The company faces top-line volatility with a 4.49% year-over-year revenue decline, though it maintained a 46.6% gross margin in 2026Q1 despite broader industry softening.
| Sales/Revenue | 1.19B | 1.08B | 1.13B | 1.1B | 688.37M | 438.59M | 348.57M | 628.41M | 544.13M | 341.19M | 155.05M | 221.4M |
| Revenue Growth % | 4.5% | -4.49% | 3% | 59.36% | 56.95% | 25.83% | -44.53% | 15.49% | 59.48% | 120.06% | -29.97% | - |
| Cost of Goods Sold | 520.66M | 489.75M | 693.42M | 690.67M | 445.92M | 317.14M | 236.95M | 393.61M | 325.9M | 225.15M | 125.23M | 157.06M |
| COGS % of Revenue | - | 45.39% | 61.37% | 62.96% | 64.78% | 72.31% | 67.98% | 62.63% | 59.89% | 65.99% | 80.77% | 70.94% |
| Gross Profit | 666.42M | 589.3M | 436.39M | 406.29M | 242.45M | 121.45M | 111.62M | 234.81M | 218.23M | 116.04M | 29.82M | 64.34M |
| Gross Margin % | 56.14% | 54.61% | 38.63% | 37.04% | 35.22% | 27.69% | 32.02% | 37.36% | 40.11% | 34.01% | 19.23% | 29.06% |
| Gross Profit Growth % | - | 35.04% | 7.41% | 67.58% | 99.63% | 8.81% | -52.46% | 7.6% | 88.06% | 289.11% | -53.65% | - |
| Operating Expenses | 435.03M | 338.8M | 146.78M | 141.93M | 67.7M | 46.02M | 41.58M | 51.66M | 40.53M | 27.18M | 19.21M | 22.14M |
| OpEx % of Revenue | - | 31.4% | 12.99% | 12.94% | 9.83% | 10.49% | 11.93% | 8.22% | 7.45% | 7.97% | 12.39% | 10% |
| Selling, General & Admin | 71.02M | 0 | 130.46M | 127.08M | 67.7M | 46.02M | 39.72M | 51.66M | 40.53M | 27.18M | 19.21M | 22.14M |
| SG&A % of Revenue | - | - | 11.55% | 11.58% | 9.83% | 10.49% | 11.39% | 8.22% | 7.45% | 7.97% | 12.39% | 10% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 338.8M | 16.32M | 14.85M | 0 | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 570.24M | 250.5M | 289.61M | 264.37M | 174.75M | 75.43M | 70.04M | 183.15M | 177.7M | 88.86M | 10.62M | 42.2M |
| Operating Margin % | 48.04% | 23.21% | 25.63% | 24.1% | 25.39% | 17.2% | 20.09% | 29.14% | 32.66% | 26.04% | 6.85% | 19.06% |
| Operating Income Growth % | - | -13.5% | 9.55% | 51.28% | 131.68% | 7.69% | -61.76% | 3.07% | 99.97% | 737.15% | -74.85% | - |
| EBITDA | 644.79M | 338.94M | 350.05M | 329.41M | 208.87M | 111.73M | 110.56M | 222M | 207.85M | 112.13M | 31.86M | 62.78M |
| EBITDA Margin % | 54.32% | 31.41% | 30.98% | 30.03% | 30.34% | 25.48% | 31.72% | 35.33% | 38.2% | 32.87% | 20.55% | 28.36% |
| EBITDA Growth % | 79.3% | -3.17% | 6.27% | 57.71% | 86.94% | 1.06% | -50.2% | 6.81% | 85.36% | 252% | -49.26% | - |
| D&A (Non-Cash Add-back) | 74.55M | 88.44M | 60.44M | 65.05M | 34.12M | 36.31M | 40.52M | 38.85M | 30.15M | 23.27M | 21.24M | 20.58M |
| EBIT | 578.08M | 265.02M | 301.55M | 267.3M | 177.45M | 75.98M | 71.14M | 189.51M | 173.48M | 88.79M | 12.85M | 43.6M |
| Net Interest Income | 8.86M | 10.96M | 6.46M | -6.48M | 3.71M | -774K | 701K | 879K | -3.6M | -20.77M | -20.23M | -21.84M |
| Interest Income | 8.86M | 15.31M | 10.28M | 3.76M | 4.94M | 353K | 1.83M | 2.4M | 128K | 0 | 2K | 11K |
| Interest Expense | 0 | 4.35M | 3.82M | 10.24M | 1.23M | 1.13M | 1.13M | 1.52M | 3.72M | 20.77M | 20.23M | 21.85M |
| Other Income/Expense | -330.78M | 10.17M | 9.66M | -1.99M | 1.8M | -282K | 146K | 5.17M | -7.9M | -20.77M | -17.98M | -20.2M |
| Pretax Income | 239.46M | 260.67M | 299.28M | 262.38M | 176.55M | 75.14M | 70.19M | 188.32M | 169.8M | 68.1M | -7.37M | 22.01M |
| Pretax Margin % | 20.17% | 24.16% | 26.49% | 23.92% | 25.65% | 17.13% | 20.14% | 29.97% | 31.21% | 19.96% | -4.75% | 9.94% |
| Income Tax | 51.7M | 59.03M | 66.52M | 47.54M | 31.43M | 7.67M | 10.97M | 32.02M | 19.52M | 1.55M | 809K | 784K |
| Effective Tax Rate % | 21.59% | 22.64% | 22.23% | 18.12% | 17.8% | 10.21% | 15.63% | 17% | 11.5% | 2.27% | -10.98% | 3.56% |
| Net Income | 73.19M | 166.01M | 185.41M | 169.17M | 110.17M | 49.59M | 34.45M | 85.61M | 65.33M | 66.55M | -8.18M | 21.22M |
| Net Margin % | 6.17% | 15.39% | 16.41% | 15.42% | 16.01% | 11.31% | 9.88% | 13.62% | 12.01% | 19.5% | -5.27% | 9.59% |
| Net Income Growth % | -61.61% | -10.46% | 9.6% | 53.55% | 122.16% | 43.97% | -59.77% | 31.04% | -1.83% | 913.93% | -138.52% | - |
| Net Income (Continuing) | 187.76M | 201.64M | 232.76M | 214.84M | 145.12M | 67.47M | 59.22M | 156.3M | 150.28M | 66.55M | -8.18M | 21.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 240.61M | 206.66M | 193.06M | 199.25M | 138.53M | 126.39M | 197.8M | 188.93M | 184.67M | 0 | 0 | 0 |
| EPS (Diluted) | 1.06 | 2.41 | 2.77 | 2.57 | 1.80 | 0.83 | 0.72 | 2.07 | 2.00 | 3.11 | -0.76 | 581.48 |
| EPS Growth % | -62.41% | -13% | 7.78% | 42.78% | 116.87% | 15.28% | -65.22% | 3.5% | -35.69% | 509.21% | -100.13% | - |
| EPS (Basic) | - | 2.42 | 2.79 | 2.62 | 1.83 | 1.22 | 1.25 | 3.47 | 2.02 | 3.11 | -0.76 | 581.48 |
| Diluted Shares Outstanding | 69.03M | 69.02M | 79.92M | 79.46M | 76.34M | 76.11M | 75.5M | 75.35M | 32.7M | 21.43M | 10.73M | 36.5K |
| Basic Shares Outstanding | 69.03M | 68.56M | 66.39M | 64.64M | 60.32M | 55.4M | 47.46M | 44.98M | 32.33M | 21.43M | 10.73M | 36.5K |
| Dividend Payout Ratio | - | 31.95% | 18.17% | 17.81% | 24.25% | 42.66% | 49.76% | 4.96% | 48.75% | - | - | 57.63% |
US Land Activity Cyclicality
As reported in recent financial statements, Cactus, Inc. experienced a 4.49% year-over-year revenue decline, reflecting the broader softening in US land rig counts that continues to challenge the company's ability to sustain the high-growth trajectory observed in previous fiscal periods throughout the 2024 calendar year.
The revenue fluctuations suggest that the company's reliance on US unconventional drilling activity remains a primary sensitivity. Investors should monitor whether the recent integration of spoolable technologies can effectively decouple the top line from the volatile rig count cycle.
Based on reported figures, the company maintained a gross margin of 46.6% in 2026Q1, though historical data indicates significant quarterly variance, suggesting that the firm's ability to preserve pricing power is increasingly tested by the current competitive landscape and shifting customer demand for completion services.
The wide variance in gross margins, ranging from 35% to 92% in recent quarters, implies that the product-to-service mix is highly sensitive to operational execution and project-specific pricing. This volatility warrants further investigation into whether the company's premium service model can withstand sustained pricing pressure from consolidated E&P operators.
According to recent SEC filings, the company reported a net loss of $48.6 million in 2026Q1 despite strong revenue, highlighting a significant divergence between top-line performance and bottom-line profitability that appears driven by non-operating items or accounting adjustments rather than core operational failure.
The sharp swing to a net loss in the most recent quarter suggests that investors should look past headline revenue to understand the underlying cost drivers. The impact of stock-based compensation and potential acquisition-related amortization appears to be clouding the visibility of true cash-generative capacity.
Based on reported figures, the company's specialized inventory model carries inherent risks, as a sudden shift in drilling technology or customer preference could lead to significant write-downs, potentially undermining the perceived stability of the company's balance sheet and its long-term competitive moat in the Permian Basin.
Short-sellers may focus on the potential for inventory obsolescence if the company fails to adapt its wellhead designs to evolving completion techniques. Furthermore, the reliance on a concentrated customer base in the Permian suggests that any localized regulatory or operational disruption could disproportionately impact future earnings.
Quick answers to the most common questions about buying WHD stock.
For fiscal year 2025, Cactus, Inc. (WHD) reported total revenue of $1.08B. This represents a 387.4% increase compared to $221.4M in 2015.
Cactus, Inc. (WHD) is profitable, generating $166.0M in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Cactus, Inc. (WHD) reported an operating income of $250.5M, resulting in an operating profit margin of 23.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Cactus, Inc. (WHD) generated $589.3M in gross profit for the year, representing a gross profit margin of 54.6%. This demonstrates the company's core pricing power and production efficiency.