Filing Flows › Cactus (WHD) › Q3 2026 › vs Q3 2025
Cactus (WHD) Q3 2026 vs Q3 2025 (year over year)
Cactus's revenue rose $167M (+63%) from $264M in Q3 2025 to $431M in Q3 2026. The biggest changes: Product revenue +$116M (+56%); Field service and other revenue +$46.2M (+116%); Rental revenue +$5.2M (+30%). Operating margin 21.8% against 23.2% (-1.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.8% | 23.2% | -1.4 pts |
| Net margin | 14.4% | 15.8% | -1.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product revenue | $322M | $207M | $116M | +56% |
| Field service and other revenue | $85.9M | $39.8M | $46.2M | +116% |
| Rental revenue | $22.6M | $17.4M | $5.2M | +30% |
| Revenue | $431M | $264M | $167M | +63% |
| Operating profit | $94.0M | $61.2M | $32.8M | +54% |
| Costs & expenses | $337M | $203M | $134M | +66% |
| Pre-tax earnings | $94.8M | $64.4M | $30.4M | +47% |
| Cost of revenue | $274M | $167M | $107M | +64% |
| SG&A | $62.8M | $35.9M | $26.9M | +75% |
| Net earnings | $62.2M | $41.6M | $20.5M | +49% |
| Minority interests | $11.9M | $8.6M | $3.4M | +39% |
| Income tax | $20.7M | $14.2M | $6.5M | +45% |
| Operating cash sources | $96.7M | $63.9M | $32.8M | +51% |
| Depreciation & amortization | $26.8M | $16.2M | $10.6M | +66% |
| Share-based compensation | $7.8M | $6.1M | $1.6M | +27% |
| Working capital & other | $78.3M | $2.1M | $76.2M | 36× |
| Operating cash flow | $18.4M | $61.8M | −$43.3M | -70% |
| Capital expenditures | $21.3M | $10.2M | $11.1M | +109% |
| Negative free cash flow (OCF − capex) | $2.9M | −$51.6M | $54.5M | — |
Questions
How much did Cactus's revenue grow year over year in Q3 2026?
Cactus's revenue rose $167M (+63%) from $264M in Q3 2025 to $431M in Q3 2026.
What drove Cactus's revenue change in Q3 2026?
Product revenue +$116M (+56%); Field service and other revenue +$46.2M (+116%); Rental revenue +$5.2M (+30%).