Ranger Energy Services announced its third‑quarter 2025 results today, reporting revenue of $128.9 million, down from $153.0 million a year earlier, and net income of $1.2 million versus $8.7 million in the prior year. Adjusted EBITDA for the quarter was $16.8 million, a decline from $25.1 million in the same period last year, reflecting lower activity across all service segments but still delivering positive earnings.
The company also disclosed the acquisition of American Well Services (AWS) for a total consideration of approximately $90.5 million. The deal consists of $60 million in cash, 2 million shares of Ranger common stock, and a $5 million earn‑out contingent on AWS achieving $36 million in EBITDA in the 12 months following closing. AWS brings 39 well‑maintained high‑spec rigs and complementary service lines to Ranger’s portfolio.
Strategically, the acquisition expands Ranger’s presence in the Permian Basin, adds new service capabilities, and makes the combined company the largest well‑services provider in the Lower 48. Pro‑forma EBITDA is expected to exceed $100 million, and the transaction is projected to be accretive to earnings and free cash flow within the next two years.
The earnings miss, driven by reduced rig hours and lower completion activity, signals a softer operating environment, but the acquisition and continued share repurchase program reinforce Ranger’s commitment to shareholder returns and long‑term growth.
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