WHD earnings analysis
What we found in WHD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue of $388.3 million increased by 38.5% versus $280.3 million in Q1 2025.
- EPS Exceeds Expectations
- Reported EPS of $0.70, beating consensus estimate of $0.66 by 6.1%.
- Pressure Control Segment Surge
- Pressure Control revenues surged 57.8% YoY to $300.2 million.
- Increased Operating Cash Flow
- Operating cash flow rose to $128.3 million from $41.5 million in Q1 2025.
- Improved Liquidity Position
- Cash and equivalents increased to $291.6 million as of March 31, 2026.
- Growth Driven by Recent Acquisition
- The Cactus International acquisition significantly contributed to revenue growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Margin Pressure Due to Acquisitions
- Pressure Control's operating income dropped 28.9% YoY to $38.6 million due to purchase accounting impacts.
- Operational Disruptions from Middle East Conflict
- The Iran conflict adversely affected operations, significantly disrupting revenue flows and supply chain.
- Continued Tariff and Cost Pressures
- Rising steel tariffs are expected to increase costs, impacting overall profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.7
- Segment
- Pressure Control: $300.2 million
- Segment
- Spoolable Technologies: $89.9 million
What they said about what is next.
Management expects flat revenue from the Pressure Control segment in Q2 2026.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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