Earnings Per Share

12 Months Ended

Dec. 31, 2025

Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding assuming all potentially dilutive shares were issued. We use the if-converted method to determine the potential dilutive effect of outstanding CC Units and corresponding shares of outstanding Class B common stock. We use the treasury stock method to determine the potential dilutive effect of our unvested stock-based compensation awards assuming that the proceeds will be used to purchase shares of Class A common stock. For our unvested performance stock units, we first apply the criteria for contingently issuable shares before determining the potential dilutive effect using the treasury stock method.

The following table summarizes the basic and diluted earnings per share calculations:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income attributable to Cactus Inc.—basic	$	166,014	$	185,407	$	169,171
Net income attributable to non-controlling interest(1)	—		36,266		35,075
Net income attributable to Cactus Inc.—diluted(1)	$	166,014	$	221,673	$	204,246
Denominator:
Weighted average Class A shares outstanding—basic	68,565		66,393		64,641
Effect of dilutive shares(2)	450		13,522		14,819
Weighted average Class A shares outstanding—diluted	69,015		79,915		79,460

Earnings per Class A share—basic	$	2.42	$	2.79	$	2.62
Earnings per Class A share—diluted(1)(2)	$	2.41	$	2.77	$	2.57

(1)The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26% for the years ended December 31, 2024 and 2023.

(2)Diluted earnings per share for the year ended December 31, 2025 excludes 11.2 million weighted average shares of Class B common stock as the effect would be anti-dilutive.