Cactus, Inc.WHD

Cactus, Inc. Revenue Disclosure

10-KFiled Feb 26, 20262 min read
Revenue
We disaggregate revenue from contracts with customers into three revenue categories: (i) product revenues, (ii) rental revenues and (iii) field service and other revenues. We have predominately domestic operations, with a small amount of sales in Australia, Canada, the Middle East and other international markets. For the year ended December 31, 2025, we derived 76% of our total revenues from the sale of our products, 8% of our total revenues from rental and 16% of our total revenues from field service and other. This compares to 75% of our total revenues from the sale of our products, 9% of our total revenues from rental and 16% of our total revenues from field service and other for the year ended December 31, 2024.  In 2023, we derived 74% of our total revenues from the sale of our products, 10% from rental and 16% from field service and other. The following table presents our revenues disaggregated by category:
 Year Ended December 31,
 202520242023
Product revenue$825,471 $852,265 $810,379 
Rental revenue85,240 101,785 113,631 
Field service and other revenue168,340 175,764 172,950 
Total revenue$1,079,051 $1,129,814 $1,096,960 
Deferred revenue as of December 31, 2025 and 2024, had a balance of $7.7 million and $8.1 million, respectively, included in accrued expenses and other current liabilities in the consolidated balance sheets. Deferred revenue represents our obligation to transfer products or perform services for a customer for which we have received cash or billed in advance. The revenue that has been deferred will be recognized upon product delivery or as services are performed. As of December 31, 2025, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Feb 28, 2020
2018Mar 15, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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