Cactus, Inc.

Listed Company

WHDCIK 0001699136NYSELarge AcceleratedOil & Gas Field Machinery & EquipmentFY ends Dec 31

Period

FY 2025

Revenue

$1.08B

Net Income

$166.01M

Total Assets

$1.87B

Equity

$1.23B

Shares Out

74.89M

Op. Cash Flow

$258.42M

WHD$54.51+25.20% · past yearDBEQ Basic

Daily closing prices

Business

Cactus, Inc. designs, manufactures, sells and rents pressure control equipment and spoolable pipe technologies for onshore oil and gas drilling, completion and production phases, along with field services and rental operations. The Pressure Control segment produces wellheads and frac trees under the Cactus Wellhead brand; the Spoolable Technologies segment produces reinforced plastic and flexible pipe under the FlexSteel brand. Operations span manufacturing facilities in Louisiana, Texas, China and Vietnam, with service centers and pipe yards across the United States, Canada, Australia, the Middle East and select international markets.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,079	1,130	1,097	688	439
Selling, general and administrative expenses	149	130	127	68	46
Change in fair value of earn-out liability	0	16	15	0	0
Total costs and expenses	829	840	833	514	363
Operating income	251	290	264	175	75
Interest income (expense), net	11	6	−6	4	−774,000
Other (expense) income, net	−794,000	3	4	−2	492,000
Income before income taxes	261	299	262	177	75
Income tax expense	59	67	48	31	8
Net income	202	233	215	145	67
Less: net income attributable to non-controlling interest	36	47	46	35	18
Net income attributable to Cactus Inc.	166	185	169	110	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	124	343	134	345	302
Restricted cash	371	0	0	—	—
Accounts receivable, net of allowance of $4,494 and $3,779, respectively	164	192	205	138	89
Inventories	277	227	206	161	120
Prepaid expenses and other current assets	19	13	11	11	8
Total current assets	955	775	556	655	518
Property and equipment, net	343	346	346	130	129
Operating lease right-of-use assets, net	19	24	23	23	23
Intangible assets, net	148	164	180	0	—
Goodwill	203	203	203	8	8
Deferred tax asset, net	188	219	205	302	303
Investment in unconsolidated affiliates	6	0	—	—	—
Other noncurrent assets	10	9	10	2	1
Total assets	1,872	1,739	1,523	1,119	982
Accounts payable	72	72	72	48	43
Accrued expenses and other current liabilities	59	75	51	31	28
Current portion of liability related to tax receivable agreement	21	20	21	28	12
Finance lease obligations, current portion	7	7	7	6	5
Operating lease liabilities, current portion	5	4	4	5	5
Total current liabilities	164	179	176	117	93
Deferred tax liability, net	3	3	4	2	1
Liability related to tax receivable agreement, net of current portion	242	258	250	265	270
Finance lease obligations, net of current portion	10	11	9	6	6
Operating lease liabilities, net of current portion	16	20	19	18	18
Other noncurrent liabilities	4	4	0	—	—
Total liabilities	439	475	458	408	387
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0	0	0	0
Additional paid-in capital	547	521	465	311	290
Retained earnings	680	552	401	262	178
Accumulated other comprehensive loss	−2	−2	−826,000	−984,000	8,000
Total stockholders equity attributable to Cactus Inc.	1,226	1,071	866	572	469
Non-controlling interest	207	193	199	139	126
Total stockholders equity	1,433	1,264	1,065	710	595
Total liabilities and equity	1,872	1,739	1,523	1,119	982

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	64	60	65	34	36
Deferred financing cost amortization	1	1	5	165,000	168,000
Stock-based compensation	24	23	18	11	9
Provision for expected credit losses	1	370,000	3	406,000	310,000
Inventory obsolescence	3	4	5	3	3
Gain on disposal of assets	−3	−1	−3	−1	−1
Deferred income taxes	35	20	17	25	5
Change in fair value of earn-out liability	0	16	15	0	0
(Gain) loss from revaluation of liability related to tax receivable agreement	794,000	−3	−4	2	−898,000
Accounts receivable	26	13	−12	−49	−45
Inventories	−52	−26	42	−45	−36
Prepaid expenses and other assets	−6	−2	753,000	−3	−3
Accounts payable	−2	675,000	9	6	22
Accrued expenses and other liabilities	−16	29	−7	2	17
Payments pursuant to tax receivable agreement	−20	−21	−27	−12	−10
Payment of earn-out liability	0	−31	0	0	—
Net cash provided by operating activities	258	316	340	118	64
Acquisition of a business, net of cash and cash equivalents acquired	0	0	−616	0	0
Investment in unconsolidated affiliates	−6	0	0	—	—
Capital expenditures and other	−39	−39	−44	−28	−14
Proceeds from sale of assets	6	4	5	3	2
Net cash used in investing activities	−39	−35	−655	−26	−12
Proceeds from the issuance of long-term debt	0	0	155	0	0
Repayments of borrowings of long-term debt	0	0	−155	0	0
Payment of contingent consideration	0	−6	0	0	—
Net proceeds from the issuance of Class A common stock	0	0	170	0	0
Payments of deferred financing costs	−2	0	−7	−353,000	0
Payments on finance leases	−8	−8	−8	−6	−5
Dividends paid to Class A common stock shareholders	−37	−34	−30	−27	−21
Distributions to members	−16	−13	−17	−10	−10
Repurchases of shares	−6	−9	−5	−5	−3
Net cash (used in) provided by financing activities	−69	−70	103	−47	−39
Effect of exchange rate changes on cash and cash equivalents	1	−2	503,000	−2	272,000
Net increase (decrease) in cash, cash equivalents and restricted cash	152	209	−211	43	13

Filings

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Frequently asked questions

What is Cactus, Inc.'s CIK number?

Cactus, Inc.'s SEC CIK number is 0001699136 (1699136). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Cactus, Inc.'s SEC filings?

All of Cactus, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Cactus, Inc. last report earnings?

Cactus, Inc. (WHD) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-031637). This is Cactus, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Cactus, Inc.'s most recent earnings 8-K?

Cactus, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-031637. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Cactus, Inc.'s latest earnings 8-K →
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