Filing Flows › Cactus (WHD) › Q2 2025
Cactus (WHD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Cactus (WHD) reported revenue of $274M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -2% from the quarter before. Operating margin was 22.2%, net earnings $40.3M (14.7% of revenue).
Cactus, Q2 2025: revenue $274M (-6% year over year), operating margin 22.2%, net earnings $40.3M, operating cash flow $82.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $274M | -2% | -6% |
| Operating profit | $60.8M | -11% | -24% |
| Net earnings | $40.3M | -9% | -19% |
| Operating cash flow | $82.8M | +99% | +6% |
| Free cash flow | $70.9M | +126% | +4% |
What changed
Revenue was $273.6M in Q2 2025, down 6% year over year and down 2% from the previous quarter. Product revenue was the largest line at 76% of revenue. Product revenue lost $12.6M year over year (down 6%), 75% of the total change.
Operating profit was $60.8M, a 22.2% margin (down 5.3 points year over year). Total costs grew 1% against a revenue fall of 6%. The fastest-growing cost line was SG&A (+26%). Net earnings were $40.3M, down 19% year over year. The effective tax rate was 22.5%.
Operating cash flow was $82.8M (up 6% year over year), 169% of net income including minority interests. Non-cash charges added back $15.9M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $11.6M. Capital expenditures of $11.9M left free cash flow of $70.9M.
Questions
What was Cactus' revenue in the second quarter 2025?
Cactus (WHD) reported revenue of $274M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -2% from the quarter before.
Was Cactus profitable in the second quarter 2025?
Operating profit was $60.8M (22.2% of revenue) and net earnings $40.3M.
Source: Cactus 10-Q on SEC EDGAR.