Revenue surged 64.3% year-over-year to $449.5M in 2026Q2, but operating margin contracted to 18.6% from 22.9% sequentially, and gross margin swung from 35.3% to 100% due to a zero-COGS data artifact, indicating underlying pricing pressure and earnings volatility.
Cactus, Inc. (WHD) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.36B | 1.08B | 1.13B | 1.1B | 688.37M | 438.59M | 348.57M | 628.41M | 544.13M | 341.19M | 155.05M | 221.4M |
| Revenue Growth % | 21.79% | -4.49% | 3% | 59.36% | 56.95% | 25.83% | -44.53% | 15.49% | 59.48% | 120.06% | -29.97% | - |
| Cost of Goods Sold | 397.15M | 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 | 965.89M | 589.3M | 436.39M | 406.29M | 242.45M | 121.45M | 111.62M | 234.81M | 218.23M | 116.04M | 29.82M | 64.34M |
| Gross Margin % | 70.86% | 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 | 711.72M | 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 | 397.83M | 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 | 2M | 338.8M | 16.32M | 14.85M | 0 | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 254.17M | 250.5M | 289.61M | 264.37M | 174.75M | 75.43M | 70.04M | 183.15M | 177.7M | 88.86M | 10.62M | 42.2M |
| Operating Margin % | 18.65% | 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 | 359.91M | 338.94M | 350.05M | 329.41M | 208.87M | 111.73M | 110.56M | 222M | 207.85M | 112.13M | 31.86M | 62.78M |
| EBITDA Margin % | 26.4% | 31.41% | 30.98% | 30.03% | 30.34% | 25.48% | 31.72% | 35.33% | 38.2% | 32.87% | 20.55% | 28.36% |
| EBITDA Growth % | 6.29% | -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) | 105.74M | 88.44M | 60.44M | 65.05M | 34.12M | 36.31M | 40.52M | 38.85M | 30.15M | 23.27M | 21.24M | 20.58M |
| EBIT | 260.66M | 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 | 7.29M | 10.96M | 6.46M | -6.48M | 3.71M | -774K | 701K | 879K | -3.6M | -20.77M | -20.23M | -21.84M |
| Interest Income | 7.29M | 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 | 6.49M | 10.17M | 9.66M | -1.99M | 1.8M | -282K | 146K | 5.17M | -7.9M | -20.77M | -17.98M | -20.2M |
| Pretax Income | 260.66M | 260.67M | 299.28M | 262.38M | 176.55M | 75.14M | 70.19M | 188.32M | 169.8M | 68.1M | -7.37M | 22.01M |
| Pretax Margin % | 19.12% | 24.16% | 26.49% | 23.92% | 25.65% | 17.13% | 20.14% | 29.97% | 31.21% | 19.96% | -4.75% | 9.94% |
| Income Tax | 60.57M | 59.03M | 66.52M | 47.54M | 31.43M | 7.67M | 10.97M | 32.02M | 19.52M | 1.55M | 809K | 784K |
| Effective Tax Rate % | 23.24% | 22.64% | 22.23% | 18.12% | 17.8% | 10.21% | 15.63% | 17% | 11.5% | 2.27% | -10.98% | 3.56% |
| Net Income | 81.86M | 166.01M | 185.41M | 169.17M | 110.17M | 49.59M | 34.45M | 85.61M | 65.33M | 66.55M | -8.18M | 21.22M |
| Net Margin % | 6.01% | 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 % | -54.82% | -10.46% | 9.6% | 53.55% | 122.16% | 43.97% | -59.77% | 31.04% | -1.83% | 913.93% | -138.52% | - |
| Net Income (Continuing) | 200.09M | 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 | 241.12M | 206.66M | 193.06M | 199.25M | 138.53M | 126.39M | 197.8M | 188.93M | 184.67M | 0 | 0 | 0 |
| EPS (Diluted) | 1.17 | 2.41 | 2.77 | 2.57 | 1.80 | 0.83 | 0.72 | 2.07 | 2.00 | 3.11 | -0.76 | 581.48 |
| EPS Growth % | -56.02% | -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 | 70.22M | 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 | 69.53M | 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% |
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.
Key Metrics
Top Statement Risk
Revenue volatility and margin inconsistency
Metrics are mathematically derived from official filings.
Revenue Rebound Masks Underlying Volatility
Cactus's revenue surged 64.3% year-over-year in 2026Q2 to $449.5M, according to the latest quarterly report, but this follows a period of contraction, suggesting a volatile demand environment rather than a steady uptrend.
The 64.3% growth in 2026Q2 is a sharp acceleration from the prior quarter's 38.5% growth, yet the preceding four quarters showed negative growth rates, indicating that the expansion may be driven by a cyclical uptick or a one-time event. Investors should monitor whether this momentum is sustainable, as the company's revenue history shows significant swings, with 2025Q3 and 2025Q4 declining 10% and 4% respectively. The mixed growth pattern suggests that Cactus's top line is highly sensitive to energy market conditions, and the recent surge may not represent a durable trend.
Gross Margin Fluctuations Signal Pricing Pressure
Gross margin swung from 35.3% in 2025Q3 to 100% in 2026Q2, as per the income statement, but the 100% figure appears anomalous due to zero COGS, likely a data artifact, obscuring the underlying margin trend.
Excluding the anomalous 2026Q2, gross margins have ranged between 35.3% and 54.9% over the past year, with no clear direction. The 2026Q1 margin of 46.6% is above the 2025 average, but the volatility suggests that Cactus lacks consistent pricing power, possibly due to competitive pressures or product mix shifts. Compared to peers like NOV with a 20.2% gross margin, Cactus's margins are higher, but the instability warrants caution, as it may indicate an inability to pass through costs consistently.
Operating Leverage Inconsistent Across Quarters
Operating income grew 37.5% in 2026Q2 to $83.6M, according to the latest financials, but operating margin contracted to 18.6% from 22.9% in the prior quarter, indicating that revenue growth did not translate into proportional profit expansion.
The 2026Q2 operating margin of 18.6% is below the 2025 average of around 23%, suggesting that the revenue surge came with higher operating costs, possibly due to increased SG&A or other expenses. In contrast, 2026Q1 saw operating margin of 12.7% on lower revenue, highlighting the lack of consistent operating leverage. This inconsistency implies that Cactus's cost structure may not be well-aligned with revenue fluctuations, and investors should watch for margin compression if revenue growth slows.
Earnings Distorted by One-Time Items
Net income swung from a loss of $48.6M in 2026Q1 to a profit of $49.0M in 2026Q2, as reported, but the loss appears driven by a non-cash charge, given the positive operating income, raising questions about earnings quality.
In 2026Q1, operating income was $49.5M but net income was -$48.6M, implying a significant below-the-line expense, possibly a tax valuation allowance or impairment. This volatility in net income, coupled with negative EPS growth in several quarters, suggests that reported earnings may not be a reliable indicator of underlying profitability. Additionally, stock-based compensation has been inconsistent, with a negative $18.5M in 2025Q4, which could distort comparisons. Investors should adjust for these items to assess true earnings power.
SG&A Spike Drives Margin Variability
SG&A expenses jumped to $365.9M in 2026Q2, according to the income statement, representing 81.4% of revenue, a dramatic increase from typical levels around $30M, suggesting a possible data error or a major one-time cost.
The SG&A figure for 2026Q2 is anomalous, as it exceeds revenue and is over ten times the typical quarterly SG&A, which has ranged from $27M to $39M. This outlier distorts the operating margin calculation and may indicate a misclassification or a significant non-recurring charge. Excluding this quarter, SG&A has been relatively stable, but the spike warrants investigation, as it could signal a structural cost increase or an accounting irregularity. Investors should monitor SG&A trends closely to ensure cost discipline is maintained.
Sustainability of Recent Growth Questionable
Despite the 64.3% revenue surge in 2026Q2, Cactus's historical revenue shows a declining trend, with 2025 full-year revenue down from 2024, suggesting the recent spike may be a temporary rebound rather than a new growth phase.
The company's revenue in 2025Q2 was $273.6M, down from $290.4M in 2024Q2, and the 2026Q2 figure of $449.5M represents a massive jump that is not supported by the prior trend. This could be due to a major acquisition or a one-time contract, but without clear disclosure, the sustainability is uncertain. Additionally, the gross margin in 2026Q2 is reported as 100%, which is implausible and likely a data error, undermining confidence in the reported profitability. Short-sellers might argue that the company's earnings are volatile and that the recent performance is not indicative of long-term fundamentals, especially given the negative net income in 2026Q1.