Filing Flows › Cactus (WHD) › Q1 2025
Cactus (WHD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Cactus (WHD) reported revenue of $280M for the first quarter 2025 (Q1 2025), +2% from a year earlier and +3% from the quarter before. Operating margin was 24.5%, net earnings $44.2M (15.8% of revenue).
Cactus, Q1 2025: revenue $280M (+2% year over year), operating margin 24.5%, net earnings $44.2M, operating cash flow $41.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $280M | +3% | +2% |
| Operating profit | $68.6M | -3% | +10% |
| Net earnings | $44.2M | -5% | +13% |
| Operating cash flow | $41.5M | -38% | -52% |
| Free cash flow | $31.3M | — | -60% |
What changed
Revenue was $280.3M in Q1 2025, up 2% year over year and up 3% from the previous quarter. Product revenue was the largest line at 75% of revenue. Rental revenue added $3.2M year over year (up 13%), 51% of the total change.
Operating profit was $68.6M, a 24.5% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 98% reached operating profit, above the 23% margin then. Total costs grew 0% against revenue growth of 2%. The fastest-growing cost line was SG&A (+33%). Net earnings were $44.2M, up 13% year over year. The effective tax rate was 23.7%.
Operating cash flow was $41.5M (down 52% year over year), 77% of net income including minority interests. Non-cash charges added back $15.7M of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items used $34.3M. Capital expenditures of $10.2M left free cash flow of $31.3M.
Questions
What was Cactus' revenue in the first quarter 2025?
Cactus (WHD) reported revenue of $280M for the first quarter 2025 (Q1 2025), +2% from a year earlier and +3% from the quarter before.
Was Cactus profitable in the first quarter 2025?
Operating profit was $68.6M (24.5% of revenue) and net earnings $44.2M.
Source: Cactus 10-Q on SEC EDGAR.