Overview
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- TickerWHD on NYSE1
- IndustryOil & Gas Field Machinery & Equipment1
- HeadquartersHouston, Texas1
- Websitecactuswhd.com
- Business address920 Memorial City Way, Suite 300, Houston, Tx 770245
- Filer categoryLarge accelerated filer5
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Cactus, Inc. (“Cactus Inc.”) was incorporated on February 17, 2017 as a Delaware corporation for the purpose of completing an initial public offering of equity, which was completed on February 12, 2018 (our “IPO”). We began operating in August 2011 following the formation of Cactus Wellhead, LLC (“Cactus LLC”) in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s.7 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
23.2%Operating margin4
15.4%Net margin4
-4.5%Revenue growth, 20254
13.5%Return on equity4
0.00×Debt to equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product brought in 76% of the revenue Cactus Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Product | $810.4M | $852.3M | $825.5M |
| Product and Service, Other | $172.9M | $175.8M | $168.3M |
| Rental Revenue | $113.6M | $101.8M | $85.2M |
Business segments
Pressure Control brought in 66% of the revenue Cactus Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Pressure Control | $756.7M | $722.8M | $710.8M |
| Spoolable Technologies | $340.2M | $407.0M | $368.2M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue63¢$679.6M
- Selling, general and admin14¢$148.9M
- Other costs2¢$25.5M
- Income tax5¢$59.0M
- Profit15¢$166.0M
Out of $1.1B in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Dividends paid14¢$37.4M
- Share buybacks2¢$5.9M
- Kept or used elsewhere83¢$215.0M
Out of $258.4M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $1.1B | $1.1B | $1.1B |
| Selling, general and administrative expenses | $148.9M | $130.5M | $127.1M |
| Change in fair value of earn-out liability | $0 | $16.3M | $14.8M |
| Total costs and expenses | $828.5M | $840.2M | $832.6M |
| Operating income | $250.5M | $289.6M | $264.4M |
| Interest income (expense), net | $11.0M | $6.5M | -$6.5M |
| Other (expense) income, net | -$794.0K | $3.2M | $4.5M |
| Income before income taxes | $260.7M | $299.3M | $262.4M |
| Income tax expense | $59.0M | $66.5M | $47.5M |
| Net income | $201.6M | $232.8M | $214.8M |
| Less: net income attributable to non-controlling interest | $35.6M | $47.4M | $45.7M |
| Net income attributable to Cactus Inc. | $166.0M | $185.4M | $169.2M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $123.6M | $342.8M | $133.8M | |
| Restricted cash | $371.0M | $0 | $0 | |
| Accounts receivable, net of allowance of $4,494 and $3,779, respectively | $164.5M | $191.6M | ||
| Inventories | $276.6M | $226.8M | ||
| Prepaid expenses and other current assets | $19.2M | $13.4M | ||
| Total current assets | $954.9M | $774.7M | ||
| Property and equipment, net | $342.6M | $346.0M | ||
| Operating lease right-of-use assets, net | $19.5M | $24.1M | ||
| Intangible assets, net | $148.0M | $164.0M | ||
| Goodwill | $203.0M | $203.0M | ||
| Deferred tax asset, net | $187.5M | $219.0M | ||
| Investment in unconsolidated affiliates | $5.9M | $0 | ||
| Other noncurrent assets | $10.1M | $8.5M | ||
| Total assets | $1.9B | $1.7B | $1.5B | |
| Accounts payable | $71.5M | $72.0M | ||
| Accrued expenses and other current liabilities | $59.1M | $75.4M | ||
| Current portion of liability related to tax receivable agreement | $21.3M | $20.3M | ||
| Finance lease obligations, current portion | $7.5M | $7.0M | ||
| Operating lease liabilities, current portion | $4.8M | $4.1M | ||
| Total current liabilities | $164.2M | $178.8M | ||
| Deferred tax liability, net | $2.8M | $2.9M | ||
| Liability related to tax receivable agreement, net of current portion | $241.6M | $258.4M | ||
| Finance lease obligations, net of current portion | $9.7M | $10.5M | ||
| Operating lease liabilities, net of current portion | $15.8M | $20.1M | ||
| Other noncurrent liabilities | $4.5M | $4.5M | ||
| Total liabilities | $438.6M | $475.1M | ||
| Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding | $0 | $0 | ||
| Additional paid-in capital | $546.9M | $520.8M | ||
| Retained earnings | $680.4M | $552.1M | ||
| Accumulated other comprehensive loss | -$1.6M | -$2.5M | ||
| Total stockholders equity attributable to Cactus Inc. | $1.2B | $1.1B | ||
| Non-controlling interest | $206.7M | $193.1M | ||
| Total stockholders equity | $1.4B | $1.3B | $1.1B | $710.4M |
| Total liabilities and equity | $1.9B | $1.7B | ||
| Allowance for doubtful accounts receivable | $4.5M | $3.8M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $123.6M | $342.8M | $133.8M | |
| Restricted cash | $371.0M | $0 | $0 | |
| Accounts receivable, net of allowance of $4,494 and $3,779, respectively | $164.5M | $191.6M | ||
| Inventories | $276.6M | $226.8M | ||
| Prepaid expenses and other current assets | $19.2M | $13.4M | ||
| Total current assets | $954.9M | $774.7M | ||
| Property and equipment, net | $342.6M | $346.0M | ||
| Operating lease right-of-use assets, net | $19.5M | $24.1M | ||
| Intangible assets, net | $148.0M | $164.0M | ||
| Goodwill | $203.0M | $203.0M | ||
| Deferred tax asset, net | $187.5M | $219.0M | ||
| Investment in unconsolidated affiliates | $5.9M | $0 | ||
| Other noncurrent assets | $10.1M | $8.5M | ||
| Total assets | $1.9B | $1.7B | $1.5B | |
| Accounts payable | $71.5M | $72.0M | ||
| Accrued expenses and other current liabilities | $59.1M | $75.4M | ||
| Current portion of liability related to tax receivable agreement | $21.3M | $20.3M | ||
| Finance lease obligations, current portion | $7.5M | $7.0M | ||
| Operating lease liabilities, current portion | $4.8M | $4.1M | ||
| Total current liabilities | $164.2M | $178.8M | ||
| Deferred tax liability, net | $2.8M | $2.9M | ||
| Liability related to tax receivable agreement, net of current portion | $241.6M | $258.4M | ||
| Finance lease obligations, net of current portion | $9.7M | $10.5M | ||
| Operating lease liabilities, net of current portion | $15.8M | $20.1M | ||
| Other noncurrent liabilities | $4.5M | $4.5M | ||
| Total liabilities | $438.6M | $475.1M | ||
| Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding | $0 | $0 | ||
| Additional paid-in capital | $546.9M | $520.8M | ||
| Retained earnings | $680.4M | $552.1M | ||
| Accumulated other comprehensive loss | -$1.6M | -$2.5M | ||
| Total stockholders equity attributable to Cactus Inc. | $1.2B | $1.1B | ||
| Non-controlling interest | $206.7M | $193.1M | ||
| Total stockholders equity | $1.4B | $1.3B | $1.1B | $710.4M |
| Total liabilities and equity | $1.9B | $1.7B | ||
| Allowance for doubtful accounts receivable | $4.5M | $3.8M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $201.6M | $232.8M | $214.8M |
| Depreciation and amortization | $63.9M | $60.4M | $65.0M |
| Deferred financing cost amortization | $1.1M | $1.1M | $4.5M |
| Stock-based compensation | $24.5M | $22.9M | $18.1M |
| Provision for expected credit losses | $1.2M | $370.0K | $2.6M |
| Inventory obsolescence | $3.2M | $3.8M | $5.3M |
| Gain on disposal of assets | -$3.0M | -$1.0M | -$3.2M |
| Deferred income taxes | $35.1M | $19.8M | $17.3M |
| Change in fair value of earn-out liability | $0 | $16.3M | $14.8M |
| (Gain) loss from revaluation of liability related to tax receivable agreement | $794.0K | -$3.2M | -$4.5M |
| Accounts receivable | $26.4M | $13.0M | -$11.9M |
| Inventories | -$52.5M | -$25.6M | $41.9M |
| Prepaid expenses and other assets | -$6.0M | -$2.3M | $753.0K |
| Accounts payable | -$2.1M | $675.0K | $8.7M |
| Accrued expenses and other liabilities | -$15.9M | $29.0M | -$7.4M |
| Payments pursuant to tax receivable agreement | -$20.1M | -$20.8M | -$26.9M |
| Payment of earn-out liability | $0 | -$31.2M | $0 |
| Net cash provided by operating activities | $258.4M | $316.1M | $340.3M |
| Acquisition of a business, net of cash and cash equivalents acquired | $0 | $0 | -$616.2M |
| Investment in unconsolidated affiliates | -$6.0M | $0 | $0 |
| Capital expenditures and other | -$38.8M | -$39.2M | -$44.0M |
| Proceeds from sale of assets | $5.7M | $3.8M | $5.4M |
| Net cash used in investing activities | -$39.1M | -$35.4M | -$654.8M |
| Proceeds from the issuance of long-term debt | $0 | $0 | $155.0M |
| Repayments of borrowings of long-term debt | $0 | $0 | -$155.0M |
| Payment of contingent consideration | $0 | -$6.0M | $0 |
| Net proceeds from the issuance of Class A common stock | $0 | $0 | $169.9M |
| Payments of deferred financing costs | -$2.4M | $0 | -$6.9M |
| Payments on finance leases | -$7.7M | -$7.9M | -$7.7M |
| Dividends paid to Class A common stock shareholders | -$37.4M | -$33.7M | -$30.1M |
| Distributions to members | -$15.6M | -$13.3M | -$16.6M |
| Repurchases of shares | -$5.9M | -$9.3M | -$5.2M |
| Net cash (used in) provided by financing activities | -$69.1M | -$70.1M | $103.3M |
| Effect of exchange rate changes on cash and cash equivalents | $1.4M | -$1.5M | $503.0K |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $151.7M | $209.1M | -$210.7M |
No quarter-by-quarter statement was filed.
Corporate structure
Cactus Inc. sits at the top of its group. 13 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Cactus Inc.
- Boston Partners Filed SCHEDULE 13G on Cactus Inc., latest Aug 4, 2026
- Wellington Management Company Filed SCHEDULE 13G/A on Cactus Inc., latest May 15, 2026 (2 filings since Feb 10, 2026)
- FMR LLC Filed SCHEDULE 13G/A on Cactus Inc., latest May 6, 2026 (7 filings since Feb 9, 2024)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Cactus Inc., latest Apr 29, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Cactus Inc., latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Cactus Inc., latest Mar 26, 2026 (7 filings since Feb 9, 2022)
- Cactus WH Enterprises, LLC Filed SCHEDULE 13G/A on Cactus Inc., latest Feb 17, 2026 (5 filings since Feb 8, 2022)
- BlackRock Filed SCHEDULE 13G/A on Cactus Inc., latest Oct 17, 2025 (5 filings since Feb 3, 2022)
- T. Rowe Price Investment Management, Inc. Filed SC 13G/A on Cactus Inc., latest Feb 16, 2024 (3 filings since Feb 14, 2023)
- AllianceBernstein Filed SC 13G/A on Cactus Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Cactus Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- The Bank of New York Mellon Filed SC 13G/A on Cactus Inc., latest Apr 11, 2022 (2 filings since Feb 2, 2022)
- Cactus Inc. Houston, Texas
- Cactus Acquisitions LLC Subsidiary · Delaware, United States
- Cactus Companies, LLC Subsidiary · Delaware, United States
- Cactus Wellhead (Suzhou) Pressure Control Co., Ltd. Subsidiary · China
- Cactus Wellhead Australia Pty, Ltd Subsidiary · Australia
- Cactus Wellhead International I, LLC Subsidiary · Delaware, United States
- Cactus Wellhead Vietnam Limited Company Subsidiary · Vietnam
- Cactus Wellhead, LLC Subsidiary · Delaware, United States
- FlexSteel Holdings, LLC Subsidiary · Delaware, United States
- FlexSteel Pipeline Technologies, Ltd. Subsidiary · Canada
- FlexSteel USA, LLC Subsidiary · Nevada, United States
- Rubiales Consulting, LLC Subsidiary · Delaware, United States
- Talon Bridge Holdings, LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Cactus Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $19.5M4 Dec 31, 2025 | $24.1M4 Dec 31, 2024 | −19.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $123.6M4 Dec 31, 2025 | $342.8M4 Dec 31, 2024 | −64.0% |
| Stakes in other companies (equity method) | $5.9M4 Dec 31, 2025 | $04 Dec 31, 2024 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $203.0M4 Dec 31, 2025 | $203.0M4 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $148.0M4 Dec 31, 2025 | $164.0M4 Dec 31, 2024 | −9.7% |
| Finite-lived intangibles, gross | $200.3M4 Dec 31, 2025 | $200.3M12 Dec 31, 2024 | 0% |
| Accumulated amortization | $52.3M4 Dec 31, 2025 | $36.3M12 Dec 31, 2024 | +44.0% |
| Finite-lived intangibles, net | $148.0M4 Dec 31, 2025 | $164.0M12 Dec 31, 2024 | −9.7% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Raw materials | $28.9M4 Dec 31, 2025 | $31.0M4 Dec 31, 2024 | −7.0% |
| Work in process | $18.9M4 Dec 31, 2025 | $11.0M4 Dec 31, 2024 | +71.7% |
| Finished goods | $228.9M4 Dec 31, 2025 | $184.8M4 Dec 31, 2024 | +23.9% |
Properties, in its own words
The following table sets forth information with respect to our current principal facilities as of December 31, 2025. We believe that our facilities are suitable and adequate for our current operations.
Location · Type · Operating Segment · Own/Lease
The rest of Item 2
United States
Baytown, TX · Manufacturing Facility, Service Center and Land · Spoolable Technologies · Own
Bossier City, LA(1) · Manufacturing Facility and Service Center · Pressure Control · Lease
Bossier City, LA(1) · Manufacturing and Assembly Facilities, Warehouse and Land · Pressure Control · Own
Donora, PA · Service Center · Pressure Control · Lease
DuBois, PA(2) · Service Center · Pressure Control · Lease
Hobbs, NM · Service Center / Land · Pressure Control · Own
Hobbs, NM · Service Center · Spoolable Technologies · Lease
Houston, TX · Administrative Headquarters · N/A(3) · Lease
New Waverly, TX · Service Center / Land · Pressure Control · Own
Odessa, TX · Service Center / Land · Pressure Control · Own
Oklahoma City, OK · Service Center · Pressure Control · Lease
Pleasanton, TX · Service Center · Spoolable Technologies · Own
Pleasanton, TX(2) · Service Center · Pressure Control · Lease
Williston, ND(2) · Service Center · Pressure Control · Lease
International
Queensland, Australia · Service Centers and Offices / Land · Pressure Control · Lease
Suzhou, China · Production Facility and Offices · Pressure Control · Lease
Hai Duong, Vietnam · Production Facility and Offices · Pressure Control · Lease
(1) Consists of various facilities adjacent to each other constituting our manufacturing facility, test and assembly facility, warehouse and service center.
(2) We also own land adjacent to these facilities.
(3) Corporate headquarters.
Item 2 of the 10-K filed Feb 26, 2026.7
Leadership
Who has led Cactus Inc., and when. Pick a name to see everywhere that person has worked.
Chair
Chief financial officer
Chief operating officer
20202025
- Chief executive officerSteven Bender Aug 10, 2026 to now18
- Chief executive officerStephen Tadlock Nov 4, 2024 to Aug 10, 202619
- Chief executive officerScott Bender Feb 7, 2018 to Nov 4, 202420
- ChairScott Bender Aug 14, 2023 to now21
- PresidentJoel Bender Aug 22, 2023 to now22
- PresidentScott Bender Feb 7, 2018 to May 26, 202320
- Chief financial officerJay A. Nutt Jun 5, 2024 to now23
- Chief financial officerAlan J. Keifer Nov 17, 2023 to Nov 17, 202324
- Chief financial officerStephen Tadlock Mar 13, 2020 to Aug 17, 202325
- Chief financial officerBrian Small Feb 7, 2018 to Feb 11, 201926
- Chief operating officerSteven Bender Sep 11, 2023 to now27
- Chief operating officerJoel Bender Feb 7, 2018 to May 26, 202328
Board members and other officers (16)
- GC, VP of Admin. and SecretaryWilliam D. Marsh May 25, 2022 to now29
- Senior Finance DirectorBrian Small Mar 25, 2019 to Oct 2, 201930
- Chief Accounting OfficerDonna L. Anderson Dec 17, 2019 to Mar 13, 202431
- Chief Accounting OfficerIke C. Smith Feb 7, 2018 to Mar 13, 201932
- VP of Corporate ServicesStephen Tadlock Feb 7, 2018 to Mar 13, 202433
- VP of OperationsSteven Bender Feb 7, 2018 to Mar 14, 202334
- GC and VP of AdministrationDavid John Isaac Sep 24, 2018 to Mar 15, 202235
- Board memberTana Leigh Utley May 13, 2026 to now36
- Board memberJoseph Elkhoury Aug 5, 2026 to now37
- Board memberTymothi O. Tombar Jul 2, 2021 to now38
- Board memberMelissa Law Feb 3, 2020 to now39
- Board memberAlan Semple Feb 7, 2018 to now40
- Board memberBruce M. Rothstein Feb 7, 2018 to now41
- Board memberGary L. Rosenthal Feb 7, 2018 to now42
- Board memberJoel Bender Feb 7, 2018 to now28
- Board memberScott Bender Feb 7, 2018 to May 26, 202320
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Cactus Acquisitions LLC Delaware6
- Cactus Companies, LLC Delaware6
- Cactus Wellhead (Suzhou) Pressure Control Co., Ltd. China6
- Cactus Wellhead Australia Pty, Ltd Australia6
- Cactus Wellhead International I, LLC Delaware6
- Cactus Wellhead Vietnam Limited Company Vietnam6
- Cactus Wellhead, LLC Delaware6
- FlexSteel Holdings, LLC Delaware6
- FlexSteel Pipeline Technologies, Ltd. Canada6
- FlexSteel USA, LLC Nevada6
- Rubiales Consulting, LLC Delaware6
- Talon Bridge Holdings, LLC Delaware6
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 8, 20268-K Regulation FD disclosure43
- Aug 10, 2026New chief executive Steven Bender becomes CEO18
- Jul 29, 20268-K Results of operations44
- Jun 2, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure45
- May 12, 20268-K Executive or director change; Shareholder vote; Regulation FD disclosure46
- May 7, 20268-K Results of operations47
- Mar 27, 20268-K Executive or director change48
- Mar 19, 20268-K Financial statements and exhibits49
- Mar 16, 20268-K Regulation FD disclosure50
- Feb 26, 20268-K Results of operations; Executive or director change51
- Jan 5, 20268-K Executive or director change52
- Jan 2, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure53
- Dec 2, 20258-K Entered a material agreement; New debt or obligation54
- Nov 4, 2024New chief executive Stephen Tadlock becomes CEO19
- Feb 7, 2018New chief executive Scott Bender becomes CEO20
- 2011Went public Listed on NYSE1
Calendar
Coming up
- Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.67 a share, on Oct 29, 2025.55
When it reported results
- Jul 29, 2026Reported quarterly or annual results44
- May 7, 2026Reported quarterly or annual results47
- Feb 26, 2026Reported quarterly or annual results51
- Oct 30, 2025Reported quarterly or annual results56
- Jul 31, 2025Reported quarterly or annual results57
- May 1, 2025Reported quarterly or annual results58
- Feb 27, 2025Reported quarterly or annual results59
- Oct 31, 2024Reported quarterly or annual results60
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
436 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 61 major events, 270 insider forms, 39 large holders, 46 other. The latest 20:
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 1, 2026144 EDGAR
- Sep 8, 20268-K EDGAR
- Sep 2, 20264 EDGAR
- Sep 2, 20264 EDGAR
- Sep 2, 20264 EDGAR
- Sep 1, 2026144 EDGAR
- Aug 10, 20264 EDGAR
- Aug 10, 20264 EDGAR
- Aug 10, 20264 EDGAR
- Aug 10, 20264 EDGAR
- Aug 7, 2026144 EDGAR
- Aug 6, 20264 EDGAR
- Aug 6, 20264 EDGAR
- Aug 5, 2026144 EDGAR
- Aug 5, 2026144 EDGAR
- Aug 5, 20264 EDGAR
- Aug 5, 20264 EDGAR
The 436 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
74 open-market trades by officers, directors and large owners since October 2021: 0 buys and 74 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Bender JoelPresident | Sale | 100,000 | $70.37 | $7.0M | Form 4 |
| Sep 1, 2026 | Bender ScottChairman and CEO | Sale | 100,000 | $70.37 | $7.0M | Form 4 |
| Aug 7, 2026 | Bender StevenCOO, EVP and CEO-SpoolableTech | Sale | 25,000 | $67.65 | $1.7M | Form 4 |
| Aug 5, 2026 | ODONNELL JOHN ADirector | Sale | 10,000 | $66.13 | $661.3K | Form 4 |
| Aug 5, 2026 | MARSH WILLIAM DGC, EVP and Secretary | Sale | 7,178 | $66.32 | $476.0K | Form 4 |
| Aug 3, 2026 | Tadlock StephenEVP/CEO Cactus Intl | Sale | 38,455 | $63.80 | $2.5M | Form 4 |
| Aug 3, 2026 | Bender ScottChairman and CEO | Sale | 100,000 | $63.89 | $6.4M | Form 4 |
| Aug 3, 2026 | Bender JoelPresident | Sale | 100,000 | $63.89 | $6.4M | Form 4 |
| Jul 30, 2026 | Bender JoelPresident | Sale | 86,700 | $57.62 | $5.0M | Form 4 |
| Jul 30, 2026 | Bender ScottChairman and CEO | Sale | 86,700 | $57.62 | $5.0M | Form 4 |
| Jul 27, 2026 | Bender ScottChairman and CEO | Sale | 13,300 | $55.07 | $732.4K | Form 4 |
| Jul 27, 2026 | Bender JoelPresident | Sale | 13,300 | $55.07 | $732.4K | Form 4 |
| May 12, 2026 | Semple AlanDirector | Sale | 10,206 | $56.62 | $577.9K | Form 4 |
| May 12, 2026 | MCGOVERN MICHAEL YDirector | Sale | 12,000 | $56.57 | $678.8K | Form 4 |
| Mar 10, 2026 | Bender JoelPresident | Sale | 106,809 | $49.92 | $5.3M | Form 4 |
| Mar 10, 2026 | Bender ScottChairman and CEO | Sale | 106,809 | $49.92 | $5.3M | Form 4 |
| Mar 6, 2026 | Bender JoelPresident | Sale | 29,228 | $50.01 | $1.5M | Form 4 |
| Mar 6, 2026 | Bender ScottChairman and CEO | Sale | 29,228 | $50.01 | $1.5M | Form 4 |
| Mar 5, 2026 | Bender JoelPresident | Sale | 63,963 | $50.74 | $3.2M | Form 4 |
| Mar 5, 2026 | Bender ScottChairman and CEO | Sale | 63,963 | $50.74 | $3.2M | Form 4 |
All 74 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Boston PartnersSCHEDULE 13G, 1 filing Aug 4, 202661
- Wellington Management CompanySCHEDULE 13G/A, 2 filings Feb 10, 2026 to May 15, 202662
- FMR LLCSCHEDULE 13G/A, 7 filings Feb 9, 2024 to May 6, 202663
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202664
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202665
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 9, 2022 to Mar 26, 202666
- Cactus WH Enterprises, LLCSCHEDULE 13G/A, 5 filings Feb 8, 2022 to Feb 17, 202667
- BlackRockSCHEDULE 13G/A, 5 filings Feb 3, 2022 to Oct 17, 202568
- T. Rowe Price Investment Management, Inc.SC 13G/A, 3 filings Feb 14, 2023 to Feb 16, 202469
- AllianceBernsteinSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202370
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202371
- The Bank of New York MellonSC 13G/A, 2 filings Feb 2, 2022 to Apr 11, 202272
- CADENT ENERGY PARTNERS II LPSC 13G/A, 1 filing Feb 8, 202273
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Joel BenderPresident and Director | 66 | $450.0K | $2.5M74 |
| 2025 | Scott BenderChief Executive Officer, Chairman of the Board and Director | 72 | $450.0K | $2.5M74 |
| 2025 | Stephen TadlockExecutive Vice President, Chief Executive Officer of the Spoolable Technologies Segment and Chief Executive Officer of Cactus International | 47 | $458.7K | $1.8M74 |
| 2025 | Steven BenderChief Operating Officer | 43 | $450.0K | $1.7M74 |
| 2025 | Jay A. NuttExecutive Vice President and Chief Financial Officer | 63 | $463.9K | $1.4M74 |
| 2024 | Joel BenderPresident and Director | 66 | $450.0K | $3.3M74 |
| 2024 | Scott BenderChief Executive Officer, Chairman of the Board and Director | 72 | $450.0K | $3.3M74 |
| 2024 | Steven BenderChief Operating Officer | 43 | $450.0K | $2.3M74 |
| 2024 | Stephen TadlockExecutive Vice President, Chief Executive Officer of the Spoolable Technologies Segment and Chief Executive Officer of Cactus International | 47 | $450.0K | $2.3M74 |
| 2024 | Jay A. NuttExecutive Vice President and Chief Financial Officer | 63 | $259.6K | $1.4M74 |
| 2023 | Stephen TadlockExecutive Vice President, Chief Executive Officer of the Spoolable Technologies Segment and Chief Executive Officer of Cactus International | 47 | $442.3K | $5.9M74 |
| 2023 | Steven BenderChief Operating Officer | 43 | $442.3K | $5.5M74 |
| 2023 | Joel BenderPresident and Director | 66 | $442.3K | $2.9M74 |
| 2023 | Scott BenderChief Executive Officer, Chairman of the Board and Director | 72 | $442.3K | $2.9M74 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 10,664,798 | $546.4M | 0.0% | +460,144 |
| Boston Partners | 4,589,743 | $235.2M | 0.2% | New |
| Vanguard Portfolio Management LLC | 4,264,459 | $218.5M | 0.0% | +101,066 |
| State Street Corp | 3,151,022 | $161.3M | 0.0% | +108,713 |
| Vanguard Capital Management LLC | 3,123,681 | $160.0M | 0.0% | +48,283 |
| Wellington Management Group Llp | 2,615,629 | $134.0M | 0.0% | −249,797 |
| Geode Capital Management, LLC | 2,163,233 | $110.8M | 0.0% | +185,375 |
| Dimensional Fund Advisors LP | 1,879,844 | $96.3M | 0.0% | +58,702 |
| Capital International Investors | 1,820,732 | $93.3M | 0.0% | +78,281 |
| Jennison Associates LLC | 1,778,442 | $91.1M | 0.1% | +64,741 |
| Clearbridge Investments, LLC | 1,754,155 | $89.9M | 0.1% | +124,249 |
| Jpmorgan Chase & Co | 1,767,266 | $87.8M | 0.0% | +47,948 |
| Capital World Investors | 1,708,915 | $87.5M | 0.0% | +44,451 |
| First Trust Advisors LP | 1,606,150 | $82.3M | 0.0% | −484,469 |
| Capital Research Global Investors | 1,380,554 | $70.7M | 0.0% | +720,775 |
| Van Eck Associates Corp | 1,244,998 | $63.8M | 0.0% | −72,633 |
| Wasatch Advisors LP | 1,033,963 | $53.0M | 0.3% | −315,457 |
| UBS Group AG | 904,154 | $46.3M | 0.0% | +387,350 |
| Deprince Race & Zollo Inc | 863,119 | $44.2M | 0.7% | −21,299 |
| Charles Schwab Investment Management Inc | 840,656 | $43.1M | 0.0% | +16,171 |
| Bank of New York Mellon Corp | 811,224 | $41.6M | 0.0% | +118,741 |
| Boston Trust Walden Corp | 810,622 | $41.5M | 0.3% | −127,864 |
| Loomis Sayles & Co L P | 787,533 | $40.3M | 0.1% | −56,160 |
| Morgan Stanley | 735,007 | $37.7M | 0.0% | −234,268 |
| Encompass Capital Advisors LLC | 726,675 | $37.2M | 1.6% | −38,839 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Cactus Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARCactus, Inc.2
- CIK0001699136
- Employer ID (EIN)35-25861067
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company7
- Incorporated inDelaware7
- Fiscal year endsDecember 312
- Industry code (SIC)3533 Oil & Gas Field Machinery & Equipment2
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
- Business address920 Memorial City Way, Suite 300, Houston, TX 770242
- Phone713-626-88002
- Shares outstanding68,899,841 Common Class A shares; 10,958,435 Common Class B shares as of Feb 25, 20267
- Public float$3.0B as of Jun 30, 20257
- AuditorPricewaterhouseCoopers LLP, Houston, Texas PCAOB ID 238; it also attests to the company’s internal control over financial reporting7
- On EDGAR sinceMar 8, 20172
- Filings785 in all: 4 (452), 8-K (118), SC 13G/A (34), 144 (31), 10-Q (26), 3 (23), SC 13G (15), 10-K (9)2
All 34 form types
DEF 14A (9), SCHEDULE 13G/A (9), CORRESP (6), DEFA14A (5), DRS/A (5), 424B7 (4), SCHEDULE 13G (4), UPLOAD (4), S-1/A (3), S-3ASR (3), 424B4 (2), 424B5 (2), 5 (2), 8-K/A (2), DRS (2), DRSLTR (2), EFFECT (2), S-1 (2), S-8 (2), 4/A (1), 8-A12B (1), CERT (1), DEFR14A (1), POS462B (1), PRE 14A (1), S-1MEF (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Jul 31, 2026
Proxy statement (DEF 14A) Mar 31, 2026
Latest 8-K (8-K) Sep 8, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, par value $0.01 | WHD | New York Stock Exchange |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).7
Risk factors and legal proceedings
The risks Cactus Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 37 risks under these headings, as written.7
- Risks Related to the Oilfield Services Industry and Our Business
- Demand for our products and services depends on oil and gas industry activity and customer expenditure levels, which are directly affected by trends in the supply of and demand for and price of crude oil and natural gas and availability of capital.
- U.S. drilling and completion activity could be adversely affected by any significant constraints in equipment, labor or takeaway capacity in the regions in which we operate.
- We may be unable to employ a sufficient number of skilled and qualified workers to sustain or expand our current operations.
- Our business is dependent on the continuing services of certain of our key managers and employees.
- Political, regulatory, economic and social disruptions in the countries in which we conduct business and globally could adversely affect our business or results of operations.
- We are dependent on a relatively small number of customers in a single industry. The loss of an important customer could adversely affect our results of operations and financial condition.
- Delays in obtaining, or inability to obtain or renew, permits or authorizations by our customers for their operations could impair our business.
- Competition within the oilfield services industry may adversely affect our ability to market our services.
- New technology may cause us to become less competitive.
- Increased costs, inflation, increased transit times, changes in global trade policies, increased tariffs, or lack of availability, of raw materials and other components may result in increased operating expenses and adversely affect our results of operations and cash flows.
- We design, manufacture, sell, rent and install equipment that is used in oil and gas E&P activities, which may subject us to liability, including claims for personal injury, property damage and environmental contamination should such equipment fail to perform to specifications.
The other 26 risks
- Our customers require us to be licensed or approved by industry groups such as the American Petroleum Institute ("API") and the International Organization for Standardization ("ISO"). The failure to obtain and maintain such licenses and/or approvals could have a material adverse effect on our results of operations, financial condition and cash flows.
- Our operations are subject to hazards inherent in the oil and natural gas industry, which could expose us to substantial liability and cause us to lose customers and substantial revenue.
- Oilfield anti-indemnity provisions enacted by many states may restrict or prohibit a party’s indemnification of us.
- Our operations require us to comply with various domestic and international regulations, violations of which could have a material adverse effect on our results of operations, financial condition and cash flows.
- Compliance with environmental laws and regulations may adversely affect our business and results of operations.
- Existing or future laws and regulations related to greenhouse gases and climate change and related public and governmental initiatives and additional compliance obligations could have a material adverse effect on our business, results of operations, prospects, and financial condition.
- The global outbreak of COVID-19 had, and similar pandemics in the future may have, an adverse impact on our business and operations.
- The ongoing conflicts in various parts of the world may affect our business and results of operations.
- Risks Related to Our Class A Common Stock
- We are a holding company whose only material asset is our equity interest in Cactus Companies, and accordingly, we are dependent upon distributions from Cactus Companies to pay taxes, make payments under the Tax Receivable Agreement ("TRA") and cover our corporate and other overhead expenses and pay dividends to holders of our Class A Common Stock.
- Cactus WH Enterprises has the ability to direct the voting of a significant percentage of the voting power of our common stock, and its interests may conflict with those of our other shareholders.
- Our amended and restated certificate of incorporation and amended and restated bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our Class A common stock.
- Future sales of our Class A common stock in the public market, or the perception that such sales may occur, could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
- Cactus Inc. will be required to make payments under the TRA for certain tax benefits that we may claim, and the amounts of such payments could be significant.
- In certain cases, payments under the TRA may be accelerated and/or significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the TRA.
- If Cactus Companies were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and Cactus Companies might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the TRA even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.
- General Risks
- A failure of our information technology infrastructure and cyberattacks could adversely impact us.
- We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could disrupt our business and adversely affect our results of operations.
- Holders of our Class A common stock may not receive dividends on their Class A common stock.
- If we are unable to fully protect our intellectual property rights or trade secrets or a third party attempts to enforce their intellectual property rights against us, we may suffer a loss in revenue or any competitive advantage or market share we hold, or we may incur costs in litigation defending intellectual property rights.
- Risks Related to the Joint Venture and the Baker Hughes Transaction
- We may not realize the anticipated benefits from the Baker Hughes Transaction, and the Baker Hughes Transaction could adversely impact our business and our operating results.
- We may experience difficulties in integrating the operations of the Joint Venture into our business.
- We may be required to acquire Baker Hughes Company’s interests in the Joint Venture.
- The Joint Venture LLC Agreement restricts certain of our or the Joint Venture’s actions.
- The Joint Venture may have liabilities that are not known to us and the indemnities negotiated in the Framework Agreement may not offer adequate protection.
- We may not be able to enforce claims with respect to certain of the representations and warranties that Baker Hughes Holdings made in the Framework Agreement.
- The Baker Hughes Transaction represents an expansion outside of our current geographic regions, and we may encounter new obstacles operating in different geographic regions.
Legal proceedings
Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment related disputes. For information concerning existing legal proceedings as of December 31, 2025, see Note 13 to our consolidated financial statements.
The opening of Item 3, Legal Proceedings.7
Links
- Websitecactuswhd.com1
- WikidataQ111384774
- SEC EDGARCIK 1699136
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataCactus Inc. on Wikidata
- 2SEC EDGARCactus Inc. filings on SEC EDGAR
- 3Company websiteCactus Inc. logo
- 4SEC EDGARCactus Inc. 10-K for fiscal 2025
- 5SEC EDGARCactus Inc. filings on SEC EDGAR
- 6
- 7
- 8SEC EDGARCactus Inc. 10-K for fiscal 2018
- 9SEC EDGARCactus Inc. 10-K for fiscal 2019
- 10SEC EDGARCactus Inc. 10-K for fiscal 2020
- 11SEC EDGARCactus Inc. 10-K for fiscal 2021
- 12SEC EDGARCactus Inc. 10-K for fiscal 2022
- 13SEC EDGARCactus Inc. 10-Q for fiscal 2025
- 14SEC EDGARCactus Inc. 10-Q for fiscal 2025
- 15SEC EDGARCactus Inc. 10-Q for fiscal 2026
- 16SEC EDGARCactus Inc. 10-K for fiscal 2018
- 17SEC EDGARCactus Inc. 10-Q for fiscal 2025
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- 21SEC EDGARScott Bender, Chair
- 22SEC EDGARJoel Bender, President
- 23SEC EDGARJay A. Nutt, Chief financial officer
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- 26SEC EDGARBrian Small, Chief financial officer
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- 28SEC EDGARJoel Bender, Chief operating officer
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- 30SEC EDGARBrian Small, Senior Finance Director
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- 34SEC EDGARSteven Bender, VP of Operations
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- 36SEC EDGARTana Leigh Utley, Board member
- 37SEC EDGARJoseph Elkhoury, Board member
- 38SEC EDGARTymothi O. Tombar, Board member
- 39SEC EDGARMelissa Law, Board member
- 40SEC EDGARAlan Semple, Board member
- 41SEC EDGARBruce M. Rothstein, Board member
- 42SEC EDGARGary L. Rosenthal, Board member
- 43SEC EDGARRegulation FD disclosure
- 44SEC EDGARResults of operations
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- 46
- 47SEC EDGARResults of operations
- 48SEC EDGARExecutive or director change
- 49SEC EDGARFinancial statements and exhibits
- 50SEC EDGARRegulation FD disclosure
- 51
- 52SEC EDGARExecutive or director change
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- 55NasdaqNasdaq calendar
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