Earnings per Share

3 Months Ended

Mar. 31, 2026

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 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:


	Three Months Ended March 31,
		2026		2025
Numerator:
Net income attributable to Cactus Inc.		$	32,906	$	44,223
Less: Accretion of redeemable non-controlling interest to redemption value		81,507		—
Net (loss) income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value —basic(1)		$	(48,601)	$	44,223

Net (loss) income attributable to Cactus Inc.—diluted (1)		$	(48,601)	$	44,223
Denominator:
Weighted average Class A shares outstanding—basic		69,026		68,194
Effect of dilutive shares (2)		—		470
Weighted average Class A shares outstanding—diluted (2)		69,026		68,664

(Loss) earnings per Class A share—basic		$	(0.70)	$	0.65
(Loss) earnings per Class A share—diluted (1)(2)		$	(0.70)	$	0.64

(1)Diluted earnings per share does not reflect any incremental shares related to redeemable equity, as such instruments are not participating securities and do not give rise to potentially dilutive common shares. However, the accretion of redeemable equity to its redemption value is treated as a deemed dividend and reduces net income available to common shareholders in the calculation of both basic and diluted earnings per share. Accordingly, the impact of redeemable equity on earnings per share is limited to this income allocation adjustment, with no effect on the weighted-average shares outstanding.

(2)For the three months ended March 31, 2026, the Company reported a net loss primarily due to the accretion of redeemable non-controlling interest to its redemption value as of the reporting date. Accordingly, all potentially dilutive securities were excluded from the computation of diluted EPS, as their inclusion would have been anti-dilutive. These exclusions consisted of 10.9 million weighted average shares of Class B common stock and 0.7 million shares of class A common stock underlying restricted stock units and performance stock units. Diluted earnings per share for the three months ended March 31, 2025 excludes 11.4 million weighted average shares of Class B common stock, as the effect would be anti-dilutive.