Earnings per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to Cactus Inc.	$	62,164	$	41,624	$	144,066	$	126,176
Less: Accretion of redeemable non-controlling interest to redemption value	—		—		81,507		—
Net income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value —basic(1)	$	62,164	$	41,624	$	62,559	$	126,176
Net income attributable to non-controlling interest (1)	8,587		—		—		—
Net income attributable to Cactus Inc.—diluted (1)	$	70,751	$	41,624	$	62,559	$	126,176
Denominator:
Weighted average Class A shares outstanding—basic	69,899		68,681		69,487		68,465
Effect of dilutive shares (2)	11,209		515		656		412
Weighted average Class A shares outstanding—diluted (2)	81,108		69,196		70,143		68,877

Earnings per Class A share—basic	$	0.89	$	0.61	$	0.90	$	1.84
Earnings per Class A share—diluted (1)(2)	$	0.87	$	0.60	$	0.89	$	1.83

(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 nine months ended September 30, 2026, the Company's net income reflects the accretion of redeemable non-controlling interest to its redemption value as of the reporting date. Diluted earnings per share for the nine months ended September 30, 2026 excludes 10.6 million weighted average shares of Class B common stock, as the effect would be anti-dilutive. Diluted earnings per share for the three and nine months ended September 30, 2025 excludes 11.2 million and 11.3 million weighted average shares of Class B common stock, as the effect would be anti-dilutive.