Cactus 10-Q Details Q3: $430.9M Revenue, $0.87 EPS, $81.5M Mezzanine Accretion
WHD sits 67% above its 52-week low of $39.16.
Summary
Cactus filed its Q3 10-Q two days after releasing results, adding detail on the Baker Hughes joint venture, a $44.4 million warranty true-up, and an $81.5 million accretion charge that halved nine-month per-share earnings versus the unadjusted figure.
Key Events · Earnings and Guidance · WHD
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Q3 Revenue $430.9M, EPS $0.87
Third-quarter revenue came in at $430.9 million with diluted EPS of $0.87, down from Q2's $449.5 million as Pressure Control revenue fell 11.4% on lower Middle East shipments.
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Baker Hughes JV Adds Revenue, Little Profit
From the January 1, 2026 closing through September 30, Cactus International contributed $405.5 million of revenue but only $3.4 million of net income.
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$44.4M Warranty True-Up on Acquisition
A measurement-period adjustment increased the warranty liability by $44.4 million, alongside an $18.9 million deferred tax liability decrease and an $11.4 million tax indemnity receivable.
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$81.5M Accretion Halves Nine-Month EPS
Accretion of the redeemable non-controlling interest to redemption value of $81.5 million reduced net income available to Class A holders to $62.6 million and nine-month diluted EPS to $0.89, versus $1.83 before the charge.
Analysis · WHD · Energy & Transportation
With the headline numbers already out on October 28, the tradeable news sits in the detail. Over nine months the Baker Hughes joint venture added $405.5 million of revenue but only $3.4 million of net income, and a $44.4 million warranty liability booked as a measurement-period adjustment shows the acquired business carried more obligations than first estimated. For per-share math, the item that matters is the $81.5 million accretion of the redeemable non-controlling interest to redemption value: a deemed dividend that cut nine-month net income available to Class A holders to $62.6 million and diluted EPS to $0.89, versus $144.1 million and $1.83 before the charge. The balance sheet remains strong, with $354.2 million of cash, no bank debt, and $263.5 million of available revolver capacity.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.7% of the 1581 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WHD was trading at $65.49 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $39.16 to $74.07. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.