What were the key takeaways from Cactus's earnings call?

What factors drove the changes in Cactus's revenue and profit?

What is the market's earnings forecast for Cactus next quarter?

What is Cactus's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Cactus year over year?

What is Cactus's gross profit margin?

What does Cactus do and what are its main business segments?

What guidance did Cactus's management provide for the next earnings period?

- **Q3 Financial Strength**: $264M revenue, $87M EBITDA (32.9% margin), $446M cash. 
- **Margin Expansion**: Pressure Control +320bps to 31-33%, Spoolable Tech 34-36%. 
- **Strategic Wins**: First Middle East sour service order, Vietnam plant ramping. 
- **Tariff Mitigation**: 70% China tariffs reduced, 50% Vietnam tariffs offset by Vietnam production. 
- **2026 Outlook**: Unconventional drilling growth in Middle East, SPC acquisition close Q1.

**【CEO Summary Section】**
- Q3 2025 revenue: $264 million, adjusted EBITDA: $87 million (32.9% margin), cash balance: $446 million (up $40M QoQ). 
- Pressure Control segment: Sequential margin improvement (+320bps) driven by cost reduction, tariff mitigation, and lower legal expenses. 
- Spoolable Technologies: International revenue growth offset domestic decline; awarded first sour service order in Middle East for 2026. 
- Vietnam plant progress: Shipment ramp-up underway; API certification audit expected Q1 2026. 
- Dividend: $0.14/share paid in Q3, with another $0.14 declared for Q4.

**【CFO Financial Commentary】**
- GAAP net income: $50 million (22% tax rate); adjusted net income: $54 million ($0.67 EPS). 
- Pressure Control: $169M revenue (-6.2% QoQ), operating margin +290bps to 31-33%. 
- Spoolable Tech: $95M revenue (-1% QoQ), EBITDA margin -160bps to 34-36%. 
- Corporate expenses: $9.1M (including $3.2M for Baker Hughes acquisition). 
- Cash flow: +$40M QoQ, offset by $23M TRA payment.

**【Q&A Highlights】**
- **Customer Sentiment**: U.S. customers cautious on $55-60 oil; international demand resilient. 
- **Tariff Mitigation**: 70% China tariffs reduced, 50% Vietnam Section 232 tariffs remain. 
- **International Growth**: Africa, Middle East sour service orders; first unconventional shipment Q1 2026. 
- **SPC Acquisition**: Integration planning on track for early 2026 close. 
- **Vietnam Plant**: API monogram expected Q1 2026; targeting 50%+ wellhead production by end-2026.

Cactus, Inc. (WHD) Q3 2025 Earnings Call Transcript

Product

Rental

Field Service and Other

WHD

WHD fundamentals

You can ask Aime