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Cactus cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$18.4M in Q3 2026 · $324M over twelve months

Operating cash flow$18.4M
Free cash flow+$18.4M
Cash / net income0.2×
Cash conversion cycle19 days

Analysis

In Q3 2026, Cactus generated $18.4M of operating cash flow. That is $43.3M less than in Q3 2025 ($61.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $324M; the largest uses were acquisitions ($301M), other investing ($54.0M), dividends ($40.1M); besides operations, cash came from asset & business sales ($9.0M); the cash balance fell by $91.4M.

Operating cash flow was $18.4M against net income of $74.1M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$128M, depreciation & amortization +$26.8M, inventory −$18.8M.

Its cash conversion cycle was 19 days (receivables 109 + inventory 0 − payables 89).

Free cash flow

Cactus: free cash flow by quarterCactus: free cash flow by quarter$66.6MQ4 2024$41.5MQ1 2025$82.8MQ2 2025$61.8MQ3 2025$72.3MQ4 2025$128MQ1 2026$105MQ2 2026$18.4MQ3 2026
Operating cash flow less capital spending.
Cactus: operating cash flow against capital spendingCactus: operating cash flow against capital spendingOperating cash flowCapital spending$66.6M$0Q4 2024$41.5M$0Q1 2025$82.8M$0Q2 2025$61.8M$0Q3 2025$72.3M$0Q4 2025$128M$0Q1 2026$105M$0Q2 2026$18.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $18.4M, Capital spending $0.

Capital allocation, year by year

Cactus: where the cash came from (up) and went (down), by fiscal yearCactus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $63.8MFY2021: Net borrowing −$5.2MFY2021: Asset sales $2.3MFY2021: Buybacks −$3.3MFY2021: Dividends −$21.2M$66.1MFY2021FY2022: Operating cash flow $118MFY2022: Net borrowing −$6.1MFY2022: Asset sales $2.8MFY2022: Buybacks −$4.6MFY2022: Dividends −$26.7M$121MFY2022FY2023: Operating cash flow $340MFY2023: Net borrowing −$7.7MFY2023: Shares issued $170MFY2023: Asset sales $5.4MFY2023: Acquisitions −$616MFY2023: Buybacks −$5.2MFY2023: Dividends −$30.1M$516MFY2023FY2024: Operating cash flow $316MFY2024: Net borrowing −$7.9MFY2024: Asset sales $3.8MFY2024: Buybacks −$9.3MFY2024: Dividends −$33.7M$320MFY2024FY2025: Operating cash flow $258MFY2025: Net borrowing −$7.7MFY2025: Asset sales $5.7MFY2025: Buybacks −$5.9MFY2025: Dividends −$37.4M$264MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were acquisitions ($616M) and dividends ($149M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$354M
Debtnone
Net cash$354M

Cactus funds itself: free cash flow was $324M over the last twelve months, with $354M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Cactus: sources (+) and uses (−) of cash, Q3 2026Cactus: sources (+) and uses (−) of cash, Q3 2026Other investing−$21.3MOperating cash flow$18.4MCash drawn (+) / kept (−)$11.6MDividends−$10.5MAsset & business sales$5.2MOther financing−$2.7MNet borrowing (+) / repaid (−)−$2.1MExchange rates$1.3MBuybacks−$39K
Cactus: sources (+) and uses (−) of cash, TTM to Q3 2026Cactus: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$324MAcquisitions−$301MCash drawn (+) / kept (−)$91.4MOther investing−$54.0MDividends−$40.1MOther financing−$14.7MAsset & business sales$9.0MBuybacks−$8.1MNet borrowing (+) / repaid (−)−$7.8MExchange rates$1.8M

From profit to cash

Cactus: net income to operating cash flow, Q3 2026Cactus: net income to operating cash flow, Q3 2026Net income$74.1MDepreciation & amortization$26.8MStock-based pay$7.8MGains on disposals−$3.6MReceivables$12.7MInventory−$18.8MPayables−$128MDeferred revenue$14.4MPrepaid and other assets−$662KOperating cash flow$18.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026109—8919
Q2 202698—962
Q1 202672—639
Q4 202564—3826
Q3 202571—4130
Q2 202571—3932
Q1 202566—3630
Q4 202466—4026

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$18.4M—−$39K−$10.5M−$2.1M$11.6M$18.4M
Q2 2026$105M—−$128K−$9.8M−$2.0M−$74.2M$105M
Q1 2026$128M−$301M−$7.9M−$10.2M−$1.9M$203M$128M
Q4 2025$72.3M—−$13K−$9.6M−$1.9M−$49.0M$72.3M
Q3 2025$61.8M—−$204K−$9.6M−$1.9M−$40.4M$61.8M
Q2 2025$82.8M—−$212K−$8.9M−$2.0M−$57.5M$82.8M
Q1 2025$41.5M—−$5.5M−$9.2M−$2.0M−$4.8M$41.5M
Q4 2024$66.6M—−$10K−$8.9M−$2.0M−$39.5M$66.6M

Cactus: income statement and cash flow

Cactus, Q3 2026: revenue $431M (+63% year over year), operating margin 21.8%. The chart follows the revenue to costs, profit and cash.

Cactus: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.