Jun 2026 (Q2 FY26) — Jul 30, 2026
Cactus, Inc. Q2 FY26 — Strong Spoolable Growth and Increased Dividend
Read the full callCactus (WHD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cactus earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 450 | +64.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.6 | −3.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 49.0 | +21.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
17 of 24 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pressure Control segment revenue (sequential guide) | Approximately flat vs. Q1 FY26 ($300 million) | Mar 2026 | For our Pressure Control segment, revenues of $344 million were up 14.6% sequentially, driven primarily by stronger backlog conversion in the Middle East as the team was able to execute more deliveries than anticipated despite the continued conflict disruption and associated logistics challenges. | Achieved |
| Effective (book) income tax rate guide | 19% | Mar 2026 | Book tax expense during the second quarter was $23 million, resulting in an effective tax rate of 27%. | Missed |
| Cactus International annualized cost synergies within 1 year of transaction close | $10 million | Dec 2025 | Our annualized synergies target for the first year post-close has now increased by a further 33% from $15 million to $20 million due to substantially completed organizational restructuring actions. | Revised Up |
7 of Cactus, Inc.'s 53 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 50 more targets are in the full ledger.
Claimed
- Total revenue of $450 million, up 15.8% sequentially.
- Adjusted EBITDA of $133 million, up 32.5% sequentially, with a margin of 29.5%.
- Spoolable Technologies revenue up 17.4% sequentially, with Q3 revenue expected to increase a further 15%-20%.
- Board approved a 7% increase in quarterly dividend to $0.15 per share, marking the fourth consecutive year of increases.
- Annualized synergies target increased by 33% from $15 million to $20 million due to organizational restructuring.
Qualified
- Pressure Control revenue expected to be down approximately 10% in Q3 due to lower international shipments.
- Backlog in Cactus International business decreased more than anticipated due to strong Q2 deliveries and ongoing contract negotiations.
- Middle East conflict continues to cause disruption and logistics challenges, impacting Pressure Control business.
- Input costs for Spoolable Technologies impacted by increases in steel and HDPE, with HDPE prices volatile due to Middle East conflict.
- Tariff refunds in Q2 totaled only $10 million, representing less than 15% of total tariffs paid over the relevant period.
Price
$61.77 +0.10% · +$0.06
Performance +68.7% 1Y
1Y: $36.61 on 17 Oct 2025 → $61.77. High $73.73 (19 Aug 2026), low $36.61 (17 Oct 2025).
- Previous close
- $61.71
- 52-week range
- $37.25 – $73.73
- One year
- +65.83%
Overview
- Symbol
- WHD
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 24 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pressure Control segment revenue (sequential guide) | Approximately flat vs. Q1 FY26 ($300 million) | Mar 2026 | For our Pressure Control segment, revenues of $344 million were up 14.6% sequentially, driven primarily by stronger backlog conversion in the Middle East as the team was able to execute more deliveries than anticipated despite the continued conflict disruption and associated logistics challenges. | Achieved |
| Effective (book) income tax rate guide | 19% | Mar 2026 | Book tax expense during the second quarter was $23 million, resulting in an effective tax rate of 27%. | Missed |
| Cactus International annualized cost synergies within 1 year of transaction close | $10 million | Dec 2025 | Our annualized synergies target for the first year post-close has now increased by a further 33% from $15 million to $20 million due to substantially completed organizational restructuring actions. | Revised Up |
Claimed
- Total revenue of $450 million, up 15.8% sequentially.
- Adjusted EBITDA of $133 million, up 32.5% sequentially, with a margin of 29.5%.
- Spoolable Technologies revenue up 17.4% sequentially, with Q3 revenue expected to increase a further 15%-20%.
- Board approved a 7% increase in quarterly dividend to $0.15 per share, marking the fourth consecutive year of increases.
- Annualized synergies target increased by 33% from $15 million to $20 million due to organizational restructuring.
Qualified
- Pressure Control revenue expected to be down approximately 10% in Q3 due to lower international shipments.
- Backlog in Cactus International business decreased more than anticipated due to strong Q2 deliveries and ongoing contract negotiations.
- Middle East conflict continues to cause disruption and logistics challenges, impacting Pressure Control business.
- Input costs for Spoolable Technologies impacted by increases in steel and HDPE, with HDPE prices volatile due to Middle East conflict.
- Tariff refunds in Q2 totaled only $10 million, representing less than 15% of total tariffs paid over the relevant period.
The full ledger
Open Cactus, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 53 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Cactus Q1 FY26 — Strong Q1 Performance Driven by Cactus International Acquisition and Spoolable Technologies Outperformance
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Cactus Q4 FY25 — Strong Performance and Transformational Acquisition
Read the full callEvery analysed call
Cactus earnings calls (WHD)
Financials
What the filings say
Net profit, year on year: +21% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 293 | 272 | 280 | 274 | 264 | 261 | 388 | 450 |
| Operating profit | 77 | 70 | 69 | 61 | 61 | 60 | 50 | 84 |
| Operating margin | 26.2% | 25.9% | 24.5% | 22.2% | 23.2% | 22.9% | 12.8% | 18.6% |
| Profit before tax | 79 | 76 | 71 | 63 | 64 | 62 | 50 | 85 |
| Tax rate | 20.8% | 24.4% | 23.7% | 22.5% | 22.1% | 22.1% | 19.1% | 27.4% |
| Net profit | 50 | 47 | 44 | 40 | 42 | 40 | 33 | 49 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 52 | 133 | 150 | 178 | 262 | 401 | 552 | 680 |
| Total liabilities | 222 | 319 | 265 | 387 | 408 | 458 | 475 | 439 |
| Fixed assets | 142 | 162 | 143 | 129 | 130 | 346 | 346 | 343 |
| Total assets | 585 | 835 | 816 | 982 | 1,119 | 1,523 | 1,739 | 1,872 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 167 | 210 | 143 | 64 | 118 | 340 | 316 | 258 |
| Cash from investing | -68 | -56 | -18 | -12 | -26 | -655 | -35 | -39 |
| Cash from financing | -35 | -22 | -40 | -39 | -47 | 103 | -70 | -69 |
| Net cash flow | 63 | 132 | 86 | 13 | 43 | -211 | 209 | 152 |
WHD revenue by segment
Spoolable Technologies shrank from 37% to 23% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pressure Control | 63% | 64% | 67% | 65% | 64% | 68% | 77% | 77% | +94.0% |
| Spoolable Technologies | 37% | 35% | 33% | 35% | 36% | 32% | 23% | 23% | +9.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WHD operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Backlog | $537MTotal company remaining performance obligations or backlog ended the quarter at $537 million.Source: earnings call transcript | $455.8MTotal company remaining performance obligations or backlog ended the quarter at $455.8 million.Source: earnings call transcript | -15.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
132 filings between Nov 17, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$77.32M
22 sales by 8 insiders
27% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 17
- Award — granted as compensation
- 24
- Option exercise — converted options into shares
- 22
- Tax withheld — shares kept back by the company to cover tax
Also filed: 32 other filings, 11 dispositions to the issuer, 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bender Scott | — | $35.39M | Oct 1, 2026 |
| Bender Joel | — | $35.39M | Oct 1, 2026 |
| Tadlock Stephen | — | $2.45M | Aug 3, 2026 |
| Bender Steven | — | $1.69M | Aug 7, 2026 |
| MCGOVERN MICHAEL Y | — | $678.8K | May 12, 2026 |
| ODONNELL JOHN A | — | $661.3K | Aug 5, 2026 |
| Semple Alan | — | $577.9K | May 12, 2026 |
| MARSH WILLIAM D | — | $476.0K | Aug 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Bender Scott Chairman and CEO | Sale 10b5-1 plan | 100,000 | $6.20M |
| Oct 1, 2026 | Bender Scott Chairman and CEO | Award 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Joel President | Award 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Joel President | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Cactus WH Enterprises, LLC 10% owner | Other | 100,000 | — |
| Oct 1, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Oct 1, 2026 | Bender Joel President | Sale 10b5-1 plan | 100,000 | $6.20M |
| Oct 1, 2026 | Bender Scott Chairman and CEO | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Joel President | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Joel President | Award 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Joel President | Sale 10b5-1 plan | 100,000 | $7.04M |
| Sep 1, 2026 | Cactus WH Enterprises, LLC 10% owner | Other | 100,000 | — |
| Sep 1, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Scott Chairman and CEO | Sale 10b5-1 plan | 100,000 | $7.04M |
| Sep 1, 2026 | Bender Scott Chairman and CEO | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Scott Chairman and CEO | Award 10b5-1 plan | 100,000 | — |
| Sep 1, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Aug 7, 2026 | Bender Steven COO, EVP and CEO-SpoolableTech | Sale | 25,000 | $1.69M |
| Aug 6, 2026 | Cactus WH Enterprises, LLC 10% owner | Other | 25,000 | — |
| Aug 6, 2026 | Bender Steven COO, EVP and CEO-SpoolableTech | Other | 25,000 | — |
| Aug 6, 2026 | Bender Scott Chairman and CEO | Other | 25,000 | — |
| Aug 6, 2026 | Bender Joel President | Other | 25,000 | — |
| Aug 6, 2026 | Bender Steven COO, EVP and CEO-SpoolableTech | Disposition to issuer | 25,000 | — |
| Aug 6, 2026 | Bender Steven COO, EVP and CEO-SpoolableTech | Award | 25,000 | — |
| Aug 5, 2026 | ODONNELL JOHN A Director | Sale | 10,000 | $661.3K |
| Aug 5, 2026 | MARSH WILLIAM D GC, EVP and Secretary | Sale | 7,178 | $476.0K |
| Aug 3, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Joel President | Sale 10b5-1 plan | 100,000 | $6.39M |
| Aug 3, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Joel President | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Cactus WH Enterprises, LLC 10% owner | Other | 100,000 | — |
| Aug 3, 2026 | Tadlock Stephen EVP/CEO Cactus Intl | Gift | 435 | $0 |
| Aug 3, 2026 | Tadlock Stephen EVP/CEO Cactus Intl | Sale | 38,455 | $2.45M |
| Aug 3, 2026 | Bender Joel President | Award 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Scott Chairman and CEO | Sale 10b5-1 plan | 100,000 | $6.39M |
| Aug 3, 2026 | Bender Scott Chairman and CEO | Other 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Joel President | Other 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Scott Chairman and CEO | Disposition to issuer 10b5-1 plan | 100,000 | — |
| Aug 3, 2026 | Bender Scott Chairman and CEO | Award 10b5-1 plan | 100,000 | — |
| Jul 30, 2026 | Bender Joel President | Sale | 86,700 | $5.00M |
| Jul 30, 2026 | Bender Scott Chairman and CEO | Sale | 86,700 | $5.00M |
| Jul 27, 2026 | Bender Scott Chairman and CEO | Award | 100,000 | — |
| Jul 27, 2026 | Bender Scott Chairman and CEO | Other | 100,000 | — |
| Jul 27, 2026 | Bender Joel President | Sale | 13,300 | $732.4K |
| Jul 27, 2026 | Bender Joel President | Other | 100,000 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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