Cactus reported third-quarter 2026 revenue of $430.9 million and net income of $74.1 million, alongside higher operating income than in both the prior quarter and a year earlier. The oilfield equipment and services company also announced plans for a new manufacturing facility in the Middle East and a quarterly dividend of 15 cents per Class A share.
Key details
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Revenue was lower than in the second quarter but sharply higher year over year. Third-quarter revenue was $430.9 million, down about 4% from $449.5 million in the second quarter and up about 63% from $264.0 million a year earlier.
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Operating income improved despite the sequential revenue decline. Operating income reached $94.0 million, up from $83.6 million in the second quarter and $61.2 million in the third quarter of 2025. The operating margin was 21.8%, compared with 18.6% in the prior quarter and 23.2% a year earlier.
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Reported earnings were $0.87 per diluted Class A share. Net income was $74.1 million, equal to a 17.2% net income margin. On an adjusted basis, net income was $78.0 million, or $0.96 per diluted share, with an 18.1% margin.
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Adjusted EBITDA was $132.0 million, representing a 30.6% margin.
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Cactus ended September with $354.2 million in cash and no bank debt outstanding.
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The board approved construction of a new Spoolable Technologies manufacturing facility in the Middle East. The announcement did not provide a construction schedule, facility capacity or investment amount.
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The board declared a quarterly cash dividend of $0.15 per Class A share in October.
Plain-English implications
Cactus paired higher operating income with lower revenue than in the prior quarter, while revenue and operating income were both well above year-earlier levels. Its cash balance and lack of bank debt, alongside the approved facility project and declared dividend, provide context for its financial position and capital plans.