$176.5 million in second-quarter 2026 revenue marks a $35.9 million year-over-year gain for Ranger Energy Services (NYSE: RNGR), with $17.4 million of that arriving sequentially from Q1. Adjusted EBITDA reached $28.6 million, a sequential gain the company pegged at more than 22%, clearing a self-stated $100 million annual run-rate target in the second full quarter after the AWS acquisition. Free cash flow for the quarter was $20.0 million.
Quarterly comparison
| Metric | Q2 2026 (reported) | Q1 2026 (reported) | Q2 2025 (reported) |
|---|---|---|---|
| Revenue | $176.5M | $159.1M | $140.6M |
| Adjusted EBITDA | $28.6M | $23.3M | $20.6M |
| Adj. EBITDA margin | 16.2% | 14.6% | 14.7% |
| Net income | $6.9M | $3.0M | $7.3M |
| EPS (diluted) | $0.29 | $0.12 | $0.32 |
| Free cash flow | $20.0M | n/a | n/a |
The 16.2% adjusted EBITDA margin sits 160 basis points above Q1 2026 and 150 basis points above Q2 2025. Cost of services came in at $142.7 million, or 81% of revenue, down one percentage point from the 82% recorded in the year-ago period. General and administrative expenses were $7.6 million. Net income of $6.9 million, or $0.29 per diluted share, trailed Q2 2025's $7.3 million on a revenue base $35.9 million larger, reflecting the expanded cost structure from the AWS consolidation.
Segment performance
The High Specification Rigs segment generated more than $20.0 million of adjusted EBITDA in the quarter. Chief Executive Officer Stuart Bodden noted modest sequential revenue growth within that segment, with margins trimmed by a state sales tax audit and make-ready costs for upcoming ECHO hybrid electric rig deployments. Chevron awarded three additional ECHO rigs to be built, extending Ranger's next-generation fleet.
The Ancillary segment, enlarged by the AWS acquisition, again outperformed, with Plug and Abandonment, Torrent, and Coil Tubing service lines all exceeding expectations. Wireline posted a breakout quarter on stronger activity levels and a multi-well contract award. Bodden projected (Q3-Q4 2026) that completed contract activity will weigh on Wireline in the back half of 2026, with reduced volume and more modest profitability expected.
Capital returns
Ranger repurchased 282,900 shares in Q2 2026 at an average price of $15.84 per share, totaling $4.5 million net of tax. Since the program launched in 2023 through June 30, 2026, cumulative repurchases total 4,641,800 shares for $52.1 million net of tax at an average of $11.17 per share. The board declared a $0.06 per-share cash dividend payable August 21, 2026, to holders of record as of August 7, 2026. The payout lands as management flags a projected step-down in Wireline revenue for the second half of the year.