Filing Flows › Cactus (WHD) › Q3 2025
Cactus (WHD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Cactus (WHD) reported revenue of $264M for the third quarter 2025 (Q3 2025), -10% from a year earlier and -4% from the quarter before. Operating margin was 23.2%, net earnings $41.6M (15.8% of revenue).
Cactus, Q3 2025: revenue $264M (-10% year over year), operating margin 23.2%, net earnings $41.6M, operating cash flow $61.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $264M | -4% | -10% |
| Operating profit | $61.2M | +0.7% | -20% |
| Net earnings | $41.6M | +3% | -17% |
| Operating cash flow | $61.8M | -25% | -28% |
| Free cash flow | $51.6M | — | -32% |
What changed
Revenue was $264.0M in Q3 2025, down 10% year over year and down 4% from the previous quarter. Product revenue was the largest line at 78% of revenue. Product revenue lost $14.6M year over year (down 7%), 50% of the total change.
Operating profit was $61.2M, a 23.2% margin (down 3.0 points year over year). Total costs fell 6% while revenue fell 10%. Net earnings were $41.6M, down 17% year over year. The effective tax rate was 22.1%.
Operating cash flow was $61.8M (down 28% year over year), 123% of net income including minority interests. Non-cash charges added back $16.2M of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items used $10.7M. Capital expenditures of $10.2M left free cash flow of $51.6M.
Questions
What was Cactus' revenue in the third quarter 2025?
Cactus (WHD) reported revenue of $264M for the third quarter 2025 (Q3 2025), -10% from a year earlier and -4% from the quarter before.
Was Cactus profitable in the third quarter 2025?
Operating profit was $61.2M (23.2% of revenue) and net earnings $41.6M.
Source: Cactus 10-Q on SEC EDGAR.