746,956 based on the closing price on the New York Stock Exchange on June 28, 2024, of $6.25 per share.
Form 10-K Summary 70 Signatures 71 Index to Consolidated Financial Statements, Reports and Schedule 72 Schedule II Valuation and Qualifying Accounts 73 PART I Throughout this report, we refer to RPC, Inc., together with its subsidiaries, as we, us, RPC or the Company.
See Risk Factors on page 14 for a discussion of factors that may cause actual results to differ from our projections.
RPC 6 acts as a holding company for the following legal entity groupings: Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services.
The Company intends to continue upgrading its equipment to Tier 4 DGB over time in response to the industry trending toward lower emission and more cost effective dual-fuel assets, but does not intend to increase its overall number of frac fleets.
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