Cactus, Inc. (WHD) Income Statement
WHD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWHD revenue and net income
Where WHD's revenue goes
2025Each bar shows an amount and its share of revenue. WHD kept 15.4% of revenue as net income.
WHD profit margins
WHD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.5% | +16.2% | +25.4% | +17.2% |
| Gross profit | +35.0% | +34.5% | +39.5% | +24.8% |
| Operating income | −13.5% | +12.8% | +29.0% | +19.5% |
| Net income | −10.5% | +14.6% | +37.0% | +22.8% |
| EPS (diluted) | −11.4% | +14.0% | +30.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WHD quarterly EPS vs estimates
Cactus beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.77).
WHD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.13B | $1.10B | $688.4M | $438.6M | $348.6M | $628.4M | $544.1M | $341.2M | $155.0M |
| Cost of revenue | $489.8M | $693.4M | $690.7M | $445.9M | $317.1M | $236.9M | $393.6M | $325.9M | $225.2M | $125.2M |
| Gross profit | $589.3M | $436.4M | $406.3M | $242.4M | $121.4M | $111.6M | $234.8M | $218.2M | $116.0M | $29.8M |
| Research & development | — | — | — | — | — | — | — | $0 | — | — |
| Sales, general & admin | $148.9M | $130.5M | $120.4M | $67.7M | $45.6M | $39.7M | $51.7M | $40.5M | $27.2M | $19.2M |
| Total operating expenses | $338.8M | $146.8M | $141.9M | $67.7M | $46.0M | $41.6M | $51.7M | $40.5M | $27.2M | $19.2M |
| Operating income | $250.5M | $289.6M | $264.4M | $174.7M | $75.4M | $70.0M | $183.2M | $177.7M | $88.9M | $10.6M |
| Interest income | $15.3M | $10.3M | $3.8M | $3.7M | $774,000 | $701,000 | $879,000 | $3.6M | $20.8M | $20.2M |
| Interest expense | $4.3M | $3.8M | $10.2M | $1.2M | $1.1M | $1.1M | $1.5M | $3.7M | $20.8M | $20.2M |
| Income before taxes | $260.7M | $299.3M | $262.4M | $176.6M | $75.1M | $70.2M | $188.3M | $169.8M | $68.1M | −$7.4M |
| Income taxes | $59.0M | $66.5M | $47.5M | $31.4M | $7.7M | $11.0M | $32.0M | $19.5M | $1.5M | $809,000 |
| Net income | $166.0M | $185.4M | $169.2M | $110.2M | $49.6M | $34.4M | $85.6M | $65.3M | $66.5M | −$8.2M |
| EBITDA | $353.5M | $363.5M | $332.3M | $211.6M | $111.7M | $111.7M | $228.4M | $207.9M | $112.1M | $31.9M |
| EPS (diluted) | $2.71 | $3.06 | $3.09 | $1.83 | $0.71 | $0.72 | $1.86 | $1.77 | $0.88 | −$0.76 |
| Gross margin | 54.6% | 38.6% | 37.0% | 35.2% | 27.7% | 32.0% | 37.4% | 40.1% | 34.0% | 19.2% |
| Operating margin | 23.2% | 25.6% | 24.1% | 25.4% | 17.2% | 20.1% | 29.1% | 32.7% | 26.0% | 6.8% |
| Net margin | 15.4% | 16.4% | 15.4% | 16.0% | 11.3% | 9.9% | 13.6% | 12.0% | 19.5% | −5.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $449.5M | $388.3M | $261.2M | $264.0M | $273.6M | $280.3M | $272.1M | $293.2M | $290.4M | $274.1M | $274.9M | $287.9M |
| Cost of revenue | $299.8M | $207.5M | $18.8M | $170.8M | $123.5M | $176.6M | $174.1M | $178.9M | $180.5M | $168.8M | $170.0M | $175.8M |
| Gross profit | $149.7M | $180.9M | $242.4M | $93.1M | $150.1M | $103.7M | $98.0M | $114.3M | $109.9M | $105.3M | $104.9M | $112.1M |
| Sales, general & admin | $66.1M | $62.1M | $34.7M | $35.9M | $39.2M | $39.1M | $25.4M | $37.4M | $31.2M | $25.4M | $29.6M | $25.5M |
| Total operating expenses | $66.1M | $131.4M | $182.5M | $31.9M | $89.3M | $35.1M | $27.5M | $37.5M | $27.2M | $42.7M | $24.6M | $24.5M |
| Operating income | $83.6M | $49.5M | $59.9M | $61.2M | $60.8M | $68.6M | $70.5M | $76.8M | $82.7M | $62.5M | $80.3M | $87.6M |
| Interest income | — | — | $7.5M | $3.0M | $2.5M | $2.3M | $2.3M | $2.1M | — | $689,000 | — | $1.4M |
| Interest expense | — | — | — | — | — | — | — | $1 | $1.4M | — | $182,000 | $1.4M |
| Income before taxes | $84.5M | $49.7M | $62.0M | $64.4M | $63.3M | $70.9M | $76.0M | $78.9M | $81.2M | $63.2M | $79.1M | $86.5M |
| Income taxes | $23.2M | $9.5M | $13.7M | $14.2M | $14.3M | $16.8M | $18.5M | $16.4M | $18.2M | $13.4M | $17.0M | $18.5M |
| Net income | $49.0M | −$48.6M | $39.8M | $41.6M | $40.3M | $44.2M | $46.7M | $49.9M | $49.8M | $39.0M | $48.9M | $52.6M |
| EBITDA | $121.2M | $86.5M | $78.1M | $80.6M | $79.2M | $86.6M | $91.3M | $92.0M | $96.2M | $90.9M | $94.1M | $97.7M |
| EPS (diluted) | $0.93 | $0.70 | $0.65 | $0.67 | $0.66 | $0.73 | $0.71 | $0.79 | $0.81 | $0.75 | $0.81 | $0.80 |
| Gross margin | 33.3% | 46.6% | 92.8% | 35.3% | 54.9% | 37.0% | 36.0% | 39.0% | 37.9% | 38.4% | 38.2% | 38.9% |
| Operating margin | 18.6% | 12.7% | 22.9% | 23.2% | 22.2% | 24.5% | 25.9% | 26.2% | 28.5% | 22.8% | 29.2% | 30.4% |
| Net margin | 10.9% | −12.5% | 15.3% | 15.8% | 14.7% | 15.8% | 17.2% | 17.0% | 17.2% | 14.2% | 17.8% | 18.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WHD's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WHD financial results
In fiscal year 2025 (ended December 31, 2025), Cactus reported revenue of $1.1 billion, down 4.5% from the year before. It had net income of $166.0 million (down 10.5%), a net profit margin of 15.4%. Diluted earnings per share came to $2.71. Over five years revenue grew at an average rate of 25.4% a year.
See the WHD stock overview for the latest quote and news, or the WHD chart for price history and technical indicators.
WHD income statement FAQ
What is Cactus's annual revenue?
Cactus reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 4.5% from $1.1 billion the previous year.
Is Cactus profitable?
Yes. Cactus reported net income of $166.0 million in fiscal 2025, a net profit margin of 15.4%; its operating margin was 23.2%.
What is Cactus's gross margin?
Cactus's gross margin was 54.6% in fiscal 2025: for every $100 of revenue, Cactus kept $55 after the direct cost of its products and services.
How fast is Cactus growing?
Revenue grew 25.4% a year on average over the last five fiscal years, from $348.6 million to $1.1 billion.
What are Cactus's earnings per share?
Cactus earned $2.71 per diluted share in fiscal 2025, compared with $3.06 a year earlier.
When will Cactus report its next earnings?
Cactus is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Cactus's fiscal year end?
Cactus's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.