Cactus (WHD) Q4 2025 earnings summary

Executive summary

• Ended 2025 with strong performance in both Pressure Control and Spoolable Technologies segments, despite macroeconomic challenges.

• 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.

• Adjusted net income for Q4 was $52.1 million, with adjusted EBITDA of $85.5 million and a margin of 32.7%.

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

• 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 margins at 32.7%.

• GAAP net income for Q4 was $48.3 million, compared to $50 million in Q3.

• Adjusted net income was $52.1 million ($0.65/share) vs. $54 million ($0.67/share) in Q3.

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

Outlook and guidance

• Q1 2026 Pressure Control revenue expected at $295–$305 million; international sales to contribute $130–$140 million.

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

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

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

• U.S. land activity expected to be flat in Q1 2026; legacy Pressure Control sales anticipated to soften after a strong Q4.