Cactus, Inc.
cactuswhd.comWhat Do They Do?
Sells wellhead and pressure-control equipment, spoolable pipe and fittings, and related field services to oil and gas operators.
10-K for FY2025, filed Feb 26, 2026"The Company" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe…View ↗
The Pressure Control segment designs, manufactures, sells and rents a range of wellhead and pressure control equipment under the Cactus…View ↗
The Spoolable Technologies segment designs, manufactures, and sells spoolable pipe and associated end fittings under the FlexSteel brand.…View ↗
For the year ended December 31, 2025, we derived 76% of our total revenues from the sale of our products, 8% from rentals and 16% from…View ↗
How Do They Make Money?
Customers buy wellhead systems, production trees, spoolable pipe and fittings for fixed prices. Rentals are charged for the time equipment is used or available, while field and repair work is billed at agreed rates as services are performed.
10-K for FY2025, filed Feb 26, 2026The majority of our revenues are derived from short-term contracts for fixed consideration, or in the case of equipment rentals, for a…View ↗
Product revenue. Product revenues are primarily derived from the sale of wellhead systems, production trees, spoolable pipe and…View ↗
Rental revenue. Rental revenues are primarily derived from the rental of equipment, tools and products to customers used for well control…View ↗
Field service and other revenue. We provide field services to our customers based on contractually agreed rates. Other revenues are derived…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$1.1B
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10-K for FY2025, filed Feb 26, 2026
$1.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
77%
FY2022: 66%
|
Product revenue, FY2025
$825.5M Sources
|
Sold outright |
|
Rental revenue
Recurring
|
7.9%
FY2022: 15%
|
Rental revenue, FY2025
$85.2M Sources
|
Recurring |
|
Field service and other revenue
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
16%
FY2022: 20%
|
Field service and other revenue, FY2025
$168.3M Sources
|
Sold outright |
Who Are Their Customers?
Oil and gas operators—including private operators, publicly traded independents and majors—order goods and services through customer agreements as needed; rental agreements are directly with customers.
10-K for FY2025, filed Feb 26, 2026Most of our sales are made on a call out basis pursuant to customer agreements, wherein our clients provide delivery instructions for goods…View ↗
We serve over 300 customers representing private operators, publicly-traded independents, majors and other companies with operations in the…View ↗
Rental revenue. Rental revenues are primarily derived from the rental of equipment, tools and products to customers used for well control…View ↗
10-K for FY2025, filed Feb 26, 2026
We serve over 300 customers representing private operators, publicly-traded independents, majors and other companies with operations in the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
Growing. Revenue grew 2.5x in 4 years, from $438.6M in FY2021 to $1.1B in FY2025, about 25% a year.
Spoolable pipe added
The business has expanded from wellhead and pressure-control equipment into spoolable pipe and fittings through FlexSteel.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 26, 2026The Spoolable Technologies segment designs, manufactures, and sells spoolable pipe and associated end fittings under the FlexSteel brand.…View ↗
Former Baker Hughes business added
The latest report adds a joint-venture business holding Baker Hughes Company's former surface pressure control business to Cactus's operations.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 26, 2026Cactus, Inc. (“Cactus Inc.”) and its consolidated subsidiaries (the “Company,” “we,” “us,” “our” and “Cactus”), including Cactus Wellhead…View ↗
On January 1, 2026 (the “Closing Date”), Baker Hughes Holdings LLC ("Baker Hughes Holdings") and certain of its affiliates sold 65% of the…View ↗
Who Do They Compete With?
Competes with Vault, SLB, TechnipFMC, Baker Hughes, Mattr, NOV, Tenaris, and Vallourec
10-K for FY2025, filed Feb 26, 2026The markets in which we operate are highly competitive. In the Pressure Control segment, we believe we are one of the largest suppliers of…View ↗
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