Cactus Earnings Call Transcripts
Fiscal Year 2026
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The meeting established a quorum, elected directors, ratified the auditor, and approved executive compensation. No shareholder proposals were received, and stockholders were invited to submit questions online.
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Q1 2026 saw strong sequential revenue and EBITDA growth, driven by the Cactus International acquisition and robust Spoolable Technologies performance, despite Middle East disruptions. Guidance calls for stable Pressure Control and rising Spoolable Technologies margins in Q2.
Fiscal Year 2025
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Q4 2025 saw resilient performance with $261M revenue and $85M Adjusted EBITDA, despite a slight sequential decline. The acquisition of Cactus International expands global reach, with 2026 expected to mirror 2024 and stronger growth anticipated in 2027.
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Q3 2025 saw revenue of $264M and adjusted EBITDA of $87M, with strong Pressure Control margins and record international Spoolable Technologies sales. Tariff mitigation, cost controls, and a growing Vietnam supply base supported results. Acquisition of Baker Hughes' SPC business is on track for early 2026.
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Q2 2025 saw revenue and earnings decline sequentially amid tariff headwinds and lower activity, but strong free cash flow enabled a dividend increase and a major international acquisition was announced. Pressure Control and Spoolable Technologies segments showed mixed results.
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A 65% controlling stake in Baker Hughes' Surface Pressure Control business was acquired for $344.5 million, expanding international reach, especially in the Middle East. The deal is expected to deliver cost synergies, enhance cash flow, and diversify revenue, with significant growth potential in key markets.
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Q1 2025 saw record Pressure Control revenues per rig and strong Spoolable Technologies bookings, with revenue up 3% sequentially to $280 million and Adjusted EBITDA at $94 million. Despite tariff and market headwinds, profitability is expected to be preserved through supply chain shifts and cost mitigation.
Fiscal Year 2024
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Record 2024 revenue and strong margins were achieved despite industry softness and sequential Q4 declines. Supply chain diversification, new product launches, and international expansion are expected to drive growth in 2025, though trade policy and tariffs remain key risks.
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Q3 revenue grew 1% sequentially to $293 million, with record Spoolable Technologies revenue and a $303 million cash balance. Guidance calls for Q4 revenue declines in both segments due to seasonality, but margins are expected to remain strong.
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Q2 revenue rose to $290M with strong margin expansion and cash growth, driven by both segment outperformance and new customer wins. Guidance anticipates stable to slightly lower Q3 revenues, with continued international expansion and new product rollouts supporting long-term growth.