$WHD

Cactus, Inc.

CIK:0001699136|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 449,528	$ 273,575	$ 837,877	$ 553,894
Costs and expenses
Selling, general and administrative expenses	66,135	39,190	128,209	78,316
Total costs and expenses	365,946	212,770	704,791	424,477
Operating income	83,582	60,805	133,086	129,417
Interest income, net	949	2,518	1,169	4,843
Income before income taxes	84,531	63,323	134,255	134,260
Income tax expense	23,151	14,276	32,654	31,108
Net income	61,380	49,047	101,601	103,152
Less: net income attributable to non-controlling interest	12,384	8,718	19,699	18,600
Net income attributable to Cactus Inc.	48,996	40,329	81,902	84,552
Redeemable non-controlling interest	0	0	81,507	0
Net income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value	$ 48,996	$ 40,329	$ 395	$ 84,552
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share—basic (in dollars per share)	$ 0.70	$ 0.59	$ 0.01	$ 1.24
Earnings per Class A share—diluted (in dollars per share)	$ 0.70	$ 0.59	$ 0.01	$ 1.23
Weighted average Class A shares outstanding - basic (in shares)	69,526	68,514	69,277	68,355
Weighted average Class A shares outstanding - diluted (in shares)	70,224	68,889	69,835	68,760
Product revenue
Revenues
Total revenues	$ 349,627	$ 208,262	$ 646,864	$ 417,223
Costs and expenses
Cost of revenue	234,149	123,515	441,640	244,971
Rental revenue
Revenues
Total revenues	18,720	21,786	34,650	48,908
Costs and expenses
Cost of revenue	10,399	12,762	20,972	26,497
Field service and other revenue
Revenues
Total revenues	81,181	43,527	156,363	87,763
Costs and expenses
Cost of revenue	$ 55,263	$ 37,303	$ 113,970	$ 74,693

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 101,601	$ 103,152
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	73,388	31,564
Deferred financing cost amortization	1,043	559
Stock-based compensation	14,434	12,371
Provision for expected credit losses	389	300
Inventory obsolescence	3,116	902
Gain on disposal of assets	(240)	(389)
Deferred income taxes	6,227	12,775
Changes in operating assets and liabilities:
Accounts receivable	(96,792)	(15,715)
Inventories	(2,999)	(20,253)
Prepaid expenses and other assets	(7,249)	(1,009)
Accounts payable	114,790	11,175
Accrued expenses and other liabilities	4,053	(11,052)
Contract liabilities	21,074	0
Net cash provided by operating activities	232,835	124,380
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired	(301,011)	0
Investment in unconsolidated affiliate	0	(6,000)
Capital expenditures and other	(26,270)	(22,168)
Proceeds from sales of assets	1,696	1,661
Net cash used in investing activities	(325,585)	(26,507)
Cash flows from financing activities
Payments of deferred financing costs	(100)	0
Payments on finance leases	(3,909)	(3,940)
Dividends paid to Class A common stock shareholders	(19,972)	(18,153)
Distributions to members	(4,250)	(8,743)
Repurchases of shares	(8,027)	(5,710)
Net cash used in financing activities	(36,258)	(36,546)
Effect of exchange rate changes on cash and cash equivalents	247	1,007
Net (decrease) increase in cash and cash equivalents	(128,761)	62,334
Beginning of period	494,582	342,843
End of period	365,821	405,177
Supplemental disclosure of cash flow information
Net cash paid for income taxes	30,044	41,951
Cash paid for interest	1,537	1,305
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new lease obligations	8,073	6,552
Property and equipment in accounts payable	$ 1,295	$ 2,083

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 365,821	$ 123,571
Restricted cash	0	371,011
Accounts receivable, net of allowance of $4,840 and $4,494, respectively	510,195	164,493
Inventories	387,041	276,613
Prepaid expenses and other current assets	20,147	19,231
Total current assets	1,283,204	954,919
Property and equipment, net	390,296	342,592
Operating lease right-of-use assets, net	33,702	19,491
Intangible assets, net	349,712	148,004
Goodwill	287,250	203,028
Deferred tax asset, net	199,652	187,545
Investment in unconsolidated affiliates	5,927	5,923
Other noncurrent assets	34,910	10,115
Total assets	2,584,653	1,871,617
Current liabilities
Accounts payable	320,082	71,541
Accrued expenses and other current liabilities	85,341	51,388
Contract liabilities	51,849	7,707
Current portion of liability related to tax receivable agreement	21,314	21,314
Finance lease obligations, current portion	7,968	7,476
Operating lease liabilities, current portion	9,489	4,815
Total current liabilities	496,043	164,241
Deferred tax liability, net	17,114	2,786
Liability related to tax receivable agreement, net of current portion	245,734	241,609
Finance lease obligations, net of current portion	10,001	9,672
Operating lease liabilities, net of current portion	28,761	15,786
Other noncurrent liabilities	83,867	4,475
Total liabilities	881,520	438,569
Commitments and contingencies
Mezzanine equity
Redeemable non-controlling interest	241,121	0
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	580,623	546,926
Retained earnings	660,935	680,353
Accumulated other comprehensive loss	(1,435)	(1,577)
Total stockholders’ equity attributable to Cactus Inc.	1,240,816	1,226,390
Non-controlling interest	221,196	206,658
Total stockholders’ equity	1,462,012	1,433,048
Total liabilities, mezzanine equity and stockholders' equity	2,584,653	1,871,617
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	693	688
Class B Common Stock
Stockholders’ equity
Common stock, $0.01 par value	$ 0	$ 0