Cactus reports Q2 adjusted EPS 66c, consensus 72c

Reports Q2 revenue $273.6M, consensus $278.95M. CEO Scott Bender commented, “Our Q2 performance highlights the benefits of portfolio diversification achieved through the FlexSteel acquisition, as cash flows and revenues remained resilient despite falling U.S. land activity levels…In Q3 of 2025, we anticipate that the U.S. land rig count will continue to decline, although we believe that the majority of the reductions for 2025 are behind us provided commodity prices remain relatively stable near today’s levels. We expect revenues to be down modestly in both segments, following the lower average domestic activity levels. Q2 was transformational for Cactus (WHD) as we announced the agreement to acquire a 65% majority interest in Baker Hughes’ Surface Pressure Control business…Adjusting to lower North American activity levels and tariff uncertainties that have negatively impacted margins, we have recently taken action to right-size our organization to align with expectations for the second half of the year. The current softness in the North American market and the ongoing tariff uncertainty emphasized the strategic rationale for our planned acquisition of the Surface Pressure Control business of Baker Hughes, which will provide Cactus with a broader geographic footprint and further revenue diversification.”