Cactus (WHD) Earnings Date & Reports

Key Takeaways

• Cactus, Inc. (WHD) is scheduled to report third quarter 2026 results after the market close on Wednesday, October 28, 2026, with a conference call on October 29 at 10:00 a.m. ET.
• Wall Street consensus calls for earnings per share (EPS) of about $0.77 on revenue of roughly $438.07 million, according to aggregated analyst estimates.
• Those expectations represent a sharp year-over-year increase from the $0.67 EPS and $263.95 million revenue reported in the third quarter of 2025.
• Consensus reflects a sequential step-down from the prior quarter, when Cactus posted EPS of $0.93 on revenue of $449.53 million, driven by the Cactus International acquisition.
• Investors will focus on margin trends, integration progress from the Baker Hughes Surface Pressure Control deal, and management's fourth-quarter commentary.
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Earnings Context and Why It Matters

Cactus, Inc. (WHD) designs, manufactures, and rents wellheads and pressure control equipment used in onshore unconventional oil and gas wells, alongside its Spoolable Technologies segment. The company's third quarter 2026 report marks its second full quarter reflecting the completed acquisition of a 65% controlling interest in Baker Hughes' Surface Pressure Control business, a transformative deal that closed in early 2026. That transaction roughly doubled the company's revenue base and expanded its international footprint, making this quarter a key test of whether the growth and cost-synergy benefits are durable. With U.S. drilling activity subdued and tariff costs still weighing on the supply chain, investors are watching whether Cactus can sustain margin discipline while integrating the acquired operations.

Earnings Expectations

Analysts expect Cactus to report third quarter 2026 EPS of approximately $0.77 on revenue of around $438.07 million. Compared with the prior-year quarter, this implies growth of roughly 15% in EPS and about 66% in revenue, reflecting the contribution from the Cactus International acquisition. However, the consensus also points to a sequential decline from the second quarter, when Cactus delivered EPS of $0.93 and revenue of $449.53 million, both comfortably above estimates. The expected pullback raises a central question for investors: whether it reflects normal seasonality and integration-related items, or an early signal of cooling demand. Beyond the headline figures, markets will scrutinize segment-level results in Pressure Control and Spoolable Technologies, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins, and any updates to full-year capital expenditure guidance.

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Market Reaction and Investor Sentiment

Sentiment heading into the report is cautiously optimistic but tempered by the higher bar set by the previous quarter. Cactus shares rallied following the July earnings release, when EPS came in about 46% above consensus and revenue beat by double digits, and analyst price targets have trended modestly higher in recent weeks. Still, the stock trades in the middle of its 52-week range, and the consensus rating sits near "Hold" territory, reflecting uncertainty over whether the post-acquisition momentum can persist. Key risk factors include North American rig-count softness, lingering tariff exposure on imported goods, and the potential for purchase-accounting adjustments tied to the Cactus International deal. A meaningful miss or weak fourth-quarter commentary could weigh on the stock, while confirmation of integration progress and stable margins could reinforce the recent rally.

Forward Outlook and Key Factors to Monitor

Following the third quarter report, investors should track several themes that will shape Cactus's trajectory into 2027. First, the company's fourth-quarter guidance will be closely read for signs of whether the sequential slowdown is seasonal or structural, particularly within the Pressure Control segment, which is more directly tied to U.S. drilling activity.

Second, integration milestones remain central. Management previously raised its expected annualized cost synergies from the Cactus International acquisition to $15 million from $10 million, and any further progress toward that target will be an important signal of execution. Watch for commentary on the pace of purchase-accounting amortization and inventory step-up costs, which have weighed on reported margins in recent quarters.

Third, tariff and supply-chain dynamics continue to matter. Cactus has been working to shift production away from higher-tariff regions, and updates on those efforts will influence both margins and competitive positioning. Finally, broader industry conditions, including oil prices, U.S. land rig counts, and international order momentum in Spoolable Technologies, will frame demand expectations for the quarters ahead.

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