Filing Flows › Cactus (WHD) › Q2 2026 › vs Q2 2025
Cactus (WHD) Q2 2026 vs Q2 2025 (year over year)
Cactus's revenue rose $176M (+64%) from $274M in Q2 2025 to $450M in Q2 2026. The biggest changes: Product revenue +$141M (+68%); Field service and other revenue +$37.7M (+87%); Rental revenue −$3.1M (-14%). Operating margin 18.6% against 22.2% (-3.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.6% | 22.2% | -3.6 pts |
| Net margin | 10.9% | 14.7% | -3.8 pts |
| Free cash flow margin | 19.6% | 25.9% | -6.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product revenue | $350M | $208M | $141M | +68% |
| Field service and other revenue | $81.2M | $43.5M | $37.7M | +87% |
| Rental revenue | $18.7M | $21.8M | −$3.1M | -14% |
| Revenue | $450M | $274M | $176M | +64% |
| Operating profit | $83.6M | $60.8M | $22.8M | +37% |
| Costs & expenses | $366M | $213M | $153M | +72% |
| Pre-tax earnings | $84.5M | $63.3M | $21.2M | +33% |
| Cost of revenue | $300M | $174M | $126M | +73% |
| SG&A | $66.1M | $39.2M | $26.9M | +69% |
| Net earnings | $49.0M | $40.3M | $8.7M | +21% |
| Minority interests | $12.4M | $8.7M | $3.7M | +42% |
| Income tax | $23.2M | $14.3M | $8.9M | +62% |
| Depreciation & amortization | $36.6M | $15.9M | $20.7M | +131% |
| Share-based compensation | $7.4M | $6.3M | $1.1M | +17% |
| Working capital & other | $11.5M | $20.3M | −$8.8M | -43% |
| Operating cash flow | $105M | $82.8M | $21.7M | +26% |
| Free cash flow (OCF − capex) | $88.0M | $70.9M | $17.1M | +24% |
| Capital expenditures | $16.5M | $11.9M | $4.6M | +39% |
Questions
How much did Cactus's revenue grow year over year in Q2 2026?
Cactus's revenue rose $176M (+64%) from $274M in Q2 2025 to $450M in Q2 2026.
What drove Cactus's revenue change in Q2 2026?
Product revenue +$141M (+68%); Field service and other revenue +$37.7M (+87%); Rental revenue −$3.1M (-14%).