Cactus
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Cactus (WHD) investor relations material

Cactus Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Ended 2025 with strong performance in Pressure Control and Spoolable Technologies, overcoming macroeconomic challenges and completing a transformational year.

  • Fourth quarter 2025 revenue was $261.2 million with operating income of $59.9 million and net income of $48.3 million; full year revenue reached $1.08 billion and net income $201.6 million.

  • Closed the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (Cactus International) on January 1, 2026, expanding international presence.

  • Maintained a customer-focused approach and delivered industry-leading margins and returns.

Financial highlights

  • Q4 2025 revenue was $261.2 million, down 1% sequentially; Adjusted EBITDA was $85.5 million, down 1.7% sequentially, with a margin of 32.7%.

  • Q4 net income was $48.3 million; adjusted net income was $52.1 million ($0.65/share); Q4 diluted EPS was $0.57.

  • Paid a quarterly dividend of $0.14/share, totaling $11.2 million in cash outflow.

  • Ended Q4 with a cash balance of $494.6 million, including $371 million in escrow/restricted for the acquisition.

  • Net CapEx for Q4 was $4.3 million; full-year 2025 CapEx was $39.1 million.

Outlook and guidance

  • Q1 2026 Pressure Control revenue expected at $295–$305 million, with international contributing $130–$140 million.

  • Pressure Control Adjusted EBITDA margin expected at 23–25% in Q1, lower due to Cactus International inclusion.

  • Spoolable Technologies Q1 revenue expected to decline mid-single digits sequentially; Adjusted EBITDA margin expected at 33–35%.

  • Full-year 2026 CapEx expected at $40–$50 million, including Cactus International.

  • Anticipates increased order activity in H2 2026 and into 2027, with 2026 performance in line with 2024 and improvement in 2027.

Primary strategic benefit of Cactus International?
Spoolable Technologies margin decline drivers?
Key investment areas for 2026 capital expenditures?
Cactus Int'l supply chain savings impact
Scott's 2026 US onshore rig count outlook
Cactus Int'l aftermarket growth opportunities
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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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