Cactus Inc (WHD) financial statements: income statement, balance sheet and cash flow
Cactus Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cactus Inc reported revenue of $1.1B (-4.5% year on year) and net income of $201.6M (-13.4% year on year).
Income statement
Cactus Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$1.1B
$1.1B
$1.1B
$688.4M
Cost of revenue from external customers
$679.6M
$693.4M
$690.7M
$445.9M
Selling, general and administrative expenses
$148.9M
$130.5M
$127.1M
$67.7M
Change in fair value of earn-out liability
$0
$16.3M
$14.8M
—
Total costs and expenses
$828.5M
$840.2M
$832.6M
$513.6M
Operating income
$250.5M
$289.6M
$264.4M
$174.7M
Interest income (expense), net
$11.0M
$6.5M
($6.5M)
$3.7M
Other (expense) income, net
($794.0K)
$3.2M
$4.5M
($1.9M)
Income before income taxes
$260.7M
$299.3M
$262.4M
$176.6M
Income tax expense
$59.0M
$66.5M
$47.5M
$31.4M
Net income
$201.6M
$232.8M
$214.8M
$145.1M
Less: net income attributable to non-controlling interest
$35.6M
$47.4M
$45.7M
$34.9M
Net income attributable to Cactus Inc.
$166.0M
$185.4M
$169.2M
$110.2M
Earnings per Class A share - basic (in dollars per share)
$2.42
$2.79
$2.62
$1.83
Earnings per Class A share - diluted (in dollars per share)
$2.41
$2.77
$2.57
$1.80
Weighted average Class A shares outstanding - basic (in shares)
68.6M
66.4M
64.6M
60.3M
Weighted average Class A shares outstanding - diluted (in shares)
69.0M
79.9M
79.5M
76.3M
Cactus Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$449.5M
$388.3M
$264.0M
$273.6M
Cost of revenue
$299.8M
$276.8M
$166.8M
$173.6M
Selling, general and administrative expenses
$66.1M
$62.1M
$35.9M
$39.2M
Total costs and expenses
$365.9M
$338.8M
$202.7M
$212.8M
Operating income
$83.6M
$49.5M
$61.2M
$60.8M
Interest income, net
$949.0K
$220.0K
$3.0M
$2.5M
Income before income taxes
$84.5M
$49.7M
$64.4M
$63.3M
Income tax expense
$23.2M
$9.5M
$14.2M
$14.3M
Net income
$61.4M
$40.2M
$50.2M
$49.0M
Less: net income attributable to non-controlling interest
$12.4M
$7.3M
$8.6M
$8.7M
Net income attributable to Cactus Inc.
$49.0M
$32.9M
$41.6M
$40.3M
Redeemable non-controlling interest
$0
$81.5M
—
—
Net income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value
$49.0M
($48.6M)
—
—
Earnings per Class A share—basic (in dollars per share)
$0.70
-$0.70
$0.61
$0.59
Earnings per Class A share—diluted (in dollars per share)
$0.70
-$0.70
$0.60
$0.59
Weighted average Class A shares outstanding - basic (in shares)
69.5M
69.0M
68.7M
68.5M
Weighted average Class A shares outstanding - diluted (in shares)
70.2M
69.0M
69.2M
68.9M
Balance sheet
Cactus Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$123.6M
$342.8M
$133.8M
$344.5M
Restricted cash
$371.0M
—
—
—
Accounts receivable, net of allowance of $4,494 and $3,779, respectively
$164.5M
$191.6M
$205.4M
$138.3M
Inventories
$276.6M
$226.8M
$205.6M
$161.3M
Prepaid expenses and other current assets
$19.2M
$13.4M
$11.4M
$10.6M
Total current assets
$954.9M
$774.7M
$556.2M
$654.6M
Property and equipment, net
$342.6M
$346.0M
$345.5M
$130.0M
Operating lease right-of-use assets, net
$19.5M
$24.1M
$23.5M
$23.2M
Intangible assets, net
$148.0M
$164.0M
$180.0M
—
Goodwill
$203.0M
$203.0M
$203.0M
$7.8M
Deferred tax asset, net
$187.5M
$219.0M
$204.9M
$301.6M
Investment in unconsolidated affiliates
$5.9M
—
—
—
Other noncurrent assets
$10.1M
$8.5M
$9.5M
$1.6M
Total assets
$1.9B
$1.7B
$1.5B
$1.1B
Accounts payable
$71.5M
$72.0M
$71.8M
$47.8M
Accrued expenses and other current liabilities
$59.1M
$75.4M
$50.7M
$30.6M
Current portion of liability related to tax receivable agreement
$21.3M
$20.3M
$20.9M
$27.5M
Finance lease obligations, current portion
$7.5M
$7.0M
$7.3M
$5.9M
Operating lease liabilities, current portion
$4.8M
$4.1M
$4.2M
$4.8M
Total current liabilities
$164.2M
$178.8M
$175.7M
$116.6M
Deferred tax liability, net
$2.8M
$2.9M
$3.6M
$2.0M
Liability related to tax receivable agreement, net of current portion
$241.6M
$258.4M
$250.1M
$265.0M
Finance lease obligations, net of current portion
$9.7M
$10.5M
$9.4M
$6.4M
Operating lease liabilities, net of current portion
$15.8M
$20.1M
$19.1M
$18.4M
Other noncurrent liabilities
$4.5M
$4.5M
—
—
Total liabilities
$438.6M
$475.1M
$457.8M
$408.5M
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding
0
0
0
0
Common stock, $0.01 par value
$688.0K
$681.0K
$654.0K
$609.0K
Additional paid-in capital
$546.9M
$520.8M
$465.0M
$310.5M
Retained earnings
$680.4M
$552.1M
$400.7M
$261.8M
Accumulated other comprehensive loss
($1.6M)
($2.5M)
($826.0K)
($984.0K)
Total stockholders’ equity attributable to Cactus Inc.
$1.2B
$1.1B
$865.5M
$571.9M
Non-controlling interest
$206.7M
$193.1M
$199.2M
$138.5M
Total stockholders’ equity
$1.4B
$1.3B
$1.1B
$710.4M
Total liabilities and equity
$1.9B
$1.7B
$1.5B
$1.1B
Cactus Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$365.8M
$291.6M
$445.6M
$405.2M
Restricted cash
$0
$0
—
—
Accounts receivable, net of allowance of $4,840 and $4,494, respectively
$510.2M
$460.0M
$201.4M
$207.3M
Inventories
$387.0M
$404.2M
$271.3M
$246.4M
Prepaid expenses and other current assets
$20.1M
$19.6M
$10.4M
$14.5M
Total current assets
$1.3B
$1.2B
$928.7M
$873.4M
Property and equipment, net
$390.3M
$395.0M
$346.6M
$349.2M
Operating lease right-of-use assets, net
$33.7M
$34.4M
$20.9M
$22.1M
Intangible assets, net
$349.7M
$364.3M
$152.0M
$156.0M
Goodwill
$287.3M
$248.3M
$203.0M
$203.0M
Deferred tax asset, net
$199.7M
$204.6M
$199.2M
$207.1M
Investment in unconsolidated affiliates
$5.9M
$5.9M
$5.7M
$5.8M
Other noncurrent assets
$34.9M
$30.2M
$8.6M
$8.0M
Total assets
$2.6B
$2.5B
$1.9B
$1.8B
Accounts payable
$320.1M
$315.8M
$67.2M
$83.1M
Accrued expenses and other current liabilities
$85.3M
$64.8M
$75.9M
$64.1M
Contract liabilities
$51.8M
$33.6M
—
—
Current portion of liability related to tax receivable agreement
$21.3M
$21.3M
$20.3M
$20.3M
Finance lease obligations, current portion
$8.0M
$7.7M
$7.4M
$7.4M
Operating lease liabilities, current portion
$9.5M
$8.0M
$5.1M
$5.0M
Total current liabilities
$496.0M
$451.1M
$175.9M
$180.0M
Deferred tax liability, net
$17.1M
$38.7M
$2.4M
$2.2M
Liability related to tax receivable agreement, net of current portion
$245.7M
$243.5M
$261.4M
$259.7M
Finance lease obligations, net of current portion
$10.0M
$9.7M
$10.3M
$11.7M
Operating lease liabilities, net of current portion
$28.8M
$29.9M
$16.9M
$17.9M
Other noncurrent liabilities
$83.9M
$38.9M
$4.5M
$4.5M
Total liabilities
$881.5M
$811.8M
$471.4M
$476.0M
Redeemable non-controlling interest
$241.1M
$240.6M
—
—
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding
0
0
0
0
Common stock, $0.01 par value
$693.0K
$693.0K
$688.0K
$685.0K
Additional paid-in capital
$580.6M
$569.6M
$540.9M
$530.9M
Retained earnings
$660.9M
$621.9M
$650.4M
$618.6M
Accumulated other comprehensive loss
($1.4M)
($1.8M)
($2.1M)
($2.0M)
Total stockholders’ equity attributable to Cactus Inc.
$1.2B
$1.2B
$1.2B
$1.1B
Non-controlling interest
$221.2M
$215.3M
$203.5M
$200.3M
Total stockholders’ equity
$1.5B
$1.4B
$1.4B
$1.3B
Total liabilities, mezzanine equity and stockholders' equity
$2.6B
$2.5B
$1.9B
$1.8B
Cash flow statement
Cactus Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$201.6M
$232.8M
$214.8M
$145.1M
Depreciation and amortization
$63.9M
$60.4M
$65.0M
$34.1M
Deferred financing cost amortization
$1.1M
$1.1M
$4.5M
$165.0K
Stock-based compensation
$24.5M
$22.9M
$18.1M
$10.6M
Provision for expected credit losses
$1.2M
$370.0K
$2.6M
$406.0K
Inventory obsolescence
$3.2M
$3.8M
$5.3M
$2.7M
Gain on disposal of assets
($3.0M)
($1.0M)
($3.2M)
($1.4M)
Deferred income taxes
$35.1M
$19.8M
$17.3M
$25.3M
Change in fair value of earn-out liability
$0
$16.3M
$14.8M
—
(Gain) loss from revaluation of liability related to tax receivable agreement
$794.0K
($3.2M)
($4.5M)
$1.9M
Accounts receivable
$26.4M
$13.0M
($11.9M)
($49.3M)
Inventories
($52.5M)
($25.6M)
$41.9M
($44.9M)
Prepaid expenses and other assets
($6.0M)
($2.3M)
$753.0K
($3.1M)
Accounts payable
($2.1M)
$675.0K
$8.7M
$5.8M
Accrued expenses and other liabilities
($15.9M)
$29.0M
($7.4M)
$2.1M
Payments pursuant to tax receivable agreement
($20.1M)
($20.8M)
($26.9M)
($11.7M)
Payment of earn-out liability
$0
($31.2M)
—
—
Net cash provided by operating activities
$258.4M
$316.1M
$340.3M
$117.9M
Acquisition of a business, net of cash and cash equivalents acquired
$0
$0
($616.2M)
—
Investment in unconsolidated affiliates
($6.0M)
—
—
—
Capital expenditures and other
($38.8M)
($39.2M)
($44.0M)
($28.3M)
Proceeds from sale of assets
$5.7M
$3.8M
$5.4M
$2.8M
Net cash used in investing activities
($39.1M)
($35.4M)
($654.8M)
($25.5M)
Proceeds from the issuance of long-term debt
$0
$0
$155.0M
—
Repayments of borrowings of long-term debt
$0
$0
($155.0M)
—
Payment of contingent consideration
$0
($6.0M)
—
—
Net proceeds from the issuance of Class A common stock
$0
$0
$169.9M
—
Payments of deferred financing costs
($2.4M)
$0
($6.9M)
($353.0K)
Payments on finance leases
($7.7M)
($7.9M)
($7.7M)
($6.1M)
Dividends paid to Class A common stock shareholders
($37.4M)
($33.7M)
($30.1M)
($26.7M)
Distributions to members
($15.6M)
($13.3M)
($16.6M)
($9.7M)
Repurchases of shares
-5.9M
-9.3M
-5.2M
-4.6M
Net cash (used in) provided by financing activities
($69.1M)
($70.1M)
$103.3M
($47.4M)
Effect of exchange rate changes on cash and cash equivalents
$1.4M
($1.5M)
$503.0K
($2.1M)
Net increase (decrease) in cash, cash equivalents and restricted cash
$151.7M
$209.1M
($210.7M)
$42.9M
Beginning of period
$342.8M
$133.8M
$344.5M
$301.7M
End of period
$494.6M
$342.8M
$133.8M
$344.5M
Cactus Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$101.6M
$40.2M
$153.3M
$103.2M
Depreciation and amortization
$73.4M
$36.8M
$47.8M
$31.6M
Deferred financing cost amortization
$1.0M
$639.0K
$839.0K
$559.0K
Stock-based compensation
$14.4M
$7.0M
$18.5M
$12.4M
Provision for expected credit losses
$389.0K
$1.1M
$874.0K
$300.0K
Inventory obsolescence
$3.1M
$2.4M
$2.4M
$902.0K
Gain on disposal of assets
($240.0K)
($65.0K)
($2.1M)
($389.0K)
Deferred income taxes
$6.2M
$479.0K
$22.7M
$12.8M
Accounts receivable
($96.8M)
($63.2M)
($9.5M)
($15.7M)
Inventories
($3.0M)
($3.2M)
($46.6M)
($20.3M)
Prepaid expenses and other assets
($7.2M)
($1.1M)
$2.4M
($1.0M)
Accounts payable
$114.8M
$100.4M
($5.4M)
$11.2M
Accrued expenses and other liabilities
$4.1M
$5.2M
$1.2M
($11.1M)
Contract liabilities
$21.1M
$1.7M
—
—
Net cash provided by operating activities
$232.8M
$128.3M
$186.1M
$124.4M
Acquisition of a business, net of cash and cash equivalents acquired
($301.0M)
($301.0M)
—
—
Investment in unconsolidated affiliate
$0
$0
($6.0M)
($6.0M)
Capital expenditures and other
($26.3M)
($9.7M)
($32.4M)
($22.2M)
Proceeds from sales of assets
$1.7M
$746.0K
$3.6M
$1.7M
Net cash used in investing activities
($325.6M)
($310.0M)
($34.7M)
($26.5M)
Payments of deferred financing costs
($100.0K)
—
—
—
Payments on finance leases
($3.9M)
($1.9M)
($5.8M)
($3.9M)
Dividends paid to Class A common stock shareholders
($20.0M)
($10.2M)
($27.8M)
($18.2M)
Distributions to members
($4.3M)
($1.5M)
($10.3M)
($8.7M)
Repurchases of shares
-8.0M
-7.9M
-5.9M
-5.7M
Net cash used in financing activities
($36.3M)
($21.5M)
($49.8M)
($36.5M)
Effect of exchange rate changes on cash and cash equivalents
$247.0K
$274.0K
$1.2M
$1.0M
Net (decrease) increase in cash and cash equivalents
($128.8M)
($203.0M)
$102.8M
$62.3M
Beginning of period
$494.6M
$494.6M
$342.8M
$342.8M
End of period
$365.8M
$291.6M
—
—
Net cash paid for income taxes
$30.0M
$6.0M
$43.7M
$42.0M
Cash paid for interest
$1.5M
$763.0K
$2.0M
$1.3M
Right-of-use assets obtained in exchange for new lease obligations