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Cactus, Inc. (NYSE: WHD) lifts dividend after $449.5M Q2 2026 revenue

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Cactus, Inc. reported strong second quarter 2026 results, with revenue of $449.5 million, operating income of $83.6 million and net income of $61.4 million. Diluted earnings per Class A share were $0.70, while adjusted net income was $75.1 million and Adjusted EBITDA $132.8 million, a 29.5% margin.

Management highlighted momentum in the Spoolable Technologies segment and better-than-expected Pressure Control shipments, especially in the Middle East. Operating cash flow was $104.6 million, and Cactus ended June 30 with $365.8 million of cash and cash equivalents, no bank debt, and remaining performance obligations (backlog) of $455.8 million.

The Board approved a 7% increase in the quarterly dividend to $0.15 per Class A share, payable September 11, 2026, and noted international purchase orders exceeding $130 million received after quarter-end. Management expects third-quarter consolidated revenues to be down slightly sequentially, with Pressure Control revenues down 10% and Spoolable Technologies revenues up 15–20% versus the second quarter.

Positive

  • Q2 2026 revenue reached $449.5 million and net income $61.4 million, above the prior-year quarter, while adjusted net income was $75.1 million and Adjusted EBITDA $132.8 million.
  • Cash generation and liquidity were strong, with Q2 operating cash flow of $104.6 million, cash and cash equivalents of $365.8 million, no bank debt and $223.7 million available under the revolving credit facility.
  • Backlog closed the quarter at $455.8 million, primarily from Cactus International, and the company subsequently received additional international purchase orders exceeding $130 million across Spoolable Technologies and Pressure Control.
  • The Board approved a 7% increase in the quarterly dividend to $0.15 per Class A share, signaling ongoing capital returns alongside growth investments.

Negative

  • Management expects third-quarter 2026 consolidated revenue to be down slightly sequentially, with Pressure Control revenues projected to decline by 10% versus Q2, partly offset by a forecast 15–20% increase in Spoolable Technologies revenues.

Filing Explained

At June 30, $92.5 million of cash was retained for restructuring, while $223.7 million of revolving-credit availability remained separate from cash.

Form 8-K Item 2.02 furnishes Cactus’s second-quarter results; at June 30, 2026, its $365.8 million of cash included $92.5 million retained to finalize legal restructuring activities related to the Cactus International acquisition, with no bank debt outstanding.

The filing separately reported $223.7 million of availability on the revolving credit facility; that is borrowing capacity, not additional cash on hand.

Management increased expected 2026 net capital expenditures to the stated range, primarily for initial capacity investments at the Baytown Spoolable Technologies facility, while additional Eastern Hemisphere spending remains under evaluation.

As of June 30, 2026, 69,633,144 Class A shares and 10,546,249 Class B shares were outstanding, representing 86.8% and 13.2% of total voting power, respectively.

The cash earmark remains tied to finalizing the specified restructuring activities, and the Eastern Hemisphere capital spending is an evaluation rather than disclosed spending.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $449.5 million Three months ended June 30, 2026
Q2 2026 Net income $61.4 million Three months ended June 30, 2026
Q2 2026 Adjusted EBITDA $132.8 million Adjusted EBITDA for the three months ended June 30, 2026; margin 29.5%
Q2 2026 Operating cash flow $104.6 million Cash flow from operations for the second quarter of 2026
Cash and cash equivalents $365.8 million Balance as of June 30, 2026, with no bank debt outstanding
Backlog $455.8 million Remaining Performance Obligations at quarter-end June 30, 2026
Quarterly dividend per Class A share $0.15 Approved cash dividend per Class A share, a 7% increase, payable September 11, 2026
Adjusted EBITDA financial
""Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures""
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
inventory step-up adjustment financial
""Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting""
Remaining Performance Obligations financial
""Remaining Performance Obligations, or backlog, closed the quarter at $455.8 million""
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
tax receivable agreement financial
""Current portion of liability related to tax receivable agreement""
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
redeemable non-controlling interest financial
""Redeemable non-controlling interest""
A redeemable non-controlling interest is a minority ownership stake in a subsidiary that can be sold back to or bought out by the parent company or subsidiary at a predetermined time or under certain conditions. For investors, it matters because this claim can act like a future cash obligation or potential dilution, changing the parent’s reported equity, net income allocation, and near‑term cash needs—much like a few partners in a small business who can force the owner to buy them out.
Revenue $449.5 million above Q2 2025
Net income $61.4 million above Q2 2025
Adjusted EBITDA $132.8 million above Q1 2026
Guidance

Management expects Q3 2026 consolidated revenue to be down slightly sequentially, with Pressure Control revenue down 10% and Spoolable Technologies revenue up 15–20% versus Q2.

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FAQ

What were Cactus (WHD) Q2 2026 revenues and net income?
Cactus reported Q2 2026 revenue of $449.5 million and net income of $61.4 million. This produced a net income margin of 13.7% and diluted earnings per Class A share of $0.70 for the quarter ended June 30, 2026.

What was Cactus (WHD) Q2 2026 adjusted EBITDA and margin?
For Q2 2026, Cactus generated Adjusted EBITDA of $132.8 million with an Adjusted EBITDA margin of 29.5%. Management uses this non-GAAP measure, alongside adjusted net income of $75.1 million, to evaluate operating performance excluding certain acquisition-related and severance items.

How strong was Cactus (WHD) cash flow and liquidity in Q2 2026?
Operating cash flow for Q2 2026 was $104.6 million, reflecting solid cash generation. As of June 30, 2026, Cactus held $365.8 million in cash and cash equivalents, had no bank debt outstanding, and reported $223.7 million of availability under its revolving credit facility.

What dividend did Cactus (WHD) declare for Class A shares?
The Board approved a quarterly cash dividend of $0.15 per Class A share, a 7% increase from the prior rate. The dividend is scheduled for payment on September 11, 2026 to holders of record at the close of business on August 31, 2026.

What outlook did Cactus (WHD) provide for Q3 2026 segment revenues?
Management expects Q3 2026 consolidated revenue to be down slightly from Q2. Pressure Control revenue is forecast to decline by 10%, while Spoolable Technologies revenue is anticipated to increase a further 15–20%, reflecting continued growth in domestic and international markets.

How large are Cactus (WHD) backlog and recent orders?
Remaining Performance Obligations, or backlog, were $455.8 million at June 30, 2026, mainly from Cactus International. After quarter-end, the company also received additional international purchase orders in excess of $130 million across its Spoolable Technologies and Pressure Control businesses.
FALSE000169913600016991362026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 8-K
______________________________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 29, 2026
______________________________________________________________________________
Cactus, Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________

Delaware001-3839035-2586106
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)


920 Memorial City Way, Suite 300
Houston, Texas 77024
(Address of principal executive offices)
(Zip Code)

(713) 626-8800
(Registrant’s telephone number, including area code)
______________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01WHDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1


Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02.

On July 29, 2026, Cactus, Inc. (the “Company”) issued a press release announcing its results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Item 2.02 by reference.

The information being furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
No.		Description
99.1
Press Release of Cactus, Inc. dated July 29, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

2


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Cactus, Inc.
 July 29, 2026
By:/s/ Jay A. Nutt
DateName:Jay A. Nutt
Title:
Executive Vice President and Chief Financial Officer

3


Exhibit 99.1
whd-20200429xex99d1g001.jpg

Cactus Announces Second Quarter 2026 Results

HOUSTON – July 29, 2026 – Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the second quarter of 2026.
Second Quarter Highlights
•Revenue of $449.5 million and operating income of $83.6 million;
•Net income of $61.4 million and diluted earnings per Class A share of $0.70;
•Adjusted net income(1) of $75.1 million and diluted earnings per share, as adjusted(1) of $0.93;
•Net income margin of 13.7% and adjusted net income margin(1) of 16.7%;
•Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $132.8 million and 29.5%, respectively;
•Cash flow from operations of $104.6 million;
•Cash and cash equivalents of $365.8 million, including $92.5 million of cash retained to finalize certain legal restructuring activities related to the Cactus International acquisition, with no bank debt outstanding as of June 30, 2026;
•In July 2026, the Board of Directors approved a 7% increase in the dividend to $0.15 per Class A share per quarter and declared a quarterly dividend of that amount, and;
•Also in July, the Board of Directors approved the expansion of the Board and appointment of Joseph Elkhoury to the Board, bringing substantial international oilfield operating experience to our team.
Financial Summary
Three Months Ended
June 30,March 31,June 30,
202620262025
(in thousands)
Revenues$449,528 $388,349 $273,575 
Operating income(3)
$83,582 $49,504 $60,805 
Operating income margin18.6 %12.7 %22.2 %
Net income$61,380 $40,221 $49,047 
Net income margin13.7 %10.4 %17.9 %
Adjusted net income(1)
$75,113 $56,172 $53,249 
Adjusted net income margin(1)
16.7 %14.5 %19.5 %
Adjusted EBITDA(2)
$132,780 $100,050 $86,677 
Adjusted EBITDA margin(2)
29.5 %25.8 %31.7 %
(1)    Adjusted net income, Adjusted net income margin and diluted earnings per share, as adjusted are non-GAAP financial measures. These figures assume Cactus, Inc. held all units in its operating subsidiary at the beginning of the period. Additional information regarding non-GAAP financial measures, including the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.
(2)    Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables.
(3)    Operating income reflects certain expenses related to the Cactus International and FlexSteel acquisitions, including expenses related to purchase price fair value adjustments of inventory, fixed assets, backlog and other intangible amortization expenses
1

related to purchase price accounting. See the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables for further details.


Scott Bender, CEO and Chairman of the Board of Cactus, commented, “The second quarter was a particularly strong period for our business. Order and shipment momentum continued in our Spoolable Technologies segment, and the acceleration of initial deliveries from previously discussed Latin America orders into the second quarter contributed to improved sales and margin mix relative to expectations. Pressure Control results solidly outperformed expectations, driven primarily by improved shipments in the Middle East despite continued conflict disruption, as well as higher domestic activity levels.
“We expect consolidated revenues in the third quarter to be down slightly on a sequential basis. We believe that the U.S. land rig count will increase in the third quarter as supportive commodity prices continue to lead to modestly higher activity primarily from private operators. We anticipate that third quarter Pressure Control revenues will be down 10% versus the second quarter which benefitted from strong backlog execution in Cactus International, more than offsetting domestic resilience. Activity in our Spoolable Technologies segment, however, should increase a further 15% to 20% in the third quarter driven by continued growth in domestic and international markets.”


Mr. Bender concluded, “I am very pleased with the momentum across our business lines, particularly within our Spoolable Technologies segment where the pace of bookings and shipments continues to strengthen. Subsequent to the quarter, we received international purchase orders in excess of $130 million in our Spoolable Technologies and Pressure Control businesses. The global oil and gas market backdrop remains uncertain, but elevated commodity prices have accelerated domestic activity levels and provided us with the opportunity to increase activity with customers who appreciate our efficiency-enhancing technologies and consistent service execution through market cycles. I would like to thank all of our associates for continuing to focus on safely serving our customers and delivering results, which together support our long-term profitable growth and enable the consistent increase in our dividend.”

Segment Performance
We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other expenses. Cactus International business results are included in the Pressure Control segment.

Pressure Control

Second quarter 2026 Pressure Control revenue increased $43.8 million, or 14.6%, sequentially, primarily due to increased revenues in the Middle East. Operating income increased $20.5 million, or 53.2%, sequentially, with margins increasing 430 basis points, due to higher operating leverage and the partial receipt of relatively modest reciprocal and fentanyl tariff-related refunds. Purchase price accounting-related adjustments included the amortization of the step-up of inventory and the amortization of the write-up of intangible values, which together totaled $20.0 million in the quarter. Adjusted Segment EBITDA increased $24.1 million, or 33.5%, sequentially, with Adjusted Segment EBITDA margins increasing 400 basis points.

Spoolable Technologies

Second quarter 2026 Spoolable Technologies revenues increased $15.6 million, or 17.4%, sequentially, due primarily to higher domestic activity levels. Operating income increased $8.6 million, or 36.5%,
2

sequentially, on higher volume, while margins increased 430 basis points. Adjusted Segment EBITDA was higher by $9.2 million, or 28.1%, sequentially, with Adjusted Segment EBITDA margins increasing 330 basis points, as both sales mix and operating leverage moved favorably.

Corporate and Other Expenses

Second quarter 2026 Corporate and Other expenses decreased $4.9 million sequentially, primarily due to lower transaction and integration expenses. Second quarter Corporate and Other expenses contained $0.2 million of transaction-related expenses resulting from the acquisition of Cactus International, $5.6 million lower than the first quarter.

Liquidity, Capital Expenditures and Other
As of June 30, 2026, the Company had $365.8 million of cash and cash equivalents, including $92.5 million of cash held for certain restructuring activities related to the Cactus International acquisition, no bank debt outstanding, and $223.7 million of availability on our revolving credit facility. Operating cash flow was $104.6 million for the second quarter of 2026. During the second quarter, the Company made dividend payments and associated distributions of $11.2 million.

Net capital expenditures were $15.6 million during the second quarter of 2026. For the full year 2026, the Company is increasing its expected capital expenditure range to $55 to $65 million. The higher range is due primarily to initial capacity investments in the Baytown Spoolable Technologies manufacturing facility to meet increased global demand. The Company is additionally evaluating capex related to the Spoolable Technologies business in the Eastern hemisphere.

Remaining Performance Obligations, or backlog, closed the quarter at $455.8 million. Backlog is primarily related to operations in our Cactus International business.

As of June 30, 2026, Cactus had 69,633,144 shares of Class A common stock outstanding (representing 86.8% of the total voting power) and 10,546,249 shares of Class B common stock outstanding (representing 13.2% of the total voting power).
Quarterly Dividend
The Board of Directors has approved a quarterly cash dividend of $0.15 per share of Class A common stock. The approved dividend represents a 7% increase from the most recent dividend. Payment will occur on September 11, 2026 to holders of record of Class A common stock at the close of business on August 31, 2026. A corresponding distribution of up to $0.15 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC.
Conference Call Details
The Company will host a conference call to discuss financial and operational results tomorrow, Thursday July 30, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call.

3

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.
About Cactus, Inc.
Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers and manufacturing facilities globally with an emphasis in North America and the Middle East.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology including “anticipate,” “believe,” “consistent,” “continue,” “estimate,” “expect,” “guidance,” “hope,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “should,” “will,” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations, financial condition, or expenditures or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
Cactus, Inc.
Alan Boyd, 713-904-4669
Treasurer, Director of Corporate Development and Investor Relations
IR@CactusWHD.com
Source: Cactus, Inc.
4

Cactus, Inc.
Condensed Consolidated Statements of Income
(unaudited)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands, except per share data)
Revenues
Pressure Control$343,995 $179,772 $644,167 $370,049 
Spoolable Technologies105,533 96,225 195,433 188,803 
Corporate and other(1)
— (2,422)(1,723)(4,958)
Total revenues449,528 273,575 837,877 553,894 
Operating income
Pressure Control59,154 42,333 97,759 96,666 
Spoolable Technologies32,168 28,053 55,735 51,929 
Total segment operating income91,322 70,386 153,494 148,595 
Corporate and other expenses(7,740)(9,581)(20,408)(19,178)
  Total operating income83,582 60,805 133,086 129,417 
Interest income, net
949 2,518 1,169 4,843 
Income before income taxes84,531 63,323 134,255 134,260 
Income tax expense23,151 14,276 32,654 31,108 
Net income$61,380 $49,047 $101,601 $103,152 
Less: net income attributable to non-controlling interest12,384 8,718 19,699 18,600 
Net income attributable to Cactus Inc.$48,996 $40,329 $81,902 $84,552 
Net income attributable to Cactus Inc.$48,996 $40,329 $81,902 $84,552 
Less: Accretion of redeemable non-controlling interest to redemption value
— — 81,507 — 
Net income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value$48,996 $40,329 $395 $84,552 
Earnings per Class A share - basic$0.70 $0.59 $0.01 $1.24 
Earnings per Class A share - diluted(2)
$0.70 $0.59 $0.01 $1.23 
Weighted average shares outstanding - basic69,526 68,514 69,277 68,355 
Weighted average shares outstanding - diluted(2)
70,224 68,889 69,835 68,760 

(1)Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(2)Dilution for the three and six months ended June 30, 2026 and three and six months ended June 30, 2025 excludes 10.7, 10.8, 11.3, and 11.4 million, respectively, of Class B common stock as the effect would be antidilutive.
5

Cactus, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
June 30,December 31,
20262025
(in thousands)
Assets
Current assets
Cash and cash equivalents$365,821 $123,571 
Restricted cash
— 371,011 
Accounts receivable, net510,195 164,493 
Inventories387,041 276,613 
Prepaid expenses and other current assets20,147 19,231 
Total current assets1,283,204 954,919 
Property and equipment, net390,296 342,592 
Operating lease right-of-use assets, net33,702 19,491 
Intangible assets, net349,712 148,004 
Goodwill287,250 203,028 
Deferred tax asset, net199,652 187,545 
Investment in unconsolidated affiliates
5,927 5,923 
Other noncurrent assets34,910 10,115 
Total assets$2,584,653 $1,871,617 
Liabilities, Mezzanine Equity, and Stockholders' Equity
Current liabilities
Accounts payable$320,082 $71,541 
Accrued expenses and other current liabilities85,341 51,388 
Contract liabilities
51,849 7,707 
Current portion of liability related to tax receivable agreement21,314 21,314 
Finance lease obligations, current portion7,968 7,476 
Operating lease liabilities, current portion9,489 4,815 
Total current liabilities496,043 164,241 
Deferred tax liability, net17,114 2,786 
Liability related to tax receivable agreement, net of current portion245,734 241,609 
Finance lease obligations, net of current portion10,001 9,672 
Operating lease liabilities, net of current portion28,761 15,786 
Other noncurrent liabilities83,867 4,475 
Total liabilities881,520 438,569 
Mezzanine equity
Redeemable non-controlling interest
241,121 — 
Total stockholders' equity
1,462,012 1,433,048 
Total liabilities, mezzanine equity, and stockholders' equity
$2,584,653 $1,871,617 
6

Cactus, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
Six Months Ended June 30,
20262025
(in thousands)
Cash flows from operating activities
Net income$101,601 $103,152 
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization73,388 31,564 
Deferred financing cost amortization1,043 559 
Stock-based compensation14,434 12,371 
Provision for expected credit losses389 300 
Inventory obsolescence3,116 902 
Gain on disposal of assets(240)(389)
Deferred income taxes6,227 12,775 
Changes in operating assets and liabilities:
Accounts receivable(96,792)(15,715)
Inventories(2,999)(20,253)
Prepaid expenses and other assets(7,249)(1,009)
Accounts payable114,790 11,175 
Accrued expenses and other liabilities4,053 (11,052)
Contract liabilities
21,074 — 
Net cash provided by operating activities232,835 124,380 
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired
(301,011)— 
Investment in unconsolidated affiliate
— (6,000)
Capital expenditures and other(26,270)(22,168)
Proceeds from sales of assets1,696 1,661 
Net cash used in investing activities(325,585)(26,507)
Cash flows from financing activities
Payments of deferred financing costs(100)— 
Payments on finance leases(3,909)(3,940)
Dividends paid to Class A common stock shareholders(19,972)(18,153)
Distributions to members(4,250)(8,743)
Repurchases of shares(8,027)(5,710)
Net cash used in financing activities(36,258)(36,546)
Effect of exchange rate changes on cash and cash equivalents247 1,007 
Net (decrease) increase in cash and cash equivalents(128,761)62,334 
Cash, cash equivalents, and restricted cash
Beginning of period494,582 342,843 
End of period$365,821 $405,177 
7


Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin
(unaudited)
 
Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income as net income subject to the adjustments described in the table below. Among other things, those adjustments exclude income attributable to non-controlling interests in the Company's businesses, with the exception of income attributable to the non-controlling interests in the Company's principal operating subsidiary, Cactus Companies LLC. For these interests, Adjusted net income assumes Cactus, Inc. held all units in its principal operating subsidiary throughout the entire period, with net income reduced by the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.
Three Months Ended
June 30,March 31,June 30,
202620262025
(in thousands, except per share data)
Net income$61,380 $40,221 $49,047 
Adjustments:
Severance expenses(1)
4,929 934 177 
Transaction related expenses(2)
246 5,811 3,502 
Intangible amortization expense(3)
14,583 12,526 3,997 
Inventory step-up expense(4)
9,466 10,449 — 
Non-controlling interest adjustment(5)
(10,861)(7,429)— 
Income tax expense differential(6)
(4,630)(6,340)(3,474)
Adjusted net income $75,113 $56,172 $53,249 
Diluted earnings per share, as adjusted$0.93 $0.70 $0.66 
Weighted average shares outstanding, as adjusted(7)
80,875 80,581 80,203 
Revenue$449,528 $388,349 $273,575 
Net income margin13.7 %10.4 %17.9 %
Adjusted net income margin16.7 %14.5 %19.5 %

(1)Represents non-routine charges related to severance benefits.
(2)Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.
(3)Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting.
(4)Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(5)Represents earnings attributable to non-controlling partners in both the Cactus International joint venture and Cactus International's business in Saudi Arabia.
(6)Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of its operating subsidiary at the beginning of the period, calculated as the difference in tax expense recorded during each period and what would have been recorded, adjusted for pre-tax items listed above, based on a corporate effective tax rate of 27.0% on income before income taxes for the three months ended June 30, 2026, 22.0% for the three months ended March 31, 2026, and 25.0% for the three months ended June 30, 2025.
(7)Reflects 70.2, 69.7, and 68.5 million weighted average shares of basic Class A common stock outstanding and 10.7, 10.9 and 11.3 million additional shares for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, as if the weighted average shares of Class B common stock were exchanged and cancelled for Class A common stock at the beginning of the period, plus the effect of dilutive securities.
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Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.
Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
20262026202520262025
(in thousands)
Net income$61,380 $40,221 $49,047 $101,601 $103,152 
Interest income, net(949)(220)(2,518)(1,169)(4,843)
Income tax expense23,151 9,503 14,276 32,654 31,108 
Depreciation and amortization27,162 26,313 15,886 53,475 31,564 
EBITDA110,744 75,817 76,691 186,561 160,981 
Severance expenses(1)
4,929 934 177 5,863 177 
Transaction related expenses(2)
246 5,811 3,502 6,057 6,989 
Inventory step-up expense(3)
9,466 10,449 — 19,915 — 
Stock-based compensation7,395 7,039 6,307 14,434 12,371 
Adjusted EBITDA$132,780 $100,050 $86,677 $232,830 $180,518 
Revenue$449,528 $388,349 $273,575 $837,877 $553,894 
Net income margin13.7 %10.4 %17.9 %12.1 %18.6 %
Adjusted EBITDA margin29.5 %25.8 %31.7 %27.8 %32.6 %
(1)    Represents non-routine charges related to severance benefits.
(2)Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.
(3)Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.


9

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin
(unaudited)

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.
Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

10

Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
20262026202520262025
(in thousands)
Pressure Control
Revenue$343,995 $300,172 $179,772 $644,167 $370,049 
Operating income59,154 38,605 42,333 97,759 96,666 
Depreciation and amortization expense18,212 17,441 7,138 35,653 14,173 
Severance expenses(1)
4,929 908 177 5,837 177 
Inventory step-up expense(2)
9,466 10,449 — 19,915 — 
Stock-based compensation4,155 4,433 3,432 8,588 6,814 
Adjusted Segment EBITDA$95,916 $71,836 $53,080 $167,752 $117,830 
Operating income margin17.2 %12.9 %23.5 %15.2 %26.1 %
Adjusted Segment EBITDA margin27.9 %23.9 %29.5 %26.0 %31.8 %
Spoolable Technologies
Revenue$105,533 $89,900 $96,225 $195,433 $188,803 
Operating income32,168 23,567 28,053 55,735 51,929 
Depreciation and amortization expense8,950 8,872 8,748 17,822 17,391 
Severance expenses(1)
— 26 — 26 — 
Stock-based compensation1,019 437 1,146 1,456 2,155 
Adjusted Segment EBITDA$42,137 $32,902 $37,947 $75,039 $71,475 
Operating income margin30.5 %26.2 %29.2 %28.5 %27.5 %
Adjusted Segment EBITDA margin39.9 %36.6 %39.4 %38.4 %37.9 %
Corporate and Other
Revenue(3)
$— $(1,723)$(2,422)$(1,723)$(4,958)
Corporate and other expenses(7,740)(12,668)(9,581)(20,408)(19,178)
Stock-based compensation2,221 2,169 1,729 4,390 3,402 
Transaction related expenses(4)
246 5,811 3,502 6,057 6,989 
Adjusted Corporate EBITDA$(5,273)$(4,688)$(4,350)$(9,961)$(8,787)
Total revenue$449,528 $388,349 $273,575 $837,877 $553,894 
Total operating income$83,582 $49,504 $60,805 $133,086 $129,417 
Total operating income margin18.6 %12.7 %22.2 %15.9 %23.4 %
Total Adjusted EBITDA$132,780 $100,050 $86,677 $232,830 $180,518 
Total Adjusted EBITDA margin29.5 %25.8 %31.7 %27.8 %32.6 %
(1)Represents non-routine charges related to severance benefits.
(2)Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(3)Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(4)Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.

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