Cactus reports $41.62 million net income for Q3 2025

Item 6.

Exhibits

29

Signatures

30

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the "Quarterly Report") contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). When used in this Quarterly Report, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. When considering forward‑looking statements, you should keep in mind the risk factors and other cautionary statements described under "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (our "2024 Annual Report"), and under "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and in this Quarterly Report and other cautionary statements contained herein and in our Exchange Act filings. Forward‑looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Should one or more of the risks or uncertainties described in our 2024 Annual Report or other Exchange Act filings occur, or should underlying assumptions prove incorrect, our actual results could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, expressed

Item 1. Financial Statements.

CACTUS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited) (in thousands, except per share data) September 30,

2025 December 31,

2024

Assets

Current assets

Cash and cash equivalents

$ 445,614 $ 342,843

Accounts receivable, net of allowance of $ 4,223 and $ 3,779 , respectively

201,382 191,627

Inventories

271,278 226,796

Prepaid expenses and other current assets

10,438 13,422

Total current assets

928,712 774,688

Property and equipment, net

346,616 346,008

Operating lease right-of-use assets, net

Goodwill

203,028 203,028

Deferred tax asset, net

199,223 219,003

Investment in unconsolidated affiliates

5,692 —

Other noncurrent assets

8,634 8,516

Total assets

$ 1,864,776 $ 1,739,328

Liabilities and Equity

Current liabilities

Accounts payable

$ 67,248 $ 72,001

Accrued expenses and other current liabilities

75,878 75,416

Current portion of liability related to tax receivable agreement

20,297 20,297

Finance lease obligations, current portion

7,394 7,024

Operating lease liabilities, current portion

5,052 4,086

Total current liabilities

175,869 178,824

Deferred tax liability, net

2,449 2,868

Liability related to tax receivable agreement, net of current portion

261,367 258,376

Finance lease obligations, net of current portion

10,329 10,528

Operating lease liabilities, net of current portion

Total liabilities

471,364 475,149

Commitments and contingencies

Stockholders' equity

Preferred stock, $ 0.01 par value, 10,000 shares authorized, none issued and outstanding

— —

— —

Additional paid-in capital

540,945 520,794

Retained earnings

650,356 552,133

Accumulated other comprehensive loss ( 2,086