Cactus, Inc. reported significant financial results for the first quarter of 2026, with total revenues reaching $388.3 million, a 38.5% increase from $280.3 million in the same period of 2025. The company's product revenue surged to $297.2 million, up from $209.0 million, while field service and other revenue also saw a notable rise to $75.2 million from $44.2 million. However, rental revenue declined to $15.9 million from $27.1 million. The net income attributable to Cactus Inc. was $32.9 million, down from $44.2 million a year earlier, reflecting a decrease in profitability primarily due to the accretion of redeemable non-controlling interest.
The financial performance was influenced by the recent acquisition of Cactus International, which contributed approximately $126.9 million in revenue during the quarter. This acquisition, completed on January 1, 2026, expanded Cactus's operational capabilities and geographic footprint, enhancing its position in the pressure control market. The company also reported a significant increase in cash and cash equivalents, which rose to $291.6 million from $123.6 million at the end of 2025, bolstered by the release of previously restricted cash related to the acquisition.
Operationally, Cactus experienced a 68.2% increase in revenue from its Pressure Control segment, which generated $300.2 million, while the Spoolable Technologies segment saw a slight decline in revenue to $89.9 million. The overall operating income for the company was $49.5 million, down from $68.6 million in the prior year, attributed to increased costs associated with the acquisition and higher tariffs impacting product margins. The company’s employee headcount remained stable, with no significant changes reported.
Looking ahead, Cactus anticipates continued growth driven by the integration of Cactus International and the ongoing demand for its products and services in the oil and gas sector. The company expects to maintain sufficient liquidity through its cash reserves and available credit facilities to support its operational needs and capital expenditures, estimated between $40 million and $50 million for the year. Cactus remains focused on leveraging its expanded capabilities to capture market share and enhance profitability in a competitive landscape.
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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