Operational cash flow reached $128.3 million in 2026Q1, demonstrating strong conversion efficiency despite a reported net loss of $48.6 million during the same period.
| Cash from Operations | 342.74M | 256.02M | 316.11M | 340.28M | 117.88M | 63.76M | 143.38M | 209.63M | 167.18M | 34.71M | 23.98M | 45.93M |
| Operating CF Margin % | - | 23.73% | 27.98% | 31.02% | 17.13% | 14.54% | 41.13% | 33.36% | 30.72% | 10.17% | 15.46% | 20.74% |
| Operating CF Growth % | 192.34% | -19.01% | -7.1% | 188.66% | 84.89% | -55.53% | -31.6% | 25.39% | 381.69% | 44.76% | -47.8% | - |
| Net Income | 73.19M | 166.01M | 232.76M | 169.17M | 145.12M | 67.47M | 59.22M | 156.3M | 150.28M | 66.55M | -8.18M | 21.22M |
| Depreciation & Amortization | 21.08M | 88.44M | 60.44M | 65.05M | 34.12M | 36.31M | 40.52M | 38.85M | 30.15M | 23.27M | 21.24M | 20.58M |
| Stock-Based Compensation | 975K | 0 | 22.89M | 18.11M | 10.63M | 8.62M | 8.6M | 7M | 4.7M | 361K | 361K | 359K |
| Deferred Taxes | -7.14M | 35.14M | 19.77M | 17.34M | 25.3M | 4.83M | 6.95M | 25.4M | 15.2M | 220K | 132K | 64K |
| Other Non-Cash Items | 164.03M | 36.46M | 17.43M | 65.35M | -7.84M | -8.01M | -10.78M | -11.36M | 6.92M | 3.08M | 1.97M | 3.27M |
| Working Capital Changes | 11.66M | -70.04M | -37.18M | 5.27M | -89.45M | -45.45M | 38.88M | -6.56M | -40.08M | -58.78M | 8.45M | 432K |
| Change in Receivables | -35.09M | 26.44M | 13.05M | -11.86M | -49.35M | -45.49M | 44.83M | 4.2M | -8.11M | -50.09M | 509K | 12.83M |
| Change in Inventory | -112K | -52.46M | 3.84M | 41.92M | -44.89M | -36.08M | 18.2M | -17.59M | -38.23M | -28.28M | 4.13M | 10.56M |
| Change in Payables | 108.33M | -2.13M | 675K | 8.71M | 5.8M | 22.28M | -19.43M | -607K | 7.65M | 19.5M | 5.01M | -18.7M |
| Cash from Investing | -333.6M | -39.06M | -35.39M | -654.79M | -25.54M | -11.63M | -18.15M | -55.95M | -68.15M | -30.68M | -17.36M | -23.42M |
| Capital Expenditures | -48.53M | -38.8M | 0 | -43.98M | -28.29M | -13.94M | -24.49M | -59.7M | -70.05M | -32.08M | -21.72M | -25.28M |
| CapEx % of Revenue | 4.09% | 3.6% | 3.47% | 4.01% | 4.11% | 3.18% | 7.03% | 9.5% | 12.87% | 9.4% | 14.01% | 11.42% |
| Acquisitions | -295.27M | 5.74M | 0 | -616.19M | 2.75M | 0 | 6.35M | 0 | 1.9M | 1.4M | 4.36M | 1.86M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.2M | 0 | -35.39M | 5.37M | 0 | 2.31M | 0 | 3.75M | 1.9M | 1.4M | 4.36M | 1.86M |
| Cash from Financing | -66.4M | -66.66M | -70.14M | 103.28M | -47.38M | -39.39M | -40.21M | -21.67M | -35M | -5.31M | -10.17M | -22.78M |
| Debt Issued (Net) | -7.62M | -7.69M | -7.88M | -7.65M | -6.05M | -5.21M | -5.32M | -7.48M | -254.8M | -5.31M | -8.12M | -10.53M |
| Equity Issued (Net) | -8.33M | -5.93M | -9.33M | 164.63M | -4.56M | -3.28M | -1.45M | -1.55M | 828.17M | 0 | 0 | 0 |
| Dividends Paid | -45.24M | -53.05M | -33.68M | -30.12M | -26.72M | -21.16M | -17.14M | -4.24M | -31.85M | 0 | -2.06M | -12.23M |
| Share Repurchases | -8.33M | -5.93M | -9.33M | -5.25M | -4.56M | -3.28M | -1.45M | -1.55M | 0 | 0 | 0 | 0 |
| Other Financing | -5.21M | 0 | -19.25M | -23.58M | -10.04M | -9.74M | -16.3M | -8.39M | -608.37M | 0 | 0 | -19K |
| Net Change in Cash | -56.05M | 151.74M | 209.05M | -210.74M | 42.86M | 13.01M | 86.06M | 131.76M | 63.27M | -1.11M | -3.84M | -399K |
| Free Cash Flow | 304.44M | 217.21M | 276.94M | 296.3M | 89.59M | 49.82M | 118.89M | 149.93M | 97.13M | 2.63M | 2.25M | 20.65M |
| FCF Margin % | 25.65% | 20.13% | 24.51% | 27.01% | 13.02% | 11.36% | 34.11% | 23.86% | 17.85% | 0.77% | 1.45% | 9.33% |
| FCF Growth % | 32.43% | -21.57% | -6.54% | 230.72% | 79.83% | -58.09% | -20.7% | 54.36% | 3600.08% | 16.46% | -89.08% | - |
| FCF per Share | 4.41 | 3.15 | 3.47 | 3.73 | 1.17 | 0.65 | 1.57 | 1.99 | 2.97 | 0.12 | 0.21 | 565.64 |
| FCF Conversion (FCF/Net Income) | 4.16x | 1.54x | 1.70x | 2.01x | 1.07x | 1.29x | 4.16x | 2.45x | 2.56x | 0.52x | -2.93x | 2.16x |
| Interest Paid | -627K | 0 | 2.7M | 5.63M | 1.06M | 959K | 0 | 0 | 0 | 0 | 19.95M | 21.39M |
| Taxes Paid | -23.2M | 0 | 24.8M | 26M | 5.5M | 4.54M | 0 | 0 | 0 | 0 | 583K | 370K |
US Land Activity Cyclicality
According to recent SEC filings, Cactus, Inc. reported a net loss of $48.6 million in 2026Q1 while simultaneously generating $128.3 million in operating cash flow, resulting in a negative OCF/NI ratio that warrants deep scrutiny regarding the underlying drivers of this significant accounting divergence.
The stark disconnect between net income and operating cash flow suggests that non-cash charges or significant working capital releases are currently masking the underlying earnings volatility. Investors should monitor whether this cash generation is sustainable or if it represents a temporary liquidation of assets that may not repeat in subsequent quarters.
As reported in financial statements, the company's free cash flow trajectory has shown significant variance, peaking at $118.5 million in 2026Q1 despite the broader revenue headwinds, which suggests that the firm's cash-generating engine remains highly sensitive to shifts in operational scale and capital expenditure timing.
While the 2026Q1 FCF margin of 30.5% appears robust, the inconsistency in quarterly cash flow generation highlights the cyclical nature of the business. The ability to maintain positive free cash flow during periods of net losses indicates a lean operating model, yet it also raises questions about the long-term durability of these margins.
Based on reported figures, Cactus, Inc. has maintained a disciplined capital expenditure profile, with CapEx/Revenue ratios generally hovering between 3% and 4%, though the 2025Q4 spike to 11% suggests periodic investment requirements that could periodically weigh on the company's overall free cash flow generation capacity.
The relatively low capital intensity reflects the company's outsourced manufacturing model, which allows for greater flexibility than traditional heavy-equipment peers. However, the occasional spikes in capital spending warrant investigation to determine if they represent necessary maintenance for aging equipment or strategic growth investments in new technology.
As indicated by recent financial data, the company has accumulated a substantial cash position, with $301 million deployed toward acquisitions in 2026Q1, signaling a shift toward inorganic growth as a primary mechanism for capital deployment rather than relying solely on organic share repurchases or dividend increases.
The aggressive acquisition strategy in 2026Q1 suggests management is actively seeking to diversify its revenue base beyond the core pressure control segment. Investors should monitor the return on these investments, as the failure to integrate these assets effectively could lead to future impairment charges and a dilution of shareholder value.
Quick answers to the most common questions about buying WHD stock.
Cactus, Inc. (WHD) generated $256.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cactus, Inc. (WHD) generated $217.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cactus, Inc. (WHD) spent $38.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cactus, Inc. (WHD) returned $53.0M to shareholders via cash dividends and spent $5.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.