Cactus, Inc.
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Oct 28, 2026 · Filed Oct 28, 2026
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Contents
EX-99.1 · EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
EBITDA, Adjusted EBITDA and Adjusted 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 EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.
Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its 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. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total 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) | |||||
| Net income | $74,091 | $61,380 | $50,188 | $175,692 | $153,340 |
| Interest income, net | (766) | (949) | (2,977) | (1,935) | (7,820) |
| Income tax expense | 20,723 | 23,151 | 14,244 | 53,377 | 45,352 |
| Depreciation and amortization | 27,032 | 27,162 | 16,188 | 80,507 | 47,752 |
| EBITDA | 121,080 | 110,744 | 77,643 | 307,641 | 238,624 |
| Gain from revaluation of liability related to tax receivable agreement and other(1) | — | — | (221) | — | (221) |
| Severance expenses(2) | 2,782 | 4,929 | 247 | 8,645 | 424 |
| Transaction related expenses(3) | 629 | 246 | 3,170 | 6,686 | 10,159 |
| Inventory step-up adjustment(4) | (219) | 9,466 | — | 19,696 | — |
| Stock-based compensation | 7,753 | 7,395 | 6,104 | 22,187 | 18,475 |
| Adjusted EBITDA | $132,025 | $132,780 | $86,943 | $364,855 | $267,461 |
| Revenue | $430,888 | $449,528 | $263,954 | $1,268,765 | $817,848 |
| Net income margin | 17.2% | 13.7% | 19.0% | 13.8% | 18.7% |
| Adjusted EBITDA margin | 30.6% | 29.5% | 32.9% | 28.8% | 32.7% |
(1)Represents non-cash adjustments for the revaluation of the Tax Receivable Agreement ("TRA") liability and the tax indemnity receivable asset related to the FlexSteel acquisition.
(2)Represents non-routine charges related to severance benefits.
(3)Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International.
(4)Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.