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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.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.
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