Cactus, Inc. (NYSE: WHD) reported financial results for the third quarter of 2026, announcing revenue of $430.9 million and operating income of $94.0 million for the period ended September 30, 2026.
Net income for the quarter was $74.1 million, or $0.87 per diluted Class A share. The company reported adjusted net income of $78.0 million, or $0.96 per share, with an adjusted net income margin of 18.1%.
Adjusted EBITDA for the quarter was $132.0 million, representing a 30.6% margin. The company noted that operating income reflects certain expenses related to the Cactus International and FlexSteel acquisitions, including purchase price fair value adjustments and amortization expenses.
Segment performance included Pressure Control revenue of $304.8 million and Spoolable Technologies revenue of $126.9 million. Pressure Control revenue decreased sequentially by $39.2 million, while Spoolable Technologies revenue increased by $21.3 million.
As of September 30, 2026, Cactus held $354.2 million in cash and cash equivalents with no bank debt outstanding. The company also reported $263.5 million of availability on its revolving credit facilities. Net capital expenditures for the third quarter were $16.1 million, with the company expecting full-year 2026 capital expenditures of approximately $65 million.
The company’s backlog closed the quarter at $615.6 million. The Board of Directors approved a quarterly cash dividend of $0.15 per Class A share, payable on December 17, 2026, to holders of record as of November 30, 2026. Additionally, the Board approved the construction of a new Spoolable Technologies manufacturing facility in the Middle East, expected to commence operations in 2029.
