Cactus (WHD) Q3 2026 earnings summary

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.