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Cactus (WHD) investor relations material
Cactus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue was $264 million, with adjusted EBITDA of $87 million and a margin of 32.9%; net income for Q3 was $50.2 million, and adjusted net income was $54 million ($0.67/share).
Cash and cash equivalents increased to $446 million, with no outstanding bank debt and a quarterly dividend of $0.14 per share paid.
Pressure Control margins improved sequentially due to tariff mitigation and cost reduction, while Spoolable Technologies exceeded expectations on higher international shipments.
Net income attributable to shareholders for the nine months ended September 30, 2025, was $126.2 million, a 9.0% decrease from the prior year due to lower sales and higher costs.
Announced plan to acquire a majority interest in Baker Hughes' Surface Pressure Control business for $344.5 million, expected to close in early 2026.
Financial highlights
Q3 revenue declined 3.5% sequentially and 9.9% year-over-year; adjusted EBITDA margin was 32.9%.
GAAP net income was $50.2 million, down from $62.4 million in Q3 2024; diluted EPS for Q3 2025 was $0.60, compared to $0.74 in Q3 2024.
Operating income for Q3 2025 was $61.2 million, with a margin of 23.2%.
Depreciation and amortization expense was $16 million, including $4 million from the FlexSteel acquisition.
Net CapEx for Q3 was $8.2 million; full-year 2025 net CapEx outlook is $40–$45 million.
Outlook and guidance
Q4 Pressure Control revenue expected to be flat versus Q3, with adjusted EBITDA margins in the 31–33% range.
Spoolable Technologies Q4 revenue expected to decline low double digits sequentially, with adjusted EBITDA margins of 34–36%.
Effective tax rate for Q4 projected at 22%; adjusted EPS tax rate at 25%.
Management expects existing cash, operating cash flow, and available credit to be sufficient for at least the next 12 months, including funding the Baker Hughes transaction.
Board approved a $0.14 per share dividend for December.
Baker Hughes acquisition integration priorities?
Mitigating tepid domestic activity in Q4?
Strategic capital deployment plans?
Vietnam plant's impact on tariff mitigation?
Key drivers for Spoolable international growth?
Timeline for material international unconventional pickup?
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Q4 202526 Feb, 2026
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Frequently asked questions
Cactus Inc designs, manufactures, and sells wellhead and pressure control equipment for the oil and gas industry. The company also provides field services and rental equipment for onshore drilling and production operations. It serves exploration and production companies across North America. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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