Ranger Energy Services, Inc.RNGR
Ranger Energy Services, Inc. Segments Disclosure
Note 17 — Segment Reporting
The Company’s operations are located in the U.S. and organized into three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The balances included in Other reflect other general and administrative costs, which are not directly attributable to High Specification Rigs, Wireline Services or Processing Solutions and Ancillary Services. The reportable segments comprise the structure used by the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying Consolidated Financial Statements. The Chief Executive Officer is regarded as the Company’s CODM. The primary profitability measurement used by the CODM to review segment operating results is Adjusted EBITDA. We define Adjusted EBITDA as net income or loss before net interest expense, income tax expense, depreciation and amortization, equity-based compensation, acquisition-related costs, severance and reorganization costs, gain on sale of assets, significant and unusual legal fees and settlements, impairment of assets, employee retention credit, inventory adjustment, and certain other non-cash and certain other items that we do not view as indicative of our ongoing performance. The CODM utilizes Adjusted EBITDA allocate resources for each segment predominantly in the annual planning process and to monitor segment results compared to prior period, forecasted results, and the annual plan.
The reportable segments have been categorized based on services provided in each line of business. The tables below present the operating income (loss) measurement and Adjusted EBITDA, as the Company believes this is most consistent with the principles used in measuring the financial statements.
During the fourth quarter of 2022, the Company determined assets are routinely utilized across multiple segments and Management does not utilize the net property and equipment value as a metric to evaluate the profitability of the respective segments. Therefore, the net property and equipment values have been removed from the segment data presented below.
Certain segment information for the years ended December 31, 2025 and 2024 is as follows (in millions):
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | ||||||||||||||||||||||||||||
| Revenue | $ | 347.0 | $ | 68.9 | $ | 131.0 | $ | — | $ | 546.9 | ||||||||||||||||||||||
| Employee expenses | 177.8 | 32.6 | 49.5 | 17.8 | 277.7 | |||||||||||||||||||||||||||
| Repair and maintenance | 32.6 | 6.8 | 14.2 | — | 53.6 | |||||||||||||||||||||||||||
| Other segment items* | 66.5 | 33.0 | 43.6 | 11.8 | 154.9 | |||||||||||||||||||||||||||
| Depreciation and amortization | 24.1 | 10.4 | 9.6 | 2.2 | 46.3 | |||||||||||||||||||||||||||
| Impairment of fixed assets | — | — | — | 0.4 | 0.4 | |||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | (1.4) | (1.4) | |||||||||||||||||||||||||||
| Operating income (loss) | 46.0 | (13.9) | 14.1 | (30.8) | 15.4 | |||||||||||||||||||||||||||
| Interest expense, net | — | — | — | 1.2 | 1.2 | |||||||||||||||||||||||||||
| Other income | — | — | — | (3.6) | (3.6) | |||||||||||||||||||||||||||
| Income tax expense | — | — | — | 5.5 | 5.5 | |||||||||||||||||||||||||||
| Net income (loss) | $ | 46.0 | $ | (13.9) | $ | 14.1 | $ | (33.9) | $ | 12.3 | ||||||||||||||||||||||
| Interest expense, net | — | — | — | 1.2 | 1.2 | |||||||||||||||||||||||||||
| Tax expense | — | — | — | 5.5 | 5.5 | |||||||||||||||||||||||||||
| Depreciation and amortization | 24.1 | 10.4 | 9.6 | 2.2 | 46.3 | |||||||||||||||||||||||||||
| EBITDA | 70.1 | (3.5) | 23.7 | (25.0) | 65.3 | |||||||||||||||||||||||||||
| Impairment of fixed assets | — | — | — | — | — | 0.4 | 0.4 | |||||||||||||||||||||||||
| Equity based compensation | — | — | — | 6.5 | 6.5 | |||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | (1.4) | (1.4) | |||||||||||||||||||||||||||
| Severance and reorganization costs | — | 1.0 | 0.1 | 0.1 | 1.2 | |||||||||||||||||||||||||||
| Acquisition related costs | 0.2 | 0.6 | 0.1 | 1.4 | 2.3 | |||||||||||||||||||||||||||
| Legal fees and settlements | — | — | — | 0.8 | 0.8 | |||||||||||||||||||||||||||
| Employee retention credit | — | — | — | (3.5) | (3.5) | |||||||||||||||||||||||||||
| Inventory adjustment | — | 1.6 | — | — | 1.6 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 70.3 | $ | (0.3) | $ | 23.9 | $ | (20.7) | $ | 73.2 | ||||||||||||||||||||||
| Capital expenditures | $ | 24.8 | $ | 1.0 | $ | 6.5 | $ | — | $ | 32.3 | ||||||||||||||||||||||
* Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations.
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | ||||||||||||||||||||||||||||
| Revenue | $ | 336.1 | $ | 110.2 | $ | 124.8 | $ | — | $ | 571.1 | ||||||||||||||||||||||
| Employee expenses | 172.6 | 49.1 | 46.3 | 17.4 | 285.4 | |||||||||||||||||||||||||||
| Repair and maintenance | 31.1 | 11.4 | 10.7 | — | 53.2 | |||||||||||||||||||||||||||
| Other segment items* | 63.4 | 46.8 | 41.4 | 10.4 | 162.0 | |||||||||||||||||||||||||||
| Depreciation and amortization | 22.2 | 11.4 | 8.6 | 1.9 | 44.1 | |||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | (2.2) | (2.2) | |||||||||||||||||||||||||||
| Operating income (loss) | 46.8 | (8.5) | 17.8 | (27.5) | 28.6 | |||||||||||||||||||||||||||
| Interest expense, net | — | — | — | 2.6 | 2.6 | |||||||||||||||||||||||||||
| Income tax expense | — | — | — | 7.6 | 7.6 | |||||||||||||||||||||||||||
| Net income (loss) | $ | 46.8 | $ | (8.5) | $ | 17.8 | $ | (37.7) | $ | 18.4 | ||||||||||||||||||||||
| Interest expense, net | — | — | — | 2.6 | 2.6 | |||||||||||||||||||||||||||
| Tax expense | — | — | — | 7.6 | 7.6 | |||||||||||||||||||||||||||
| Depreciation and amortization | 22.2 | 11.4 | 8.6 | 1.9 | 44.1 | |||||||||||||||||||||||||||
| EBITDA | 69.0 | 2.9 | 26.4 | (25.6) | 72.7 | |||||||||||||||||||||||||||
| Equity based compensation | — | — | — | 5.8 | 5.8 | |||||||||||||||||||||||||||
| Gain on disposal of property and equipment | — | — | — | (2.2) | (2.2) | |||||||||||||||||||||||||||
| Severance and reorganization costs | 0.9 | 0.6 | 0.2 | 0.1 | 1.8 | |||||||||||||||||||||||||||
| Acquisition related costs | 0.4 | — | — | 0.1 | 0.5 | |||||||||||||||||||||||||||
| Legal fees and settlements | 0.2 | — | — | 0.1 | 0.3 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 70.5 | $ | 3.5 | $ | 26.6 | $ | (21.7) | $ | 78.9 | ||||||||||||||||||||||
| Capital expenditures | $ | 26.8 | $ | 4.9 | $ | 15.2 | $ | — | $ | 46.9 | ||||||||||||||||||||||
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* Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 30, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 6, 2019 | |
| 2017 | Mar 13, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.