Cactus reported $261 million in Q4 revenue and $85 million of adjusted EBITDA, implying a 32.7% margin. GAAP net income was $48 million and adjusted net income was $52 million ($0.65 per share). The company ended the quarter with $495 million in cash, paid a $0.14 quarterly dividend, and executed an $11 million cash dividend payment along with a $23 million tax receivable agreement payment.

Revenue in the Pressure Control segment rose 5.8% sequentially to $178 million, driven by higher product sales per rig and improved rental revenues. Segment operating income increased by $4.1 million (9.3%), with operating margins expanding 90 basis points, supported by cost reduction initiatives and U.S. operations performing at their highest level since inception.

Spoolable Technologies revenue declined 11.6% sequentially to $84 million, leading to an 18.9% drop in operating income and a 220 basis point margin compression due to seasonal slowdown and reduced operating leverage. Management noted the segment typically sees stronger performance in the second and third quarters.

On January 1, Cactus closed the acquisition of Baker Hughes’ pressure control business, inheriting a $550 million backlog. Management expects subdued orders in 2026, visible supply-chain and synergy benefits in 2027, and significant market-share opportunities in Saudi Arabia. For Q1, Pressure Control revenue is forecast at $295–305 million with 23–25% EBITDA margins, while Spoolable Technologies revenue is expected to decline mid-single digits with 33–35% margins.