Cactus (WHD) financial statements
Cactus reported revenue of $1.1B in fiscal 2025, up 24.1% a year over 9 years.
Net income was $166M and the operating margin 23.2%, against 6.8% in 2016.
Free cash flow was $220M, and the company returned $37M in dividends and $6M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cactus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $155M | $341M | $544M | $628M | $349M | $439M | $688M | $1.1B | $1.1B | $1.1B |
| Cost of revenue | — | — | — | — | — | — | $446M | $691M | $693M | $680M |
| Selling, general and admin | $19M | $27M | $41M | $52M | $40M | $46M | $68M | $127M | $130M | $149M |
| Operating income | $11M | $89M | $178M | $183M | $70M | $75M | $175M | $264M | $290M | $251M |
| Interest expense | $20M | $21M | $4M | $315,000 | $317,000 | $313,000 | $268,000 | $4M | $639,000 | $695,000 |
| Pre-tax income | -$7M | $68M | $170M | $188M | $70M | $75M | $177M | $262M | $299M | $261M |
| Income tax | $809,000 | $2M | $20M | $32M | $11M | $8M | $31M | $48M | $67M | $59M |
| Net income | -$8M | $67M | $52M | $86M | $34M | $50M | $110M | $169M | $185M | $166M |
| EPS (diluted) | — | — | $1.58 | $1.88 | — | — | — | — | — | — |
| Operating margin | 6.8% | 26.0% | 32.7% | 29.1% | 20.1% | 17.2% | 25.4% | 24.1% | 25.6% | 23.2% |
| Net margin | -5.3% | 19.5% | 9.5% | 13.6% | 9.9% | 11.3% | 16.0% | 15.4% | 16.4% | 15.4% |
Balance sheet
Fiscal years, from Cactus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $8M | $71M | $203M | $289M | $302M | $345M | $134M | $343M | $124M |
| Receivables | — | $84M | $92M | $88M | $44M | $89M | $138M | $205M | $192M | $164M |
| Total current assets | — | $164M | $275M | $415M | $425M | $518M | $655M | $556M | $775M | $955M |
| Property, plant and equipment | — | $95M | $142M | $162M | $143M | $129M | $130M | $346M | $346M | $343M |
| Goodwill | — | $8M | $8M | $8M | $8M | $8M | $8M | $203M | $203M | $203M |
| Total assets | — | $266M | $585M | $835M | $816M | $982M | $1.1B | $1.5B | $1.7B | $1.9B |
| Total current liabilities | — | $53M | $75M | $91M | $49M | $93M | $117M | $176M | $179M | $164M |
| Long-term debt | — | $241M | — | — | — | — | $0 | — | — | — |
| Total liabilities | — | $303M | $222M | $319M | $265M | $387M | $408M | $458M | $475M | $439M |
| Shareholders' equity | -$103M | -$36M | $178M | $327M | $353M | $469M | $572M | $866M | $1.1B | $1.2B |
| Net debt | -$9M | $236M | -$71M | -$203M | -$289M | -$302M | -$345M | -$134M | -$343M | -$124M |
Cash flow
Fiscal years, from Cactus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24M | $35M | $167M | $210M | $143M | $64M | $118M | $340M | $316M | $258M |
| Capital spending | $22M | $32M | $70M | $60M | $24M | $14M | $28M | $44M | $39M | $39M |
| Free cash flow | $2M | $3M | $97M | $150M | $119M | $50M | $90M | $296M | $277M | $220M |
| Stock-based compensation | $361,000 | — | $5M | $7M | $9M | $9M | $11M | $18M | $23M | $24M |
| Dividends paid | — | — | $0 | $4M | $17M | $21M | $27M | $30M | $34M | $37M |
| Share buybacks (net) | — | — | $0 | -$2M | -$1M | -$3M | -$5M | -$5M | -$9M | -$6M |
| Net borrowing | -$8M | -$3M | -$249M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free cash flow margin | 1.5% | 0.8% | 17.8% | 23.9% | 34.1% | 11.4% | 13.0% | 27.0% | 24.5% | 20.4% |
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Open WHD in InvestinglyQuestions
What was Cactus's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cactus generate?
$220M in fiscal 2025 (operating cash flow minus capital spending).
From Cactus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.