AcquisitionsMay 8, 2026, 11:31 AM
Cactus Acquires Baker Hughes Pressure Control for $344.5M; Q1 Revenue $388.3M
AI Summary
Cactus, Inc. completed the acquisition of 65% of Baker Hughes Pressure Control LLC for $344.5 million on January 1, 2026, significantly expanding its surface pressure control capabilities and geographic footprint. For the first quarter of 2026, total revenues increased to $388.3 million from $280.3 million year-over-year, partly driven by the acquisition. However, net income attributable to Cactus Inc. decreased to $32.9 million from $44.2 million, resulting in a loss per Class A share of $(0.70), primarily due to an $81.5 million accretion of redeemable non-controlling interest related to the acquisition.
Key Highlights
- Acquired 65% of Baker Hughes Pressure Control LLC for $344.5 million cash.
- Q1 2026 total revenues increased to $388.3 million from $280.3 million YoY.
- Q1 2026 net income attributable to Cactus Inc. was $32.9 million, down from $44.2 million YoY.
- Q1 2026 (loss) earnings per Class A share was $(0.70), compared to $0.65 YoY.
- Cash and cash equivalents were $291.6 million as of March 31, 2026.
- Goodwill increased by $45.3 million due to the Cactus International acquisition.
- Cactus International contributed $126.9 million revenue and $0.5 million net loss in Q1 2026.
- Declared cash dividends of $0.14 per share in Q1 2026.