Filing Flows › Cactus (WHD) › Q2 2026 › vs Q1 2026
Cactus (WHD) Q2 2026 vs Q1 2026 (quarter over quarter)
Cactus's revenue rose $61.2M (+16%) from $388M in Q1 2026 to $450M in Q2 2026. The biggest changes: Product revenue +$52.4M (+18%); Field service and other revenue +$6.0M (+8%); Rental revenue +$2.8M (+18%). Operating margin 18.6% against 12.7% (+5.8 pts).
Cactus, Q2 2026: revenue $450M (+64% year over year), operating margin 18.6%, net earnings $49.0M, operating cash flow $105M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.6% | 12.7% | +5.8 pts |
| Net margin | 10.9% | 8.5% | +2.4 pts |
| Free cash flow margin | 19.6% | 30.5% | -10.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product revenue | $350M | $297M | $52.4M | +18% |
| Field service and other revenue | $81.2M | $75.2M | $6.0M | +8% |
| Rental revenue | $18.7M | $15.9M | $2.8M | +18% |
| Revenue | $450M | $388M | $61.2M | +16% |
| Operating profit | $83.6M | $49.5M | $34.1M | +69% |
| Costs & expenses | $366M | $339M | $27.1M | +8% |
| Pre-tax earnings | $84.5M | $49.7M | $34.8M | +70% |
| Cost of revenue | $300M | $277M | $23.0M | +8% |
| SG&A | $66.1M | $62.1M | $4.1M | +7% |
| Net earnings | $49.0M | $32.9M | $16.1M | +49% |
| Minority interests | $12.4M | $7.3M | $5.1M | +69% |
| Income tax | $23.2M | $9.5M | $13.6M | +144% |
| Depreciation & amortization | $36.6M | $36.8M | −$134K | -0.4% |
| Share-based compensation | $7.4M | $7.0M | $356K | +5% |
| Working capital & other | $11.5M | $51.6M | −$40.0M | -78% |
| Operating cash flow | $105M | $128M | −$23.7M | -18% |
| Free cash flow (OCF − capex) | $88.0M | $119M | −$30.5M | -26% |
| Capital expenditures | $16.5M | $9.7M | $6.8M | +70% |
Questions
How much did Cactus's revenue grow quarter over quarter in Q2 2026?
Cactus's revenue rose $61.2M (+16%) from $388M in Q1 2026 to $450M in Q2 2026.
What drove Cactus's revenue change in Q2 2026?
Product revenue +$52.4M (+18%); Field service and other revenue +$6.0M (+8%); Rental revenue +$2.8M (+18%).