Cactus, Inc. reported a total revenue of $1.08 billion for the fiscal year ending December 31, 2025, a decrease of 4.5% from $1.13 billion in 2024. The decline was primarily attributed to reduced sales in both the Pressure Control and Spoolable Technologies segments, which saw revenues of $717.2 million and $368.2 million, respectively. Operating income also fell to $250.5 million, down 13.5% from the previous year, with net income attributable to Cactus Inc. decreasing by 10.5% to $166 million. The company faced increased costs due to tariffs and legal expenses, which negatively impacted profit margins.
In terms of operational changes, Cactus completed the acquisition of FlexSteel Holdings, Inc. on February 28, 2023, for a total cash consideration of $658.6 million. This acquisition was part of a strategic move to enhance its product offerings in spoolable pipe technologies. Additionally, Cactus entered into a joint venture with Baker Hughes, acquiring a 65% stake in Baker Hughes Pressure Control LLC, which is expected to expand its international market presence, particularly in the Middle East.
Cactus's customer base remains strong, serving over 300 clients, with one customer accounting for 17% of total revenues in 2025. The company reported a total employee headcount of over 1,500, with a focus on maintaining a skilled workforce to support its operations. The company also noted a significant increase in interest income, which rose by 69.7% to $11 million, reflecting higher cash levels during the year.
Looking ahead, Cactus anticipates continued challenges due to fluctuating oil and gas prices, which directly impact demand for its products and services. The company expects to invest between $40 million and $50 million in capital expenditures for 2026, focusing on international expansion and enhancements to its manufacturing capabilities. Cactus remains committed to its share repurchase program, with $146.3 million authorized for future buybacks, and plans to maintain its quarterly dividend, which was increased to $0.54 per share in 2025.
About Cactus, Inc.
Cactus, Inc. designs, manufactures, sells, rents, and services pressure control equipment and spoolable pipe solutions for onshore oil and gas wells. Serving global markets including the U.S., Canada, Australia, and the Middle East, it provides products and field services during drilling, completion, and production phases. The company emphasizes high-quality, innovative technology, safety, and operational efficiency in the competitive oilfield services industry.
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