Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

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

	Three Months Ended March 31,
	2025		2024
Numerator:
Net income attributable to Cactus Inc.—basic	$	44,223	$	38,965
Net income attributable to non-controlling interest (1)	—		8,241
Net income attributable to Cactus Inc.—diluted (1)	$	44,223	$	47,206
Denominator:
Weighted average Class A shares outstanding—basic	68,194		65,378
Effect of dilutive shares (2)	470		14,178
Weighted average Class A shares outstanding—diluted (2)	68,664		79,556
Earnings per Class A share—basic	$	0.65	$	0.60
Earnings per Class A share—diluted (1)(2)	$	0.64	$	0.59

(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 25% for the three months ended March 31, 2025 and 26% for the three months ended March 31, 2024.

(2)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.