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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cactus
Cactus (WHD) investor relations material
Cactus Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue was $430.9M; adjusted EBITDA was $132.0M at a 30.6% margin. Net income was $74.1M, including $62.2M attributable to Cactus Inc.
Revenue declined 4.1% QoQ as lower Middle East Pressure Control shipments outweighed domestic gains; Spoolable Technologies revenue and operating income increased.
Backlog closed Q3 at $615.6M, up ~$160M QoQ, supported by International Pressure Control order recovery and LATAM spoolable demand.
9M revenue was $1.269B; the acquired Cactus International business contributed $405.5M revenue and $3.4M net income through September 30.
Financial highlights
Q3 revenue was $430.9M, down 4.1% QoQ and up from $264.0M YoY; operating income was $94.0M vs. $83.6M QoQ and $61.2M YoY.
Q3 net income was $74.1M and diluted EPS was $0.87; net income attributable to Cactus Inc. was $62.2M vs. $41.6M YoY.
Adjusted net income was $78.0M and adjusted diluted EPS was $0.96; adjusted EBITDA was $132.0M, down $0.8M QoQ.
9M revenue was $1.269B vs. $817.8M; operating income was $227.1M vs. $190.7M, and net income was $175.7M vs. $153.3M.
9M operating cash flow was $251.3M vs. $186.1M; investing cash outflow was $341.7M, primarily reflecting the acquisition.
Outlook and guidance
Q4 consolidated revenue is expected to increase modestly; Pressure Control revenue is expected flat to up QoQ, with adjusted EBITDA margin of 23%-25%, excluding ~$4M of segment stock-based compensation.
Q4 Spoolable Technologies revenue is expected up low single digits QoQ, with adjusted EBITDA margin of 39%-41%, excluding $1M of stock-based compensation.
2027 revenue is expected broadly flat with 2026; Pressure Control is expected stronger in H2 than H1, with supply-chain savings in H2 2027 and fuller benefit in 2028.
FY2026 net CapEx is expected at ~$65M, including long-lead equipment for the Middle East facility and Baytown expansion; Q4 D&A is expected at ~$27M.
Existing cash, operating cash flow and available borrowing capacity are expected to cover material cash requirements for the next 12 months.
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Latest events from Cactus
- Strong growth, margin leadership, and global expansion driven by innovation and disciplined capital allocation.WHD
Investor presentation - Q2 2026 saw strong growth, margin expansion, and a 7% dividend hike amid ongoing Middle East risks.WHDQ2 2026
- Directors were elected, auditor ratified, and executive compensation approved; no shareholder proposals.WHDAGM 2026
- Q1 revenue and EBITDA surged on acquisition strength, but net income fell amid tariff and conflict risks.WHDQ1 2026
- Strong Q4 results and Cactus International acquisition set stage for global growth in 2027.WHDQ4 2025
- Q3 delivered strong margins and cash flow, with acquisition integration and liquidity on track.WHDQ3 2025
- 65% of SPC acquired for $344.5M, boosting global reach, Middle East exposure, and revenue stability.WHDM&A Announcement
- Q1 2025 delivered record revenue and margins, but tariff and market headwinds persist.WHDQ1 2025
- Record revenue, strong margins, and global expansion drive 2025 growth outlook.WHDQ4 2024
Next Cactus earnings date
Q4 202624 Feb, 2027
Cactus
Next Cactus earnings date
Q4 202624 Feb, 2027
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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.