Cactus (WHD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $449.5 million, up 15.8% sequentially, with adjusted EBITDA of $132.8 million and adjusted net income of $75.1 million, reflecting strong growth in both core segments.

• Completed acquisition of Cactus International on January 1, 2026, expanding global presence and diversifying operations.

• Cash and equivalents at quarter-end were $365.8 million, with no bank debt and $223.7 million available under the credit facility.

• Board approved a 7% dividend increase to $0.15 per share and expanded membership with an experienced international oilfield executive.

• Net income attributable to the company for the six months was $81.9 million, down 3.1% year-over-year due to acquisition costs and tariffs.

Financial highlights

• Pressure Control Q2 2026 revenues were $344 million, up 14.6% sequentially, with operating income up 53.2%.

• Spoolable Technologies Q2 2026 revenues reached $106 million, up 17.4% sequentially, with operating income up 36.5%.

• Adjusted EBITDA margin improved to 29.5% from 25.8% in Q1 2026.

• Q2 2026 diluted EPS was $0.70; adjusted diluted EPS was $0.93.

• Net capital expenditures for Q2 2026 were $15.6 million.

Outlook and guidance

• Q3 2026 consolidated revenues expected to decline slightly sequentially, with Pressure Control revenue projected to decrease 10% and Spoolable Technologies revenue expected to rise 15–20%.

• Pressure Control adjusted EBITDA margins forecasted at 22%–24%; Spoolable Technologies margins at 39%–41%.

• Full-year 2026 net CapEx guidance raised to $55–$65 million, mainly for Baytown facility expansion.

• Effective tax rate for Q3 projected at 24%, with adjusted EPS tax rate at 27%.

• Management expects existing liquidity and cash flow to cover all material cash requirements for the next 12 months.