Cactus revenue hits $388M following Baker Hughes unit acquisition

Cactus (NYSE:WHD) delivered a transformative first quarter for 2026, characterized by a substantial expansion of its operational footprint following the integration of global assets.

The Houston-based provider of wellhead and pressure control equipment reported total revenue of $388.3 million for the quarter ended March 31, 2026, a result heavily influenced by the January 1 closing of its acquisition of a majority interest in Baker Hughes' Surface Pressure Control business, now known as Cactus International.

The company reported a net income of $40.2 million for the quarter.

While Cactus recorded a diluted loss per Class A share of $0.70 on a GAAP basis, the performance was markedly different when adjusted for one-time costs associated with the acquisition and restructuring.

Adjusted net income stood at $56.2 million, resulting in adjusted diluted earnings per share of $0.70.

The inclusion of international assets significantly bolstered the company's earnings power.

Cactus reported an adjusted EBITDA of $100.1 million for the quarter, yielding a robust adjusted EBITDA margin of 25.8%.

Operating income for the period was $49.5 million, reflecting the initial synergies and increased scale provided by the Cactus International deal.

Profitability remained a key highlight, with an adjusted net income margin of 14.5%.

Meanwhile, Cactus continues to demonstrate exceptional financial strength and liquidity.

The company generated $128.3 million in cash flow from operations during the first quarter.

As of March 31, 2026, Cactus reported cash and cash equivalents of $291.6 million.