Cactus Inc. will issue its third quarter 2026 earnings release after market close on Wednesday, October 28, 2026. The company plans to host a conference call the following day to discuss financial and operational results.

The conference call is scheduled for Thursday, October 29, 2026, at 9:00 am Central Time (10:00 am Eastern Time). Investors and analysts can access the live webcast via the company's website. An archived version of the call will be available shortly after the event concludes.

Company Profile

Cactus designs, manufactures, sells, and rents highly engineered pressure control and spoolable pipe technologies. Its products are primarily used in onshore unconventional oil and gas wells during drilling, completion, and production phases. The company also provides field services to assist with installation, maintenance, and handling of equipment.

Operations are concentrated in North America and the Middle East, with service centers and manufacturing facilities located globally.

Cactus, Inc. (NYSE: WHD) delivered a strong second quarter 2026 performance, reporting adjusted earnings per share of $0.93, which significantly beat the analyst consensus estimate of $0.62 by 50%. The oilfield services company also reported quarterly sales of $449.5 million, surpassing the consensus estimate of $399.3 million by 12.6%. This represents a 64.3% year-over-year increase in revenue from $273.6 million in Q2 2025, driven by robust demand in both its Pressure Control and Spoolable Technologies segments amid elevated commodity prices and increased drilling activity.

The Board of Directors approved a 7% increase in the quarterly dividend to $0.15 per Class A share, payable on September 11, 2026, to holders of record on August 31, 2026. Additionally, the Board appointed Joseph Elkhoury to bring substantial international oilfield operating experience to the team. These moves reflect management’s confidence in the company’s cash generation capabilities and long-term growth trajectory.

Segment Performance

Pressure Control revenue increased $43.8 million, or 14.6%, sequentially to $344.0 million, primarily due to higher revenues in the Middle East. Operating income for this segment surged $20.5 million, or 53.2%, sequentially, with margins expanding by 430 basis points. This improvement was attributed to higher operating leverage and partial receipt of tariff-related refunds. Adjusted Segment EBITDA for Pressure Control rose $24.1 million, or 33.5%, sequentially.

Spoolable Technologies revenue grew $15.6 million, or 17.4%, sequentially to $105.5 million, driven by higher domestic activity levels. Operating income for this segment increased $8.6 million, or 36.5%, sequentially, with margins expanding by 430 basis points. Adjusted Segment EBITDA for Spoolable Technologies was higher by $9.2 million, or 28.1%, sequentially, as sales mix and operating leverage moved favorably.

Liquidity and Capital Allocation

As of June 30, 2026, Cactus held $365.8 million in cash and cash equivalents, including $92.5 million retained for legal restructuring activities related to the Cactus International acquisition. The company had no bank debt outstanding and maintained $223.7 million in availability on its revolving credit facility. Operating cash flow for the quarter was $104.6 million. Net capital expenditures were $15.6 million, with the full-year 2026 guidance raised to $55–$65 million to support capacity investments at the Baytown manufacturing facility.

What the Numbers Show

The divergence between GAAP net income margin (13.7%) and adjusted net income margin (16.7%) highlights the impact of non-cash acquisition-related charges. Specifically, purchase price accounting adjustments, including intangible amortization and inventory step-up expenses, totaled approximately $20.0 million in the quarter. Excluding these items provides a clearer view of underlying operational profitability, which remains resilient despite global market uncertainties. The company’s backlog closed at $455.8 million, primarily related to Cactus International operations, providing visibility into future revenue streams.