Cactus, Inc. (WHD) Earnings
Cactus, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.62. WHD has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +8.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.65 | $0.70 | +7.7% | $388M | +2.1% |
| Feb 26, 2026 | $0.58 | $0.65 | +12.1% | $261M | -21.3% |
| Oct 29, 2025 | $0.58 | $0.67 | +15.5% | $264M | +5.3% |
| Jul 30, 2025 | $0.67 | $0.66 | -1.5% | $274M | -0.3% |
| Apr 30, 2025 | $0.70 | $0.73 | +4.3% | $280M | +3.0% |
| Feb 26, 2025 | $0.72 | $0.71 | -1.4% | $272M | -2.0% |
| Jul 31, 2024 | $0.72 | $0.81 | +12.5% | $290M | +4.1% |
| May 1, 2024 | $0.70 | $0.75 | +7.1% | $274M | -0.4% |
| Feb 28, 2024 | $0.69 | $0.81 | +17.4% | $275M | +1.0% |
| Feb 22, 2023 | $0.50 | $0.57 | +14.0% | $188M | -1.3% |
| Aug 4, 2022 | $0.36 | $0.44 | +22.2% | $170M | +5.8% |
| May 4, 2022 | $0.29 | $0.30 | +3.4% | $146M | +4.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Scott Bender mentioned pride in team's achievements in Q1, Pressure Control's revenues resilient despite Mid-East conflict, Spoolable Technologies outperformed in slow quarter. • Jay Nutt reviewed financial results, including total revenues, adjusted EBITDA, segment details, backlog, depreciation and amortization, GAAP and adjusted net income, dividends, cash balance, and future expectations for second quarter and full year 2026. • Scott Bender provided second quarter operational outlook, including pressure control revenue expected to be flat, increased synergies targets for Cactus International acquisition, update on tariff situation, spoolable technologies segment performance and supply chain, and corporate EBITDA expectations.
Guidance
• Second quarter pressure control revenue expected to be approximately flat from first quarter. • Pressure control adjusted EBITDA margins expected to be in 22% - 24% range, excluding certain expenses. • Increased synergies targets for Cactus International acquisition from $10 million to $15 million. • Spoolable technologies segment revenues expected to increase mid-single digits percentage-wise in second quarter. • Spoolable technologies adjusted EBITDA margins expected to be approximately 36% - 38% in second quarter. • Adjusted corporate EBITDA expected to be a charge of approximately $5 million in second quarter. • Full year 2026 CapEx outlook remains in range of $40 - $50 million. • Quarterly dividend of 14 cents per share to be paid in June.
Segment performance
Total Q1 revenues were $388 million. Pressure control segment revenues were $300 million, up nearly 70% from the fourth quarter due to acquisition; operating income was impacted by Middle East conflict but adjusted segment EBITDA was $12.7 million higher sequentially with margins decreasing. Spoolable technologies segment revenues were $90 million, up 6.8% sequentially; operating income increased $2.6 million with margins increasing 130 basis points, adjusted segment EBITDA increased $1.8 million with margins decreasing 30 basis points. Corporate and other expenses increased by $2.9 million to $12.7 million in Q1, including transaction and integration costs. Total company remaining performance obligations ended at $537 million.
Risks & headwinds
• Impacts of conflict in Mid-East on Cactus International business, including reduced order activity and logistics challenges. • Uncertainty around tariff refunds, with no certainty on amount or timing. • Inflationary pressures in spoolable technologies segment due to increase in price of polyethylene. • Uncertainty around resolution of conflict in Middle East and its impact on business.
Analyst Q&A
Q: Thoughts on self-help opportunities with Cactus International business, supply chain optimization and time frame?
A: $15 million synergies relate to making organization efficient, supply chain has room for improvement, best estimate is sometime by end of second quarter leading into third quarter to replenish inventory with lower cost product.
Q: Color on $98 million cash held for legal restructuring transactions with Baker?
A: 98 million is for legal entities where restructuring not completed, Baker Hughes responsible for completing, cash is designated for those transactions and is shown as payable on balance sheet back to Baker.
Q: U.S. land market activity and evolution of drilling activity?
A: Customers eager but no significant evidence yet, now thinking U.S. onshore count in 525 range, more optimism in customer base.
Q: Activity recovery in Middle East post-war and impact on Cactus International?
A: Likely second quarter, third quarter of 2027, seeing good increase in demand from region except maybe Qatar.
Q: Lead time on orders and tariff refunds?
A: Lead times now 4 - 6 months. Tariff refund not an insignificant amount but modest compared to tariffs spent, related to certain entries, in phase one of refund process.
Q: Alternative shipping methods in Middle East and Strait reopening?
A: Taking circuitous route around Arabian Peninsula, problematic, unsure when shipping returns to normal means.
Q: Vietnam API approval and margin impact?
A: Hoping Vietnam by end of year will be about 40% at 50% tariff rate, will benefit but not quantified yet