Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the third quarter of 2025.

Third Quarter Highlights

• Revenue of $264.0 million and operating income of $61.2 million;
• Net income of $50.2 million and diluted earnings per Class A share of $0.60;
• Adjusted net income⁽¹⁾ of $53.7 million and diluted earnings per share, as adjusted⁽¹⁾ of $0.67;
• Net income margin of 19.0% and adjusted net income margin⁽¹⁾ of 20.4%;
• Adjusted EBITDA⁽²⁾ and Adjusted EBITDA margin⁽²⁾ of $86.9 million and 32.9%, respectively;
• Cash flow from operations of $61.8 million;
• Cash and cash equivalents of $445.6 million, with no bank debt outstanding as of September 30, 2025; and
• In October 2025, the Board of Directors declared a quarterly cash dividend of $0.14 per Class A share.

Financial Summary

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “I am proud of our performance in the third quarter, which was highlighted by stronger Pressure Control margins and higher Spoolable Technologies revenues and margins than anticipated. Pressure Control revenues declined in-line with expectations while margins improved due to our prompt action to right-size the organization for current activity levels. We also benefitted from lower legal expenses. Spoolable Technologies revenues benefitted from increased international sales.”

“We anticipate that the U.S. land rig count will be flat to slightly down in the fourth quarter of 2025. Notwithstanding lower seasonal activity late in the year, we expect Pressure Control revenues to be relatively flat in the fourth quarter. We expect our Spoolable Technologies segment to experience a typical seasonal decline late in the year.”

Mr. Bender concluded, “The third quarter demonstrated our focus on cost control and our deep relationships with our customer base. The market outlook and domestic activity levels remain tepid, and I am proud of our team's efforts through the year to retain industry-leading profitability in the face of the volatile tariff environment. Integration planning work regarding the acquisition of a 65% interest in Baker Hughes' Surface Pressure Control business is progressing well, and we now anticipate closing in early 2026.”

Segment Performance

We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other expenses.

Pressure Control

Third quarter 2025 Pressure Control revenue decreased $11.1 million, or 6.2%, sequentially, primarily due to lower sales of wellhead and production related equipment resulting from reduced activity levels in the quarter and lower rental revenues. Operating income increased $2.2 million, or 5.2%, sequentially, with margins increasing 290 basis points due to the implementation of cost reduction initiatives combined with reduced legal expenses. Adjusted Segment EBITDA increased $2.1 million, or 3.9%, sequentially, with Adjusted Segment EBITDA margins increasing 320 basis points.

Spoolable Technologies

Third quarter 2025 Spoolable Technologies revenues decreased $1.0 million, or 1.0%, sequentially, due to lower domestic activity levels, offset by strong international sales. Operating income decreased $2.2 million, or 8.0%, sequentially, on lower volume and higher input costs, while margins decreased 210 basis points. Adjusted Segment EBITDA was lower by $2.0 million, or 5.2%, sequentially, with Adjusted Segment EBITDA margins declining 160 basis points.

Corporate and Other Expenses

Third quarter 2025 Corporate and Other expenses declined $0.5 million sequentially, primarily due to lower transaction and integration expenses. Third quarter Corporate and Other expenses contained $3.2 million of transaction-related expenses related to the announced plan to acquire a majority interest in Baker Hughes' Surface Pressure Control business, $0.3 million lower than the second quarter.

Liquidity, Capital Expenditures and Other

As of September 30, 2025, the Company had $445.6 million of cash and cash equivalents, no bank debt outstanding, and $223.2 million of availability on our revolving credit facility. Operating cash flow was $61.8 million for the third quarter of 2025. During the third quarter, the Company made dividend payments and associated distributions of $11.2 million.

Net capital expenditures were $8.2 million during the third quarter of 2025, primarily due to upgrades within our Spoolable Technologies segment. For the full year 2025, the Company still expects net capital expenditures to be in the range of $40 to $45 million, inclusive of capital directed towards supply chain diversification efforts and further efficiency improvements in the Baytown manufacturing facility.

As of September 30, 2025, Cactus had 68,840,127 shares of Class A common stock outstanding (representing 86.2% of the total voting power) and 11,007,337 shares of Class B common stock outstanding (representing 13.8% of the total voting power).

Quarterly Dividend

The Board of Directors has approved a quarterly cash dividend of $0.14 per share of Class A common stock with payment to occur on December 18, 2025 to holders of record of Class A common stock at the close of business on December 1, 2025. A corresponding distribution of up to $0.14 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results tomorrow, Thursday October 30, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call.

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers throughout North America and Australia, while also providing equipment and services in select international markets.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “outlook,” “will,” “hope,” “opportunity,” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin

(unaudited)

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income as net income assuming Cactus, Inc. held all units in its operating subsidiary at the beginning of the period, with the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Adjusted net income also includes certain other adjustments described below. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.

Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin

(unaudited)

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.

Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

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