Filing Flows › Industrials › Cactus (WHD)
Cactus (WHD) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Cactus (WHD) Q3 2026 earnings results →
Q3 2026 Revenue up 63% year over year to $431M · 14¢ of every $1 of revenue kept as net profit · operating margin 21.8%
Cactus made $431M in Q3 2026 (+63% Y/Y): Product revenue $322M, Field service and other revenue $85.9M, Rental revenue $22.6M. Operating margin 21.8%, net earnings $62.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $430.9M in Q3 2026, up 63% year over year and down 4% from the previous quarter. Product revenue was the largest line at 75% of revenue. Product revenue added $115.5M year over year (up 56%), 69% of the total change.
Operating profit was $94.0M, a 21.8% margin (down 1.4 points year over year). Of the extra revenue versus Q3 2025, 20% reached operating profit, below the 23% margin then. Total costs grew 66% against revenue growth of 63%. The fastest-growing cost line was SG&A (+75%). Net earnings were $62.2M, up 49% year over year. The effective tax rate was 21.9%.
Operating cash flow was $18.4M (down 70% year over year), 25% of net income including minority interests. Non-cash charges added back $26.8M of depreciation and amortization and $7.8M of share-based compensation. Working capital and other items used $90.2M. Capital expenditures of $21.3M exceeded it, leaving free cash flow of −$2.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $431M | +63% | 21.8% | $62.2M | $18.4M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $450M | +64% | 18.6% | $49.0M | $105M |
| Q1 2026 | 10-Q | May 8, 2026 | $388M | +38% | 12.7% | $32.9M | $128M |
| Q4 2025 | 10-K | Feb 26, 2026 | $261M | -4% | 22.9% | $39.8M | $72.3M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $264M | -10% | 23.2% | $41.6M | $61.8M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $274M | -6% | 22.2% | $40.3M | $82.8M |
| Q1 2025 | 10-Q | May 1, 2025 | $280M | +2% | 24.5% | $44.2M | $41.5M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Cactus
Cactus, Inc. (“Cactus Inc.”) was incorporated on February 17, 2017 as a Delaware corporation for the purpose of completing an initial public offering of equity, which was completed on February 12, 2018 (our “IPO”). We began operating in August 2011 following the formation of Cactus Wellhead, LLC (“Cactus LLC”) in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s. "The Company" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies. Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers’ wells.
In its own words, from its 10-K, filed Feb 26, 2026.
Cactus against its Oil & Gas Field Machinery & Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +63% against the peers' median +14%. Operating margin: 21.8% against the peers' median 13.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WHD Cactus | Q3 2026 | $431M | +63% | 21.8% |
| BKR Baker Hughes | Q3 2026 | $8.0B | +14% | 6.5% |
| FTI TechnipFMC | Q3 2026 | $2.9B | +9% | 19.5% |
| NOV NOV | Q3 2026 | $2.2B | +2% | 6.4% |
| DNOW Dnow | Q3 2026 | $1.3B | +111% | 2.5% |
| WFRD Weatherford International | Q3 2026 | $1.1B | -7% | 13.4% |
| SEI Solaris Energy Infrastructure | Q3 2026 | $341M | +104% | 19.6% |
| INVX Innovex International | Q3 2026 | $265M | +10% | 12.2% |
| FLOC Flowco Holdings | Q3 2026 | $259M | +46% | 18.5% |
Source: Cactus 10-Q on SEC EDGAR · CIK 1699136 · Oil & Gas Field Machinery & Equipment
Guidance and outlook
13F: who owns WHD and who is buying
More on WHD
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Cactus guidance history: guided vs reported
- Cactus operating margin by quarter
- Cactus net income by quarter
- Cactus free cash flow by quarter
- Cactus capital expenditures by quarter
- Cactus Product revenue revenue by quarter
- Cactus Field service and other revenue revenue by quarter
- Cactus Rental revenue revenue by quarter