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Close of Nov 06, 2026 · end-of-day data
WHD 8-K filings in 2025
Every material Form 8-K Cactus filed with the SEC in 2025, 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 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
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 →