Earnings summaries and quarterly performance for Cactus.
Executive leadership at Cactus.
Scott Bender
Detailed
Chief Executive Officer
CEO
JB
Joel Bender
Detailed
President
JN
Jay Nutt
Executive Vice President, Chief Financial Officer and Treasurer
ST
Stephen Tadlock
Executive Vice President and Chief Executive Officer, Spoolable Technologies segment
SB
Steven Bender
Chief Operating Officer
WM
William Marsh
Executive Vice President, General Counsel and Corporate Secretary
Board of directors at Cactus.
Research analysts who have asked questions during Cactus earnings calls.
SG
Scott Gruber
Citigroup
6 questions for WHD
Also covers: APA, BKR, BKV +26 more
AJ
Arun Jayaram
JPMorgan Chase & Co.
4 questions for WHD
Also covers: APA, AR, BKR +33 more
Stephen Gengaro
Stifel Financial Corp.
4 questions for WHD
Also covers: ACDC, AESI, AMRC +24 more
JL
Jeffrey LeBlanc
Tudor, Pickering, Holt & Co.
3 questions for WHD
Also covers: HP, LBRT, NBR +2 more
Derek Podhaizer
Piper Sandler Companies
2 questions for WHD
Also covers: AESI, FLOC, FTI +17 more
DC
Don Crist
Johnson Rice & Company L.L.C.
2 questions for WHD
Also covers: AESI, CLB, HP +7 more
Stephen Gengaro
Stifel
2 questions for WHD
Also covers: ACDC, AESI, BKR +17 more
DA
David Anderson
Barclays PLC
1 question for WHD
Also covers: ASPN, BKR, CHX +8 more
DC
Donald Crist
Johnson Rice & Company, L.L.C.
1 question for WHD
Also covers: AESI, ARIS, FTK +6 more
J. David Anderson
Barclays
1 question for WHD
Also covers: ASPN, BKR, FTI +7 more
JL
Jeff LeBlanc
TPH&Co.
1 question for WHD
Also covers: AESI, FLOC, HP +6 more
JA
John Anderson
Barclays
1 question for WHD
Also covers: BKR, BRBR, FTI +5 more
Recent press releases and 8-K filings for WHD.
Cactus Reports Q4 2025 Results and Provides Q1 2026 Outlook
WHD
Earnings
Guidance Update
M&A
- Cactus concluded Q4 2025 with $261 million in revenue, $85 million in Adjusted EBITDA, and 32.7% Adjusted EBITDA margins. The company also reported a cash balance of $495 million.
- The acquisition of the majority interest in Baker Hughes' surface pressure control business, now known as Cactus International, closed on January 1. This new segment is expected to contribute $130 million-$140 million to Pressure Control international sales in Q1 2026.
- For Q1 2026, the company projects total Pressure Control revenue of $295 million-$305 million with Adjusted EBITDA margins of 23%-25%. Spoolable Technologies Adjusted EBITDA margins are anticipated to be 33%-35%.
- Cactus expects full year 2026 net capital expenditures to be between $40 million and $50 million, consistent with 2025 levels despite the integration of Cactus International.
2 days ago
Cactus Reports Q4 2025 Results and Provides Q1 2026 Outlook Following Cactus International Acquisition
WHD
Earnings
M&A
Guidance Update
- Cactus reported Q4 2025 revenue of $261 million and Adjusted EBITDA of $85 million, with Adjusted EBITDA margins of 32.7%. The company's cash balance increased to $495 million.
- The acquisition of Cactus International closed on January 1, 2026, and is expected to contribute $130 million-$140 million to Pressure Control revenue in Q1 2026. The full year 2026 outlook for Cactus International's revenue and Adjusted EBITDA is expected to be in line with 2024 results, with increased order activity anticipated in H2 2026 and into 2027.
- For Q1 2026, total Pressure Control revenue is projected to be $295 million-$305 million with Adjusted EBITDA margins of 23%-25%. Spoolable Technologies revenue is expected to be down mid-single digits sequentially, with Adjusted EBITDA margins of 33%-35%.
- The company forecasts full year 2026 net CapEx between $40 million and $50 million. While the near-term market outlook remains soft, significant supply chain savings from the Cactus International acquisition are expected in 2027, and the Vietnam facility is ramping up to boost effective margins.
2 days ago
Cactus Reports Q4 2025 Results and Provides Q1 2026 Outlook
WHD
Earnings
Guidance Update
M&A
- Cactus finished 2025 with Q4 revenue of $261 million and Adjusted EBITDA of $85 million, achieving Adjusted EBITDA margins of 32.7%. Adjusted net income was $52 million, and adjusted earnings per share were $0.65.
- The company closed the acquisition of the majority interest of Baker Hughes surface pressure control business, now referred to as Cactus International, on January 1. This acquisition contributed to a total cash balance of $495 million at quarter-end. Cactus International recorded $627 billion of revenue in 2025, with its backlog ending the year at approximately $550 million.
- For Q1 2026, total Pressure Control revenue is expected to be $295 million-$305 million, with Adjusted EBITDA margins projected at 23%-25%. Spoolable Technologies revenue is anticipated to be down mid-single digits sequentially, with Adjusted EBITDA margins of 33%-35%.
- Full-year 2026 net CapEx is expected to be in the range of $40 million-$50 million, including investments in Cactus International. The company also targets $10 million of annualized synergies from the Cactus International acquisition within one year of transaction close.
2 days ago
Cactus, Inc. Announces Fourth Quarter and Full Year 2025 Results and Future Outlook
WHD
Earnings
M&A
Guidance Update
- Cactus, Inc. reported Q4 2025 revenues of $261.2 million and full-year 2025 revenues of $1.079 billion, with Q4 net income of $48.3 million and full-year net income of $201.6 million.
- The company completed the acquisition of a majority interest in Baker Hughes's Surface Pressure Control business (Cactus International) on January 1, 2026, a strategic move to geographically diversify its earnings base.
- For Q1 2026, U.S. land activity levels are anticipated to be relatively flat, with legacy Pressure Control sales expected to soften and Spoolable Technologies revenues projected to be softer sequentially. Full-year 2026 net capital expenditures are forecast to be between $40 million and $50 million.
- The Board approved a quarterly cash dividend of $0.14 per share of Class A common stock, payable on March 19, 2026.
- As of December 31, 2025, Cactus maintained a strong liquidity position with $494.6 million in cash and cash equivalents and no bank debt outstanding.
2 days ago
Cactus Announces Fourth Quarter and Full Year 2025 Results
WHD
Earnings
M&A
Guidance Update
- Cactus reported Q4 2025 revenue of $261.2 million, net income of $48.3 million, and Adjusted EBITDA of $85.5 million.
- As of December 31, 2025, the company held $494.6 million in cash and cash equivalents, including $371.0 million of restricted cash, with no bank debt outstanding.
- On January 1, 2026, Cactus closed its previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (Cactus International).
- For Q1 2026, Cactus anticipates U.S. land activity levels to be relatively flat and expects net capital expenditures for the full year 2026 to be in the range of $40 to $50 million.
- In February 2026, the Board approved a quarterly cash dividend of $0.14 per share of Class A common stock.
2 days ago
Arizona Sonoran Advances Feasibility Study Drilling and Mineral Resource Modeling
WHD
New Projects/Investments
Guidance Update
- Arizona Sonoran Copper Company (ASCU) is advancing an updated Mineral Resource model for its Parks/Salyer deposit, aiming to define Proven Mineral Reserves within the starter pit for the first 2-2.5 years of copper cathode production.
- The company expects Parks/Salyer grades in the starter pit to be approximately 0.3% Total Copper (CuT), projected to rise to 0.51% CuT by year three and an estimated 1.03% CuT in year 12 in deeper zones.
- The Feasibility Study (FS) Drill Program is 70% completed, with 62% of assay results received and consistent with expectations, which is anticipated to derisk the Project for potential project financiers.
Feb 11, 2026, 11:30 AM
Arizona Sonoran Outlines 2026 Work Plan and Recaps 2025 Achievements
WHD
New Projects/Investments
Guidance Update
Debt Issuance
- Arizona Sonoran Copper Company Inc. (ASCU) has initiated its fully-funded 2026 work plan for the Cactus Project, supported by a cash balance of approximately $105 million to start 2026 and a US$75 million budget for the year. The plan aims for a Final Investment Decision as early as Q4 2026 and anticipates first cathode production in 2H 2029.
- The 2026 work plan includes the completion of a Feasibility Study in 2H 2026, securing major permit amendments, and advancing project financing.
- In 2025, ASCU raised approximately C$255.3 million through financings and block trades, increased its Mineral Resource Estimate by 51% to 11 billion pounds of copper (Measured & Indicated category), and defined a 5.3 billion pound Mineral Reserve Estimate.
- The 2025 Pre-Feasibility Study (PFS) for the Cactus Project outlined compelling economics, including an after-tax Net Present Value (8%) of US$2.3 billion and an Internal Rate of Return (IRR) of 22.8% at US$4.25/lb Copper, with an initial capital expenditure of US$977 million. The PFS projects copper cathode production of 113k short tons per annum over the first 10 years of the 22-year project life.
Jan 14, 2026, 11:30 AM
Arizona Sonoran Copper Receives Dust Permit for Cactus Project
WHD
New Projects/Investments
- Arizona Sonoran Copper Company (ASCU) has been granted the Dust Permit for its Cactus Project from the Pinal County Air Quality Division, which is the first permit received since the Pre-Feasibility Study (PFS) issued in November 2025.
- The PFS outlined an annual production of 113,000 short tons of copper cathode over the first 10 years of the project's 22-year life.
- The company expects to receive the Aquifer Protection Permit and Industrial Air permits by mid-2026, with the Mined Land Reclamation Permit anticipated later in the year, aligning with an expected final investment decision.
- The Cactus Project is projected to be fully permitted for a final investment decision as early as the fourth quarter of 2026.
Jan 7, 2026, 11:30 AM
Cactus Completes Acquisition of Majority Interest in Baker Hughes' Surface Pressure Control Business
WHD
M&A
New Projects/Investments
Guidance Update
- Cactus, Inc. completed the acquisition of a 65% controlling interest in Baker Hughes Company's Surface Pressure Control business on January 1, 2026.
- The cash purchase price for the acquisition was $344,500,000, which Cactus funded using cash on hand.
- Formal financial guidance for the acquired business will be provided later in the first quarter of 2026.
- The company's Chairman and CEO, Scott Bender, stated that the transaction is transformational for Cactus, as it diversifies its geographic footprint and provides access to new growth markets.
- An Exit Option allows the Baker Member to sell, or the Cactus Member to purchase, the remaining membership interests starting from the second anniversary of the Closing Date, with the purchase price based on six times Adjusted EBITDA, subject to a maximum valuation of $660,000,000 and a minimum of $530,000,000 if Cactus buys.
Jan 2, 2026, 8:51 PM
Cactus Completes Acquisition of Baker Hughes’s Surface Pressure Control Business
WHD
M&A
New Projects/Investments
Guidance Update
- Cactus, Inc. (WHD) announced the completion of its acquisition of a 65% controlling interest in Baker Hughes Company’s Surface Pressure Control business (SPC) today, January 2, 2026.
- This transaction is considered transformational for Cactus, as it diversifies the company's geographic footprint and provides access to new growth markets.
- Formal financial guidance for the newly acquired business is anticipated to be provided later in the first quarter of 2026.
Jan 2, 2026, 12:00 PM
Quarterly earnings call transcripts for Cactus.
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