US Market News
2月前
Cactus Announces First Quarter 2026 ResultsMay 6, 2026 11:30 PM
Business Wire Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the first quarter of 2026. First Quarter Highlights On January 1, 2026, Cactus closed on its previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (“Cactus International”); Revenue of $388.3 million and operating income of $49.5 million; Net income of $40.2 million and diluted loss per Class A share of $0.70; Adjusted net income(1) of $56.2 million and diluted earnings per share, as adjusted(1) of $0.70; Net income margin of 10.4% and adjusted net income margin(1) of 14.5%; Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $100.1 million and 25.8%, respectively; Cash flow from operations of $128.3 million; and Cash and cash equivalents of $291.6 million, including $97.8 million of cash retained to finalize certain legal restructuring activities related to the Cactus International acquisition, with no bank debt outstanding as of March 31, 2026. Financial Summary Three Months Ended March 31, December 31, March 31, 2026 2025 2025 (in thousands) Revenues $ 388,349 $ 261,203 $ 280,319 Operating income(3) $ 49,504 $ 59,850 $ 68,612 Operating income margin 12.7 % 22.9 % 24.5 % Net income $ 40,221 $ 48,302 $ 54,105 Net income margin 10.4 % 18.5 % 19.3 % Adjusted net income(1) $ 56,172 $ 52,134 $ 58,816 Adjusted net income margin(1) 14.5 % 20.0 % 21.0 % Adjusted EBITDA(2) $ 100,050 $ 85,493 $ 93,841 Adjusted EBITDA margin(2) 25.8 % 32.7 % 33.5 % (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 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, “We achieved solid results in the first quarter of 2026 driven by disciplined execution. I am particularly pleased with the strong performance of the Spoolable Technologies segment in the quarter, as both revenues and margins exceeded expectations following a strong close to the quarter both domestically and abroad. Pressure Control results, which now include Cactus International, were in line with expectations despite the initial impacts of the conflict in the Middle East. “We anticipate that the U.S. land rig count will be flat to up in the second quarter, as our customer base maintains capital discipline despite dramatically higher commodity prices. However, the sentiment among even our larger customers has recently turned more bullish. We expect second quarter Pressure Control revenues to be approximately flat as the Middle East conflict and associated logistics disruptions impacts our business, but is offset by domestic strength. Activity in our Spoolable Technologies segment should increase in the second quarter, as recent U.S. customer inquiries point toward continued momentum in the business, particularly for our higher diameter offerings.” Mr. Bender concluded, “The global oil and gas market outlook has changed drastically in the past two months. Higher commodity prices have increased customer optimism in most of our markets. Despite numerous supply chain challenges, our team is working to meet our customers' needs. I would like to specially thank our new Cactus International associates for prioritizing safety while continuing to execute for our customers during this extraordinarily challenging time. Although the near-term activity outlook in the Middle East remains highly uncertain, I am confident in the positioning of our global business to participate in the upstream investment that will be required to restore market supply once the conflict abates.” 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. Beginning this quarter, results of the Cactus International business are included in the Pressure Control segment. Pressure Control First quarter 2026 Pressure Control revenue increased $121.7 million, or 68.2%, sequentially, primarily due to the contribution of Cactus International. Operating income decreased $10.1 million, or 20.7%, sequentially, with margins decreasing 1,440 basis points, as increased operating income from Cactus International was more than offset by purchase price accounting-related adjustments. Adjustments included the amortization of the step-up of inventory and the amortization of the write-up of intangible values, which together totaled $19.0 million in the quarter. Adjusted Segment EBITDA increased $12.7 million, or 21.4%, sequentially, with Adjusted Segment EBITDA margins decreasing 930 basis points on the contribution of Cactus International at lower margins. Spoolable Technologies First quarter 2026 Spoolable Technologies revenues increased $5.7 million, or 6.8%, sequentially, due to higher domestic and international activity levels. Operating income increased $2.6 million, or 12.6%, sequentially, on higher volume, while margins increased 130 basis points. Adjusted Segment EBITDA was higher by $1.8 million, or 5.9%, sequentially, with Adjusted Segment EBITDA margins decreasing 30 basis points, as improved operating leverage was offset by higher input costs. Corporate and Other Expenses First quarter 2026 Corporate and Other expenses increased $2.9 million sequentially, primarily due to higher transaction and integration expenses. First quarter Corporate and Other expenses contained $5.8 million of transaction-related expenses resulting from the acquisition of Cactus International, $2.5 million higher than the fourth quarter. Liquidity, Capital Expenditures and Other As of March 31, 2026, the Company had $291.6 million of cash and cash equivalents, including $97.8 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 $128.3 million for the first quarter of 2026. During the first quarter, the Company made dividend payments and associated distributions of $11.7 million. Net cash used in investing activities represented $310.0 million for the first quarter, primarily attributable to the Cactus International acquisition. Net capital expenditures were $9.0 million during the first quarter of 2026. For the full year 2026, the Company still expects net capital expenditures to be in the range of $40 to $50 million. Remaining Performance Obligations, or backlog, closed the quarter at $537.5 million. Backlog is primarily related to operations in our Cactus International business. As of March 31, 2026, Cactus had 69,415,532 shares of Class A common stock outstanding (representing 86.6% of the total voting power) and 10,758,435 shares of Class B common stock outstanding (representing 13.4% of the total voting power). Quarterly Dividend The Board of Directors has approved a quarterly cash dividend of $0.14 per share of Class A common stock with payment to occur on June 18, 2026 to holders of record of Class A common stock at the close of business on June 1, 2026. A corresponding distribution of up to $0.14 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 May 7, 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. 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 “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “outlook,” “will,” “hope,” “opportunity,” 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 or of financial condition, 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. Condensed Consolidated Statements of Income (unaudited) Three Months Ended March 31, 2026 2025 (in thousands, except per share data) Revenues Pressure Control $ 300,172 $ 190,277 Spoolable Technologies 89,900 92,578 Corporate and other(1) (1,723 ) (2,536 ) Total revenues 388,349 280,319 Operating income Pressure Control 38,605 54,333 Spoolable Technologies 23,567 23,876 Total segment operating income 62,172 78,209 Corporate and other expenses (12,668 ) (9,597 ) Total operating income 49,504 68,612 Interest income, net 220 2,325 Income before income taxes 49,724 70,937 Income tax expense 9,503 16,832 Net income $ 40,221 $ 54,105 Less: net income attributable to non-controlling interest 7,315 9,882 Net income attributable to Cactus Inc. $ 32,906 $ 44,223 ? ? Net income attributable to Cactus Inc. $ 32,906 $ 44,223 Less: Accretion of redeemable non-controlling interest to redemption value 81,507 — Net (loss) income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value $ (48,601 ) $ 44,223 (Loss) earnings per Class A share - basic $ (0.70 ) $ 0.65 (Loss) earnings per Class A share - diluted(2) $ (0.70 ) $ 0.64 ? ? Weighted average shares outstanding - basic 69,026 68,194 Weighted average shares outstanding - diluted(2) 69,026 68,664 (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 months ended March 31, 2026 and 2025 excludes 10.9 million and 11.4 million shares, respectively, of Class B common stock as the effect would be antidilutive. Cactus, Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, December 31, 2026 2025 (in thousands) Assets Current assets Cash and cash equivalents $ 291,609 $ 123,571 Restricted cash — 371,011 Accounts receivable, net 459,954 164,493 Inventories 404,210 276,613 Prepaid expenses and other current assets 19,630 19,231 Total current assets 1,175,403 954,919 Property and equipment, net 394,976 342,592 Operating lease right-of-use assets, net 34,434 19,491 Intangible assets, net 364,278 148,004 Goodwill 248,334 203,028 Deferred tax asset, net 204,550 187,545 Investment in unconsolidated affiliates 5,946 5,923 Other noncurrent assets 30,160 10,115 Total assets $ 2,458,081 $ 1,871,617 Liabilities, Mezzanine Equity, and Stockholders' Equity Current liabilities Accounts payable $ 315,781 $ 71,541 Accrued expenses and other current liabilities 64,753 51,388 Contract liabilities 33,593 7,707 Current portion of liability related to tax receivable agreement 21,314 21,314 Finance lease obligations, current portion 7,669 7,476 Operating lease liabilities, current portion 7,977 4,815 Total current liabilities 451,087 164,241 Deferred tax liability, net 38,710 2,786 Liability related to tax receivable agreement, net of current portion 243,500 241,609 Finance lease obligations, net of current portion 9,661 9,672 Operating lease liabilities, net of current portion 29,927 15,786 Other noncurrent liabilities 38,935 4,475 Total liabilities 811,820 438,569 Mezzanine equity Redeemable non-controlling interest 240,608 — Total stockholders' equity 1,405,653 1,433,048 Total liabilities, mezzanine equity, and stockholders' equity $ 2,458,081 $ 1,871,617 Cactus, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) Three Months Ended
March 31, 2026 2025 (in thousands) Cash flows from operating activities Net income $ 40,221 $ 54,105 Reconciliation of net income to net cash provided by operating activities Depreciation and amortization 36,761 15,678 Deferred financing cost amortization 639 280 Stock-based compensation 7,039 6,064 Provision for expected credit losses 1,060 133 Inventory obsolescence 2,397 (296 ) Gain on disposal of assets (65 ) (79 ) Deferred income taxes 479 7,623 Changes in operating assets and liabilities: Accounts receivable (63,179 ) (28,087 ) Inventories (3,224 ) (3,112 ) Prepaid expenses and other assets (1,136 ) 2,080 Accounts payable 100,406 (7,923 ) Accrued expenses and other liabilities 5,190 (4,921 ) Contract liabilities 1,683 — Net cash provided by operating activities 128,271 41,545 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 (9,724 ) (10,230 ) Proceeds from sales of assets 746 779 Net cash used in investing activities (309,989 ) (15,451 ) Cash flows from financing activities Payments on finance leases (1,914 ) (1,988 ) Dividends paid to Class A common stock shareholders (10,214 ) (9,216 ) Distributions to members (1,502 ) (5,089 ) Repurchases of shares (7,899 ) (5,498 ) Net cash used in financing activities (21,529 ) (21,791 ) Effect of exchange rate changes on cash and cash equivalents 274 515 Net increase in cash and cash equivalents (202,973 ) 4,818 Cash, cash equivalents and restricted cash Beginning of period 494,582 342,843 End of period $ 291,609 $ 347,661 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 March 31, December 31, March 31, 2026 2025 2025 (in thousands, except per share data) Net income $ 40,221 $ 48,302 $ 54,105 Adjustments: Severance expenses(1) 934 164 — Loss from revaluation of liability related to tax receivable agreement and other(2) — 1,015 — Transaction related expenses(3) 5,811 3,299 3,487 Intangible amortization expense(4) 12,526 3,997 3,997 Inventory step-up expense(5) 10,449 — — Non-controlling interest adjustment(6) (7,429 ) — — Income tax expense differential(7) (6,340 ) (4,643 ) (2,773 ) Adjusted net income $ 56,172 $ 52,134 $ 58,816 Diluted earnings per share, as adjusted $ 0.70 $ 0.65 $ 0.73 Weighted average shares outstanding, as adjusted(8) 80,581 80,501 80,097 Revenue $ 388,349 $ 261,203 $ 280,319 Net income margin 10.4 % 18.5 % 19.3 % Adjusted net income margin 14.5 % 20.0 % 21.0 % (1) Represents non-routine charges related to severance benefits. (2) Represents non-cash adjustments for the revaluation of the Tax Receivable Agreement ("TRA") liability and the tax indemnity receivable asset related to the FlexSteel acquisition. (3) Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives. (4) Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting. (5) Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting. (6) Represents earnings attributable to non-controlling partners in both the Cactus International joint venture and Cactus International's business in Saudi Arabia. (7) 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 22% on income before income taxes for the three months ended March 31, 2026, and 25.0% for the three months ended December 31, 2025 and March 31, 2025. (8) Reflects 69.7, 69.5, and 68.2 million weighted average shares of basic Class A common stock outstanding and 10.9, 11.0 and 11.4 million additional shares for the three months ended March 31, 2026, December 31, 2025, and March 31, 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. 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 Ended March 31, December 31, March 31, 2026 2025 2025 (in thousands) Net income $ 40,221 $ 48,302 $ 54,105 Interest income, net (220 ) (3,142 ) (2,325 ) Income tax expense 9,503 13,675 16,832 Depreciation and amortization 26,313 16,162 15,678 EBITDA 75,817 74,997 84,290 Loss from revaluation of liability related to tax receivable agreement and other(1) — 1,015 — Severance expenses(2) 934 164 — Transaction related expenses(3) 5,811 3,299 3,487 Inventory step-up expense(4) 10,449 — — Stock-based compensation 7,039 6,018 6,064 Adjusted EBITDA $ 100,050 $ 85,493 $ 93,841 Revenue $ 388,349 $ 261,203 $ 280,319 Net income margin 10.4 % 18.5 % 19.3 % Adjusted EBITDA margin 25.8 % 32.7 % 33.5 % (1) Represents non-cash adjustments for the revaluation of the TRA liability and the tax indemnity receivable asset related to the FlexSteel acquisition. (2) Represents non-routine charges related to severance benefits. (3) Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives. (4) Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting. 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. Three Months Ended March 31, December 31, March 31, 2026 2025 2025 (in thousands) Pressure Control Revenue $ 300,172 $ 178,428 $ 190,277 Operating income 38,605 48,672 54,333 Depreciation and amortization expense 17,441 7,201 7,035 Severance expenses(1) 908 67 — Inventory step-up expense(2) 10,449 — — Stock-based compensation 4,433 3,211 3,382 Adjusted Segment EBITDA $ 71,836 $ 59,151 $ 64,750 Operating income margin 12.9 % 27.3 % 28.6 % Adjusted Segment EBITDA margin 23.9 % 33.2 % 34.0 % Spoolable Technologies Revenue $ 89,900 $ 84,202 $ 92,578 Operating income 23,567 20,925 23,876 Depreciation and amortization expense 8,872 8,961 8,643 Severance expenses(1) 26 97 — Stock-based compensation 437 1,094 1,009 Adjusted Segment EBITDA $ 32,902 $ 31,077 $ 33,528 Operating income margin 26.2 % 24.9 % 25.8 % Adjusted Segment EBITDA margin 36.6 % 36.9 % 36.2 % Corporate and Other Revenue(3) $ (1,723 ) $ (1,427 ) $ (2,536 ) Corporate and other expenses (12,668 ) (9,747 ) (9,597 ) Stock-based compensation 2,169 1,713 1,673 Transaction related expenses(4) 5,811 3,299 3,487 Adjusted Corporate EBITDA $ (4,688 ) $ (4,735 ) $ (4,437 ) Total revenue $ 388,349 $ 261,203 $ 280,319 Total operating income $ 49,504 $ 59,850 $ 68,612 Total operating income margin 12.7 % 22.9 % 24.5 % Total Adjusted EBITDA $ 100,050 $ 85,493 $ 93,841 Total Adjusted EBITDA margin 25.8 % 32.7 % 33.5 % (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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506624128/en/ Cactus, Inc.
Alan Boyd, 713-904-4669
Treasurer, Director of Corporate Development and Investor Relations
IR@CactusWHD.com Original: Cactus Announces First Quarter 2026 Results
US Market News
4月前
Cactus Announces Fourth Quarter and Full Year 2025 ResultsFebruary 25, 2026 6:00 PM
Business Wire
Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the fourth quarter and full year of 2025.
Fourth Quarter Highlights
Revenue of $261.2 million and operating income of $59.9 million;
Net income of $48.3 million and diluted earnings per Class A share of $0.57;
Adjusted net income(1) of $52.1 million and diluted earnings per share, as adjusted(1) of $0.65;
Net income margin of 18.5% and adjusted net income margin(1) of 20.0%;
Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $85.5 million and 32.7%, respectively;
Cash flow from operations of $72.3 million;
Cash and cash equivalents balance of $494.6 million, including $371.0 million of restricted cash, with no bank debt outstanding as of December 31, 2025; and
On January 1, 2026, Cactus closed on its previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (“Cactus International”).
Financial Summary
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2025
2025
2024
2025
2024
(in thousands)
(in thousands)
Revenues
$
261,203
$
263,954
$
272,121
$
1,079,051
$
1,129,814
Operating income(3)
$
59,850
$
61,234
$
70,452
$
250,501
$
289,613
Operating income margin
22.9
%
23.2
%
25.9
%
23.2
%
25.6
%
Net income
$
48,302
$
50,188
$
57,447
$
201,642
$
232,758
Net income margin
18.5
%
19.0
%
21.1
%
18.7
%
20.6
%
Adjusted net income(1)
$
52,134
$
53,719
$
56,796
$
215,708
$
245,067
Adjusted net income margin(1)
20.0
%
20.4
%
20.9
%
20.0
%
21.7
%
Adjusted EBITDA(2)
$
85,493
$
86,943
$
92,711
$
352,954
$
392,050
Adjusted EBITDA margin(2)
32.7
%
32.9
%
34.1
%
32.7
%
34.7
%
(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 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 FlexSteel acquisition, including expenses related to the remeasurement of the earn-out liability associated with the FlexSteel acquisition and intangible amortization expenses 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, “I am pleased with the way our business finished the year in 2025. Fourth quarter margins were strong in both segments. Pressure Control revenues exceeded expectations on strong sales of drilling equipment and increased rental revenues, while Spoolable Technologies revenues declined in line with expectations in the seasonally slow quarter. On January 1, 2026, we closed on the acquisition of a majority interest in Baker Hughes's Surface Pressure Control business, which we will refer to as Cactus International, supporting a multi-year journey to geographically diversify our earnings base.”
“In the first quarter of 2026 we anticipate that U.S. land activity levels will be relatively flat from the fourth quarter of 2025. Sales in our legacy Pressure Control business are expected to soften on lower products sold per rig followed after a strong fourth quarter and reduced customer rental activity. Beginning in the first quarter, our Pressure Control segment will include results of Cactus International. In Spoolable Technologies, we anticipate revenues to be softer than the fourth quarter, as activity has recently started to rebound from holiday lows late last year.”
Mr. Bender concluded, “I am proud of the way our team executed in 2025 considering the challenging macro and tariff environment faced while planning for a transformational acquisition. Our consistent performance and sustainable cash generation reflect the underlying attributes of the business. We remain excited by the integration opportunities ahead despite the near-term macro-overhang and are very happy to welcome the Cactus International team to our family.”
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. Beginning with the first quarter of 2026, results of the Cactus International business will be included in the Pressure Control segment.
Pressure Control
Fourth quarter 2025 Pressure Control revenue increased $9.7 million, or 5.8%, sequentially, as products sold per rig followed increased leading to higher product revenues. Rental revenues also increased sequentially on higher customer activity. Operating income increased $4.1 million, or 9.3%, sequentially, with margins increasing 90 basis points due to the implementation of cost reduction and recovery initiatives and improved utilization of rental equipment. Adjusted Segment EBITDA increased $4.0 million, or 7.2%, sequentially, with Adjusted Segment EBITDA margins increasing 50 basis points.
Spoolable Technologies
Fourth quarter 2025 Spoolable Technologies revenues decreased $11.0 million, or 11.6%, sequentially, due to reduced customer activity levels in the seasonally slow quarter. Operating income was $4.9 million lower, or 18.9%, sequentially, with operating income margins decreasing 220 basis points due to reduced operating leverage. Adjusted Segment EBITDA was $4.9 million lower, or 13.6%, sequentially, with Adjusted Segment EBITDA margins decreasing 90 basis points.
Corporate and Other Expenses
Fourth quarter 2025 Corporate and Other expenses increased $0.7 million, or 7.2%, sequentially. Fourth quarter Corporate and Other expenses contained $3.3 million of transaction-related expenses related to the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business, $0.1 million higher than the third quarter.
Liquidity, Capital Expenditures and Other
As of December 31, 2025, the Company had $494.6 million of cash and cash equivalents, including $371.0 of restricted cash held in escrow at year-end to facilitate the close of the SPC acquisition on January 1, 2026, no bank debt outstanding, $222.9 million of availability on our revolving credit facility and $100.0 million available under an undrawn term loan facility. Operating cash flow was $72.3 million for the fourth quarter of 2025. During the fourth quarter, the Company made dividend payments and associated distributions of $11.2 million. The Company also made Tax Receivable Agreement ("TRA") payments and associated distributions of $23.3 million related to 2024 tax savings provided by the TRA.
Net capital expenditures were $4.3 million during the fourth quarter of 2025. Net capital expenditures for the full year of 2025 were $39.1 million. For the full year 2026, the Company expects net capital expenditures to be in the range of $40 to $50 million inclusive of capital for the Cactus International business. Major contributors to the spend include continued manufacturing efficiency investments at FlexSteel, routine U.S. branch facility upgrades, and Saudi Arabia wellhead facility investments.
As of December 31, 2025, Cactus had 68,889,726 shares of Class A common stock outstanding (representing 86.3% of the total voting power) and 10,958,435 shares of Class B common stock outstanding (representing 13.7% of the total voting power).
Quarterly Dividend
In February 2026, the Board approved a quarterly cash dividend of $0.14 per share of Class A common stock, with payment to occur on March 19, 2026 to holders of record of Class A common stock at the close of business on March 2, 2026. A corresponding distribution of up to $0.14 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 February 26, 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 and obtain a dial-in number and passcode.
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 “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “will,” “when,” “once,”“hope” 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 or of financial condition, 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.
Condensed Consolidated Statements of Income
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
(in thousands, except per share data)
Revenues
Pressure Control
$
178,428
$
176,719
$
717,191
$
724,038
Spoolable Technologies
84,202
96,072
368,245
407,038
Corporate and other(1)
(1,427
)
(670
)
(6,385
)
(1,262
)
Total revenues
261,203
272,121
1,079,051
1,129,814
Operating income
Pressure Control
48,672
50,829
189,861
210,710
Spoolable Technologies
20,925
25,523
98,660
104,864
Total segment operating income
69,597
76,352
288,521
315,574
Corporate and other expenses
(9,747
)
(5,900
)
(38,020
)
(25,961
)
Total operating income
59,850
70,452
250,501
289,613
Interest income, net
3,142
2,303
10,962
6,459
Other (expense) income, net
(1,015
)
3,204
(794
)
3,204
Income before income taxes
61,977
75,959
260,669
299,276
Income tax expense
13,675
18,512
59,027
66,518
Net income
$
48,302
$
57,447
$
201,642
$
232,758
Less: net income attributable to non-controlling interest
8,464
10,760
35,628
47,351
Net income attributable to Cactus, Inc.
$
39,838
$
46,687
$
166,014
$
185,407
?
?
Earnings per Class A share - basic
$
0.58
$
0.69
$
2.42
$
2.79
Earnings per Class A share - diluted(2)
$
0.57
$
0.68
$
2.41
$
2.77
Weighted average shares outstanding - basic
68,864
67,474
68,565
66,393
Weighted average shares outstanding - diluted(2)
69,517
80,359
69,015
79,915
(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 twelve months ended December 31, 2025 excludes 11.0 and 11.2 million shares of Class B common stock, respectively, as the effect would be antidilutive. Dilution for the three and twelve months ended December 31, 2024 includes an additional $11.2 million and $49.0 million of pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 26.0% and 12.1 million and 13.1 million weighted average shares of Class B common stock, respectively, plus the effect of dilutive securities.
Cactus, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
December 31,
2025
2024
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
123,571
$
342,843
Restricted cash
371,011
—
Accounts receivable, net
164,493
191,627
Inventories
276,613
226,796
Prepaid expenses and other current assets
19,231
13,422
Total current assets
954,919
774,688
Property and equipment, net
342,592
346,008
Operating lease right-of-use assets, net
19,491
24,094
Intangible assets, net
148,004
163,991
Goodwill
203,028
203,028
Deferred tax asset, net
187,545
219,003
Investment in unconsolidated affiliates
5,923
—
Other noncurrent assets
10,115
8,516
Total assets
$
1,871,617
$
1,739,328
Liabilities and Equity
Current liabilities
Accounts payable
$
71,541
$
72,001
Accrued expenses and other current liabilities
59,095
75,416
Current portion of liability related to tax receivable agreement
21,314
20,297
Finance lease obligations, current portion
7,476
7,024
Operating lease liabilities, current portion
4,815
4,086
Total current liabilities
164,241
178,824
Deferred tax liability, net
2,786
2,868
Liability related to tax receivable agreement, net of current portion
241,609
258,376
Finance lease obligations, net of current portion
9,672
10,528
Operating lease liabilities, net of current portion
15,786
20,078
Other noncurrent liabilities
4,475
4,475
Total liabilities
438,569
475,149
Equity
1,433,048
1,264,179
Total liabilities and equity
$
1,871,617
$
1,739,328
Cactus, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Twelve Months Ended December 31,
2025
2024
(in thousands)
Cash flows from operating activities
Net income
$
201,642
$
232,758
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization
63,914
60,438
Deferred financing cost amortization
1,081
1,120
Stock-based compensation
24,493
22,888
Provision for expected credit losses
1,211
370
Inventory obsolescence
3,163
3,841
Gain on disposal of assets
(2,985
)
(1,013
)
Deferred income taxes
35,142
19,773
Change in fair value of earn-out liability
—
16,318
(Gain) loss from revaluation of liability related to tax receivable agreement
794
(3,204
)
Changes in operating assets and liabilities:
Accounts receivable
26,443
13,048
Inventories
(52,456
)
(25,628
)
Prepaid expenses and other assets
(5,955
)
(2,267
)
Accounts payable
(2,132
)
675
Accrued expenses and other liabilities
(15,869
)
28,964
Payments pursuant to tax receivable agreement
(20,069
)
(20,800
)
Payment of earn-out liability
—
(31,168
)
Net cash provided by operating activities
258,417
316,113
Cash flows from investing activities
Investment in unconsolidated affiliates
(6,000
)
—
Capital expenditures and other
(38,805
)
(39,176
)
Proceeds from sales of assets
5,742
3,788
Net cash used in investing activities
(39,063
)
(35,388
)
Cash flows from financing activities
Payment of contingent consideration
—
(5,960
)
Payments of deferred financing costs
(2,400
)
—
Payments on finance leases
(7,692
)
(7,882
)
Dividends paid to Class A common stock shareholders
(37,441
)
(33,681
)
Distributions to members
(15,604
)
(13,290
)
Repurchases of shares
(5,927
)
(9,331
)
Net cash used in financing activities
(69,064
)
(70,144
)
Effect of exchange rate changes on cash and cash equivalents
1,449
(1,530
)
Net increase in cash, cash equivalents and restricted cash
151,739
209,051
Cash, cash equivalents and restricted cash
Beginning of period
342,843
133,792
End of period
$
494,582
$
342,843
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 assuming Cactus, Inc. held all units in its operating subsidiary at the beginning of the period, with the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Adjusted net income also includes certain other adjustments described below. 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
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2025
2025
2024
2025
2024
(in thousands, except per share data)
Net income
$
48,302
$
50,188
$
57,447
$
201,642
$
232,758
Adjustments:
Revaluation loss (gain) on TRA liability(1)
1,015
(221
)
(3,204
)
794
(3,204
)
Transaction related expenses, pre-tax(2)
3,299
3,170
—
13,458
2,793
Intangible amortization expense(3)
3,997
3,997
3,997
15,988
15,988
Remeasurement loss on earn-out liability(4)
—
—
—
—
16,318
Severance expenses(5)
164
247
—
588
—
Income tax expense differential(6)
(4,643
)
(3,662
)
(1,444
)
(16,762
)
(19,586
)
Adjusted net income
$
52,134
$
53,719
$
56,796
$
215,708
$
245,067
Diluted earnings per share, as adjusted
$
0.65
$
0.67
$
0.71
$
2.69
$
3.07
Weighted average shares outstanding, as adjusted(7)
80,501
80,355
80,359
80,236
79,915
Revenue
$
261,203
$
263,954
$
272,121
$
1,079,051
$
1,129,814
Net income margin
18.5
%
19.0
%
21.1
%
18.7
%
20.6
%
Adjusted net income margin
20.0
%
20.4
%
20.9
%
20.0
%
21.7
%
(1)
Represents non-cash adjustments for the revaluation of the liability related to the TRA.
(2)
Reflects transaction fees and expenses recorded in connection with the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business and other growth initiatives.
(3)
Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting.
(4)
Represents non-cash adjustments for the remeasurement of the earn-out liability associated with the FlexSteel acquisition.
(5)
Represents non-routine charges related to severance benefits.
(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 25.0% on income before income taxes for the three and twelve months ended December 31, 2025 and three months ended September 30, 2025, and 26.0% for the three and twelve months ended December 31, 2024.
(7)
Reflects 69.5, 68.7, and 67.5 million weighted average shares of basic Class A common stock outstanding and 11.0, 11.2 and 12.1 million of additional shares for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and 69.0 and 66.4 million weighted average shares of Class A common stock and 11.2 and 13.1 million of additional shares for the twelve months ended December 31, 2025 and December 31, 2024, 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.
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 Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2025
2025
2024
2025
2024
(in thousands)
Net income
$
48,302
$
50,188
$
57,447
$
201,642
$
232,758
Interest income, net
(3,142
)
(2,977
)
(2,303
)
(10,962
)
(6,459
)
Income tax expense
13,675
14,244
18,512
59,027
66,518
Depreciation and amortization
16,162
16,188
15,314
63,914
60,438
EBITDA
74,997
77,643
88,970
313,621
353,255
Revaluation loss (gain) on TRA liability(1)
1,015
(221
)
(3,204
)
794
(3,204
)
Transaction related expenses(2)
3,299
3,170
—
13,458
2,793
Remeasurement loss on earn-out liability(3)
—
—
—
—
16,318
Severance expenses(4)
164
247
—
588
—
Stock-based compensation
6,018
6,104
6,945
24,493
22,888
Adjusted EBITDA
$
85,493
$
86,943
$
92,711
$
352,954
$
392,050
Revenue
$
261,203
$
263,954
$
272,121
$
1,079,051
$
1,129,814
Net income margin
18.5
%
19.0
%
21.1
%
18.7
%
20.6
%
Adjusted EBITDA margin
32.7
%
32.9
%
34.1
%
32.7
%
34.7
%
(1)
Represents non-cash adjustments for the revaluation of the liability related to the TRA.
(2)
Reflects transaction fees and expenses recorded in connection with the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business and other growth initiatives.
(3)
Represents non-cash adjustments for the remeasurement of the earn-out liability associated with the FlexSteel acquisition.
(4)
Represents non-routine charges related to severance benefits.
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.
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2025
2025
2024
2025
2024
(in thousands)
Pressure Control
Revenue
$
178,428
$
168,714
$
176,719
$
717,191
$
724,038
Operating income
48,672
44,523
50,829
189,861
210,710
Depreciation and amortization expense
7,201
7,211
6,717
28,585
26,782
Severance expenses(1)
67
177
—
421
—
Stock-based compensation
3,211
3,264
3,954
13,289
11,917
Adjusted Segment EBITDA
$
59,151
$
55,175
$
61,500
$
232,156
$
249,409
Operating income margin
27.3
%
26.4
%
28.8
%
26.5
%
29.1
%
Adjusted Segment EBITDA margin
33.2
%
32.7
%
34.8
%
32.4
%
34.4
%
Spoolable Technologies
Revenue
$
84,202
$
95,240
$
96,072
$
368,245
$
407,038
Operating income
20,925
25,806
25,523
98,660
104,864
Depreciation and amortization expense
8,961
8,977
8,597
35,329
33,656
Severance expenses(1)
97
68
—
165
—
Stock-based compensation
1,094
1,128
1,162
4,377
4,251
Remeasurement loss on earn-out liability(2)
—
—
—
—
16,318
Adjusted Segment EBITDA
$
31,077
$
35,979
$
35,282
$
138,531
$
159,089
Operating income margin
24.9
%
27.1
%
26.6
%
26.8
%
25.8
%
Adjusted Segment EBITDA margin
36.9
%
37.8
%
36.7
%
37.6
%
39.1
%
Corporate and Other
Revenue(3)
$
(1,427
)
$
—
$
(670
)
$
(6,385
)
$
(1,262
)
Corporate and other expenses
(9,747
)
(9,095
)
(5,900
)
(38,020
)
(25,961
)
Severance expenses(1)
—
2
—
2
—
Stock-based compensation
1,713
1,712
1,829
6,827
6,720
Transaction related expenses(4)
3,299
3,170
—
13,458
2,793
Adjusted Corporate EBITDA
$
(4,735
)
$
(4,211
)
$
(4,071
)
$
(17,733
)
$
(16,448
)
Total revenue
$
261,203
$
263,954
$
272,121
$
1,079,051
$
1,129,814
Total operating income
$
59,850
$
61,234
$
70,452
$
250,501
$
289,613
Total operating income margin
22.9
%
23.2
%
25.9
%
23.2
%
25.6
%
Total Adjusted EBITDA
$
85,493
$
86,943
$
92,711
$
352,954
$
392,050
Total Adjusted EBITDA margin
32.7
%
32.9
%
34.1
%
32.7
%
34.7
%
(1)
Represents non-routine charges related to severance benefits.
(2)
Represents non-cash adjustments for the remeasurement of the earn-out liability associated with the FlexSteel acquisition.
(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 a majority interest in Baker Hughes' Surface Pressure Control business and other growth initiatives.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225154720/en/
Cactus, Inc.
Alan Boyd, 713-904-4669
Treasurer, Director of Corporate Development and Investor Relations
IR@CactusWHD.com
Original: Cactus Announces Fourth Quarter and Full Year 2025 Results
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