Key Takeaways Cactus Q4 EPS of 65 cents beat estimates on $261M revenues, led by Pressure Control growth.WHD's Pressure Control sales rose on higher product per rig and rental income gains.Spoolable Technologies' revenue fell due to lower activity, though EBITDA topped estimates.Cactus, Inc. (WHD) reported fourth-quarter 2025 adjusted earnings of 65 cents per share, which beat the Zacks Consensus Estimate of 58 cents. The bottom line declined from the year-ago quarter’s figure of 71 cents.Total quarterly re ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or For the transition period from to Commission File Number: 001-38390 Cactus, Inc. (Exact name of registrant as specified in its charter) Delaware 35-2586106 (State or other juri ...

Cactus (NYSE:WHD) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAlan Boyd - Treasurer and Director of Corporate Development and Investor RelationsJay Nutt - EVP, CFO, and TreasurerJeff LeBlanc - Director of Equity ResearchScott Bender - Chairman and CEOSteven Gengaro - Managing DirectorConference Call ParticipantsDerek Podhaizer - Director and Senior Research AnalystDon Crist - Research AnalystScott Gruber - Managing Director and Senior Research AnalystOperatorThank you for standin ...

Financial Data and Key Metrics Changes - Total Q4 revenues were $261 million, down 1% sequentially, while Adjusted EBITDA was $85 million, a decrease of 1.7% sequentially [6][8] - GAAP net income for Q4 was $48 million compared to $50 million in Q3, primarily due to lower operating income and a loss from the revaluation of the TRA [9] - Adjusted net income for Q4 was $52 million, or $0.65 per share, down from $54 million and $0.67 in Q3 [10] Business Line Data and Key Metrics Changes - Pressure Control segment revenues increased by 5.8% sequentially to $178 million, driven by higher product sales per rig and improved rental revenues [6][7] - Spoolable Technologies segment revenues declined by 11.6% sequentially to $84 million due to lower U.S. customer activity in the seasonally slow quarter [7][8] - Adjusted segment EBITDA for Pressure Control increased by 7.2% sequentially, while Spoolable Technologies saw a decrease of 13.6% [6][7] Market Data and Key Metrics Changes - The U.S. Pressure Control business is performing at its highest level since the company's inception, indicating strong market positioning [7] - International sales are expected to contribute approximately $130 million to Pressure Control in Q1, reflecting stable drilling and completion activity in North America [14] Company Strategy and Development Direction - The company closed the acquisition of Baker Hughes' surface pressure control business, referred to as Cactus International, which is expected to enhance operational capabilities and market share [5][17] - The company aims to achieve $10 million in annualized synergies within one year of the transaction close, with further supply chain savings anticipated in 2027 [17][18] - The focus will be on leveraging U.S. expertise to improve operations in the Middle East, where the company sees significant growth opportunities [17][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, despite a soft near-term outlook for domestic and international markets, emphasizing a focus on fundamentals and customer-centric culture [20][21] - The company anticipates increased order activity in the second half of 2026 and into 2027, particularly in the Middle East [16][36] Other Important Information - The company ended Q4 with a cash balance of $495 million, including $371 million held in escrow for the acquisition [10] - Adjusted corporate EBITDA is expected to be a charge of approximately $5 million in Q1, excluding stock-based compensation [19] Q&A Session Summary Question: Guidance on margin progression for Cactus International - Management indicated that meaningful supply chain savings are expected, but margin enhancements will likely not be seen until 2027 due to order placements [27] Question: U.S. activity outlook based on rig count - Management provided insights that the U.S. rig count may stabilize around 490, with concerns about geopolitical factors affecting prices [30] Question: Growth prospects for the International Segment - Management expressed optimism for growth in the Middle East, particularly in Saudi Arabia, with expectations for improved market share and revenue from sub-Saharan Africa [36][41] Question: Aftermarket services impact on Cactus International - Management highlighted significant opportunities in aftermarket services, particularly in regions previously ignored, which could enhance margins [46] Question: API certification in Vietnam and margin impact - Management confirmed that moving production to Vietnam is expected to lower costs significantly due to tariff differentials, enhancing margins once certification is complete [65][69]

Cactus (NYSE:WHD) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Speaker5Thank you for standing by. Welcome to the Cactus Q4 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be ad ...

Exhibit 99.1 Cactus Announces Fourth Quarter and Full Year 2025 Results HOUSTON – February 25, 2026 – Cactus, Inc. (NYSE: WHD) ("Cactus" or the "Company") today announced financial and operating results for the fourth quarter and full year of 2025. Fourth Quarter Highlights | | | | | | Three Months Ended | | | | | Twelve Months Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | December 31, | | September 30, | | December 31, | | | December 31, | | | | | | 2025 | | 20 ...

Cactus Announces Fourth Quarter and Full Year 2025 Results-# Cactus Announces Fourth Quarter and Full Year 2025 ResultsShare---HOUSTON--([BUSINESS WIRE])--Cactus, Inc. (NYSE: WHD) ("Cactus†or the "Company†) today announced financial and operating results for the fourth quarter and full year of 2025.Fourth Quarter Highlights- On January 1, 2026, Cactus closed on its previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business ("Cactus International†).- Cash a ...

Group 1 - Cactus, Inc. will release its fourth quarter and full year 2025 earnings after market close on February 25, 2026, with a conference call scheduled for February 26, 2026, at 9:00 a.m. Central Time [1] - The conference call will be available via webcast on Cactus' website, with an archived version accessible shortly after the call [2] - The Board of Directors has approved a quarterly cash dividend of $0.14 per share of Class A common stock, payable on March 19, 2026, to holders of record as of March 2, 2026 [3] Group 2 - Future declarations of dividends and their amounts are subject to the approval of Cactus' Board of Directors [4] - Cactus, Inc. designs, manufactures, sells, or rents pressure control and spoolable pipe technologies, primarily for onshore unconventional oil and gas wells [5] - The company's products are utilized during the drilling, completion, and production phases of its customers' wells, and it also provides field services for installation and maintenance [5] - Cactus operates service centers and manufacturing facilities globally, focusing on North America and the Middle East [5]

Core Viewpoint - WHD has demonstrated strong financial performance, with significant growth in revenue and earnings, attracting institutional investor interest and resulting in a notable increase in stock price this year [1][2][4]. Financial Performance - WHD reported an adjusted EBITDA of $87 million on revenue of $264 million for Q3 fiscal 2025, resulting in a margin of 32.9%, an increase from 31.7% in the previous quarter [1]. - The company achieved a net income of $50 million and maintains a cash balance of $446 million [1]. - The three-year sales growth rate stands at +39.8%, while the three-year EPS growth rate is +51.3% [6]. Investor Interest - WHD shares have increased by 24% this year, indicating strong demand from institutional investors [2]. - The stock has shown unusual buy pressure, supported by a healthy fundamental backdrop, making it a candidate for further investigation [4][5]. - The company has been featured in the Outlier 20 report eight times, highlighting its appeal to "Big Money" investors [7]. Market Trends - There is a significant accumulation of energy stocks, with WHD being a standout due to its strong fundamentals and investor support [3][4]. - The stock is predicted to continue gaining traction, supported by historical performance and robust financial metrics [8].

Core Insights - Cactus, Inc. (WHD) has completed the acquisition of a 65% stake in the Surface Pressure Control (SPC) business of Baker Hughes Company (BKR), forming a new joint venture (JV) [1][4] - The enterprise value of BKR's SPC business is estimated at $530 million, with Cactus paying $344.5 million for the 65% stake [1][4] - After two years, Cactus has the option to purchase the remaining 35% stake, or Baker Hughes can require Cactus to do so [2][4] Company Developments - The acquisition allows Cactus to diversify its global oilfield equipment footprint and strengthens its business model with additional cash flow, enhancing investor appeal [2] - Cactus currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence, while Baker Hughes has a Zacks Rank 3 (Hold) [3] Industry Context - Other players in the oil and gas equipment and service industry include Halliburton Company (HAL) and Core Laboratories Inc. (CLB), both of which also carry a Zacks Rank 3 [3] - The business models of WHD, BKR, HAL, and CLB are all vulnerable to fluctuations in crude oil prices [3]