10-K · February 26, 2026
Cactus Inc. (WHD) reported full-year 2025 revenues of approximately $1,079.2M (sum of Q1–Q4 2025 quarters) with product sales representing 76% of 2025 revenue. Revenue and margins showed year‑over‑year pressure…
Earnings analysis · 10-Q
WHD earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Cactus Inc. (WHD) reported solid Q1 2026 earnings with revenues of $388.3 million and EPS of $0.70, both exceeding estimates. Strong growth in the Pressure Control segment largely drove this performance, though…
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Cactus Inc. (WHD) reported solid Q1 2026 earnings with revenues of $388.3 million and EPS of $0.70, both exceeding estimates. Strong growth in the Pressure Control segment largely drove this performance, though operating margins faced pressure due to acquisition-related adjustments and higher tariffs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.7
What stood out
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Strong Revenue Growth
Revenue of $388.3 million increased by 38.5% versus $280.3 million in Q1 2025.
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EPS Exceeds Expectations
Reported EPS of $0.70, beating consensus estimate of $0.66 by 6.1%.
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Pressure Control Segment Surge
Pressure Control revenues surged 57.8% YoY to $300.2 million.
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Increased Operating Cash Flow
Operating cash flow rose to $128.3 million from $41.5 million in Q1 2025.
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Improved Liquidity Position
Cash and equivalents increased to $291.6 million as of March 31, 2026.
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Growth Driven by Recent Acquisition
The Cactus International acquisition significantly contributed to revenue growth.
What to watch
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Margin Pressure Due to Acquisitions
Pressure Control's operating income dropped 28.9% YoY to $38.6 million due to purchase accounting impacts.
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Operational Disruptions from Middle East Conflict
The Iran conflict adversely affected operations, significantly disrupting revenue flows and supply chain.
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Continued Tariff and Cost Pressures
Rising steel tariffs are expected to increase costs, impacting overall profitability.
Management's outlook
Management expects flat revenue from the Pressure Control segment in Q2 2026.
Earlier filings 4
10-Q · October 30, 2025
Cactus reported Q3 2025 revenue of $263,954,000 and diluted EPS of $0.60. Revenue and profitability declined year‑over‑year (Q3 2024 revenue $293,181,000; diluted EPS $0.74), but the company has a stronger liquidity…
10-Q · July 31, 2025
Cactus reported Q2 2025 revenue of $273.6M, down from $290.4M in Q2 2024 and down modestly sequentially from Q1 2025. Gross margin compressed to 36.6% (from 39.2% a year ago) and operating margin fell to 22.2% (from…
10-Q · May 2, 2024
Cactus, Inc. reported solid financial performance for Q1 2024, with revenues of $274.123 million, representing a 20.06% increase year-over-year, and a diluted EPS of $0.59, down from $0.63 in the prior year. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.