RESHIGH SIGNALFINANCIAL10-K

RPC's operating performance deteriorated substantially with net income and operating income both declining meaningfully year-over-year alongside reduced operating cash flow.

The significant decline in profitability metrics combined with reduced cash generation suggests RPC faced considerable headwinds in fiscal 2026, likely reflecting challenging market conditions in the oilfield services sector. The company's strategic pivot toward natural gas burning equipment and acquisition of Pintail Completions indicates management is actively repositioning the business, but near-term financial performance remains under pressure.

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

RPC experienced a challenging fiscal 2026 with operating cash flow declining 42% to $201.3 million while net income and operating income both fell substantially. The company reduced capital expenditures by 33% to $148.4 million and meaningfully curtailed share buybacks, conserving cash as its balance sheet shows higher liabilities and lower cash positions. Despite revenue collection challenges evident in 18% higher accounts receivable, the company maintained financial flexibility while navigating difficult operating conditions.

FINANCIAL STATEMENT CHANGES
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.

Accounts Receivable
Balance Sheet
+18.5%
$276.6M→$327.7M

Receivables grew 18.5% — monitor days sales outstanding for collection efficiency.

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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