WHD 10-Q Quarterly Report Sept. 30, 2025 | Alphaminr
ALPHAMINR

WHD 10-Q Quarter ended Sept. 30, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
CACTUS, INC.
whd-20250930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 10-Q
______________________________________________________________________________
(MARK ONE)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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 jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
920 Memorial City Way, Suite 300 77024
Houston, Texas (Zip Code)
(Address of principal executive offices)
( 713 ) 626-8800
(Registrant’s telephone number, including area code)
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, par value $0.01 WHD New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 29, 2025, the registrant had 68,840,127 shares of Class A common stock, $0.01 par value per share, and 11,007,337 shares of Class B common stock, $0.01 par value per share, outstanding.


TABLE OF CONTENTS


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. When considering forward‑looking statements, you should keep in mind the risk factors and other cautionary statements described under “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (our “2024 Annual Report”), and under “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and in this Quarterly Report and other cautionary statements contained herein and in our Exchange Act filings. Forward‑looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Should one or more of the risks or uncertainties described in our 2024 Annual Report or other Exchange Act filings occur, or should underlying assumptions prove incorrect, our actual results could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.
i

PART I - FINANCIAL INFORMATION
Item 1.   Financial Statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except per share data) September 30,
2025 		December 31,
2024
Assets
Current assets
Cash and cash equivalents
$ 445,614 $ 342,843
Accounts receivable, net of allowance of $ 4,223 and $ 3,779 , respectively
201,382 191,627
Inventories
271,278 226,796
Prepaid expenses and other current assets
10,438 13,422
Total current assets
928,712 774,688
Property and equipment, net
346,616 346,008
Operating lease right-of-use assets, net
20,870 24,094
Intangible assets, net 152,001 163,991
Goodwill
203,028 203,028
Deferred tax asset, net
199,223 219,003
Investment in unconsolidated affiliates
5,692 —
Other noncurrent assets
8,634 8,516
Total assets
$ 1,864,776 $ 1,739,328
Liabilities and Equity
Current liabilities
Accounts payable
$ 67,248 $ 72,001
Accrued expenses and other current liabilities
75,878 75,416
Current portion of liability related to tax receivable agreement
20,297 20,297
Finance lease obligations, current portion
7,394 7,024
Operating lease liabilities, current portion
5,052 4,086
Total current liabilities
175,869 178,824
Deferred tax liability, net
2,449 2,868
Liability related to tax receivable agreement, net of current portion
261,367 258,376
Finance lease obligations, net of current portion
10,329 10,528
Operating lease liabilities, net of current portion
16,875 20,078
Other noncurrent liabilities 4,475 4,475
Total liabilities
471,364 475,149
Commitments and contingencies


Stockholders’ equity
Preferred stock, $ 0.01 par value, 10,000 shares authorized, none issued and outstanding
— —
Class A common stock, $ 0.01 par value, 300,000 shares authorized, 68,840 and 68,152 shares issued and outstanding
688 681
Class B common stock, $ 0.01 par value, 215,000 shares authorized, 11,007 and 11,433 shares issued and outstanding
— —
Additional paid-in capital
540,945 520,794
Retained earnings
650,356 552,133
Accumulated other comprehensive loss ( 2,086 ) ( 2,491 )
Total stockholders’ equity attributable to Cactus Inc. 1,189,903 1,071,117
Non-controlling interest
203,509 193,062
Total stockholders’ equity 1,393,412 1,264,179
Total liabilities and equity
$ 1,864,776 $ 1,739,328
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
(in thousands, except per share data) 2025 2024 2025 2024
Revenues
Product revenue
$ 206,822 $ 221,406 $ 624,045 $ 649,818
Rental revenue
17,361 26,979 66,269 76,129
Field service and other revenue
39,771 44,796 127,534 131,746
Total revenues
263,954 293,181 817,848 857,693
Costs and expenses
Cost of product revenue
123,589 128,758 368,560 377,591
Cost of rental revenue
10,839 14,346 37,336 40,986
Cost of field service and other revenue
32,403 35,775 107,096 105,616
Selling, general and administrative expenses
35,889 37,372 114,205 98,021
Change in fair value of earn-out liability — 138 — 16,318
Total costs and expenses
202,720 216,389 627,197 638,532
Operating income 61,234 76,792 190,651 219,161
Interest income, net
2,977 2,062 7,820 4,156
Other income, net 221 — 221 —
Income before income taxes
64,432 78,854 198,692 223,317
Income tax expense 14,244 16,417 45,352 48,006
Net income
$ 50,188 $ 62,437 $ 153,340 $ 175,311
Less: net income attributable to non-controlling interest
8,564 12,510 27,164 36,591
Net income attributable to Cactus Inc.
$ 41,624 $ 49,927 $ 126,176 $ 138,720
Earnings per Class A share - basic
$ 0.61 $ 0.75 $ 1.84 $ 2.10
Earnings per Class A share - diluted
$ 0.60 $ 0.74 $ 1.83 $ 2.09
Weighted average Class A shares outstanding - basic
68,681 66,563 68,465 66,030
Weighted average Class A shares outstanding - diluted
69,196 80,190 68,877 79,777
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
(in thousands) 2025 2024 2025 2024
Net income
$ 50,188 $ 62,437 $ 153,340 $ 175,311
Foreign currency translation adjustments
( 120 ) 769 542 140
Comprehensive income
$ 50,068 $ 63,206 $ 153,882 $ 175,451
Less: comprehensive income attributable to non-controlling interest
8,546 12,678 27,301 36,644
Comprehensive income attributable to Cactus Inc.
$ 41,522 $ 50,528 $ 126,581 $ 138,807
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)

Class A Class B Additional
Paid-In
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive Income (Loss) 		Non-controlling
Interest 		Total
Equity
Common Stock Common Stock
(in thousands) Shares Amount Shares Amount
Balance at June 30, 2025 68,574 $ 685 11,260 $ — $ 530,945 $ 618,554 $ ( 1,983 ) $ 200,336 $ 1,348,537
Member distributions — — — — — — — ( 1,560 ) ( 1,560 )
Effect of CC Unit redemptions 252 — ( 252 ) — 4,603 — — ( 4,603 ) —
Tax impact of equity transactions — — — — 267 — — — 267
Equity award vestings 13 3 — — ( 143 ) — — ( 64 ) ( 204 )
Other comprehensive loss
— — — — — — ( 103 ) ( 17 ) ( 120 )
Stock-based compensation — — — — 5,273 — — 853 6,126
Cash dividends declared ($ 0.14 per share)
— — — — — ( 9,822 ) — — ( 9,822 )
Net income — — — — — 41,624 — 8,564 50,188
Balance at September 30, 2025 68,839 $ 688 11,008 $ — $ 540,945 $ 650,356 $ ( 2,086 ) $ 203,509 $ 1,393,412
Balance at June 30, 2024 66,480 $ 665 13,082 $ — — $ 481,960 $ 473,391 $ ( 1,340 ) $ 200,120 $ 1,154,796
Member distributions — — — — — — — ( 1,827 ) ( 1,827 )
Effect of CC Unit redemptions 154 1 ( 154 ) — 2,448 — — ( 2,449 ) —
Tax impact of equity transactions — — — — 70 — — — 70
Equity award vestings 22 — — — ( 640 ) — — ( 192 ) ( 832 )
Other comprehensive income
— — — — — — 601 168 769
Stock-based compensation — — — — 4,773 — — 931 5,704
Cash dividends declared ($ 0.13 per share)
— — — — — ( 8,837 ) — — ( 8,837 )
Net income — — — — — 49,927 — 12,510 62,437
Balance at September 30, 2024 66,656 $ 666 12,928 $ — $ 488,611 $ 514,481 $ ( 739 ) $ 209,261 $ 1,212,280
The accompanying notes are an integral part of these condensed consolidated financial statements.















CACTUS, INC. AND SUBSIDIARIES
4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)

Class A Class B Additional
Paid-In
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive Income (Loss) 		Non-controlling
Interest 		Total
Equity
Common Stock Common Stock
(in thousands) Shares Amount Shares Amount
Balance at December 31, 2024 68,151 $ 681 11,433 $ — $ 520,794 $ 552,133 $ ( 2,491 ) $ 193,062 $ 1,264,179
Member distributions — — — — — — — ( 10,303 ) ( 10,303 )
Effect of CC Unit redemptions 425 — ( 425 ) — 7,634 — — ( 7,634 ) —
Tax impact of equity transactions — — — — 853 — — — 853
Equity award vestings 263 7 — — ( 4,366 ) — — ( 1,555 ) ( 5,914 )
Other comprehensive income — — — — — — 405 137 542
Stock-based compensation — — — — 16,030 — — 2,638 18,668
Cash dividends declared ($ 0.40 per share)
— — — — — ( 27,953 ) — — ( 27,953 )
Net income — — — — — 126,176 — 27,164 153,340
Balance at September 30, 2025 68,839 $ 688 11,008 $ — $ 540,945 $ 650,356 $ ( 2,086 ) $ 203,509 $ 1,393,412
Balance at December 31, 2023 65,409 $ 654 14,034 $ — $ 465,012 $ 400,682 $ ( 826 ) $ 199,248 $ 1,064,770
Member distributions — — — — — — — ( 10,444 ) ( 10,444 )
Effect of CC Unit redemptions 1,106 11 ( 1,106 ) — 16,854 — — ( 16,865 ) —
Tax impact of equity transactions — — — — 603 — — — 603
Equity award vestings 228 2 — — ( 4,284 ) — — ( 1,667 ) ( 5,949 )
Other comprehensive income
— — — — — — 87 53 140
Share repurchases ( 87 ) ( 1 ) — — ( 2,996 ) — — ( 375 ) ( 3,372 )
Stock-based compensation — — — — 13,422 — — 2,720 16,142
Cash dividends declared ($ 0.37 per share)
— — — — — ( 24,921 ) — — ( 24,921 )
Net income — — — — — 138,720 — 36,591 175,311
Balance at September 30, 2024 66,656 $ 666 12,928 $ — $ 488,611 $ 514,481 $ ( 739 ) $ 209,261 $ 1,212,280
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended
September 30,
(in thousands) 2025 2024
Cash flows from operating activities
Net income
$ 153,340 $ 175,311
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization
47,752 45,124
Deferred financing cost amortization
839 840
Stock-based compensation
18,475 15,943
Provision for expected credit losses
874 378
Inventory obsolescence
2,439 2,738
Gain on disposal of assets ( 2,101 ) ( 824 )
Deferred income taxes
22,678 12,606
Change in fair value of earn-out liability — 16,318
Gain from revaluation of liability related to tax receivable agreement and other
( 221 ) —
Changes in operating assets and liabilities:
Accounts receivable
( 9,463 ) 8,324
Inventories
( 46,561 ) ( 16,781 )
Prepaid expenses and other assets
2,350 1,065
Accounts payable
( 5,446 ) 2,871
Accrued expenses and other liabilities
1,193 32,050
Payments pursuant to tax receivable agreement — ( 15,277 )
Payment of earn-out liability — ( 31,168 )
Net cash provided by operating activities
186,148 249,518
Cash flows from investing activities
Investment in unconsolidated affiliate
( 6,000 ) —
Capital expenditures and other
( 32,351 ) ( 27,042 )
Proceeds from sales of assets 3,626 2,991
Net cash used in investing activities
( 34,725 ) ( 24,051 )
Cash flows from financing activities
Payment of contingent consideration — ( 5,960 )
Payments on finance leases
( 5,823 ) ( 5,881 )
Dividends paid to Class A common stock shareholders
( 27,793 ) ( 24,821 )
Distributions to members
( 10,303 ) ( 10,444 )
Repurchases of shares
( 5,914 ) ( 9,321 )
Net cash used in financing activities
( 49,833 ) ( 56,427 )
Effect of exchange rate changes on cash and cash equivalents
1,181 544
Net increase in cash and cash equivalents
102,771 169,584
Cash and cash equivalents, beginning of period 342,843 133,792
Cash and cash equivalents, end of period $ 445,614 $ 303,376
Supplemental disclosure of cash flow information
Net cash paid for income taxes $ 43,697 $ 21,762
Cash paid for interest $ 1,961 $ 1,658
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new lease obligations $ 7,048 $ 13,366
Property and equipment in accounts payable $ 1,280 $ 1,223
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

CACTUS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(in thousands, except per share data, or as otherwise indicated)

1. Preparation of Interim Financial Statements and Other Items

Basis of Presentation

The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $ 0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries.

On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the acquisition of the FlexSteel business through a merger (the “Merger”) with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition.

The Company currently operates in two business segments: Pressure Control and Spoolable Technologies.

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2024.

The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

Investments in Unconsolidated Affiliates

In November 2023, the Company entered into an agreement to invest in a Vietnam forging manufacturing facility for an ownership percentage of 40 %. In January 2025, the Company provided an initial capital contribution of $ 6.0 million. The investment in a company in which Cactus does not have a controlling financial interest, but over which it has significant influence, is accounted for using the equity method. The Company's share of the after-tax earnings of the equity method investment was recorded in field service and other revenue in the consolidated statements of income.

Baker Hughes Transaction

On June 2, 2025, Cactus Companies entered into an agreement with affiliates of Baker Hughes Company in order to acquire a controlling interest in Baker Hughes Company’s surface pressure control business. See “ – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Recent Developments and Trends – Baker Hughes Transaction” for further details.
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Use of Estimates

In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data, or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.
Recent Accounting Pronouncements
Standards Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740) .” The amendments in this ASU require entities to disclose on an annual basis specific categories in the income tax rate reconciliation and provide additional disclosures for reconciling items that meet a specified quantitative threshold. Entities will also be required to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid by individual jurisdictions that meet a five percent or greater threshold of total income taxes paid net of refunds received. The ASU also adds certain disclosures in order to be consistent with U.S. Securities and Exchange Commission rules and removes certain disclosures that no longer are considered cost beneficial or relevant. The amendments in this ASU should be applied on a prospective basis, with a retrospective option. The standard will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this new standard will necessitate enhanced disclosures related to income tax reporting. Management has assessed the requirements and believes the Company is adequately prepared to meet the new disclosure obligations in accordance with the applicable standards.
In November 2024, the FASB issued ASU 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The new standard would require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software . This standard update modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. This guidance is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of these amendments but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.
2. Accounts Receivable and Allowance for Credit Losses
We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas exploration and production companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes both amounts billed and currently due from customers, as well as unbilled amounts resulting from accrued revenue associated with products delivered and services performed for which
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billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of September 30, 2025 and December 31, 2024 was $ 30.7 million and $ 29.8 million, respectively.
We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us, and then apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a roll-forward of our allowance for credit losses.
Balance at
Beginning of
Period 		Expense Write off Other Balance at
End of
Period
Nine Months Ended September 30, 2025 $ 3,779 $ 874 $ ( 433 ) $ 3 $ 4,223
Nine Months Ended September 30, 2024 3,642 378 ( 148 ) 33 3,905
3. Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost, which approximates average cost. Costs include an application of related material, direct labor, duties, tariffs, freight and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Reserves are made for excess and obsolete items based on a range of factors, including age, usage and technological or market changes that may impact demand for those products. Inventories consist of the following:
September 30,
2025 		December 31,
2024
Raw materials $ 27,247 $ 31,031
Work-in-progress 18,649 10,979
Finished goods 225,382 184,786
$ 271,278 $ 226,796
4. Property and Equipment, net
Property and equipment are stated at cost. We manufacture or construct most of our Pressure Control rental equipment assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following:
September 30,
2025 		December 31,
2024
Land
$ 16,442 $ 16,442
Buildings and improvements
135,875 133,187
Machinery and equipment
154,103 139,605
Reels and skids 21,408 18,737
Vehicles 39,230 41,175
Rental equipment 231,116 222,975
Furniture and fixtures
2,019 1,905
Computers and software
11,907 4,919
Gross property and equipment
612,100 578,945
Less: Accumulated depreciation
( 287,028 ) ( 262,198 )
Net property and equipment
325,072 316,747
Construction in progress
21,544 29,261
Total property and equipment, net
$ 346,616 $ 346,008
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5. Other Intangible Assets
The following table presents the detail of acquired intangible assets:
September 30, 2025 December 31, 2024
Gross Cost Accumulated Amortization Net Cost Gross Cost Accumulated Amortization Net Cost
Customer relationships $ 100,300 $ ( 17,274 ) $ 83,026 $ 100,300 $ ( 12,259 ) $ 88,041
Developed technology 77,000 ( 19,892 ) 57,108 77,000 ( 14,117 ) 62,883
Tradename 16,000 ( 4,133 ) 11,867 16,000 ( 2,933 ) 13,067
Backlog 7,000 ( 7,000 ) — 7,000 ( 7,000 ) —
Total $ 200,300 $ ( 48,299 ) $ 152,001 $ 200,300 $ ( 36,309 ) $ 163,991
All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired as of September 30, 2025 is 10.0 years. Amortization expense recognized during the three and nine months ended September 30, 2025 was $ 4.0 million and $ 12.0 million, respectively, and was recorded in selling, general and administrative expenses in the consolidated statements of income. Estimated future amortization expense is as follows:
Remainder of 2025 $ 3,997
2026 15,987
2027 15,987
2028 15,987
2029 15,987
2030 15,987
Thereafter 68,069
Total $ 152,001
6. Debt
We had no bank debt outstanding as of September 30, 2025 and December 31, 2024. We had $ 1.8 million in letters of credit outstanding, and we were in compliance with all covenants under the Amended ABL Credit Facility (as defined below) as of September 30, 2025.
In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was amended in September 2020 and July 2022. On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provided a term loan of $ 125.0 million and provides up to $ 225.0 million in revolving commitments, of which $ 20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $ 50.0 million, for a total of up to $ 275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility was set to mature on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments.
Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50 % per annum for term loan ABR borrowings and 3.50 % per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0 % to 0.5 % per annum for revolving loan ABR borrowings and 1.25 % to 1.75 % per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under
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the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25 % per annum.
The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. The Amended ABL Credit Facility requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral.
The Amended ABL Credit Facility was amended in December 2023 to incorporate certain changes related to revised and new definitions associated with the satisfaction of payment conditions for restricted payments, investments, permitted acquisitions, periodic reporting and asset dispositions. In June 2025, in connection with the Baker Hughes Transaction, the Amended ABL Credit Facility was further amended to not require guarantees or collateral from certain of the Company's subsidiaries. These amendments did not change the ABR, applicable margin rates, commitment fees, the maturity date, borrowing availability or covenants under the Amended ABL Credit Facility other than timing of certain reporting requirements.
7. Revenue
The majority of our revenues are derived from short-term contracts for fixed consideration, or in the case of rentals, for a fixed charge per day while the equipment is in use by the customer, plus repair costs. Product sales generally do not include right of return or other significant post-delivery obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenues are recognized when we satisfy a performance obligation by transferring control of the promised goods or providing services to our customers at a point in time, in an amount specified in the contract with our customer which reflects the consideration to which we expect to be entitled in exchange for those goods or services. The majority of our contracts with customers contain a single performance obligation to provide agreed upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We typically do not incur any material costs of obtaining contracts.
We do not adjust the amount of consideration per the contract for the effects of a significant financing component when we expect, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less, which is in substantially all cases. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days of invoicing. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat shipping and handling associated with outbound freight as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for the associated shipping and handling when incurred as an expense in cost of sales.
We disaggregate revenue into three categories: product revenues, rental revenues and field service and other revenues. We have predominately domestic operations, with a small amount of sales in Australia, Canada, the Middle East and other international markets. The following table presents our revenues disaggregated by category:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Product revenue
$ 206,822 78 % $ 221,406 76 % $ 624,045 76 % $ 649,818 76 %
Rental revenue
17,361 7 % 26,979 9 % 66,269 8 % 76,129 9 %
Field service and other revenue
39,771 15 % 44,796 15 % 127,534 16 % 131,746 15 %
Total revenues $ 263,954 100 % $ 293,181 100 % $ 817,848 100 % $ 857,693 100 %
11

At September 30, 2025, we had a deferred revenue balance of $ 13.1 million compared to the December 31, 2024 balance of $ 8.1 million. Deferred revenue represents our obligation to transfer products to, or perform services for, a customer for which we have received cash or billed our customers in advance of delivering products or services. The revenue that has been deferred will be recognized upon product delivery, or as services are performed. As of September 30, 2025, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.
8. Tax Receivable Agreement ( “ TRA ” )
In connection with our initial public offering (“IPO”) in February 2018, we entered into the TRA which generally provides for payment by Cactus Inc. to certain direct and indirect owners of Cactus LLC (after the CC Reorganization, Cactus Companies) of 85 % of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Cactus Inc. actually realizes, or is deemed to realize in certain circumstances. Cactus Inc. retains the benefit of the remaining 15 % of these net cash savings.
The TRA liability is calculated by determining the tax basis subject to the TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the resulting iterative impact. The blended tax rate consists of the U.S. federal income tax rate and an assumed combined state and local income tax rate driven by the apportionment factors applicable to each state. Subsequent changes to the measurement of the TRA liability are recognized in the statements of income as a component of other expense, net. As of September 30, 2025, the total liability from the TRA was $ 281.7 million with $ 20.3 million reflected in current liabilities based on the expected timing of our next payments. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc.
The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA, and such payment is expected to be substantial. The calculation of anticipated future payments is based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates.
We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date.
9. Equity
As of September 30, 2025, Cactus Inc. owned 86.2 % of Cactus Companies as compared to 85.6 % of Cactus Companies as of December 31, 2024. As of September 30, 2025, Cactus Inc. had outstanding 68.8 million shares of Class A common stock (representing 86.2 % of the total voting power) and 11.0 million shares of Class B common stock (representing 13.8 % of the total voting power).
Redemptions of CC Units
As part of the CC Reorganization in connection with the acquisition of FlexSteel, Cactus Companies acquired all of the outstanding units representing limited liability company interests of Cactus LLC (“CW Units”) in exchange for an equal number of CC Units issued to each of the previous owners of CW Units other than Cactus Inc. In connection with the CC Reorganization, Cactus Inc. and the owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”). Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in
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February 2018, an aggregate of 49.6 million CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock.
During the nine months ended September 30, 2025 and 2024, 0.4 million and 1.1 million CC Units, respectively, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Companies LLC Agreement.
Dividends
Aggregate cash dividends of $ 0.40 and $ 0.37 per share of Class A common stock were declared during the nine months ended September 30, 2025 and 2024 totaling $ 28.0 million and $ 24.9 million, respectively. Cash dividends paid during the nine months ended September 30, 2025 and 2024 totaled $ 27.8 million and $ 24.8 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to the owners of CC Units other than Cactus Inc. for any dividends declared on our Class A common stock. See further discussion of the distributions below under “Member Distributions.”
Share Repurchase Program
On June 6, 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $ 150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the nine months ended September 30, 2025, the Company did not repurchase shares of Class A common stock under the share repurchase program. As of September 30, 2025, $ 146.3 million remained authorized for future repurchases of Class A common stock under the program.
Member Distributions
Distributions made by Cactus Companies are generally required to be made pro rata among all its members. For the nine months ended September 30, 2025, Cactus Companies distributed $ 62.3 million to Cactus Inc. to fund its dividend and estimated tax payments and made pro rata distributions to the other members totaling $ 10.3 million over the same period. During the nine months ended September 30, 2024, Cactus Companies distributed $ 51.9 million to Cactus Inc. to fund its dividend and estimated tax payments and made pro rata distributions to the other members totaling $ 10.4 million.
Limitation of Members’ Liability
Under the terms of the Cactus Companies LLC Agreement, the members of Cactus Companies are not obligated for debt, liabilities, contracts or other obligations of Cactus Companies. Profits and losses are allocated to members as defined in the Cactus Companies LLC Agreement.

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10. Commitments and Contingencies

Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment related disputes. A range of total possible losses for all litigation matters cannot be reasonably estimated. Based on our consideration of all relevant facts and circumstances, we do not expect the ultimate outcome of currently pending lawsuits or claims against us, other than as discussed below, will have a material adverse effect on our financial position, results of operations or cash flows, however, there can be no assurance as to the ultimate outcome of these matters. With respect to the litigation described below, if there was an adverse outcome, there could be a material impact on our business, financial condition and results of operations expected for the year. Litigation is subject to inherent uncertainties and management's view may change in the future. Therefore, there can be no assurance as to the ultimate outcome of any dispute or claim.

On August 20, 2021, Cactus filed a complaint against Cameron International Corporation (“Cameron”) in the U.S. District Court for the Southern District of Texas, Civil Action No.: 4:21-cv-02720-ASH, seeking a declaratory judgment that Cactus frac operations do not infringe certain Cameron patents and that such patents are invalid. In response to that action, Cameron has asserted infringement of certain of those patents by Cactus’ SafeLink® frac flow system and is seeking past royalties and other damages related to the alleged infringement. The parties have been unable to reach an amicable settlement. The jury trial, originally scheduled on June 9, 2025, was delayed, and no new trial date has been set. At this time, we are not able to predict the outcome of these claims.

11. Fair Value Measurements
Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs), observable inputs other than quoted prices in active markets (Level 2 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
The carrying value of cash and cash equivalents, receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.
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12. Segment Reporting
We operate in two business segments that offer different products and services and correspond to the manner in which the Company's Chief Executive Officer (the chief operating decision maker or "CODM") reviews and evaluates operating performance to make decisions about resources to be allocated to each segment.
Our reporting segments are:
• Pressure Control – engaged in the design, manufacture, sale, installation, service and associated rental of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells.
• Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids.
Financial information by business segment for the three and nine months ended September 30, 2025 and 2024 is summarized below.
Three Months Ended September 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers
$ 168,714 $ 95,240 $ 263,954
Intersegment revenue
— — —
Total revenues 168,714 95,240 263,954
Reconciliation of revenue
Elimination of intersegment revenue
—
Total consolidated revenues
263,954
Less: (1)
Cost of revenue from external customers
$ 109,547 $ 57,284 166,831
Intersegment cost of revenue
237 — 237
Total cost of revenues
109,784 57,284 167,068
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue
( 237 )
Total consolidated cost of revenue
166,831
Selling, general, administrative expenses and other (2)
14,407 12,150
Segment profit
$ 44,523 $ 25,806 $ 70,329
Reconciliation of segment profit
Elimination of intersegment profit
237
Total consolidated segment profit
$ 70,566
Corporate expenses (3)
( 9,332 )
Total operating income
$ 61,234
Interest income, net
2,977
Other income, net
221
Income before income taxes $ 64,432
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
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Three Months Ended September 30,
2024
Pressure Control
Spoolable Technologies
Total
Revenues from external customers $ 185,026 $ 108,155 $ 293,181
Intersegment revenue 73 — 73
Total revenues 185,099 108,155 293,254
Reconciliation of revenue
Elimination of intersegment revenue ( 73 )
Total consolidated revenues 293,181
Less: (1)
Cost of revenue from external customers $ 115,920 $ 62,959 $ 178,879
Intersegment cost of revenue 112 — 112
Total cost of revenues 116,032 62,959 178,991
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue ( 112 )
Total consolidated cost of revenue 178,879
Selling, general, administrative expenses and other (2)
16,530 12,289
Segment profit $ 52,537 $ 32,907 $ 85,444
Reconciliation of segment profit
Elimination of intersegment profit 39
Total consolidated segment profit $ 85,483
Corporate expenses (3)
( 8,691 )
Total operating income $ 76,792
Interest income, net 2,062
Other income, net —
Income before income taxes $ 78,854
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
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Nine Months Ended
September 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers $ 533,805 $ 284,043 $ 817,848
Intersegment revenue 4,958 — 4,958
Total revenues 538,763 284,043 822,806
Reconciliation of revenue
Elimination of intersegment revenue ( 4,958 )
Total consolidated revenues 817,848
Less: (1)
Cost of revenue from external customers $ 343,536 $ 169,456 $ 512,992
Intersegment cost of revenue 4,534 — 4,534
Total cost of revenues 348,070 169,456 517,526
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue ( 4,534 )
Total consolidated cost of revenue 512,992
Selling, general, administrative expenses and other (2)
49,504 36,852
Segment profit $ 141,189 $ 77,735 $ 218,924
Reconciliation of segment profit
Elimination of intersegment profit ( 424 )
Total consolidated segment profit $ 218,500
Corporate expenses (3)
( 27,849 )
Total operating income $ 190,651
Interest income, net 7,820
Other income, net 221
Income before income taxes $ 198,692
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
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Nine Months Ended
September 30,
2024
Pressure Control
Spoolable Technologies
Total
Revenues from external customers $ 546,727 $ 310,966 $ 857,693
Intersegment revenue 592 — 592
Total revenues 547,319 310,966 858,285
Reconciliation of revenue
Elimination of intersegment revenue ( 592 )
Total consolidated revenues 857,693
Less: (1)
Cost of revenue from external customers $ 345,322 $ 178,871 $ 524,193
Intersegment cost of revenue 526 — 526
Total cost of revenues 345,848 178,871 524,719
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue ( 526 )
Total consolidated cost of revenue 524,193
Selling, general, administrative expenses and other (2)
41,590 52,754
Segment profit $ 159,881 $ 79,341 $ 239,222
Reconciliation of segment profit
Elimination of intersegment profit ( 66 )
Total consolidated segment profit $ 239,156
Corporate expenses (3)
( 19,995 )
Total operating income $ 219,161
Interest income, net 4,156
Other income, net —
Income before income taxes $ 223,317

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items. The expenses for Spoolable Technologies also include the change in fair value of the earn-out liability.

(3) Comprised primarily of expenses not allocated to our operating segments.

Assets are not reported to the CODM on a segment basis as it is not a meaningful measure used to run the business.

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13. Earnings per Share
Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.
We use the if-converted method to determine the potential dilutive effect of outstanding CC Units and corresponding shares of outstanding Class B common stock. We use the treasury stock method to determine the potential dilutive effect of unvested stock-based compensation awards assuming that the proceeds will be used to purchase shares of Class A common stock. For our unvested performance stock units, we first apply the criteria for contingently issuable shares before determining the potential dilutive effect using the treasury stock method.
The following table summarizes the basic and diluted earnings per share calculations:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Numerator:
Net income attributable to Cactus Inc.—basic
$ 41,624 $ 49,927 $ 126,176 $ 138,720
Net income attributable to non-controlling interest (1)
— 9,567 — 27,998
Net income attributable to Cactus Inc.—diluted (1)
$ 41,624 $ 59,494 $ 126,176 $ 166,718
Denominator:
Weighted average Class A shares outstanding—basic
68,681 66,563 68,465 66,030
Effect of dilutive shares (2)
515 13,627 412 13,747
Weighted average Class A shares outstanding—diluted (2)
69,196 80,190 68,877 79,777
Earnings per Class A share—basic
$ 0.61 $ 0.75 $ 1.84 $ 2.10
Earnings per Class A share—diluted (1)(2)
$ 0.60 $ 0.74 $ 1.83 $ 2.09
(1) The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26 % for the three and nine months ended September 30, 2024.
(2) Diluted earnings per share for the three and nine months ended September 30, 2025 excludes 11.2 million and 11.3 million weighted average shares of Class B common stock, respectively, as the effect would be anti-dilutive.
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Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Except as otherwise indicated or required by the context, all references in this Quarterly Report to the “Company,” “Cactus,” “we,” “us” and “our” refer to Cactus, Inc. (“Cactus Inc.”) and its consolidated subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes. The following discussion contains “forward-looking statements” that reflect our plans, estimates, beliefs and expected performance. Our actual results may differ materially from those anticipated as discussed in these forward-looking statements as a result of a variety of risks and uncertainties, which are difficult to predict, including those described above in “Cautionary Note Regarding Forward-Looking Statements,” and in the risk factors included in “Part I, Item 1A. Risk Factors” in our 2024 Annual Report and "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and this Quarterly Report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements except as otherwise required by law.
Executive Summary
Cactus is an equipment solutions provider primarily for onshore oil and gas markets. Founded in 2011 by a management group that previously operated two of the largest wellhead providers at the time, Cactus has rapidly grown to be a leading provider of wellhead solutions to the U.S. onshore market. On February 28, 2023, Cactus acquired FlexSteel, which similarly grew from its founding in 2003 to its current status as a leading provider of spoolable pipe technologies, primarily to the U.S. onshore market. We believe this acquisition enhances our position as a premier manufacturer and provider of highly engineered equipment to the exploration and production ("E&P") industry and should provide meaningful growth. We further believe FlexSteel’s products are highly complementary to Cactus’ equipment as it expands our exposure to our customers’ operations from production trees to transportation of oil, gas and other liquids, as well as to additional customers operating in the midstream area.
Demand for our products and services depends primarily upon oil and gas industry activity levels, including the number of active drilling rigs, the number of wells being drilled, the number of wells being completed, and the volume of newly producing wells, among other factors.
Revenues
Our revenues are derived from three sources: products, rentals, and field service and other. Product revenues are derived from the sale of wellhead systems, production trees and spoolable pipe and fittings. Rental revenues are derived from the rental of equipment used during the completion process, the repair of such equipment, and the rental of equipment or tools used to install wellhead equipment or spoolable pipe. Field service and other revenues are earned when we provide installation and other field services for both product sales and equipment rental.
During the nine months ended September 30, 2025, we derived 76% of total revenues from the sale of our products, 8% of total revenues from rental and 16% of total revenues from field service and other. During the nine months ended September 30, 2024, we derived 76% of total revenues from the sale of our products, 9% of total revenues from rental and 15% of total revenues from field service and other. We have predominantly domestic operations, with more limited operations in Australia, Canada, and the Middle East, as well as sales in other international markets.
We operate in two business segments consisting of the Pressure Control segment and the Spoolable Technologies segment.
Pressure Control
The Pressure Control segment designs, manufactures, sells and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand. Products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers’ wells. In addition, we provide field services for all of our products and rental items to assist with the installation, maintenance and handling of the equipment.
We operate through service centers in the United States, which are strategically located in the key oil and gas producing regions, and in Australia. These service centers support our field services and provide equipment assembly and repair services. We also provide rental and service operations in the Kingdom of Saudi Arabia. Pressure Control manufacturing and production facilities are located in Bossier City, Louisiana, Suzhou, China, and Vietnam.
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Demand for our product sales in the Pressure Control segment is driven primarily by the number of new wells drilled, as each new well requires a wellhead and, after the completion phase, a production tree. Demand for our rental items is driven primarily by the number of well completions as we rent frac trees to oil and gas operators to assist in hydraulic fracturing. Rental demand is also driven to a lesser extent by drilling activity as we rent tools used in the installation of wellheads. Field service and other revenues are closely correlated with revenues from product sales and rentals, as items sold or rented almost always have an associated service component.
Spoolable Technologies
The Spoolable Technologies segment designs, manufactures, and sells spoolable pipe and associated end fittings under the FlexSteel brand. Our customers use these products primarily as production, gathering, and takeaway pipelines to transport oil, gas or other liquids. In addition, we also provide field services and rental items to assist our customers with the installation of these products. We support our field service operations through service centers and pipe yards located in oil and gas regions throughout the United States and Western Canada. Our manufacturing facility is located in Baytown, Texas.
Demand for our product sales in the Spoolable Technologies segment is driven primarily by the number of wells being placed into production after the completions phase, as customers use our spoolable pipe and associated fittings to bring wells more rapidly onto production. Rental and field service and other revenues are closely correlated with revenues from product sales, as items sold usually have an associated rental and service component.
Recent Developments and Trends
Oil and Natural Gas Prices
The following table summarizes average oil and natural gas prices in North America over the indicated periods, as well as industry activity levels as reflected by the average number of active onshore drilling rigs during the same periods.
Three Months Ended Nine Months Ended
September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024
WTI Oil Price ($/bbl) (1)
$ 65.78 $ 64.57 $ 67.31 $ 78.58
Natural Gas Price ($/MMBtu) (2)
$ 3.03 $ 3.19 $ 3.45 $ 2.05
U.S. Land Drilling Rigs (3)
525 556 551 583
(1) EIA Cushing, OK West Texas Intermediate ("WTI") spot price.
(2) EIA Henry Hub Natural Gas spot price per million British Thermal Unit (“MMBtu”).
(3) Based on data made publicly available by Baker Hughes Company.

In the third quarter of 2025, average U.S. land drilling activity levels declined approximately 6% compared to the second quarter of 2025 as weaker commodity prices and an uncertain global economic outlook continued to impact activity levels. Average natural gas prices were down approximately 5% from the second quarter of 2025, as weaker demand persisted due to a milder summer than anticipated, and storage levels remained above five-year averages throughout the third quarter. The medium to long-term outlook for natural gas demand remains strong. Average oil prices increased 2% in the third quarter of 2025 compared to the second quarter of 2025. Prices remained relatively stable as concerns of OPEC+ supply increases were largely offset by increased risk premiums from ongoing global conflicts, driven by increased Ukrainian attacks on Russian oil infrastructure, and the imposition by the U.S. of tariffs on goods imported from India in response to India’s purchase of discounted Russian crude oil.

U.S. Trade Policies

Over the course of 2025, the Trump administration has implemented and announced a number of new tariffs, including new Section 232 tariffs of 50% on imports of steel and certain products made from steel from most countries outside of the U.S., Synthetic Opioid tariffs of 20% on all imports from China, and broad “Reciprocal” tariffs with varying rates applied to U.S. trading partners across the globe. In October 2025, China announced additional export controls regarding rare earth minerals. In response, the Trump administration announced its intention to apply an additional 100% tariff on goods imported from China effective in November 2025. After these tariff announcements, global equity, bond and currency markets have experienced heightened levels of volatility due to the potential disruption to global trade, the increasingly uncertain global economic and
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inflation outlook, and the negative implications of reduced consumer demand for potentially more expensive imported products and energy.

We are incurring, and expect to continue to incur, elevated tariff expenses on our goods imported from Vietnam and China, and experience generally higher steel input costs at our Bossier City manufacturing facility as a result of the broad Section 232 tariffs, which should both impact profitability to the extent we cannot offset such increases with cost reduction efforts and increased pricing. The weaker oil demand and increased supply outlook and associated decline in commodity pricing has led and is likely to continue to lead to lower U.S. land drilling and completion activity levels as 2025 progresses, and correspondingly reduced demand for our products and services.

Pillar Two Framework

The Organization for Economic Cooperation and Development (“OECD”) has introduced a framework (“Pillar Two”) that provides for a new, global minimum tax of at least 15% on the income of large multinational corporations arising in each jurisdiction in which they operate. Pillar Two is being implemented on a country-by-country basis, and many countries have adopted rules in this regard. The United States has raised concerns regarding Pillar Two and has set out a proposed “side-by-side” solution under which U.S. parented groups (such as the Company) would be exempted from certain minimum taxes under Pillar Two in recognition of the existing U.S. minimum tax rules to which they are subject. On June 28, 2025, the Group of Seven issued a statement indicating that they agree that a side-by-side solution could preserve gains made by jurisdictions in tackling base erosion and profit shifting and provide clarity and stability in the international tax landscape. However, none of the OECD member states that have adopted Pillar Two have enacted rules necessary to implement the side-by-side solution. The Company continues to evaluate the impact of both Pillar Two and the proposed side-by-side solution and estimates the impacts to income tax expense to be immaterial.

2025 Tax Legislation

On July 4, 2025, tax legislation colloquially known as the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA includes tax provisions such as the reinstatement of immediate deductibility of certain capital expenditures for tangible, depreciable personal property of domestic research and development expenditures. These provisions have the effect of accelerating tax deductions which, in turn, will reduce current tax expense with an offset to deferred tax expense. The Company continues to evaluate the impacts of this legislation but anticipates the impact to total income tax expense will be immaterial.

Baker Hughes Transaction

In June 2025, Cactus Companies entered into a Framework Agreement (the “Framework Agreement”) with Baker Hughes Holdings LLC (“Baker Hughes Holdings”) and Baker Hughes Pressure Control LP (“Baker Hughes Pressure Control”), each of which is an indirect subsidiary of Baker Hughes Company, pursuant to which the Company will acquire a controlling interest in Baker Hughes Company’s surface pressure control business.

Prior to the closing of the transactions contemplated by the Framework Agreement (“the “Closing”), Baker Hughes Holdings will effect certain restructuring transactions on the terms and subject to the conditions set forth in the Framework Agreement, as a result of which Baker Hughes Pressure Control or certain of its subsidiaries will own the Business Assets and the Business Liabilities (each as defined in the Framework Agreement) (collectively, the “Acquired Business”).

At Closing and pursuant to the Framework Agreement, Baker Hughes Holdings or one or more affiliates thereof will sell 65% of the limited liability company membership interests in Baker Hughes Pressure Control to Cactus Companies or an affiliate thereof for a cash purchase price of $344.5 million, subject to certain working capital, cash, debt, capital expenditure and other customary adjustments after Closing (such transaction, the “Baker Hughes Transaction” and the strategic relationship created thereby, the “Joint Venture”). Subject to satisfaction of the closing conditions, the Baker Hughes Transaction is expected to close early 2026.
Critical Accounting Policies and Estimates
A discussion of our critical accounting policies and estimates is contained in our 2024 Annual Report on Form 10-K. There have not been any changes in our critical accounting policies since December 31, 2024.
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Consolidated Results of Operations
The following discussions relating to significant line items from our condensed consolidated statements of income are based on available information and represent our analysis of significant changes or events that impact the comparability of reported amounts. Where appropriate, we have identified specific events and changes that affect comparability or trends and, where reasonably practicable, have quantified the impact of such items.
We have two operating segments consisting of the Pressure Control segment and the Spoolable Technologies segment. Our results of operations are evaluated by the Chief Executive Officer on a consolidated basis as well as at the segment level. The performance of our operating segments is primarily evaluated based on segment operating income (in addition to other measures), which is defined as income before taxes and before interest income (expense), net, other income (expense), net and corporate and other expenses not allocated to the operating segments.
Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025

The following table presents a summary of the segment consolidated operating results for the periods indicated:
Three Months Ended
September 30, 2025 June 30, 2025 $ Change % Change
(in thousands)
Revenues
Pressure Control $ 168,714 $ 179,772 $ (11,058) (6.2) %
Spoolable Technologies 95,240 96,225 (985) (1.0)
Corporate and other — (2,422) 2,422 —
Total revenues 263,954 273,575 (9,621) (3.5)
Operating income
Pressure Control 44,523 42,333 2,190 5.2
Spoolable Technologies 25,806 28,053 (2,247) (8.0)
Total segment operating income 70,329 70,386 (57) (0.1)
Corporate and other expenses (9,095) (9,581) 486 5.1
Total operating income 61,234 60,805 429 0.7
Interest income, net 2,977 2,518 459 18.2
Other income, net 221 — 221 —
Income before income taxes 64,432 63,323 1,109 1.8
Income tax expense 14,244 14,276 (32) (0.2)
Net income 50,188 49,047 1,141 2.3
Less: net income attributable to non-controlling interest 8,564 8,718 (154) (1.8)
Net income attributable to Cactus Inc. $ 41,624 $ 40,329 $ 1,295 3.2 %

Pressure Control. Pressure Control revenue for the third quarter of 2025 was $168.7 million, a decrease of $11.1 million, or 6.2%, from the second quarter of 2025 primarily due to lower sales of wellhead and production related equipment, reflecting reduced customer activity during the third quarter, along with a decline in rental revenue. Pressure Control operating income of $44.5 million for the third quarter of 2025 increased $2.2 million, or 5.2% from the second quarter of 2025 primarily due to the implementation of cost reduction initiatives combined with reduced legal expenses.

Spoolable Technologies. Spoolable Technologies revenue for the third quarter of 2025 was $95.2 million, a decrease of $1.0 million, or 1.0% from the second quarter of 2025 primarily due to lower domestic activity levels, offset by stronger international sales. Total operating income for Spoolable Technologies for the third quarter of 2025 was $25.8 million, compared to operating income of $28.1 million for the second quarter of 2025, a decrease of $2.2 million, or 8.0%, from the second quarter of 2025. The decrease in operating income was primarily due to lower volume and margins decreased on higher input costs.
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Corporate and other. Corporate and other revenue represents the elimination of inter-segment sales from our Pressure Control segment to our Spoolable Technologies segment. Corporate and other expenses include costs associated with executive management and other administrative functions not directly attributable to our reporting segment. Corporate and other expenses for the third quarter of 2025 was $9.1 million, a decrease of $0.5 million, or 5.1% from the second quarter of 2025 primarily due to lower transaction and integration expenses. The expenses in both quarters include similar levels of expenses for professional fees associated with the Baker Hughes Transaction.
Interest income, net. Interest income, net was $3.0 million for the third quarter of 2025 and $2.5 million for the second quarter of 2025. The interest income, net is primarily comprised of interest income earned on the invested cash balance.
Other income, net . Other income, net of $0.2 million for the third quarter of 2025 relates to the revaluation of an indemnity receivable asset related to the FlexSteel acquisition.
Income tax expense. Income tax expense for the third quarter of 2025 was $14.2 million compared to $14.3 million for the second quarter of 2025. Cactus Inc. is only subject to federal and state income tax on its share of income from Cactus Companies. Income allocated to the non-controlling interest is only taxable to the non-controlling interest.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The following table presents a summary of the segment consolidated operating results for the periods indicated:
Nine Months Ended September 30,
2025 2024 $ Change % Change
(in thousands)
Revenues
Pressure Control $ 538,763 $ 547,319 $ (8,556) (1.6) %
Spoolable Technologies 284,043 310,966 (26,923) (8.7)
Corporate and other (4,958) (592) (4,366) nm
Total revenues 817,848 857,693 (39,845) (4.6)
Operating income
Pressure Control 141,189 159,881 (18,692) (11.7)
Spoolable Technologies 77,735 79,341 (1,606) (2.0)
Total segment operating income 218,924 239,222 (20,298) (8.5)
Corporate and other expenses (28,273) (20,061) (8,212) (40.9)
Total operating income 190,651 219,161 (28,510) (13.0)
Interest income, net
7,820 4,156 3,664 88.2
Other income, net 221 — 221 —
Income before income taxes 198,692 223,317 (24,625) (11.0)
Income tax expense 45,352 48,006 (2,654) (5.5)
Net income 153,340 175,311 (21,971) (12.5)
Less: net income attributable to non-controlling interest 27,164 36,591 (9,427) (25.8)
Net income attributable to Cactus Inc. $ 126,176 $ 138,720 $ (12,544) (9.0) %
nm = not meaningful

Pressure Control. Pressure Control revenue was $538.8 million for the first nine months of 2025, a decrease of $8.6 million, or 1.6%, from the first nine months of 2024, primarily due to decreased sales of wellhead and production related equipment resulting from lower drilling and completion activity by our customers following a decline in rig counts. Operating income of $141.2 million in the first nine months of 2025 decreased $18.7 million, or 11.7%, from the first nine months of 2024. The
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decrease was primarily attributable to escalated tariff cost impacts on product margins in the third quarter of 2025, as well as increased legal expenses and reserves recognized in connection with litigation claims.

Spoolable Technologies. Spoolable Technologies revenue for the first nine months of 2025 was $284.0 million, a decrease of $26.9 million, or 8.7%, from the first nine months of 2024, primarily due to reduced customer activity levels. Total operating income was $77.7 million in the first nine months of 2025, a decrease of $1.6 million, or 2.0%, compared to operating income of $79.3 million in the first nine months of 2024. Operating income for the first nine months of 2025 reflected the impact of the lower volume. Operating income for the first nine months of 2024 included approximately $16.3 million of expense related to the change in fair value of the estimated earn-out liability.

Corporate and other. Corporate and other revenue represents the elimination of inter-segment sales from our Pressure Control segment to our Spoolable Technologies segment. Corporate and other expenses include costs associated with executive management and other administrative functions not directly attributable to our reporting segment. Corporate and other expenses for the first nine months of 2025 was $28.3 million, an increase of $8.2 million, or 40.9% from the first nine months of 2024. The increase was largely attributable to professional fees associated with the Baker Hughes Transaction.

Interest income, net. Interest income, net for the first nine months of 2025 was $7.8 million, compared to $4.2 million for the first nine months of 2024. The increase was due to an increase in interest income earned on cash invested during period.
Other income, net. Other income, net of $0.2 million for the first nine months of 2025 relates to the revaluation of an indemnity receivable asset related to the FlexSteel acquisition.

Income tax expense. Income tax expense for the first nine months of 2025 was $45.4 million compared to $48.0 million for the first nine months of 2024. The decrease in income tax expense from the first nine months of 2024 was primarily due to a decrease in operating income during the first nine months of 2025, partially offset by an additional $1.2 million of expense related to the revaluation of our deferred tax asset as a result of a change in our forecasted state income tax rate.
Liquidity and Capital Resources
At September 30, 2025, we had $445.6 million of cash and cash equivalents. Our primary sources of liquidity and capital resources are cash on hand, cash flows generated by operating activities, and borrowings under our Amended ABL Credit Facility (as defined in Note 6 in the notes to the unaudited condensed consolidated financial statements). Depending upon market conditions and other factors, we may also have the ability to issue additional equity and debt if needed. As of September 30, 2025, we had $223.2 million of available borrowing capacity under our Amended ABL Credit Facility with no outstanding borrowings, and $1.8 million in letters of credit outstanding. We were in compliance with the covenants of the Amended ABL Credit Facility as of September 30, 2025.
In June 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions, or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of September 30, 2025, $146.3 million remained authorized for future repurchases of Class A common stock under the program.
We believe that our existing cash on hand, cash generated from operations and available borrowings under our Amended ABL Credit Facility will be sufficient for at least the next 12 months to meet our short-term anticipated cash requirements, including working capital requirements, the cash purchase price related to the Baker Hughes Transaction, debt service obligations, anticipated capital expenditures, repurchases of shares of our Class A common stock, expected Tax Receivable Agreement ("TRA") liability payments, anticipated tax liabilities, and dividends to holders of our Class A common stock as well as pro rata cash distributions to holders of CC Units other than Cactus Inc. We expect to utilize cash on hand and funds from the undrawn Amended ABL Credit Facility to fund the cash purchase price related to the Baker Hughes Transaction. However, we may elect to pursue one or more debt financing transactions prior to the Closing to enhance liquidity.
We currently estimate our net capital expenditures for the year ending December 31, 2025 will range from $40 to $45 million. In the Pressure Control segment, capital expenditures are primarily related to rental fleet investments, international expansion and diversification of our low cost supply chain. In the Spoolable Technologies segment, capital expenditures are primarily related to manufacturing plant enhancements and additional deployment equipment used for product installation.
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Our ability to satisfy our long-term liquidity requirements, including cash requirements to fund income tax liabilities and the TRA liability at Cactus Inc., along with associated distributions to holders of CC Units relating to their ownership of Cactus Companies, depends on our future operating performance, which is affected by, and subject to, prevailing economic conditions, market conditions in the E&P industry, availability and cost of raw materials, and financial, business and other factors, many of which are beyond our control. We will not be able to predict or control many of these factors, such as economic conditions in the markets where we operate, and competitive pressures. If necessary, we would likely choose to further reduce our spending on capital expenditures and operating expenses to ensure we operate within the cash flow generated from our operations.
Cash Flows
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
The following table summarizes our cash flows for the periods indicated:
Nine Months Ended
September 30,
2025 2024
(in thousands)
Net cash provided by operating activities $ 186,148 $ 249,518
Net cash used in investing activities (34,725) (24,051)
Net cash used in financing activities
(49,833) (56,427)

Net cash provided by operating activities was $186.1 million and $249.5 million for the nine months ended September 30, 2025 and 2024, respectively. Operating cash flows for the nine months ended September 30, 2025 decreased primarily due to lower earnings and an increase in working capital.

Net cash used in investing activities was $34.7 million and $24.1 million for the nine months ended September 30, 2025 and 2024, respectively. The increase for the nine months ended September 30, 2025 was primarily due to the initial investment of $6.0 million related to our joint venture in Vietnam intended to diversify our manufacturing capabilities as well as an increase in capital expenditures.
Net cash used in financing activities was $49.8 million for the nine months ended September 30, 2025 compared to $56.4 million for the nine months ended September 30, 2024. The decrease in net cash used in financing activities for the nine months ended September 30, 2025 was primarily related to a decrease in share repurchases of $3.4 million and a $6.0 million decrease related to the payment of contingent consideration established as of the FlexSteel acquisition date. These decreases are partially offset by an increase in the payment of Class A share dividends of $3.0 million.
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Item 3.   Quantitative and Qualitative Disclosures About Market Risk.
For quantitative and qualitative disclosures about market risk, see Part II, Item 7A., “Quantitative and Qualitative Disclosures about Market Risk,” in our 2024 Annual Report. Our exposure to market risk has not changed materially since December 31, 2024.
Item 4.   Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
In accordance with Exchange Act Rules 13a-15 and 15d-15, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission ("SEC"). Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025 at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment related disputes.
A range of total possible losses for all litigation matters cannot be reasonably estimated. Based on our consideration of all relevant facts and circumstances, we do not expect the ultimate outcome of currently pending lawsuits or claims against us, other than as discussed below, will have a material adverse effect on our financial position, results of operations or cash flows, however, there can be no assurance as to the ultimate outcome of these matters. With respect to the litigation described below, if there was an adverse outcome there could be a material impact on our business, financial condition and results of operations expected for the year. Litigation is subject to inherent uncertainties and management's view may change in the future. Therefore, there can be no assurance as to the ultimate outcome of any dispute or claim.
On August 20, 2021, Cactus filed a complaint against Cameron International Corporation (“Cameron”) in the U.S. District Court for the Southern District of Texas, Civil Action No.: 4:21-cv-02720-ASH, seeking a declaratory judgment that Cactus frac operations do not infringe certain Cameron patents and that such patents are invalid. In response to that action, Cameron has asserted infringement of certain of those patents by Cactus’ SafeLink® frac flow system and is seeking past royalties and other damages related to the alleged infringement. The parties have been unable to reach an amicable settlement. The jury trial, originally scheduled on June 9, 2025, was delayed and no new trial date has been set. At this time, we are not able to predict the outcome of these claims.
Item 1A.   Risk Factors.
In addition to the information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our 2024 Annual Report, and under the heading “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and in our other filings with the SEC, which could materially affect our business, results of operations, financial condition or cash flows. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition or cash flows. There have been no material changes in our risk factors from those described in our 2024 Annual Report, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and our other SEC filings, except as follows:

Cost-cutting measures taken during the second and third quarters of 2025 may adversely impact our business.

During the second and third quarters of 2025 the Company implemented various cost-cutting measures, such as reductions in force and reductions in service assets, in response to an anticipated downturn in the price of oil and gas, potentially leading to a decrease in demand for our products and services. If such downturn does not materialize as anticipated or the market recovers more quickly than anticipated, such cost-cutting measures could inhibit the Company's ability to meet its customers’ needs.

Potential disruption to global supply chains due to a U.S. government shutdown could adversely impact our business and our operating results

A prolonged or recurring shutdown of the U.S. federal government could materially disrupt global supply chains and adversely affect our operations. Government shutdowns may result in delays in customs processing, regulatory approvals, and transportation logistics, particularly at ports of entry and border crossings. These disruptions can lead to increased lead times, higher costs, and reduced availability of critical materials and components sourced internationally.
While we actively monitor geopolitical and regulatory developments and maintain contingency plans, the scope and duration of a government shutdown are inherently unpredictable. As such, we cannot guarantee that our mitigation strategies will fully offset the potential adverse effects on our supply chain and business operations.
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Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
The following sets forth information with respect to our repurchases of Class A common stock during the three months ended September 30, 2025 (in whole shares).
Period
Total number of shares purchased (1)
Weighted-average price paid per share (2)
Total number of shares purchased as part of publicly announced plans or programs (3)
Maximum dollar value of shares that may yet be purchased under the plans or program (3)
July 1-31, 2025 20 $ 45.90 — $ —
August 1-31, 2025 4,433 $ 39.66 — $ —
September 1-30, 2025 653 $ 43.01 — $ —
Total 5,106 $ 40.11 — $ 146,302,153
(1) Consists of shares of Class A common stock repurchased from employees to satisfy tax withholding obligations related to restricted stock units that vested during the period.
(2) Average price paid for Class A common stock purchased from employees to satisfy tax withholding obligations related to restricted stock units that vested during the period.
(3) In June 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million.
Item 5.   Other Information.
During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of Cactus, Inc. adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.   Exhibits.
The following exhibits are required by Item 601 of Regulation S-K and are filed as part of this report.
Exhibit No. Description
3.1
3.2
31.1*
31.2*
32.1**
32.2**
101.INS* Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH* Inline XBRL Taxonomy Extension Schema Document
101.CAL* Inline XBRL Taxonomy Calculation Linkbase Document
101.LAB* Inline XBRL Taxonomy Label Linkbase Document
101.PRE* Inline XBRL Taxonomy Presentation Linkbase Document
101.DEF* Inline XBRL Taxonomy Definition Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*    Filed herewith.
**    Furnished herewith.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Cactus, Inc.
October 30, 2025 By: /s/ Scott Bender
Date
Scott Bender
Chief Executive Officer, Chairman of the Board and Director
(Principal Executive Officer)
October 30, 2025 By: /s/ Jay A. Nutt
Date
Jay A. Nutt
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
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