Cactus, Inc. reported a decline in financial performance for the third quarter of 2025, with total revenues of $263.9 million, down from $293.2 million in the same period last year. The decrease was primarily driven by lower product and rental revenues, which fell to $206.8 million and $17.4 million, respectively. Net income attributable to Cactus Inc. was $41.6 million, a decrease of 16.5% from $49.9 million in the prior year. Earnings per Class A share were $0.61, compared to $0.75 in the third quarter of 2024.
For the nine months ended September 30, 2025, total revenues were $817.8 million, down 4.6% from $857.7 million in the same period of 2024. The Pressure Control segment generated $538.8 million in revenue, a decrease of 1.6%, while the Spoolable Technologies segment saw a more significant decline of 8.7%, totaling $284.0 million. Operating income for the nine-month period also fell to $190.7 million from $219.2 million, reflecting a decrease of 13.0%.
Cactus, Inc. has made strategic moves to enhance its market position, including the acquisition of FlexSteel in February 2023, which is expected to complement its existing product offerings. Additionally, the company is in the process of acquiring a controlling interest in Baker Hughes Company’s surface pressure control business, with the transaction expected to close in early 2026 for a cash purchase price of $344.5 million. This acquisition is anticipated to strengthen Cactus's capabilities in the pressure control market.
Operationally, Cactus reported a cash balance of $445.6 million as of September 30, 2025, an increase from $342.8 million at the end of 2024. The company has maintained a strong liquidity position, with $223.2 million available under its Amended ABL Credit Facility. However, net cash provided by operating activities decreased to $186.1 million for the nine months ended September 30, 2025, down from $249.5 million in the prior year, primarily due to lower earnings and increased working capital needs.
Looking ahead, Cactus anticipates continued challenges due to fluctuating oil and gas prices and reduced drilling activity, which may impact demand for its products and services. The company remains focused on cost reduction initiatives and strategic investments to navigate these market conditions. Cactus expects to utilize its cash reserves and available credit to support ongoing operations and strategic initiatives, including the upcoming Baker Hughes transaction.
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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