Cactus Q1 FY26 net income falls to $40.2 million; revenue rises to $388.3 million

Cactus, Inc. Class A

Cactus, Inc. Class A

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  • Cactus posted first-quarter revenue of USD 388.3 million, up 68.2% sequentially, while operating income fell 17.3% to USD 49.5 million.
  • Net income declined 16.7% to USD 40.2 million, while diluted loss per Class A share was USD 0.70.
  • Adjusted EBITDA rose 17% to USD 100.1 million, with adjusted EBITDA margin narrowing to 25.8% from 32.7% in fourth-quarter 2025.
  • Acquisition of a majority interest in Baker Hughes’ Surface Pressure Control business closed Jan. 1, 2026, adding Cactus International to Pressure Control; backlog ended quarter at USD 537.5 million.
  • Scott Bender said U.S. land rig count is expected to be flat to up in second quarter, while Pressure Control revenue is expected to be approximately flat as Middle East conflict-related logistics disruptions are offset by domestic strength.


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