Earnings summaries and quarterly performance for Cactus.
Executive leadership at Cactus.
Scott Bender
Detailed
Chief Executive Officer
CEO
Joel Bender
Detailed
President
Jay Nutt
Executive Vice President, Chief Financial Officer and Treasurer
Stephen Tadlock
Executive Vice President and Chief Executive Officer, Spoolable Technologies segment
Steven Bender
Chief Operating Officer
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.
Arun Jayaram
JPMorgan Chase & Co.
4 questions for WHD
Also covers: APA, AR, BKR +33 more
Scott Gruber
Citigroup
4 questions for WHD
Also covers: APA, BKR, BKV +24 more
Stephen Gengaro
Stifel Financial Corp.
4 questions for WHD
Also covers: ACDC, AESI, AMRC +24 more
Jeffrey LeBlanc
Tudor, Pickering, Holt & Co.
2 questions for WHD
Also covers: HP, LBRT, NBR +2 more
David Anderson
Barclays PLC
1 question for WHD
Also covers: ASPN, BKR, CHX +7 more
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
John Anderson
Barclays
1 question for WHD
Also covers: BKR, FTI, HAL +4 more
Recent press releases and 8-K filings for WHD.
Arizona Sonoran Announces C$75 Million Bought-Deal Private Placement
WHD
New Projects/Investments
- Arizona Sonoran Copper Company Inc. (ASCU) has entered into an agreement for a bought-deal private placement of 22,388,100 common shares at a price of C$3.35 per Common Share.
- This offering is expected to generate gross proceeds of C$75,000,135, with an option for underwriters to purchase up to an additional 3,358,200 Common Shares for up to C$11,249,970.
- The net proceeds from the offering will be used for early development activities at the Company's Cactus Project, as well as for working capital and general corporate purposes.
- The closing of the offering is anticipated on or about December 2, 2025.
Nov 12, 2025, 11:56 AM
Cactus, Inc. to acquire Baker Hughes' surface pressure control business; provides Q4 2025 outlook
WHD
M&A
Guidance Update
Dividends
- Cactus, Inc. is set to acquire 65% of Baker Hughes Company's surface pressure control business (SPC) for $344.5 million, with closing anticipated in early 2026. The acquisition is expected to be funded by cash on hand and available external sources, including its $225 million revolving credit facility.
- The SPC acquisition aims to provide geographic diversification, increase scale, and is expected to be highly accretive to financial metrics. SPC's 2024 financials included $498 million in Revenue and $87 million in Adjusted EBITDA.
- For Q4 2025, Cactus anticipates Pressure Control revenue to be flat sequentially with an Adjusted EBITDA margin of 31% – 33%, while Spoolable Technologies revenue is expected to be down low double digits versus Q3 2025 with an Adjusted EBITDA margin of 34% – 36%.
- As of September 30, 2025, the company held approximately $446 million in cash and had $223 million available on its revolving credit facility. Cactus also announced an 8% quarterly dividend increase in July 2025.
Nov 10, 2025, 10:18 PM
Unit Corporation Reports Q3 2025 Results and Divests Drilling Subsidiary
WHD
Earnings
M&A
Dividends
- Unit Corporation reported Q3 2025 total revenues of $23,550 thousand and net income of $6,901 thousand, resulting in total diluted earnings per common share of $0.69.
- The company completed the sale of its wholly owned contract drilling subsidiary, Unit Drilling Company (UDC), to Cactus Drilling Company, L.L.C. for $120 million in cash on October 1, 2025, with UDC's operations now classified as discontinued operations.
- In the oil and natural gas segment for Q3 2025, oil production increased by 27% to 203 MBbls and the average natural gas price rose by 109% to $2.97/Mcf compared to the prior year period.
- Unit Corporation paid a quarterly dividend of $1.25 per share for Q1, Q2, and Q3 2025.
Nov 6, 2025, 2:15 PM
Cactus Inc. Reports Q3 2025 Results and Provides Q4 Outlook
WHD
Earnings
Guidance Update
M&A
- Cactus Inc. reported Q3 2025 revenue of $264 million, adjusted EBITDA of $87 million, and an adjusted EBITDA margin of 32.9%. The company ended the quarter with a cash balance of $446 million and declared a $0.14 per share quarterly dividend.
- For Q4 2025, Pressure Control revenue is expected to be relatively flat compared to Q3's $169 million, with adjusted EBITDA margins projected between 31%-33%. Spoolable Technologies revenue is anticipated to be down low double digits sequentially, with adjusted EBITDA margins around 34%-36%.
- The planned acquisition of a majority interest in Baker Hughes' Surface Pressure Control business is on track, with closing expected in early 2026. Cactus also plans to introduce a new Wellhead system in Q1 2026.
- The company continues efforts to mitigate tariff impacts, including increasing shipments from its Vietnam plant, which is expected to substantially displace Chinese shipments into the U.S. by mid-2026.
Oct 30, 2025, 2:00 PM
Cactus Reports Q3 2025 Financial Results and Provides Q4 Outlook
WHD
Earnings
Guidance Update
M&A
- Cactus reported Q3 2025 revenue of $264 million and adjusted EBITDA of $87 million, resulting in an adjusted EBITDA margin of 32.9%. Adjusted earnings per share were $0.67.
- Pressure Control margins improved sequentially due to tariff mitigation and cost reduction efforts, while Spoolable Technologies sales and margins exceeded expectations driven by higher international shipments.
- For Q4 2025, Pressure Control revenue is expected to be relatively flat at approximately $169 million with adjusted EBITDA margins of 31% to 33%. Spoolable Technologies revenue is projected to be down low double digits sequentially, with adjusted EBITDA margins of 34% to 36%.
- The planned acquisition of a majority interest in Baker Hughes' Surface Pressure Control business is proceeding, with closing expected in early 2026. International expansion for Spoolable Technologies continues, achieving its highest international revenue since acquisition.
Oct 30, 2025, 2:00 PM
Cactus Inc. Reports Q3 2025 Results
WHD
Earnings
Guidance Update
M&A
- Cactus Inc. reported Q3 2025 revenue of $264 million, a 3.5% sequential decline, with adjusted EBITDA of $87 million and an adjusted EBITDA margin of 32.9%. Adjusted net income was $54 million, and adjusted earnings per share were $0.67. The company ended the quarter with a cash balance of $446 million.
- The Pressure Control segment's operating margins increased by 290 basis points sequentially due to cost reduction initiatives, tariff mitigation efforts, and reduced legal expenses. The Spoolable Technologies segment saw a 1% sequential revenue decline, primarily due to lower domestic activity, which was largely offset by increased international sales.
- For Q4 2025, the company expects Pressure Control revenue to be relatively flat compared to Q3's $169 million, with adjusted EBITDA margins in the 31%-33% range. Spoolable Technologies revenue is projected to be down low double digits sequentially, with adjusted EBITDA margins expected to be approximately 34% to 36%.
- The planned acquisition of a majority interest in the Surface Pressure Control business of Baker Hughes is expected to close in early 2026, with integration planning and legal filings proceeding smoothly. Efforts to mitigate tariff impacts are progressing, with the Vietnam plant increasing shipments and API certification expected within the next 90 days.
Oct 30, 2025, 2:00 PM
Cactus, Inc. Announces Third Quarter 2025 Results
WHD
Earnings
Dividends
M&A
- Cactus, Inc. reported revenue of $264.0 million, net income of $50.2 million, and diluted earnings per Class A share of $0.60 for the third quarter of 2025.
- The company achieved Adjusted EBITDA of $86.9 million for Q3 2025.
- As of September 30, 2025, Cactus had cash and cash equivalents of $445.6 million with no bank debt, and its Board of Directors declared a quarterly cash dividend of $0.14 per Class A share in October 2025.
- For Q4 2025, the company anticipates the U.S. land rig count to be flat to slightly down, with Pressure Control revenues expected to be relatively flat and Spoolable Technologies experiencing a typical seasonal decline; the acquisition of a 65% interest in Baker Hughes' Surface Pressure Control business is now expected to close in early 2026.
Oct 29, 2025, 9:44 PM
Cactus Announces Third Quarter 2025 Results
WHD
Earnings
Dividends
M&A
- Cactus reported Q3 2025 revenue of $264.0 million, with net income of $50.2 million and diluted earnings per Class A share of $0.60.
- The company achieved Adjusted EBITDA of $86.9 million, representing an Adjusted EBITDA margin of 32.9% for the third quarter of 2025.
- As of September 30, 2025, Cactus maintained a strong liquidity position with $445.6 million in cash and cash equivalents and no bank debt outstanding.
- The Board of Directors declared a quarterly cash dividend of $0.14 per Class A share in October 2025.
- Integration planning for the acquisition of a 65% interest in Baker Hughes' Surface Pressure Control business is progressing, with closing anticipated in early 2026.
Oct 29, 2025, 9:30 PM
Cactus, Inc. Announces Acquisition of Baker Hughes' Surface Pressure Control Business and Provides Q3 2025 Outlook
WHD
M&A
Guidance Update
Dividends
- Cactus, Inc. plans to acquire 65% of Baker Hughes Company's surface pressure control business (SPC) for $344.5 million, with the transaction expected to close in late 2025 or early 2026.
- The acquisition will be funded by cash on hand and Cactus' undrawn $225 million revolving credit facility.
- This strategic move is intended to enhance geographic diversification, particularly in the Middle East (SPC's 2024 revenue was approximately 85% from the Middle East), and leverage SPC's >$600 million backlog as of December 31, 2024.
- For Q3 2025, Cactus anticipates Pressure Control revenue to be down mid-to-high single digits and Spoolable Technologies revenue to be down high single digits compared to Q2 2025.
- The company also announced an 8% quarterly dividend increase in July 2025.
Sep 2, 2025, 9:01 PM
Arizona Sonoran Copper Company Acquires Additional Land for Cactus Project
WHD
New Projects/Investments
M&A
Debt Issuance
- Arizona Sonoran Copper Company (ASCU) acquired 2,123 acres of private land adjacent to its Cactus Project, with 2,043 acres acquired on August 29, 2025, and an additional 80-acre parcel on June 27, 2025.
- This acquisition is expected to provide the necessary acreage to support the anticipated development and operations plan for the Cactus Project, including plant infrastructure, and is considered a major de-risking event for the project. The consolidated land package for the Cactus Project now totals 7,843 acres.
- The Purchased Lands were acquired at an average price of approximately $49,200 per acre. Approximately 6% of the aggregate purchase price was paid on closing, with the balance deferred over the next four years under vendor carry-back loans.
- ASCU anticipates securing project financing as early as Q4 2026, with the intention to pre-pay the consortium Vendor Loans in full prior to their August 29, 2029, maturity.
Sep 2, 2025, 10:30 AM
Quarterly earnings call transcripts for Cactus.
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