Focus on the adjusted EPS beat and revenue growth from Cactus International, but watch for continued integration costs and Middle East disruptions. The GAAP loss is non-cash and should be ignored. Next catalyst is Q2 guidance on the conference call; management expects Pressure Control revenue flat and Spoolable Technologies up sequentially.
Price Chart
Executive Summary
Cactus reported Q1 2026 revenue of $388.3M (+38.5% YoY) and adjusted diluted EPS of $0.70, beating consensus of $0.67 by 4.5%. GAAP diluted EPS was a loss of $0.70 due to a $81.5M non-cash accretion charge. Operating income declined to $49.5M from $68.6M a year ago, weighed by acquisition-related adjustments. The Cactus International acquisition closed on Jan 1 and contributed to revenue growth, but integration costs and Middle East uncertainty temper the outlook.
Key Financial Metrics
Key Facts
- Revenue of $388.3M vs consensus $380.8M, in line (+1.98%)
- Adjusted diluted EPS of $0.70 vs consensus $0.67, beat by 4.5%
- GAAP diluted loss per share of $0.70 due to $81.5M accretion of redeemable non-controlling interest
- Pressure Control revenue up 68.2% sequentially from Cactus International inclusion
- Spoolable Technologies revenue up 6.8% sequentially, operating margins improved
- Adjusted EBITDA of $100.1M vs $93.8M a year ago, margin down 770 bps to 25.8%
- Operating cash flow $128.3M, up from $41.5M a year ago
- Backlog of $537.5M, primarily from Cactus International
- Quarterly dividend maintained at $0.14 per share
Financial Impact
Revenue up 38.5% YoY to $388.3M, adjusted EPS beat by $0.03
Risk Factors
- Middle East conflict disrupting Cactus International operations
- Integration costs and purchase accounting adjustments suppressing reported margins
- Higher input costs and supply chain challenges
- U.S. land rig count flat to up, but customer capital discipline may limit growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031637 |
| Document: whd-20260506.htm | 0001628280-26-031637 |
| Document: 0001628280-26-031637-index-headers.html | 0001628280-26-031637 |
| Document: 0001628280-26-031637-index.html | 0001628280-26-031637 |
| Document: 0001628280-26-031637.txt | 0001628280-26-031637 |
| 8-K Data (Synthetic) | 0001628280-26-031637 |
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Jul 29, 2026 9w ago | 8-K | $62.00 $68.53 | ▲ +10.53% | ▲ +6.57% | $62.19 (+0.31%) |
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