Filing Flows › Cactus (WHD) › Q2 2026
Cactus (WHD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
Cactus (WHD) reported revenue of $450M for the second quarter 2026 (Q2 2026), +64% from a year earlier and +16% from the quarter before. Operating margin was 18.6%, net earnings $49.0M (10.9% of revenue).
Cactus, Q2 2026: revenue $450M (+64% year over year), operating margin 18.6%, net earnings $49.0M, operating cash flow $105M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $450M | +16% | +64% |
| Operating profit | $83.6M | +69% | +37% |
| Net earnings | $49.0M | +49% | +21% |
| Operating cash flow | $105M | -18% | +26% |
| Free cash flow | $88.0M | -26% | +24% |
What changed
Revenue was $449.5M in Q2 2026, up 64% year over year and up 16% from the previous quarter. Product revenue was the largest line at 78% of revenue. Product revenue added $141.4M year over year (up 68%), 80% of the total change. Rental revenue declined 14%.
Operating profit was $83.6M, a 18.6% margin (down 3.6 points year over year). Of the extra revenue versus Q2 2025, 13% reached operating profit, below the 22% margin then. Total costs grew 72% against revenue growth of 64%. The fastest-growing cost line was Cost of revenue (+73%). Net earnings were $49.0M, up 21% year over year. The effective tax rate was 27.4%.
Operating cash flow was $104.6M (up 26% year over year), 170% of net income including minority interests. Non-cash charges added back $36.6M of depreciation and amortization and $7.4M of share-based compensation. Capital expenditures of $16.5M left free cash flow of $88.0M.
Questions
What was Cactus' revenue in the second quarter 2026?
Cactus (WHD) reported revenue of $450M for the second quarter 2026 (Q2 2026), +64% from a year earlier and +16% from the quarter before.
Was Cactus profitable in the second quarter 2026?
Operating profit was $83.6M (18.6% of revenue) and net earnings $49.0M.
Source: Cactus 10-Q on SEC EDGAR.