Cactus, Inc.
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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Oct 28, 2026 · Filed Oct 28, 2026
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EX-99.1 · Adjusted Segment EBITDA and Adjusted Segment EBITDA margin
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.
Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.
| Three Months Ended · Nine Months Ended | |||||
|---|---|---|---|---|---|
| September 30, · June 30, · September 30, · September 30, | |||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |
| (in thousands) | |||||
| Pressure Control | |||||
| Revenue | $304,829 | $343,995 | $168,714 | $948,996 | $538,763 |
| Operating income | 61,528 | 59,154 | 44,523 | 159,287 | 141,189 |
| Depreciation and amortization expense | 17,997 | 18,212 | 7,211 | 53,650 | 21,384 |
| Severance expenses(1) | 2,782 | 4,929 | 177 | 8,619 | 354 |
| Inventory step-up adjustment(2) | (219) | 9,466 | — | 19,696 | — |
| Stock-based compensation | 4,035 | 4,155 | 3,264 | 12,623 | 10,078 |
| Adjusted Segment EBITDA | $86,123 | $95,916 | $55,175 | $253,875 | $173,005 |
| Operating income margin | 20.2% | 17.2% | 26.4% | 16.8% | 26.2% |
| Adjusted Segment EBITDA margin | 28.3% | 27.9% | 32.7% | 26.8% | 32.1% |
| Spoolable Technologies | |||||
| Revenue | $126,868 | $105,533 | $95,240 | $322,301 | $284,043 |
| Operating income | 41,597 | 32,168 | 25,806 | 97,332 | 77,735 |
| Depreciation and amortization expense | 9,035 | 8,950 | 8,977 | 26,857 | 26,368 |
| Severance expenses(1) | — | — | 68 | 26 | 68 |
| Stock-based compensation | 1,322 | 1,019 | 1,128 | 2,778 | 3,283 |
| Adjusted Segment EBITDA | $51,954 | $42,137 | $35,979 | $126,993 | $107,454 |
| Operating income margin | 32.8% | 30.5% | 27.1% | 30.2% | 27.4% |
| Adjusted Segment EBITDA margin | 41.0% | 39.9% | 37.8% | 39.4% | 37.8% |
| Corporate and Other | |||||
| Revenue(3) | $(809) | $— | $— | $(2,532) | $(4,958) |
| Corporate and other expenses | (9,077) | (7,740) | (9,095) | (29,485) | (28,273) |
| Severance expenses(1) | — | — | 2 | — | 2 |
| Stock-based compensation | 2,396 | 2,221 | 1,712 | 6,786 | 5,114 |
| Transaction related expenses(4) | 629 | 246 | 3,170 | 6,686 | 10,159 |
| Adjusted Corporate EBITDA | $(6,052) | $(5,273) | $(4,211) | $(16,013) | $(12,998) |
| Total revenue | $430,888 | $449,528 | $263,954 | $1,268,765 | $817,848 |
| Total operating income | $94,048 | $83,582 | $61,234 | $227,134 | $190,651 |
| Total operating income margin | 21.8% | 18.6% | 23.2% | 17.9% | 23.3% |
| Total Adjusted EBITDA | $132,025 | $132,780 | $86,943 | $364,855 | $267,461 |
| Total Adjusted EBITDA margin | 30.6% | 29.5% | 32.9% | 28.8% | 32.7% |
(1)Represents non-routine charges related to severance benefits.
(2)Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(3)Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(4)Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.