10-Q · May 8, 2026
Cactus Inc. (WHD) reported solid Q1 2026 earnings with revenues of $388.3 million and EPS of $0.70, both exceeding estimates. Strong growth in the Pressure Control segment largely drove this performance, though…
Earnings analysis · 10-Q
WHD earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Cactus delivered a mixed Q3: diluted EPS of $0.96 exceeded the $0.77 consensus, but revenue of $430.888 million modestly missed the $434.569 million estimate. Spoolable Technologies grew 20% year over year and benefited…
Read full summary
Cactus delivered a mixed Q3: diluted EPS of $0.96 exceeded the $0.77 consensus, but revenue of $430.888 million modestly missed the $434.569 million estimate. Spoolable Technologies grew 20% year over year and benefited from Middle East expansion, but Pressure Control revenue declined 11.4%. Management expects modest consolidated revenue growth in Q4, while the recently acquired Cactus International—representing approximately 32% of nine-month revenue and assets—remains subject to ongoing control integration.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.96
- Segment
- Pressure Control revenue declined 11.4% year over year.
- Segment
- Spoolable Technologies revenue increased 20% year over year.
What stood out
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EPS beat offset modest revenue miss
Q3 revenue was $430.888 million, $3.681 million below the $434.569 million consensus estimate, while diluted EPS was $0.96 versus the $0.77 estimate.
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Spoolable Technologies accelerated
Spoolable Technologies revenue increased 20% year over year, supported by Middle East expansion, while backlog nearly doubled.
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Operating performance improved sequentially
Sequential operating performance improved from a 18.6% operating margin in Q2 2026, according to the quarterly financial history, despite the Pressure Control downturn.
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Acquisition materially expanded scale
Cactus International represented approximately 32% of consolidated revenue for the nine months ended September 30, 2026 and approximately 32% of consolidated assets at September 30, 2026.
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Repurchase authorization remains available
The company repurchased 556 Class A shares during Q3 at a weighted-average price of $71.18, while $146.302 million remained available under the repurchase authorization.
What to watch
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Pressure Control contraction
Pressure Control revenue declined 11.4% year over year, creating a material headwind to consolidated growth despite Spoolable Technologies revenue growth of 20%.
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Integration and controls risk
Cactus International represented approximately 32% of nine-month consolidated revenue and 32% of consolidated assets, but its controls were excluded from management's assessment because the acquisition closed on January 1, 2026.
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Acquired-company control implementation
The company excluded Cactus International controls from its assessment and is still implementing financial reporting controls and procedures as part of integration activities; the exclusion period can extend for 1 year after acquisition.
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Revenue execution risk
Q3 revenue of $430.888 million fell $3.681 million short of the $434.569 million consensus estimate, indicating continued execution or demand risk despite the $0.96 EPS result.
Management's outlook
Management expects Q4 2026 consolidated revenue to increase modestly versus Q3 2026. Pressure Control revenue is expected to increase modestly and Spoolable Technologies sales are expected to increase slightly; no numerical revenue or EPS guidance, or comparable prior Q4 outlook, was disclosed.
Earlier filings 4
10-K · February 26, 2026
Cactus Inc. (WHD) reported full-year 2025 revenues of approximately $1,079.2M (sum of Q1–Q4 2025 quarters) with product sales representing 76% of 2025 revenue. Revenue and margins showed year‑over‑year pressure…
10-Q · October 30, 2025
Cactus reported Q3 2025 revenue of $263,954,000 and diluted EPS of $0.60. Revenue and profitability declined year‑over‑year (Q3 2024 revenue $293,181,000; diluted EPS $0.74), but the company has a stronger liquidity…
10-Q · July 31, 2025
Cactus reported Q2 2025 revenue of $273.6M, down from $290.4M in Q2 2024 and down modestly sequentially from Q1 2025. Gross margin compressed to 36.6% (from 39.2% a year ago) and operating margin fell to 22.2% (from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.