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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Income Taxes | Note 11: Income Taxes For financial reporting purposes, income before income taxes includes the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 52,258 | ​ | $ | 102,415 | ​ | $ | 253,407
Foreign | ​ |  | 4,291 | ​ |  | 10,387 | ​ |  | 2,836
Total income before income taxes | ​ | $ | 56,549 | ​ | $ | 112,802 | ​ | $ | 256,243
​ The following table lists the components of the provision for income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current provision: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 3,806 | ​ | $ | 11,468 | ​ | $ | 45,146
State | ​ |  | 1,162 | ​ |  | 2,310 | ​ |  | 6,502
Foreign | ​ |  | 815 | ​ |  | 681 | ​ |  | 835
Deferred provision (benefit): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | 15,256 | ​ |  | 8,067 | ​ |  | 7,116
State | ​ |  | 3,091 | ​ |  | 1 | ​ |  | 1,531
Foreign | ​ | ​ | 339 | ​ | ​ | (1,169) | ​ | ​ | —
Total income tax provision | ​ | $ | 24,469 | ​ | $ | 21,358 | ​ | $ | 61,130
​ The Base Erosion and Profit Shifting framework 2.0 (Pillar Two) released by the Organization for Economic Co-operation and Development introduced a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds. The United States has not yet enacted legislation to adopt the provisions of Pillar Two. As of December 31, 2025, certain countries we operate in have enacted legislation related to the global minimum tax rules under Pillar Two. There are no recorded effects for Pillar Two in our 2025 financial statements as we do not estimate a material impact, if any, to our consolidated financial statements. We will continue to monitor the impact as additional countries enact legislation going forward. ​ Reconciliation between the federal statutory rate and RPC’s income tax provision and effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ | 2025 | ​ | 2024 | ​ | 2023
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal statutory rate | ​ | $ | 11,875 | ​ | 21.0 | % | ​ | $ | 23,688 | ​ | 21.0 | % | ​ | $ | 53,811 | ​ | 21.0 | %
State income taxes, net of federal benefit (a) | ​ | ​ | 4,102 | ​ | 7.3 | ​ | ​ | ​ | 2,287 | ​ | 2.0 | ​ | ​ | ​ | 5,046 | ​ | 2.0 |
Foreign taxes, net of federal benefit: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada: | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Change in valuation allowance | ​ | ​ | — | ​ | — | ​ | ​ | ​ | (1,187) | ​ | (1.1) | ​ | ​ | ​ | 614 | ​ | 0.2 | ​
Other | ​ |  | 182 | ​ | 0.3 |  | ​ | ​ | 61 | ​ | 0.1 |  | ​ | ​ | (500) | ​ | (0.2) | ​
Other foreign jurisdictions | ​ | ​ | 390 | ​ | 0.7 | ​ | ​ | ​ | 436 | ​ | 0.4 | ​ | ​ | ​ | 721 | ​ | 0.3 | ​
Tax credits | ​ | ​ | (506) | ​ | (0.9) | ​ | ​ | ​ | (1,036) | ​ | (0.9) | ​ | ​ | ​ | (703) | ​ | (0.3) | ​
Change in unrecognized tax benefits | ​ | ​ | 21 | ​ | — | ​ | ​ | ​ | (1,637) | ​ | (1.5) | ​ | ​ | ​ | 251 | ​ | 0.1 | ​
Non-deductible expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisition related employment costs | ​ | ​ | 1,641 | ​ | 2.9 |  | ​ | ​ | — | ​ | — |  | ​ | ​ | — | ​ | — | ​
Long-term retirement plan | ​ | ​ | 3,778 | ​ | 6.7 |  | ​ | ​ | — | ​ | — |  | ​ | ​ | — | ​ | — | ​
Meals and entertainment | ​ | ​ | 2,523 | ​ | 4.5 |  | ​ | ​ | 2,337 | ​ | 2.1 |  | ​ | ​ | 2,356 | ​ | 0.9 | ​
Non-deductible officer compensation | ​ | ​ | 653 | ​ | 1.2 |  | ​ | ​ | 395 | ​ | 0.4 |  | ​ | ​ | 469 | ​ | 0.2 | ​
Other | ​ | ​ | (647) | ​ | (1.2) |  | ​ | ​ | (899) | ​ | (0.9) |  | ​ | ​ | (671) | ​ | (0.3) | ​
Cross-border tax laws | ​ |  | 159 | ​ | 0.3 |  | ​ | ​ | (315) | ​ | (0.3) |  | ​ | ​ | (256) | ​ | (0.1) | ​
Interest related to tax matters | ​ |  | — | ​ | — |  | ​ | ​ | (2,189) | ​ | (1.9) |  | ​ | ​ | (1,757) | ​ | (0.7) | ​
Other | ​ |  | 298 | ​ | 0.5 |  | ​ | ​ | (583) | ​ | (0.5) |  | ​ | ​ | 1,749 | ​ | 0.8 | ​
Income tax provision and effective tax rate | ​ | $ | 24,469 | ​ | 43.3 | % | ​ | $ | 21,358 | ​ | 18.9 | % | ​ | $ | 61,130 | ​ | 23.9 | %
​
| (a) | Income taxes in Texas, Oklahoma, and New Mexico made up the majority (greater than 50 percent) of the state tax effect.
​ Significant components of the Company’s deferred tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: |  | ​ | ​ |  | ​ | ​
Self-insurance | ​ | $ | — | ​ | $ | 3,386
Long-term retirement plan | ​ |  | — | ​ |  | 5,276
State net operating loss carryforwards | ​ |  | 1,469 | ​ |  | 2,010
Stock-based compensation | ​ |  | 2,581 | ​ |  | 1,995
Acquisition related employment costs | ​ | ​ | 2,937 | ​ | ​ | —
Inventory reserve | ​ | ​ | 3,068 | ​ | ​ | 3,178
Lease liability | ​ | ​ | 5,994 | ​ | ​ | 7,067
Capitalized research and development | ​ | ​ | 147 | ​ | ​ | 4,721
All others, net | ​ |  | 2,343 | ​ |  | 3,785
Gross deferred tax assets | ​ |  | 18,539 | ​ |  | 31,418
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Depreciation | ​ |  | (81,797) | ​ |  | (75,559)
Right of use asset | ​ | ​ | (6,317) | ​ | ​ | (7,013)
Goodwill amortization | ​ |  | (7,300) | ​ |  | (7,035)
Gross deferred tax liabilities | ​ |  | (95,414) | ​ |  | (89,607)
Net deferred tax liabilities | ​ | $ | (76,875) | ​ | $ | (58,189)
​ ​ Total net income tax payments (refunds) were $7.7 million in 2025, $(31.7) million in 2024, and $62.2 million in 2023. The following table lists the components of the payments for income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 6,000 | ​ | $ | (35,538) | ​ | $ | 56,000
State: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Texas | ​ | ​ | 855 | ​ | ​ | 2,021 | ​ | ​ | 1,823
Other | ​ | ​ | 357 | ​ | ​ | 1,330 | ​ | ​ | 3,345
Foreign | ​ |  | 473 | ​ |  | 511 | ​ |  | 1,058
Total net income tax payments (refunds) | ​ | $ | 7,685 | ​ | $ | (31,676) | ​ | $ | 62,226
​ As of December 31, 2025, the Company has net operating loss carryforwards recorded related to state income taxes of $31.2 million (gross) that will expire between 2026 and 2045. The Company’s policy is to record interest and penalties related to income tax matters, as part of income tax expense. There were no accrued interest and penalties as of December 31, 2025, and $2.5 million as of December 31, 2024. During 2025, the Company recognized an increase in estimated liability for its unrecognized tax positions, which is recorded in other long-term liabilities on the Consolidated Balance Sheet. This liability, if released, would affect our effective rate. A reconciliation of the beginning and ending amount of unrecognized tax positions is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1 | ​ | $ | 531 | ​ | $ | 2,168
Additions based on tax positions related to the current year |  | ​ | 101 |  | ​ | 167
(Reductions) for tax positions of prior years |  | ​ | (80) |  | ​ | (1,804)
Balance at December 31 | ​ | $ | 552 | ​ | $ | 531
​ The Company and its subsidiaries are subject to U.S. federal and state and foreign income tax in multiple jurisdictions. In many cases, the estimated liability for uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. In general, the Company’s 2022 through 2024 tax years remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year.

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