{"url_path":"/sec/whd/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1699136/0001628280-26-032636-index.html","accession_number":"0001628280-26-032636","cik":"0001699136","ticker":"WHD","issuer_name":"Cactus, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1699136/0001628280-26-032636-index.html","primary_entity_key":"0001699136","primary_entity_name":"Cactus, 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of Contents](#id3d9d42115724ce5a4902ea461f8b2c0_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n______________________________________________________________________________\n\nFORM 10-Q\n\n______________________________________________________________________________\n\n(MARK ONE)\n\n☑\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _____ to _____\n\nCommission File Number: 001-38390\n\n______________________________________________________________________________\n\nCactus, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n______________________________________________________________________________\n\nDelaware35-2586106\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n920 Memorial City Way, Suite 30077024\n\nHouston,Texas(Zip Code)\n\n(Address of principal executive offices)\n\n(713) 626-8800\n\n(Registrant’s telephone number, including area code)\n\n______________________________________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A Common Stock, par value $0.01WHDNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑  No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑  No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☑Accelerated filer☐\n\nNon-accelerated filer☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☑\n\nAs of May 6, 2026, the registrant had 69,418,430 shares of Class A common stock, $0.01 par value per share, and 10,758,435 shares of Class B common stock, $0.01 par value per share, outstanding.\n\n[Table of Contents](#id3d9d42115724ce5a4902ea461f8b2c0_7)\n\nTABLE OF CONTENTS\n\n[Cautionary Note Regarding Forward-Looking Statements](#id3d9d42115724ce5a4902ea461f8b2c0_10)\n\n[i](#id3d9d42115724ce5a4902ea461f8b2c0_10)\n\n[PART I - FINANCIAL INFORMATION](#id3d9d42115724ce5a4902ea461f8b2c0_13)\n\n[Item 1.](#id3d9d42115724ce5a4902ea461f8b2c0_16)\n\n[Financial Statements](#id3d9d42115724ce5a4902ea461f8b2c0_16)\n\n[1](#id3d9d42115724ce5a4902ea461f8b2c0_16)\n\n[Item 2.](#id3d9d42115724ce5a4902ea461f8b2c0_82)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id3d9d42115724ce5a4902ea461f8b2c0_82)\n\n[16](#id3d9d42115724ce5a4902ea461f8b2c0_82)\n\n[Item 3.](#id3d9d42115724ce5a4902ea461f8b2c0_103)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#id3d9d42115724ce5a4902ea461f8b2c0_103)\n\n[23](#id3d9d42115724ce5a4902ea461f8b2c0_103)\n\n[Item 4.](#id3d9d42115724ce5a4902ea461f8b2c0_106)\n\n[Controls and Procedures](#id3d9d42115724ce5a4902ea461f8b2c0_106)\n\n[23](#id3d9d42115724ce5a4902ea461f8b2c0_106)\n\n[PART II - OTHER INFORMATION](#id3d9d42115724ce5a4902ea461f8b2c0_109)\n\n[Item 1.](#id3d9d42115724ce5a4902ea461f8b2c0_112)\n\n[Legal Proceedings](#id3d9d42115724ce5a4902ea461f8b2c0_112)\n\n[24](#id3d9d42115724ce5a4902ea461f8b2c0_112)\n\n[Item 1A.](#id3d9d42115724ce5a4902ea461f8b2c0_115)\n\n[Risk Factors](#id3d9d42115724ce5a4902ea461f8b2c0_115)\n\n[24](#id3d9d42115724ce5a4902ea461f8b2c0_115)\n\n[Item 2.](#id3d9d42115724ce5a4902ea461f8b2c0_118)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#id3d9d42115724ce5a4902ea461f8b2c0_118)\n\n[25](#id3d9d42115724ce5a4902ea461f8b2c0_118)\n\n[Item 5.](#id3d9d42115724ce5a4902ea461f8b2c0_121)\n\n[Other Information](#id3d9d42115724ce5a4902ea461f8b2c0_121)\n\n[25](#id3d9d42115724ce5a4902ea461f8b2c0_121)\n\n[Item 6.](#id3d9d42115724ce5a4902ea461f8b2c0_124)\n\n[Exhibits](#id3d9d42115724ce5a4902ea461f8b2c0_124)\n\n[26](#id3d9d42115724ce5a4902ea461f8b2c0_124)\n\n[Signatures](#id3d9d42115724ce5a4902ea461f8b2c0_127)\n\n[27](#id3d9d42115724ce5a4902ea461f8b2c0_127)\n\n        \n\n[Table of Contents](#id3d9d42115724ce5a4902ea461f8b2c0_7)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis 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, 2025 (our “2025 Annual Report”), and under “Part II, Item 1A. Risk Factors” 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 2025 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.\n\nAll forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.\n\ni\n\n[Table of Contents](#id3d9d42115724ce5a4902ea461f8b2c0_7)\n\nPART I - FINANCIAL INFORMATION"}