Short answer
Cactus, Inc. (WHD) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.1B (−4.5% year over year) and net income of $166M.
- Top risk flagged: Regulatory risk: Texas Railroad Commission bans deep wastewater disposal wells in 4 West Texas counties impacting hydraulic fracturing wastewater handling
FY2025 key financial metrics · XBRL
- Revenue
- $1.1B
- −4.5% YoY
- Net income
- $166M
- −10.5% YoY
- Operating margin
- 23.2%
- −2.4 pp YoY
- ROE
- 13.5%
- −3.8 pp YoY
- Operating cash flow
- $258M
- −18.3% YoY
Source: XBRL data from the Cactus, Inc. (WHD) FY2025 10-K on SEC EDGAR. USD.
Cactus, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design, manufacture, sale, rental, and field service of wellhead, pressure control equipment, and spoolable pipe technologies for oil and gas
- No new segments; 2025 emphasized investments in international expansion including joint venture in Vietnam and supply chain diversification
- Strategic impact of U.S. tariffs raised steel and import costs, pressuring margins despite cost reductions; Baker Hughes acquisition drove elevated professional fees
- Revenue declined 4.5% to $1.08B in 2025 with Pressure Control segment down 0.9% and Spoolable Technologies down 9.5% amid reduced drilling activity
- Noteworthy: $371M cash held in escrow tied to Baker Hughes transaction closed Jan 2026, constraining liquidity during 2025; share repurchase authorization nearly fully available at $146.3M remaining
Management Discussion & Analysis
- Revenue or profitability figures not disclosed in the MD&A section provided
- No specific YoY revenue change or profit margin percentages mentioned
- Pressure Control segment manufacturing facilities in US, China, Vietnam; Spoolable Technologies facility in Baytown, Texas
- Risks include oil and gas industry cyclicality, environmental regulations, hydraulic fracturing restrictions, climate change policies impacting demand and costs
Risk Factors
- Regulatory risk: Texas Railroad Commission bans deep wastewater disposal wells in 4 West Texas counties impacting hydraulic fracturing wastewater handling
- Geopolitical risk: Conflicts in Ukraine and Middle East causing longer transit times, higher costs, and reduced availability of raw materials and components
- Operational risk: Dependence on skilled labor with high competition and wage pressure risks limiting expansion and response to demand
- Competitive risk: Competitors with greater resources developing new drilling technologies may erode Cactus’ current U.S. market advantage
- Financial risk: Revenue concentration risk from reliance on a small number of oil and gas E&P customers vulnerable to industry consolidation and payment delays
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.