Filing Flows › Cactus (WHD) › Q1 2026
Cactus (WHD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Cactus (WHD) reported revenue of $388M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +49% from the quarter before. Operating margin was 12.7%, net earnings $32.9M (8.5% of revenue).
Cactus, Q1 2026: revenue $388M (+38% year over year), operating margin 12.7%, net earnings $32.9M, operating cash flow $128M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $388M | +49% | +39% |
| Operating profit | $49.5M | -17% | -28% |
| Net earnings | $32.9M | -17% | -26% |
| Operating cash flow | $128M | +77% | +209% |
| Free cash flow | $119M | — | +279% |
What changed
Revenue was $388.3M in Q1 2026, up 39% year over year and up 49% from the previous quarter. Product revenue was the largest line at 77% of revenue. Product revenue added $88.3M year over year (up 42%), 82% of the total change. Rental revenue declined 41%.
Operating profit was $49.5M, a 12.7% margin (down 11.7 points year over year). Operating profit fell $19.1M even though revenue rose $108.0M versus Q1 2025, so costs grew faster than sales. Total costs grew 60% against revenue growth of 39%. The fastest-growing cost line was Cost of revenue (+60%). Net earnings were $32.9M, down 26% year over year. The effective tax rate was 19.1%.
Operating cash flow was $128.3M (up 209% year over year), 319% of net income including minority interests. Non-cash charges added back $36.8M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $44.2M. Capital expenditures of $9.7M left free cash flow of $118.5M.
Questions
What was Cactus' revenue in the first quarter 2026?
Cactus (WHD) reported revenue of $388M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +49% from the quarter before.
Was Cactus profitable in the first quarter 2026?
Operating profit was $49.5M (12.7% of revenue) and net earnings $32.9M.
Source: Cactus 10-Q on SEC EDGAR.