Filing Flows › Cactus (WHD) › Q4 2025
Cactus (WHD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Cactus (WHD) reported revenue of $261M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -1% from the quarter before. Operating margin was 22.9%, net earnings $39.8M (15.3% of revenue).
Cactus, Q4 2025: revenue $261M (-4% year over year), operating margin 22.9%, net earnings $39.8M, operating cash flow $72.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $261M | -1% | -4% |
| Operating profit | $59.9M | -2% | -15% |
| Net earnings | $39.8M | -4% | -15% |
| Operating cash flow | $72.3M | +17% | +9% |
| Free cash flow | $65.8M | — | +21% |
What changed
Revenue was $261.2M in Q4 2025, down 4% year over year and down 1% from the previous quarter. Product revenue was the largest line at 77% of revenue.
Operating profit was $59.9M, a 22.9% margin (down 3.0 points year over year). Total costs fell 0% while revenue fell 4%. Net earnings were $39.8M, down 15% year over year. The effective tax rate was 22.1%.
Operating cash flow was $72.3M (up 9% year over year), 150% of net income including minority interests. Non-cash charges added back $16.2M of depreciation and amortization and $6.0M of share-based compensation. Capital expenditures of $6.5M left free cash flow of $65.8M.
Questions
What was Cactus' revenue in the fourth quarter 2025?
Cactus (WHD) reported revenue of $261M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -1% from the quarter before.
Was Cactus profitable in the fourth quarter 2025?
Operating profit was $59.9M (22.9% of revenue) and net earnings $39.8M.
Source: Cactus 10-K on SEC EDGAR.