Cactus Announces Third Quarter 2026 Results
Cactus, Inc. (WHD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Cactus Announces Third Quarter 2026 Results HOUSTON – October 28, 2026 – Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the third quarter of 2026. Third Quarter Highlights • Revenue of $430.9 million and opera
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial metrics and a new dividend, offering traders actionable data for immediate positioning.
Market read
The report is the first public disclosure of Q3 2026 numbers, making it a primary earnings event for WHD.
What to watch
Backlog growth of $150M and upcoming Middle East facility may drive future revenue upside.
Cactus Announces Third Quarter 2026 Results
Spoolable Technologies delivered strong sequential sales and margin expansion, while Pressure Control margins improved despite anticipated lower revenue. The company ended the quarter with $354.2 million of cash and cash equivalents, no bank debt outstanding, and backlog of $615.6 million, while guiding consolidated revenue to modestly increase in the fourth quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $430.9M | – | – |
| Total operating income, three months ended September 30, 2026GAAP | $94.05M | – | – |
| Total operating income margin, three months ended September 30, 2026GAAP | 21.8 % | – | – |
| Net income, three months ended September 30, 2026GAAP | $74.09M | – | – |
| Net income attributable to Cactus Inc., three months ended September 30, 2026GAAP | $62.16M | – | – |
| Net income margin, three months ended September 30, 2026GAAP | 17.2 % | – | – |
| Earnings per Class A share - basic, three months ended September 30, 2026GAAP | $ 0.89 | – | – |
| Earnings per Class A share - diluted, three months ended September 30, 2026GAAP | $ 0.87 | – | – |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $77.99M | – | – |
| Adjusted net income margin, three months ended September 30, 2026non-GAAP | 18.1 % | – | – |
| Diluted earnings per share, as adjusted, three months ended September 30, 2026non-GAAP | $ 0.96 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $132.0M | – | – |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 30.6 % | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | $94.81M | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $20.72M | – | – |
| Interest income, net, three months ended September 30, 2026GAAP | $766K | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | $1.27B | – | – |
| Total operating income, nine months ended September 30, 2026GAAP | $227.1M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $175.7M | – | – |
| Net income attributable to Cactus Inc., nine months ended September 30, 2026GAAP | $144.1M | – | – |
| Net income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value, nine months ended September 30, 2026GAAP | $62.56M | – | – |
| Earnings per Class A share - diluted, nine months ended September 30, 2026GAAP | $ 0.89 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $364.9M | – | – |
| Adjusted EBITDA margin, nine months ended September 30, 2026non-GAAP | 28.8 % | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $251.3M | – | – |
| Operating cash flow, third quarter of 2026GAAP | $18.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Pressure ControlPrimarily due to lower product shipments in the Middle East. Operating income increased $2.4 million, or 4.0%, sequentially, and margins increased 300 basis points as continued strength in spares and repair margins in the Middle East and lower purchase price accounting-related adjustments offset lower operating leverage. | $304.8M | decreased $39.2 million, or 11.4%, sequentially | – |
| Spoolable TechnologiesStrong growth in both domestic and international shipments. Operating income increased $9.4 million, or 29.3%, sequentially, while margins increased 230 basis points; Adjusted Segment EBITDA margins increased 110 basis points as operating leverage moved favorably. | $126.9M | increased $21.3 million, or 20.2%, sequentially | – |
| Corporate and OtherCorporate and Other expenses increased $1.3 million sequentially, primarily due to higher transaction and personnel expenses. Third quarter expenses included $0.6 million of transaction-related expenses resulting from the acquisition of Cactus International. | −$809K | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fourth quarter of 2026 and full year 2026 outlook
- RevenueConsolidated revenues in the fourth quarter to modestly increase.
- NoteFourth quarter Pressure Control revenues will increase modestly versus the third quarter.
- NoteSpoolable Technologies sales to be up slightly in the fourth quarter.
- NoteThe U.S. land rig count will remain approximately flat from today's levels through the remainder of the year.
- NoteFor the full year 2026, net capital expenditures are expected to be approximately $65 million.
Capital returns
- In October 2026, the Board of Directors declared a quarterly cash dividend of $0.15 per Class A share.
- Payment will occur on December 17, 2026 to holders of record of Class A common stock at the close of business on November 30, 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.
- During the third quarter, the Company made dividend payments and associated distributions of $12.0 million.
- Dividends paid to Class A common stock shareholders were $ 30,482 (in thousands) for the nine months ended September 30, 2026.
- Distributions to members were $ 6,902 (in thousands) for the nine months ended September 30, 2026.
- Repurchases of shares were $ 8,066 (in thousands) for the nine months ended September 30, 2026.
What drove it
- Spoolable Technologies reported record international shipments and bookings since the acquisition, according to the CEO.
- Pressure Control experienced anticipated lower revenue, with strong domestic performance and synergy realization helping offset lower operating leverage in the Cactus International Joint Venture.
- Backlog grew by more than $150 million in the third quarter and nearly doubled in Spoolable Technologies, according to the CEO.
- The Board approved construction of a new Spoolable Technologies manufacturing facility in the Middle East, expected to commence operations in 2029.
- The full-year capital-expenditure estimate includes orders for long-lead equipment for the Middle East facility and the ongoing Baytown facility expansion.
Concerns
- Pressure Control revenue declined sequentially primarily because of lower product shipments in the Middle East.
- The company expects flat activity in the Middle East for Pressure Control in the fourth quarter.
- Third-quarter operating cash flow reflected a $91.0 million disbursement to Baker Hughes related to legal entity formation activities.
- North American market seasonality is expected in Spoolable Technologies during the fourth quarter.
- Adjusted EBITDA margin was 30.6 % in the third quarter of 2026, compared with 32.9 % in the third quarter of 2025.
What to watch
- Whether fourth-quarter consolidated revenue modestly increases as guided.
- The expected modest fourth-quarter increase in Pressure Control revenue from domestic strength alongside flat Middle East activity.
- Continued international shipment momentum in Spoolable Technologies and the impact of North American market seasonality.
- Conversion of the $615.6 million backlog, the majority of which is associated with Cactus International.
- Execution of the Baytown expansion and Middle East Spoolable Technologies facility, which is expected to commence operations in 2029.
- Full-year 2026 net capital expenditures expected to be approximately $65 million.
Balance sheet and cash flow
- Cash and cash equivalents were $354.2 million as of September 30, 2026.
- No bank debt was outstanding as of September 30, 2026.
- Availability on U.S. and UAE revolving credit facilities was $263.5 million as of September 30, 2026.
- Remaining Performance Obligations, or backlog, closed the quarter at $615.6 million.
- Net capital expenditures were $16.1 million during the third quarter of 2026.
- Operating cash flow was $18.4 million for the third quarter of 2026, reflecting the $91.0 million amount disbursed to Baker Hughes related to legal entity formation activities.
- Net cash provided by operating activities was $ 251,255 (in thousands) for the nine months ended September 30, 2026.
- Acquisition of a business, net of cash and cash equivalents acquired, was $ (301,011) (in thousands) for the nine months ended September 30, 2026.
- Capital expenditures and other were $ (47,568) (in thousands) for the nine months ended September 30, 2026.
Analysis
Cactus reported third-quarter revenue of $ 430,888 (in thousands), operating income of $ 94,048 (in thousands), and net income of $ 74,091 (in thousands). Total operating income margin was 21.8 %, net income margin was 17.2 %, and diluted earnings per Class A share were $ 0.87. On a non-GAAP basis, adjusted net income was $ 77,987 (in thousands), diluted earnings per share, as adjusted was $ 0.96, and Adjusted EBITDA was $ 132,025 (in thousands) at a 30.6 % margin.
Segment mix favored Spoolable Technologies in the quarter. Spoolable Technologies revenue was $ 126,868 (in thousands), increasing $21.3 million, or 20.2%, sequentially on strong domestic and international shipments. Its operating income margin was 32.8 % and Adjusted Segment EBITDA margin was 41.0 %. Pressure Control revenue was $ 304,829 (in thousands), decreasing $39.2 million, or 11.4%, sequentially, primarily on lower product shipments in the Middle East. Its operating income nonetheless increased $2.4 million, or 4.0%, sequentially, and its operating income margin increased 300 basis points to 20.2 %.
Liquidity remained substantial, with $354.2 million of cash and cash equivalents, no bank debt outstanding, and $263.5 million of revolver availability as of September 30, 2026. Backlog ended the quarter at $615.6 million, with the majority associated with Cactus International. Third-quarter operating cash flow was $18.4 million and reflected a $91.0 million disbursement to Baker Hughes related to legal entity formation activities. The company made dividend payments and associated distributions of $12.0 million during the quarter and declared a quarterly cash dividend of $0.15 per Class A share in October.
Capital spending is increasing around Spoolable Technologies capacity. Net capital expenditures were $16.1 million in the third quarter, while full-year 2026 net capital expenditures are expected to be approximately $65 million, including long-lead equipment for the planned Middle East facility and the Baytown expansion. The Board approved construction of the Middle East facility, expected to commence operations in 2029.
For the fourth quarter, management expects consolidated revenue to modestly increase. Pressure Control revenue is expected to increase modestly versus the third quarter as domestic strength combines with flat activity in the Middle East. Spoolable Technologies sales are expected to be up slightly, with continued international shipment momentum more than offsetting typical North American market seasonality. Management expects the U.S. land rig count to remain approximately flat from current levels through the remainder of the year.
Management, verbatim
Overall company performance remained exceptionally strong in the third quarter. Our Spoolable Technologies segment meaningfully expanded sales with record international shipments and bookings since the acquisition, while achieving excellent margins.
Scott Bender, CEO and Chairman of the Board of Cactus
We expect consolidated revenues in the fourth quarter to modestly increase. We believe that the U.S. land rig count will remain approximately flat from today's levels through the remainder of the year.
Scott Bender, CEO and Chairman of the Board of Cactus
Customer demand for our Spoolable products continues to accelerate, and the previously announced expansion of our Baytown manufacturing facility coupled with the development in the Middle East is expected to provide the necessary capacity for several years of growth at what we believe are attractive returns.
Scott Bender, CEO and Chairman of the Board of Cactus
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Free cash flow was not reported.
- Quantitative fourth-quarter revenue, earnings, margin, operating-expense, and tax-rate guidance were not reported.
- A previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Year-over-year percentage changes for total revenue, total operating income, net income, EPS, and segment revenue were not printed.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Cactus, Inc. (NYSE:WHD) is an oilfield services company reporting its third‑quarter 2026 results via an SEC Form 8‑K filing.
Ticker impact
Cactus, Inc. filed its Q3 2026 earnings on Form 8‑K, disclosing revenue of $430.9M, operating income of $94.0M and a quarterly dividend of $0.15 per share.
likely modest pressure as revenue drop may weigh, offset by higher margins and dividend initiation
The primary disclosure of earnings numbers is new; revenue fell year‑over‑year while profitability improved, creating a balanced outlook.
Market effects
Oilfield services sector may see mixed signals from Cactus' segment performance.
Middle East expansion could boost regional exposure for similar service providers.
Limited to energy services investors; no broad market impact.
Counterpoint
Investors could view the dividend launch as a confidence signal and buy on perceived undervaluation.
Key entities
- companyCactus, Inc.
Oilfield services provider reporting Q3 2026 results.
- executiveScott Bender
CEO and Chairman who commented on performance and upcoming projects.
