Filing Flows › Cactus (WHD) › Q3 2026 › vs Q2 2026
Cactus (WHD) Q3 2026 vs Q2 2026 (quarter over quarter)
Cactus's revenue fell $18.6M (-4%) from $450M in Q2 2026 to $431M in Q3 2026. The biggest changes: Product revenue −$27.3M (-8%); Field service and other revenue +$4.8M (+6%); Rental revenue +$3.9M (+21%). Operating margin 21.8% against 18.6% (+3.2 pts).
Cactus, Q3 2026: revenue $431M (+63% year over year), operating margin 21.8%, net earnings $62.2M, operating cash flow $18.4M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.8% | 18.6% | +3.2 pts |
| Net margin | 14.4% | 10.9% | +3.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Product revenue | $322M | $350M | −$27.3M | -8% |
| Field service and other revenue | $85.9M | $81.2M | $4.8M | +6% |
| Rental revenue | $22.6M | $18.7M | $3.9M | +21% |
| Revenue | $431M | $450M | −$18.6M | -4% |
| Operating profit | $94.0M | $83.6M | $10.5M | +13% |
| Costs & expenses | $337M | $366M | −$29.1M | -8% |
| Pre-tax earnings | $94.8M | $84.5M | $10.3M | +12% |
| Cost of revenue | $274M | $300M | −$25.8M | -9% |
| SG&A | $62.8M | $66.1M | −$3.3M | -5% |
| Net earnings | $62.2M | $49.0M | $13.2M | +27% |
| Minority interests | $11.9M | $12.4M | −$457K | -4% |
| Income tax | $20.7M | $23.2M | −$2.4M | -10% |
| Operating cash sources | $96.7M | $93.0M | $3.7M | +4% |
| Depreciation & amortization | $26.8M | $36.6M | −$9.8M | -27% |
| Share-based compensation | $7.8M | $7.4M | $358K | +5% |
| Working capital & other | $78.3M | −$11.5M | $89.9M | — |
| Operating cash flow | $18.4M | $105M | −$86.1M | -82% |
Questions
How much did Cactus's revenue grow quarter over quarter in Q3 2026?
Cactus's revenue fell $18.6M (-4%) from $450M in Q2 2026 to $431M in Q3 2026.
What drove Cactus's revenue change in Q3 2026?
Product revenue −$27.3M (-8%); Field service and other revenue +$4.8M (+6%); Rental revenue +$3.9M (+21%).