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Dec 31, 2025
Cactus Q4 2025 Earnings Report
Cactus Q4 2025 Earnings Report
Key Takeaways
Cactus delivered a solid fourth quarter with revenue of $261.2 million and strong margins across both segments. While Spoolable Technologies saw seasonal declines, the Pressure Control segment exceeded expectations. The company also successfully closed the acquisition of Baker Hughes' Surface Pressure Control business on January 1, 2026, marking a significant step in its international expansion.
Revenue reached $261.2 million with a net income margin of 18.5% and Adjusted EBITDA margin of 32.7%.
Pressure Control revenue grew 5.8% sequentially due to higher product sales per rig and increased rental activity.
Spoolable Technologies revenue declined 11.6% sequentially due to seasonal customer activity slowdowns.
Closed the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (Cactus International) on January 1, 2026.
Revenue by Segment
Forward Guidance
Cactus expects relatively flat U.S. land activity in Q1 2026, with the inclusion of the new Cactus International business in the Pressure Control segment.
Positive Outlook
- Integration of Cactus International starting Q1 2026
- Geographic diversification of earnings base
- Implementation of cost reduction and recovery initiatives
- Strong cash position with no bank debt
- Manufacturing efficiency investments at FlexSteel
Challenges Ahead
- Anticipated softening in legacy Pressure Control sales
- Lower products sold per rig expected in Q1
- Reduced customer rental activity expected in Q1
- Spoolable Technologies revenue expected to be softer than Q4
- Challenging macro and tariff environment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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