# Range Resources Corporation (RRC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RRC/thesis · /stocks/RRC/memo

## Financial Snapshot

---
title: "Step 04 — Financial Snapshot"
ticker: RRC
company: "Range Resources Corporation"
source: coverage-next-full
date: 2026-05-29
---

### Step 04: Financial Snapshot — Range Resources Corporation (RRC)

#### 1. Three-Year Financial Snapshot Table

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | TTM (Mar'26) |
|---|---|---|---|---|---|
| **Revenue ($M)** | $5,331 | $2,541 | $2,347 | $2,988 | $3,209 |
| **YoY Growth** | +49% | -52% | -8% | +27% | — |
| **Gross Profit ($M)** | $3,541 | $1,105 | $911 | $1,444 | $1,646 |
| **Gross Margin** | 66.4% | 43.5% | 38.8% | 48.3% | 51.3% |
| **EBITDA ($M)** | $3,186 | $740 | $657 | $1,180 | $1,369 |
| **EBITDA Margin** | 59.8% | 29.1% | 28.0% | 39.5% | 42.7% |
| **Operating Income ($M)** | $2,832 | $390 | $299 | $809 | $1,001 |
| **Net Income ($M)** | $1,183 | $871 | $266 | $658 | $902 |
| **Diluted EPS** | $4.69 | $3.57 | $1.09 | $2.74 | $3.78 |
| **Operating CF ($M)** | $1,865 | $978 | $945 | $1,171 | $1,460 |
| **Capex ($M)** | $488 | $607 | $629 | $642 | $651 |
| **Free Cash Flow ($M)** | $1,377 | $371 | $316 | $530 | $809 |
| **FCF per Share** | ~$5.26 | ~$1.47 | ~$1.28 | ~$2.21 | ~$3.43 |
| **Total Debt ($M)** | $1,863 | $1,802 | $1,821 | $1,373 | $979 |
| **Net Debt ($M)** | ~$1,863 | ~$1,590 | ~$1,404 | ~$1,220 | ~$979 |
| **D/E Ratio** | 0.65 | 0.48 | 0.29 | 0.30 | 0.20 |
| **Debt/EBITDAX** | 0.59x | 2.43x | 1.2x | 0.8x | ~0.7x |
| **Total Assets ($M)** | $6,626 | $7,204 | $7,348 | $7,422 | $7,405 |
| **Shareholders' Equity ($M)** | $2,876 | $3,766 | $3,937 | $4,319 | $4,602 |
| **ROE** | 47.7% | 26.2% | 6.9% | 15.9% | 20.2% |
| **ROIC** | 40.4% | 4.95% | 4.84% | 9.49% | 11.35% |
| **Shares (diluted, M)** | ~252 | ~244 | ~244 | ~240 | ~238 |
| **Dividends Paid ($M)** | $39 | $77 | $77 | $86 | $88 |
| **Share Repurchases ($M)** | $400 | $19 | $65 | $231 | $190 |

**Sources:** [S1] [S2] [S3]

**Key Observation:** The table reveals extreme commodity-price sensitivity. FY2022 was an outlier year driven by $6+/Mcf gas prices following Russia's Ukraine invasion. FY2023-2024 reflect the gas price correction. FY2025-TTM shows recovery. ROIC collapsed from 40%+ to ~5% in the price trough — a pattern typical of commodity E&Ps.

#### 2. Accounting Quality Assessment

##### Revenue Recognition
- Revenue is recognized when gas and NGLs are delivered to the pipeline/takeaway point. No complex timing issues.
- Derivative hedges create significant differences between "headline" revenue and "adjusted" figures. Q4 2024 adjusted net income ($163.8M) vs. GAAP ($94.8M) reflects mark-to-market hedge timing. Management's adjusted metrics are appropriately constructed and widely used by E&P investors. [S4]

##### Non-Cash Items & Adjustments
| Adjustment | Direction | Note |
|---|---|---|
| Hedge mark-to-market | Variable | Can inflate/deflate GAAP income vs. cash reality |
| DD&A | Large non-cash (~$355M/yr) | Proper depletion accounting; no aggressive capitalization |
| Impairments (full-cost ceiling) | Periodic | Not observed recently; price recovery reduces risk |
| SBC | ~$20-30M/yr (est.) | Normal; not excessive relative to revenue |
| Deferred taxes | ~$50-80M/yr | U.S. depletion allowances reduce cash taxes significantly |

**Accounting Quality: HIGH**
Range uses full-cost accounting for oil and gas properties — the standard method for E&Ps. The primary accounting risk is ceiling test impairments in periods of very low commodity prices. The last significant impairment occurred in 2019-2020 (COVID). At current pricing, this risk is low. No aggressive revenue recognition or unusual capitalization practices observed. [S4]

##### Working Capital & Cash Position
- Range routinely operates with a low current ratio (0.67 in FY2025, 0.55 TTM) — typical of E&Ps where accrual revenue often exceeds short-term cash balances
- Cash balance was $304M at YE2024, near-zero by Q1 2026 ($0.25M), as the company accelerated debt repayment (redeemed $600M of 2029 notes in January 2026) [S5]

#### 3. Adversarial Research Sweep

*This skill runs on filings, press releases, and web search only. No activist short reports or legal databases were accessed. Findings are based on publicly available information.*

##### Short Reports / Activist Research
**Finding: No current short-seller attack identified.**
Range Resources has not been the target of a published short-seller report in the 2022-2026 period based on search results. Short interest of ~14.6M shares (~6.2% of float) is modestly elevated but not at "attack" levels. [S6]

##### Legal / Regulatory
- **Environmental litigation:** As a major Pennsylvania natural gas producer, Range faces standard environmental permit challenges, DEP inspections, and community opposition to drilling. No material pending litigation identified beyond routine industry-standard matters.
- **Royalty litigation:** Range has faced historical royalty underpayment lawsuits — a common issue for Appalachian gas producers who deduct post-production costs before calculating royalties. No material current liability identified.
- **Methane regulations:** EPA methane rules (2023-2024 final rule) require monitoring and reduction — Range has dedicated $20-30M/yr capex to compliance, suggesting proactive approach. [S7]

##### Balance Sheet Risks
- **No off-balance-sheet financing structures identified** beyond standard operating leases
- **Asset retirement obligation (ARO):** Well plugging liability exists but is a normal E&P obligation; not material relative to asset values
- **Financial covenants:** Credit facility has Net Debt/Capitalization covenant (historically comfortable); company is moving toward investment grade ratings

##### Management/Governance Flags
- **No material restatements** in the five-year review period
- **No SEC enforcement actions** identified
- **CEO compensation ratio** of 39:1 (CEO to median employee) is reasonable for a $9B market cap E&P
- **Insider selling:** Recent Form 4 filings show modest executive sales (VP Kavanaugh: 12,700 shares; small relative to position) — no aggressive insider selling flag [S6]

##### Financial Model Validation
- Operating cash flow significantly exceeds net income in every year (DD&A adds back ~$350M+ annually) — consistent with a capital-intensive E&P business. No cash flow-income disconnect that would suggest earnings quality concerns.
- FCF conversion rate (FCF/EBITDA) has improved from ~43% (FY2023) to ~45% (FY2025) — positive trend.

**Adversarial Sweep Result: CLEAN**
No material accounting red flags, short-seller attacks, undisclosed liabilities, or governance concerns identified. The primary risk remains exogenous (commodity price) rather than company-specific.

---

#### Source Index

[S1] StockAnalysis.com — RRC Financials (Income Statement): https://stockanalysis.com/stocks/rrc/financials/
[S2] StockAnalysis.com — RRC Balance Sheet: https://stockanalysis.com/stocks/rrc/financials/balance-sheet/
[S3] StockAnalysis.com — RRC Cash Flow: https://stockanalysis.com/stocks/rrc/financials/cash-flow-statement/
[S4] GlobeNewsWire — Q4 2024 Results Press Release (Feb 25, 2025): https://www.globenewswire.com/news-release/2025/02/25/3032464/0/en/Range-Announces-Fourth-Quarter-2024-Results-and-Three-Year-Outlook.html
[S5] GlobeNewsWire — Q4 2025 Results & 2026 Guidance: https://www.globenewswire.com/news-release/2026/02/24/3244065/0/en/Range-Announces-Fourth-Quarter-2025-Results-and-2026-Guidance.html
[S6] Web Search — RRC short interest, insider transactions 2025-2026
[S7] Web Search — RRC environmental compliance, EPA methane rules

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RRC/fundamental

## Navigation

- Overview: /stocks/RRC
- Financials (this page): /stocks/RRC/financials
- Thesis: /stocks/RRC/thesis
- Investment Memo: /stocks/RRC/memo
- Coverage universe: /stocks