NYSEEnergyOil & Gas Equipment & ServicesS&P SmallCap 600
$58.12
+3.11 (+5.65%)
Close of Nov 06, 2026 · end-of-day data
WHD 8-K filings, explained
Every material Form 8-K Cactus has filed with the SEC since October 30, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cactus, Inc. (NYSE: WHD) reported third quarter 2026 revenue of $430.9 million, down from $449.5 million in the second quarter but up from $264.0 million a year earlier. Net income rose to $74.1 million and diluted earnings per Class A share were $0.87, compared with $0.60 a year earlier, and the company expects fourth quarter consolidated revenue to modestly increase.
Q3 2026 revenue $430.9 million vs. $449.5 million in Q2 2026 and $264.0 million in Q3 2025
Net income $74.1 million; diluted EPS $0.87; adjusted diluted EPS $0.96 vs. $0.93 in Q2 2026
Cash of $354.2 million and no bank debt as of September 30, 2026; quarterly dividend of $0.15 per Class A share payable December 17, 2026
Board approved a Middle East Spoolable Technologies manufacturing facility, expected to commence operations in 2029
Cactus, Inc. reported second-quarter 2026 results on July 29, 2026, with revenue of $449.5 million and net income of $61.4 million, both up from a year earlier. The company expects third-quarter consolidated revenue to be down slightly from the second quarter, and its board raised the quarterly dividend 7% to $0.15 per Class A share.
Revenue was $449.5 million, up from $273.6 million a year earlier and $388.3 million in the first quarter of 2026.
Net income was $61.4 million, or $0.70 per diluted Class A share, versus $49.0 million, or $0.59, a year earlier.
Third-quarter outlook: consolidated revenue down slightly sequentially; Pressure Control revenue down 10%; Spoolable Technologies activity up 15% to 20%.
Quarterly dividend raised 7% to $0.15 per Class A share, payable September 11, 2026 to holders of record on August 31, 2026.
Cactus Companies, LLC, a subsidiary of Cactus, Inc., signed a fourth amendment on May 29, 2026 to its ABL credit agreement with JPMorgan Chase Bank, N.A. as administrative agent. The amendment extends the lenders' commitments to fund the delayed draw term loan from June 1, 2026 to December 31, 2026, and the loan was undrawn when the amendment was signed. The company also filed a June 2026 investor presentation with updated second-quarter outlook for both segments.
Amendment dated May 29, 2026 extends term loan funding commitments from June 1, 2026 to December 31, 2026
Term Loan Facility was undrawn at the amendment date; any amounts drawn will mature three years after the first funding
JPMorgan Chase Bank, N.A. is administrative agent, issuing bank and swingline lender under the facility
Exhibit 99.1 June 2026 investor presentation updates prior Q2 2026 guidance for Pressure Control and Spoolable Technologies
Cactus appointed Steven Bender, its Chief Operating Officer, as Chief Executive Officer of the Spoolable Technologies Segment, replacing Stephen Tadlock in that role effective May 12, 2026. At the same annual meeting, stockholders elected Tana Utley to the board and reduced the board to eight members, including six independent directors.
Steven Bender named CEO of the Spoolable Technologies Segment effective May 12, 2026, while remaining COO
Stephen Tadlock continues as Executive Vice President and CEO of Cactus International
Tana Utley elected to the board; directors Bruce Rothstein and Melissa Law did not stand for reelection
Stockholders approved PricewaterhouseCoopers LLP as auditor for fiscal 2026 with 75,549,462 votes for and 330,570 against
Cactus reported first-quarter 2026 revenue of $388.3 million, up from $280.3 million a year earlier, after closing its Cactus International acquisition on January 1, 2026. Net income fell to $40.2 million from $54.1 million, and a $81.5 million accretion charge on redeemable non-controlling interest led to a diluted loss of $0.70 per Class A share, so the results point in different directions for shareholders.
Revenue was $388.3 million versus $280.3 million in Q1 2025 and $261.2 million in Q4 2025.
Net income was $40.2 million, down from $54.1 million a year earlier; adjusted net income was $56.2 million versus $58.8 million.
Diluted loss per Class A share was $0.70 (GAAP) and diluted earnings per share, as adjusted, was $0.70, compared with $0.73 a year earlier.
Management expects Q2 2026 Pressure Control revenue to be approximately flat; full-year 2026 net capital expenditures are expected at $40 million to $50 million.
Cactus, Inc. disclosed that director Bruce Rothstein told the company on March 24, 2026 that he will not seek re-election at the 2026 Annual Meeting of Stockholders. The company said his decision does not stem from any disagreement over its operations, policies or practices. The board is reducing its size to 8 directors, effective immediately before that meeting.
Director Bruce Rothstein advised the company on March 24, 2026 that he will not stand for re-election.
The filing states no disagreement with the company on operations, policies or practices.
Board size will decrease to 8 directors, effective immediately before the 2026 Annual Meeting of Stockholders.
Cactus reported fourth quarter 2025 revenue of $261.2 million, down from $272.1 million a year earlier, and diluted EPS of $0.57 versus $0.68. Management expects softer first quarter 2026 revenue in its legacy Pressure Control and Spoolable Technologies businesses, and director Melissa Law will not stand for re-election at the 2026 annual meeting.
Q4 2025 revenue was $261.2 million, down from $272.1 million in Q4 2024 and $264.0 million in Q3 2025.
Q4 2025 net income was $48.3 million versus $57.4 million a year earlier; diluted EPS was $0.57 versus $0.68.
Management expects Q1 2026 sales in legacy Pressure Control to soften and Spoolable Technologies revenue to be softer than Q4 2025.
Director Melissa Law advised on February 22, 2026 that she will not stand for re-election; the company says this is not due to any disagreement.
Cactus, Inc. disclosed a one-time grant of restricted stock units to three named executive officers, granted effective January 1, 2026, in connection with the closing of its joint venture with Baker Hughes, Cactus International. The company said the grants are intended to help retain these executives. Stephen Tadlock, EVP and CEO of the Spoolable Technologies segment, was also appointed CEO of Cactus International effective January 1, 2026.
RSU grants approved December 30, 2025 and effective January 1, 2026, tied to the closing of the Baker Hughes joint venture
Tadlock: $500,000 vesting over 2 years and $500,000 over 3 years; Nutt: $500,000 over 2 years and $400,000 over 3 years; Bender: $300,000 over 2 years and $300,000 over 3 years
Tadlock appointed CEO of Cactus International effective January 1, 2026
On January 2, 2026, Cactus, Inc. announced it completed its acquisition of a 65% controlling interest in Baker Hughes Company's Surface Pressure Control business, through a joint venture with Baker Hughes' indirect subsidiary. The filing sets an exit option from the second anniversary of closing, with a price based on six times Adjusted EBITDA, capped at a $660 million maximum valuation and a $530 million minimum if Cactus elects to buy. Cactus said formal financial guidance for the business will come later in the first quarter of 2026, so its effect on results is not yet quantified.
Closing announced January 2, 2026; Cactus holds a 65% controlling interest in the Surface Pressure Control business
Exit option begins at the second anniversary of closing; exit price is six times Adjusted EBITDA, with a $660 million maximum and $530 million minimum valuation if Cactus elects to buy
Formal financial guidance for the business to be provided later in the first quarter of 2026
Historical and pro forma financial statements to be filed by amendment within 71 days after the filing deadline
Cactus Companies, LLC, a Cactus subsidiary, amended its ABL credit facility on December 1, 2025, adding a delayed draw term loan of up to the lesser of $100.0 million and 85% of the appraised value of pledged machinery and equipment. Proceeds may partly fund the acquisition of membership interests in Baker Hughes Pressure Control LLC. The amendment also extends the revolving loan commitments' maturity from July 26, 2027 to December 1, 2030.
Term loan of up to the lesser of $100.0 million and 85% of appraised equipment value; undrawn at closing
Borrowings bear interest at a margin of 3.50% per annum (Term Benchmark/RFR) or 2.50% (ABR), with a leverage ratio covenant of no greater than 2.50 to 1.00 until the term loan is repaid
Up to two draws permitted within six months of closing; term loan amortization starts no earlier than April 1, 2026
Revolving loan commitments now mature December 1, 2030, up from July 26, 2027
Cactus reported third quarter 2025 revenue of $264.0 million, down from $293.2 million a year earlier, with net income of $50.2 million and diluted EPS of $0.60, compared with $62.4 million and $0.74 in the third quarter of 2024. Management expects Pressure Control revenue to be relatively flat in the fourth quarter and Spoolable Technologies to see a typical seasonal decline, and says the Baker Hughes Surface Pressure Control acquisition is now expected to close in early 2026.
Revenue $264.0 million versus $293.2 million a year earlier; Adjusted EBITDA $86.9 million versus $100.4 million
Net income $50.2 million and diluted EPS $0.60, versus $62.4 million and $0.74 in Q3 2024
Fourth quarter outlook: Pressure Control revenue relatively flat; U.S. land rig count flat to slightly down
Quarterly dividend of $0.14 per Class A share payable December 18, 2025; cash of $445.6 million and no bank debt as of September 30, 2025
Cactus reported second-quarter 2025 revenue of $273.6 million and net income of $49.0 million, both lower than a year earlier, with diluted earnings per Class A share of $0.59 versus $0.75. The company expects third-quarter revenue to be down modestly in both segments as U.S. land activity declines, and it agreed to acquire a 65% majority interest in Baker Hughes' Surface Pressure Control business.
Q2 2025 revenue was $273.6 million, versus $290.4 million in Q2 2024; net income was $49.0 million, versus $63.1 million
Adjusted EBITDA was $86.7 million with a 31.7% margin, versus $103.6 million and 35.7% a year earlier
Management expects third-quarter 2025 revenues to be down modestly in both the Pressure Control and Spoolable Technologies segments
Quarterly Class A dividend raised 8% to $0.14 per share, payable September 18, 2025 to holders of record on August 29, 2025
Cactus, Inc. said its subsidiary Cactus Companies signed a framework agreement on June 2, 2025 to acquire a 65% membership interest in Baker Hughes Pressure Control LP, the surface pressure control business of Baker Hughes Company, for a cash price of $344.5 million on a debt-free, cash-free basis. The deal is not subject to a financing condition and is expected to close in the second half of 2025, funded from cash on hand and an undrawn ABL credit facility that was amended to ease guarantee and collateral requirements for the acquired business.
Cash purchase price of $344.5 million for a 65% interest, subject to post-closing working capital, cash, debt and capital expenditure adjustments
Baker Hughes Pressure Control to retain minimum cash of about $70 million; Cactus pays 65% of that amount on top of the price, with $10 million due at the first anniversary of closing and $14.5 million later
After the second anniversary of closing, Cactus can buy the remaining interests at six times Adjusted EBITDA, with a $530 million minimum and $660 million maximum valuation if it elects to buy
Closing expected in the second half of 2025, subject to regulatory clearances and other conditions; Cactus cites about $348 million of cash on hand as of March 31, 2025
Cactus reported first-quarter 2025 revenue of $280.3 million, up from $274.1 million a year earlier, with net income of $54.1 million and diluted EPS of $0.64 versus $0.59. Management expects U.S. land rig activity to decline in the second quarter and says tariffs will raise input costs, while it reduced its 2025 net capital expenditure guidance by $5 million.
Q1 2025 revenue $280.3 million vs. $274.1 million in Q1 2024; net income $54.1 million vs. $49.8 million
Diluted EPS $0.64 vs. $0.59 a year earlier; Adjusted EBITDA $93.8 million vs. $95.3 million
Pressure Control Q2 revenue expected to be down modestly; U.S. land rig count expected to decline
2025 net capital expenditure guidance cut to $40 million to $50 million, a $5 million reduction; quarterly dividend of $0.13 per Class A share payable June 20, 2025
Cactus reported fourth quarter 2024 revenue of $272.1 million, versus $274.9 million a year earlier, and net income of $57.4 million, versus $62.1 million. For the full year, revenue rose to $1.13 billion from $1.10 billion and net income rose to $232.8 million from $214.8 million. Management said first quarter 2025 Spoolable Technologies revenue is expected to be softer than the fourth quarter, while Pressure Control revenue is expected to be flat to up sequentially.
Q4 2024 revenue $272.1 million vs $274.9 million in Q4 2023; diluted EPS $0.68 vs $0.74
Full-year 2024 revenue $1.13 billion vs $1.10 billion; diluted EPS $2.77 vs $2.57
Q1 2025 outlook: Spoolable Technologies revenue softer than Q4; Pressure Control flat to up sequentially
Quarterly dividend of $0.13 per Class A share payable March 20, 2025; cash of $342.8 million and no bank debt at December 31, 2024
Cactus reported third quarter 2024 revenue of $293.2 million, up from $287.9 million a year earlier, while net income fell to $62.4 million from $68.0 million and diluted earnings per Class A share fell to $0.74 from $0.80. The company also cut its full-year 2024 net capital expenditure range to $32 million to $37 million and said it is no longer pursuing a growth opportunity that drove non-routine corporate expenses.
Q3 2024 revenue was $293.2 million, compared with $290.4 million in the second quarter of 2024 and $287.9 million in the third quarter of 2023.
Operating income was $76.8 million, down from $87.6 million a year earlier, and net income was $62.4 million, down from $68.0 million.
Adjusted EBITDA was $100.4 million, a 34.2% margin, and cash and cash equivalents were $303.4 million with no bank debt as of September 30, 2024.
The Board declared a quarterly dividend of $0.13 per Class A share, payable December 19, 2024, and full-year 2024 net capital expenditures are now expected to be $32 million to $37 million.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Cactus filing is on SEC EDGAR ↗. 8-K briefs of other companies →