Key Highlights

● Second-quarter revenue rose to $449.5 million from $273.6 million a year earlier.

● Adjusted EBITDA was $132.8 million, a 29.5 per cent margin for the quarter.

● Spoolable Technologies posted a 39.9 per cent adjusted segment EBITDA margin.

● The board raised the quarterly dividend 7 per cent to $0.15 per Class A share.

Cactus (NYSE:WHD) designs, manufactures, sells and rents highly engineered pressure control and spoolable pipe technologies, used mainly on onshore unconventional oil and gas wells during drilling, completion and production. It also provides field services for installation, maintenance and handling of its equipment, and operates service centres and manufacturing facilities with an emphasis on North America and the Middle East. Its Class A common stock is listed on the New York Stock Exchange as WHD. The company reports two segments, Pressure Control and Spoolable Technologies, and this year's acquisition of Cactus International broadened its international footprint, which management cites as a contributor to recent results. The company is led by chief executive Scott Bender, and its Class A shares carry most, though not all, of the voting power, with Class B holders retaining the remainder.

Second-Quarter 2026 Results

Cactus announced second-quarter 2026 results on 29 July 2026, with a conference call on 30 July. Revenue was $449.5 million, compared with $388.3 million in the first quarter and $273.6 million a year earlier. Net income was $61.4 million, and diluted earnings per Class A share were $0.70 on a GAAP basis, or $0.93 on an adjusted basis. Adjusted EBITDA was $132.8 million, a margin of 29.5 per cent. Pressure Control revenue was $344.0 million, while Spoolable Technologies contributed $105.5 million at an adjusted segment EBITDA margin of 39.9 per cent. Operating cash flow was $104.6 million. Chief executive Scott Bender called the quarter particularly strong. Part of the year-on-year jump reflects the acquisition, so organic comparisons need care, and the company's six-month earnings per share were depressed by an accretion charge relating to redeemable non-controlling interest.

Outlook, Dividend and Balance Sheet

Management guided to consolidated third-quarter revenue slightly lower than the second quarter, with Pressure Control down about 10 per cent after a quarter that benefited from strong backlog execution at Cactus International, and Spoolable Technologies activity up 15 to 20 per cent. Full-year capital expenditure guidance was raised to $55 million to $65 million, largely for Baytown spoolable capacity. Cash stood at $365.8 million, including $92.5 million set aside for legal restructuring, with no bank debt outstanding. The board raised the quarterly dividend by 7 per cent to $0.15 per Class A share, payable on 11 September 2026 to holders of record on 31 August. Backlog was reported at $455.8 million, and management noted international purchase orders above $130 million after quarter end. Management also expects the US land rig count to increase in the third quarter, which is its own expectation rather than an independent industry forecast. Operating cash flow of $232.8 million over six months comfortably covered the $11.2 million of dividends and distributions paid in the second quarter, although future payments remain at the board's discretion.

International Timing Benefits Are Expected to Ease

Cactus's revenue surge reflects both genuine demand and its Cactus International acquisition, so organic comparisons need care, and management itself expects the strong backlog execution that lifted Pressure Control this quarter to fade, guiding third-quarter Pressure Control revenue down about 10 per cent even as Spoolable Technologies activity is expected to rise 15-20 per cent. With no bank debt outstanding and backlog at $455.8 million plus more than $130 million of international purchase orders booked after quarter end, the company's dual-class structure and a roughly $267 million tax receivable agreement liability remain the structural features to weigh against that growth.