Cactus reports 64% year-over-year revenue jump
The company reported second-quarter revenue of $449.5 million, driven by growth in Middle East operations and domestic activity.
Cactus (WHD) reported second-quarter revenue of $449.5 million. The energy services provider saw a 64.1% increase in revenue compared to the $273.6 million reported in the same period last year.
The result followed a sequential rise of 15.6% from the $388.3 million recorded in the first quarter. This trajectory coincided with a recovery in profitability metrics, as operating income margin expanded to 18.6% from 12.7% in the prior quarter.
Adjusted EBITDA margin rose to 29.5% from 25.8% in the first quarter. Both the operating and EBITDA margins remained below the levels reported in the second quarter of 2025, which were 22.2% and 31.7%, respectively.
Growth was led by the Pressure Control segment, where revenue increased $43.8 million sequentially. This 14.6% rise was driven by growth in the Middle East, which helped push adjusted segment EBITDA up $24.1 million and expand margins by 400 basis points.
Spoolable Technologies also contributed to the gain, with revenue increasing $15.6 million sequentially due to higher domestic activity. Adjusted segment EBITDA for the unit rose $9.2 million, and margins increased 330 basis points.
For the third quarter, Cactus expects consolidated revenues to decrease slightly. Pressure Control revenues are projected to fall 10% compared to the second quarter, while Spoolable Technologies activity is expected to increase between 15% and 20%.
The company increased its full-year 2026 capital expenditure guidance to a range of $55 million to $65 million. Capacity investments at the Baytown Spoolable Technologies facility drove the higher spend.
Cactus retained $92.5 million in cash to finalize legal restructuring activities related to the acquisition of Cactus International. In July 2026, the board approved a 7% increase in the quarterly dividend to $0.15 a share.