Cactus (WHD) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38390
Entity Registrant Name	Cactus, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2586106
Entity Address, Address Line One	920 Memorial City Way, Suite 300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	626-8800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	WHD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001699136
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		66,656,160
Class B Common Stock
Entity Common Stock, Shares Outstanding		12,927,927

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 303,376	$ 133,792
Accounts receivable, net of allowance of $3,905 and $3,642, respectively	196,874	205,381
Inventories	219,799	205,625
Prepaid expenses and other current assets	10,152	11,380
Total current assets	730,201	556,178
Property and equipment, net	344,183	345,502
Operating lease right-of-use assets, net	23,589	23,496
Intangible assets, net	167,988	179,978
Goodwill	203,028	203,028
Deferred tax asset, net	203,778	204,852
Other noncurrent assets	8,956	9,527
Total assets	1,681,723	1,522,561
Current liabilities
Accounts payable	74,897	71,841
Accrued expenses and other current liabilities	79,347	50,654
Earn-out liability	0	20,810
Current portion of liability related to tax receivable agreement	25,485	20,855
Finance lease obligations, current portion	7,121	7,280
Operating lease liabilities, current portion	4,451	4,220
Total current liabilities	191,301	175,660
Deferred tax liability, net	3,160	3,589
Liability related to tax receivable agreement, net of current portion	241,542	250,069
Finance lease obligations, net of current portion	10,620	9,352
Operating lease liabilities, net of current portion	19,414	19,121
Other noncurrent liabilities	3,406	0
Total liabilities	469,443	457,791
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	488,611	465,012
Retained earnings	514,481	400,682
Accumulated other comprehensive loss	(739)	(826)
Total stockholders’ equity attributable to Cactus Inc.	1,003,019	865,522
Non-controlling interest	209,261	199,248
Total stockholders’ equity	1,212,280	1,064,770
Total liabilities and equity	1,681,723	1,522,561
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	666	654
Class B Common Stock
Stockholders’ equity
Common stock, $0.01 par value	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for accounts receivable	$ 3,905	$ 3,642
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	66,656	65,409
Common stock, shares outstanding (in shares)	66,656	65,409
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	215,000	215,000
Common stock, shares issued (in shares)	12,928	14,034
Common stock, shares outstanding (in shares)	12,928	14,034

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 293,181	$ 287,870	$ 857,693	$ 822,094
Costs and expenses
Selling, general and administrative expenses	37,372	29,549	98,021	97,519
Change in fair value of earn-out liability	138	(5,091)	16,318	13,053
Total costs and expenses	216,389	200,267	638,532	636,281
Operating income	76,792	87,603	219,161	185,813
Interest income (expense), net	2,062	(1,372)	4,156	(6,298)
Other income, net	0	266	0	3,804
Income before income taxes	78,854	86,497	223,317	183,319
Income tax expense	16,417	18,478	48,006	30,553
Net income	62,437	68,019	175,311	152,766
Less: net income attributable to non-controlling interest	12,510	15,439	36,591	32,542
Net income attributable to Cactus Inc.	$ 49,927	$ 52,580	$ 138,720	$ 120,224
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.75	$ 0.81	$ 2.10	$ 1.87
Earnings per Class A share - diluted (in dollars per share)	$ 0.74	$ 0.80	$ 2.09	$ 1.82
Weighted average Class A shares outstanding - basic (in shares)	66,563	64,879	66,030	64,399
Weighted average Class A shares outstanding - diluted (in shares)	80,190	65,486	79,777	79,632
Product revenue
Revenues
Total revenues	$ 221,406	$ 214,295	$ 649,818	$ 605,698
Costs and expenses
Cost of revenue	128,758	123,278	377,591	373,310
Rental revenue
Revenues
Total revenues	26,979	28,879	76,129	84,916
Costs and expenses
Cost of revenue	14,346	15,558	40,986	48,538
Field service and other revenue
Revenues
Total revenues	44,796	44,696	131,746	131,480
Costs and expenses
Cost of revenue	$ 35,775	$ 36,973	$ 105,616	$ 103,861

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 62,437	$ 68,019	$ 175,311	$ 152,766
Foreign currency translation adjustments	769	(670)	140	(812)
Comprehensive income	63,206	67,349	175,451	151,954
Less: comprehensive income attributable to non-controlling interest	12,678	15,319	36,644	32,393
Comprehensive income attributable to Cactus Inc.	$ 50,528	$ 52,030	$ 138,807	$ 119,561

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Class A Common Stock Common stock	Class B Common Stock Common stock
Balance at the beginning of the period (in shares) at Dec. 31, 2022						60,903	14,978
Balance at the beginning of the period at Dec. 31, 2022	$ 710,445	$ 310,528	$ 261,764	$ (984)	$ 138,528	$ 609	$ 0
Balance at the end of the period (in shares) at Jun. 30, 2023						64,609	14,820
Balance at the end of the period at Jun. 30, 2023	952,774	446,206	315,049	(1,096)	191,968	$ 647	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2022						60,903	14,978
Balance at the beginning of the period at Dec. 31, 2022	710,445	310,528	261,764	(984)	138,528	$ 609	$ 0
Statement of Stockholders'/Members' Equity
Issuance of common stock (in shares)						3,352
Issuances of common stock	169,369	143,302			26,033	$ 34
Member distributions	(13,926)				(13,926)
Effect of CC Unit redemptions (in shares)						872	(872)
Effect of CC Unit redemptions	0	11,773			(11,782)	$ 9
Tax impact of equity transactions	5,747	(10,979)			16,726
Equity award vestings (in shares)						200
Equity award vestings	(4,440)	(3,071)			(1,371)	$ 2
Other comprehensive income (loss)	(812)			(663)	(149)
Share repurchases (in shares)						(4)
Share repurchases	(159)	(137)			(22)
Stock-based compensation	13,370	10,886			2,484
Cash dividends declared	(22,289)		(22,289)
Net income	152,766		120,224		32,542
Balance at the end of the period (in shares) at Sep. 30, 2023						65,323	14,106
Balance at the end of the period at Sep. 30, 2023	1,010,071	462,302	359,699	(1,647)	189,063	$ 654	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2023						64,609	14,820
Balance at the beginning of the period at Jun. 30, 2023	952,774	446,206	315,049	(1,096)	191,968	$ 647	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(9,214)				(9,214)
Effect of CC Unit redemptions (in shares)						714	(714)
Effect of CC Unit redemptions	0	9,753			(9,760)	$ 7
Tax impact of equity transactions	2,474	2,574			(100)
Other comprehensive income (loss)	(670)			(551)	(119)
Stock-based compensation	4,618	3,769			849
Cash dividends declared	(7,930)		(7,930)
Net income	68,019		52,580		15,439
Balance at the end of the period (in shares) at Sep. 30, 2023						65,323	14,106
Balance at the end of the period at Sep. 30, 2023	1,010,071	462,302	359,699	(1,647)	189,063	$ 654	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2023						65,409	14,034
Balance at the beginning of the period at Dec. 31, 2023	1,064,770	465,012	400,682	(826)	199,248	$ 654	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(10,444)				(10,444)
Effect of CC Unit redemptions (in shares)						1,106	(1,106)
Effect of CC Unit redemptions	0	16,854			(16,865)	$ 11
Tax impact of equity transactions	603	603
Equity award vestings (in shares)						228
Equity award vestings	(5,949)	(4,284)			(1,667)	$ 2
Other comprehensive income (loss)	140			87	53
Share repurchases (in shares)						(87)
Share repurchases	(3,372)	(2,996)			(375)	$ (1)
Stock-based compensation	16,142	13,422			2,720
Cash dividends declared	(24,921)		(24,921)
Net income	175,311		138,720		36,591
Balance at the end of the period (in shares) at Sep. 30, 2024						66,656	12,928
Balance at the end of the period at Sep. 30, 2024	1,212,280	488,611	514,481	(739)	209,261	$ 666	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2024						66,480	13,082
Balance at the beginning of the period at Jun. 30, 2024	1,154,796	481,960	473,391	(1,340)	200,120	$ 665	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(1,827)				(1,827)
Effect of CC Unit redemptions (in shares)						154	(154)
Effect of CC Unit redemptions	0	2,448			(2,449)	$ 1
Tax impact of equity transactions	70	70
Equity award vestings (in shares)						22
Equity award vestings	(832)	(640)			(192)
Other comprehensive income (loss)	769			601	168
Stock-based compensation	5,704	4,773			931
Cash dividends declared	(8,837)		(8,837)
Net income	62,437		49,927		12,510
Balance at the end of the period (in shares) at Sep. 30, 2024						66,656	12,928
Balance at the end of the period at Sep. 30, 2024	$ 1,212,280	$ 488,611	$ 514,481	$ (739)	$ 209,261	$ 666	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.13	$ 0.12	$ 0.37	$ 0.34

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 175,311	$ 152,766
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	45,124	50,180
Deferred financing cost amortization	840	4,187
Stock-based compensation	15,943	13,526
Provision for expected credit losses	378	2,153
Inventory obsolescence	2,738	3,569
Gain on disposal of assets	(824)	(1,999)
Deferred income taxes	12,606	10,723
Change in fair value of earn-out liability	16,318	12,932
Gain from revaluation of liability related to tax receivable agreement	0	(3,683)
Changes in operating assets and liabilities:
Accounts receivable	8,324	(12,637)
Inventories	(16,781)	45,377
Prepaid expenses and other assets	1,065	(7,321)
Accounts payable	2,871	2,733
Accrued expenses and other liabilities	32,050	2,986
Payments pursuant to tax receivable agreement	(15,277)	(26,890)
Payment of earn-out liability	(31,168)	0
Net cash provided by operating activities	249,518	248,602
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired	0	(616,189)
Capital expenditures and other	(27,042)	(33,400)
Proceeds from sales of assets	2,991	4,347
Net cash used in investing activities	(24,051)	(645,242)
Cash flows from financing activities
Proceeds from the issuance of long-term debt	0	155,000
Repayments of borrowings of long-term debt	0	(155,000)
Net proceeds from the issuance of Class A common stock	0	169,878
Payments of deferred financing costs	0	(6,857)
Payment of contingent consideration	(5,960)	0
Payments on finance leases	(5,881)	(5,579)
Dividends paid to Class A common stock shareholders	(24,821)	(22,266)
Distributions to members	(10,444)	(13,926)
Repurchases of shares	(9,321)	(4,599)
Net cash (used in) provided by financing activities	(56,427)	116,651
Effect of exchange rate changes on cash and cash equivalents	544	(800)
Net increase (decrease) in cash and cash equivalents	169,584	(280,789)
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents, beginning of period	133,792	344,527
Cash and cash equivalents, end of period	303,376	63,738
Supplemental disclosure of cash flow information
Net cash paid for income taxes	21,762	19,464
Cash paid for interest	1,658	5,150
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new lease obligations	13,366	10,210
Property and equipment in accounts payable	$ 1,223	$ 1,758

Preparation of Interim Financia

Preparation of Interim Financial Statements and Other Items	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preparation of Interim Financial Statements and Other Items	Preparation of Interim Financial Statements and Other Items Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the acquisition of the FlexSteel business through a merger (the “Merger”) with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data, or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements. Recent Accounting Pronouncements Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740).” The amendments in this ASU require entities to disclose on an annual basis specific categories in the income tax rate reconciliation and provide additional disclosures for reconciling items that meet a specified quantitative threshold. Entities will also be required to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid by individual jurisdictions that meet a five percent or greater threshold of total income taxes paid net of refunds received. The ASU also adds certain disclosures in order to be consistent with U.S. Securities and Exchange Commission rules and removes certain disclosures that no longer are considered cost beneficial or relevant. The amendments in this ASU are to be applied on a prospective basis and will be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” in order to require disclosure of incremental segment information on an annual and interim basis for all public entities. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is to be applied retrospectively to all prior periods presented in the financial statements and is effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our segment disclosures.

FlexSteel Acquisition

FlexSteel Acquisition	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
FlexSteel Acquisition	FlexSteel Acquisition On February 28, 2023 we completed the acquisition of FlexSteel. Including final adjustments for closing working capital, cash on hand and indebtedness adjustments as set forth in the merger agreement, we paid total cash consideration of $621.5 million with a potential future earn-out payment of up to $75.0 million, if certain revenue targets were met by FlexSteel through the period ending June 30, 2024. Purchase Price Consideration The final purchase price consideration for the acquisition was $627.5 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 621,505 Add: Contingent consideration (1) 5,960 Fair value of consideration transferred $ 627,465 (1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75.0 million of additional cash consideration if certain revenue targets were met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate. Changes in the fair value of the earn-out liability subsequent to the acquisition date have been recognized in the consolidated statements of income. The contingent consideration earn-out period ended on June 30, 2024 and resulted in an earn-out liability of $37.0 million. The earn-out payment was made in September 2024. Purchase Price Allocation The following table provides the final allocation of the purchase price as of the acquisition date: Cash and cash equivalents $ 5,316 Receivables 58,002 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 206,928 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 570,262 Accounts payable (14,975) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,319) Total liabilities assumed (138,001) Net assets acquired 432,261 Goodwill $ 195,204 The acquisition was accounted for using the acquisition method of accounting, with Cactus being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities were recorded at their respective fair values as of the acquisition date. Fair values were determined by management, based in part on independent valuations performed by third-party valuation specialists. The valuation methods used to determine the fair value of intangible assets included the excess earnings approach for customer relationships and backlog using customer inputs and contributory charges and the relief from royalty method for tradename and developed technology. The fair values determined for accounts receivable, accounts payable and most other current assets and liabilities, other than inventory, were equivalent to the carrying value due to their short-term nature. Acquired inventories were comprised of raw materials, work-in-progress and finished goods. The fair value of finished goods was calculated as the estimated selling price, less costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of identifiable fixed assets was calculated using a combination of valuation approaches, but primarily consisted of the cost approach which adjusts estimates of replacement cost for the age, condition and utility of the associated assets. Goodwill is calculated as the excess of the purchase price over the estimated fair value of net assets acquired. Pro forma financial information The pro forma financial information below represents the combined results of operations as if the acquisition had occurred as of January 1, 2022. The unaudited pro forma financial information is presented for informational purposes only. Nine Months Ended 2023 Revenues $ 875,473 Net Income attributable to Cactus, Inc. 132,026

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas exploration and production companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes both amounts billed and currently due from customers, as well as unbilled amounts resulting from accrued revenue associated with products delivered and services performed for which billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of September 30, 2024 and December 31, 2023 was $38.3 million and $26.8 million, respectively. We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us, and then apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a roll-forward of our allowance for credit losses. Balance at Expense Write off Other Balance at Nine Months Ended September 30, 2024 $ 3,642 $ 378 $ (148) $ 33 $ 3,905 Nine Months Ended September 30, 2023 1,060 2,153 (16) (10) 3,187

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost, which approximates average cost. Costs include an application of related material, direct labor, duties, tariffs, freight and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Reserves are made for excess and obsolete items based on a range of factors, including age, usage and technological or market changes that may impact demand for those products. Inventories consist of the following: September 30, December 31, Raw materials $ 23,417 $ 22,373 Work-in-progress 12,089 11,471 Finished goods 184,293 171,781 $ 219,799 $ 205,625

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost. We manufacture or construct most of our Pressure Control rental equipment assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following: September 30, December 31, Land $ 16,442 $ 16,442 Buildings and improvements 132,809 131,974 Machinery and equipment 138,159 128,962 Reels and skids 16,107 16,181 Vehicles 39,834 36,552 Rental equipment 220,216 218,340 Furniture and fixtures 1,911 1,913 Computers and software 4,840 3,951 Gross property and equipment 570,318 554,315 Less: Accumulated depreciation (255,019) (231,594) Net property and equipment 315,299 322,721 Construction in progress 28,884 22,781 Total property and equipment, net $ 344,183 $ 345,502

Other Intangible Assets

Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Other Intangible Assets The following table presents the detail of acquired intangible assets: September 30, 2024 December 31, 2023 Gross Cost Accumulated Amortization Net Cost Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (10,587) $ 89,713 $ 100,300 $ (5,572) $ 94,728 Developed technology 77,000 (12,192) 64,808 77,000 (6,417) 70,583 Tradename 16,000 (2,533) 13,467 16,000 (1,333) 14,667 Backlog 7,000 (7,000) — 7,000 (7,000) — Total $ 200,300 $ (32,312) $ 167,988 $ 200,300 $ (20,322) $ 179,978 All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired as of September 30, 2024 is 11.0 years. Amortization expense recognized during the three and nine months ended September 30, 2024 was $4.0 million and $12.0 million, respectively, and was recorded in selling, general and administrative expenses in the consolidated statements of income. Estimated future amortization expense is as follows: Remainder of 2024 $ 3,997 2025 15,987 2026 15,987 2027 15,987 2028 15,987 2029 15,987 Thereafter 84,056 Total $ 167,988

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt We had no bank debt outstanding as of September 30, 2024 and December 31, 2023. We had $2.5 million in letters of credit outstanding, and we were in compliance with all covenants under the Amended ABL Credit Facility (as defined below) as of September 30, 2024. In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was amended in September 2020 and July 2022. On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provided a term loan of $125.0 million and up to $225.0 million in revolving commitments, of which $20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility was set to mature on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments. We borrowed the full $125.0 million term loan amount and $30.0 million as a revolving loan at closing of the Amended ABL Credit Facility to fund a portion of the Merger. The term loan was required to be repaid in regular set amounts starting July 1, 2023 as set forth in the amortization schedule in the Amended ABL Credit Facility and could be prepaid without the payment of any prepayment premium (other than customary breakage costs for Term Benchmark (as defined below) borrowings). The term loan and revolving loan were repaid in full in July 2023. Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50% per annum for term loan ABR borrowings and 3.50% per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum. The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. Until the term loan was paid in full, the Amended ABL Credit Facility required Cactus Companies to maintain a leverage ratio no greater than 2.50 to 1.00 based on the ratio of Total Indebtedness (as defined therein) to EBITDA (as defined therein). The Amended ABL Credit Facility requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral. The Amended ABL Credit Facility was amended in December 2023 to incorporate certain changes related to revised and new definitions associated with the satisfaction of payment conditions for restricted payments, investments, permitted acquisitions, periodic reporting and asset dispositions. The amendment did not change the ABR, applicable margin rates, commitment fees, the maturity date, borrowing availability or covenants under the Amended ABL Credit Facility other than timing of certain reporting requirements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenues are derived from short-term contracts for fixed consideration, or in the case of rentals, for a fixed charge per day while the equipment is in use by the customer, plus repair costs. Product sales generally do not include right of return or other significant post-delivery obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenues are recognized when we satisfy a performance obligation by transferring control of the promised goods or providing services to our customers at a point in time, in an amount specified in the contract with our customer which reflects the consideration to which we expect to be entitled in exchange for those goods or services. The majority of our contracts with customers contain a single performance obligation to provide agreed upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We typically do not incur any material costs of obtaining contracts. We do not adjust the amount of consideration per the contract for the effects of a significant financing component when we expect, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less, which is in substantially all cases. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days of invoicing. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat shipping and handling associated with outbound freight as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for the associated shipping and handling when incurred as an expense in cost of sales. We disaggregate revenue into three categories: product revenues, rental revenues and field service and other revenues. We have predominately domestic operations, with a small amount of sales in Australia, Canada, the Middle East and other international markets. The following table presents our revenues disaggregated by category: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Product revenue $ 221,406 76 % $ 214,295 74 % $ 649,818 76 % $ 605,698 74 % Rental revenue 26,979 9 % 28,879 10 % 76,129 9 % 84,916 10 % Field service and other revenue 44,796 15 % 44,696 16 % 131,746 15 % 131,480 16 % Total revenues $ 293,181 100 % $ 287,870 100 % $ 857,693 100 % $ 822,094 100 % At September 30, 2024, we had a deferred revenue balance of $7.7 million compared to the December 31, 2023 balance of $8.1 million. Deferred revenue represents our obligation to transfer products to or perform services for a customer for which we have received cash or billed our customers in advance of delivering products or services. The revenue that has been deferred will be recognized upon product delivery or as services are performed. As of September 30, 2024, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.

Tax Receivable Agreement ("TRA"

Tax Receivable Agreement ("TRA")	9 Months Ended
	Sep. 30, 2024
Tax Receivable Agreement
Tax Receivable Agreement ("TRA")	Tax Receivable Agreement ( “ TRA ” ) In connection with our initial public offering (“IPO”) in February 2018, we entered into the TRA which generally provides for payment by Cactus Inc. to certain direct and indirect owners of Cactus LLC (after the CC Reorganization, Cactus Companies) of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Cactus Inc. actually realizes, or is deemed to realize in certain circumstances. Cactus Inc. retains the benefit of the remaining 15% of these net cash savings. The TRA liability is calculated by determining the tax basis subject to the TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the resulting iterative impact. The blended tax rate consists of the U.S. federal income tax rate and an assumed combined state and local income tax rate driven by the apportionment factors applicable to each state. Subsequent changes to the measurement of the TRA liability are recognized in the statements of income as a component of other expense, net. As of September 30, 2024, the total liability from the TRA was $267.0 million with $25.5 million reflected in current liabilities based on the expected timing of our next payments. The current liability of $25.5 million is based on the expected timing of a remaining payment associated with the 2023 tax year, combined with expected payments pertaining to the 2024 tax year to be made within the next calendar year. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc. The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA, and such payment is expected to be substantial. The calculation of anticipated future payments is based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates. We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity As of September 30, 2024, Cactus Inc. owned 83.8% of Cactus Companies as compared to 82.3% of Cactus Companies as of December 31, 2023. As of September 30, 2024, Cactus Inc. had outstanding 66.7 million shares of Class A common stock (representing 83.8% of the total voting power) and 12.9 million shares of Class B common stock (representing 16.2% of the total voting power). Equity Offering In January 2023, Cactus Inc. completed an underwritten offering of 3,224,300 shares of Class A common stock at a price to the underwriters of $51.36 per share for net proceeds of $165.6 million (net of $6.9 million of underwriting discounts and commissions). In addition to the underwriting discounts and commissions, approximately $2.2 million of costs directly associated with the stock issuance were recorded as a reduction to additional paid-in capital. FlexSteel Acquisition In conjunction with the FlexSteel acquisition, a restricted stock award of 128,150 shares of Class A common stock was issued under the Company’s long-term incentive plan to a key employee in exchange for cash consideration of $6.5 million. The shares were restricted from sale or trading and were subject to vesting requirements for one year from grant date. CC Reorganization As part of the CC Reorganization in connection with the acquisition of FlexSteel, Cactus Companies acquired all of the outstanding units representing limited liability company interests of Cactus LLC (“CW Units”) in exchange for an equal number of CC Units issued to each of the previous owners of CW Units other than Cactus Inc. (the “CW Unit Holders”). Upon the completion of the CC Reorganization, CW Unit Holders ceased to be holders of CW Units and, instead, became holders of a number of CC Units equal to the number of CW Units such CW Unit Holders held immediately prior to the completion of the CC Reorganization. After the CC Reorganization, we refer to the owners of CC Units, other than Cactus Inc. (along with their permitted transferees), as “CC Unit Holders.” Following the completion of the CC Reorganization, CC Unit Holders own one share of our Class B Common Stock for each CC Unit such CC Unit Holder owns. In connection with the CC Reorganization, Cactus Inc. and the owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which contains substantially the same terms and conditions as the Second Amended and Restated Limited Liability Company Operating Agreement of Cactus LLC (the “Cactus Wellhead LLC Agreement”), which was the limited liability company operating agreement of Cactus LLC prior to the CC Reorganization. Cactus Inc. was responsible for all operational, management and administrative decisions relating to Cactus LLC’s business for the period from completion of our IPO until the CC Reorganization and relating to Cactus Companies’ business for periods after the CC Reorganization. Redemptions of CC Units Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, an aggregate of 47.6 million CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock. During the nine months ended September 30, 2024 and 2023, 1.1 million and 0.9 million CC Units, respectively, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Companies LLC Agreement. Dividends Aggregate cash dividends of $0.37 and $0.34 per share of Class A common stock were declared during the nine months ended September 30, 2024 and 2023 totaling $24.9 million and $22.3 million, respectively. Cash dividends paid during the nine months ended September 30, 2024 and 2023 totaled $24.8 million and $22.3 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to the owners of CC Units other than Cactus Inc. for any dividends declared on our Class A common stock. See further discussion of the distributions below under “Member Distributions.” Share Repurchase Program On June 6, 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the nine months ended September 30, 2024, the Company purchased and retired 86,599 shares of Class A common stock for $3.4 million, at an average price per share of $38.92 excluding commissions, under the share repurchase program. As of September 30, 2024, $146.3 million remained authorized for future repurchases of Class A common stock under the program. Member Distributions Distributions made by Cactus Companies are generally required to be made pro rata among all its members. For the nine months ended September 30, 2024, Cactus Companies distributed $51.9 million to Cactus Inc. to fund its dividend, TRA and estimated tax payments and made pro rata distributions to the other members totaling $10.4 million over the same period. During the nine months ended September 30, 2023, Cactus Companies distributed $63.1 million to Cactus Inc. to fund its dividend and estimated tax payments and made pro rata distributions to the other members totaling $13.9 million. Limitation of Members’ Liability Under the terms of the Cactus Companies LLC Agreement, the members of Cactus Companies are not obligated for debt, liabilities, contracts or other obligations of Cactus Companies. Profits and losses are allocated to members as defined in the Cactus Companies LLC Agreement.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various disputes arising in the ordinary course of business. Management does not believe the outcome of these disputes will have a material adverse effect on our consolidated financial position or consolidated results of operations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs), observable inputs other than quoted prices in active markets (Level 2 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value of cash and cash equivalents, receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. At December 31, 2023, the earn-out liability was measured at a fair value of $20.8 million using Level 3 unobservable inputs. The fair value at December 31, 2023 was determined based on the evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of FlexSteel using a Monte Carlo simulation model. The Monte Carlo simulation model used assumptions including revenue volatilities, risk free rates, credit discount rates and revenue discount rates. The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value as of December 31, 2023: December 31, 2023 Risk-free interest rate 5.40% to 5.63% Expected revenue volatility 21.70% Revenue discount rate 10.02% to 10.23% Credit discount rate 9.85% The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: Earn-out Opening Balance $ 5,960 Changes in fair value 14,850 Balance at December 31, 2023 $ 20,810 The FlexSteel acquisition contingent consideration earn-out period ended June 30, 2024. The earn-out payment was made in September 2024. The fair value of our foreign currency forwards was less than $0.1 million as of September 30, 2024 and was determined using market observable inputs including forward and spot prices (Level 2 inputs).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in two business segments that offer different products and services and correspond to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to each segment. Our reporting segments are: • Pressure Control – engaged in the design, manufacture, sale, installation, service and associated rental of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells. • Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids. Financial information by business segment for the three and nine months ended September 30, 2024 and 2023 is summarized below. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue: Pressure Control $ 185,099 $ 182,484 $ 547,319 $ 576,273 Spoolable Technologies 108,155 105,386 310,966 245,821 Corporate and other (1) (73) — (592) — Total revenues 293,181 287,870 857,693 822,094 Operating income: Pressure Control 52,537 54,822 159,881 180,881 Spoolable Technologies 32,907 39,773 79,341 34,004 Total segment operating income 85,444 94,595 239,222 214,885 Corporate and other (2) (8,652) (6,992) (20,061) (29,072) Total operating income 76,792 87,603 219,161 185,813 Interest income (expense), net 2,062 (1,372) 4,156 (6,298) Other income, net — 266 — 3,804 Income before income taxes $ 78,854 $ 86,497 $ 223,317 $ 183,319 (1) Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment. (2) Includes corporate and other costs not directly attributable to our reporting segments, such as corporate executive management and other administrative functions. Prior to January 1, 2024, these costs were previously included in the Pressure Control segment. The information for the nine months ended September 30, 2023 has been recast to align with the presentation for the nine months ended September 30, 2024.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share 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 Nine Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to Cactus Inc.—basic $ 49,927 $ 52,580 $ 138,720 $ 120,224 Net income attributable to non-controlling interest (1) 9,567 — 27,998 24,874 Net income attributable to Cactus Inc.—diluted (1) $ 59,494 $ 52,580 $ 166,718 $ 145,098 Denominator: Weighted average Class A shares outstanding—basic 66,563 64,879 66,030 64,399 Effect of dilutive shares (2) 13,627 607 13,747 15,233 Weighted average Class A shares outstanding—diluted (2) 80,190 65,486 79,777 79,632 Earnings per Class A share—basic $ 0.75 $ 0.81 $ 2.10 $ 1.87 Earnings per Class A share—diluted (1)(2) $ 0.74 $ 0.80 $ 2.09 $ 1.82 (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 three and nine months ended September 30, 2024, and for the nine months ended September 30, 2023. (2) Diluted earnings per share for the three months ended September 30, 2023 excludes 14.6 million weighted average shares of Class B common stock as the effect would be anti-dilutive.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 49,927	$ 52,580	$ 138,720	$ 120,224

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Preparation of Interim Financ_2

Preparation of Interim Financial Statements and Other Items (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the acquisition of the FlexSteel business through a merger (the “Merger”) with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data, or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740).” The amendments in this ASU require entities to disclose on an annual basis specific categories in the income tax rate reconciliation and provide additional disclosures for reconciling items that meet a specified quantitative threshold. Entities will also be required to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid by individual jurisdictions that meet a five percent or greater threshold of total income taxes paid net of refunds received. The ASU also adds certain disclosures in order to be consistent with U.S. Securities and Exchange Commission rules and removes certain disclosures that no longer are considered cost beneficial or relevant. The amendments in this ASU are to be applied on a prospective basis and will be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” in order to require disclosure of incremental segment information on an annual and interim basis for all public entities. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is to be applied retrospectively to all prior periods presented in the financial statements and is effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our segment disclosures.

FlexSteel Acquisition (Tables)

FlexSteel Acquisition (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Purchase Price Consideration	The final purchase price consideration for the acquisition was $627.5 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 621,505 Add: Contingent consideration (1) 5,960 Fair value of consideration transferred $ 627,465 (1)
Summary of Preliminary Purchase Price Allocation	The following table provides the final allocation of the purchase price as of the acquisition date: Cash and cash equivalents $ 5,316 Receivables 58,002 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 206,928 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 570,262 Accounts payable (14,975) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,319) Total liabilities assumed (138,001) Net assets acquired 432,261 Goodwill $ 195,204
Summary of Unaudited Proforma Results	The unaudited pro forma financial information is presented for informational purposes only. Nine Months Ended 2023 Revenues $ 875,473 Net Income attributable to Cactus, Inc. 132,026

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Rollforward of Allowance for Credit Losses	The following is a roll-forward of our allowance for credit losses. Balance at Expense Write off Other Balance at Nine Months Ended September 30, 2024 $ 3,642 $ 378 $ (148) $ 33 $ 3,905 Nine Months Ended September 30, 2023 1,060 2,153 (16) (10) 3,187

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, December 31, Raw materials $ 23,417 $ 22,373 Work-in-progress 12,089 11,471 Finished goods 184,293 171,781 $ 219,799 $ 205,625

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Net	Property and equipment consists of the following: September 30, December 31, Land $ 16,442 $ 16,442 Buildings and improvements 132,809 131,974 Machinery and equipment 138,159 128,962 Reels and skids 16,107 16,181 Vehicles 39,834 36,552 Rental equipment 220,216 218,340 Furniture and fixtures 1,911 1,913 Computers and software 4,840 3,951 Gross property and equipment 570,318 554,315 Less: Accumulated depreciation (255,019) (231,594) Net property and equipment 315,299 322,721 Construction in progress 28,884 22,781 Total property and equipment, net $ 344,183 $ 345,502

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Total Intangible Assets	The following table presents the detail of acquired intangible assets: September 30, 2024 December 31, 2023 Gross Cost Accumulated Amortization Net Cost Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (10,587) $ 89,713 $ 100,300 $ (5,572) $ 94,728 Developed technology 77,000 (12,192) 64,808 77,000 (6,417) 70,583 Tradename 16,000 (2,533) 13,467 16,000 (1,333) 14,667 Backlog 7,000 (7,000) — 7,000 (7,000) — Total $ 200,300 $ (32,312) $ 167,988 $ 200,300 $ (20,322) $ 179,978
Summary of Future Amortization	Estimated future amortization expense is as follows: Remainder of 2024 $ 3,997 2025 15,987 2026 15,987 2027 15,987 2028 15,987 2029 15,987 Thereafter 84,056 Total $ 167,988

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Category	The following table presents our revenues disaggregated by category: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Product revenue $ 221,406 76 % $ 214,295 74 % $ 649,818 76 % $ 605,698 74 % Rental revenue 26,979 9 % 28,879 10 % 76,129 9 % 84,916 10 % Field service and other revenue 44,796 15 % 44,696 16 % 131,746 15 % 131,480 16 % Total revenues $ 293,181 100 % $ 287,870 100 % $ 857,693 100 % $ 822,094 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Significant Assumptions to Determine Fair Value	The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value as of December 31, 2023: December 31, 2023 Risk-free interest rate 5.40% to 5.63% Expected revenue volatility 21.70% Revenue discount rate 10.02% to 10.23% Credit discount rate 9.85%
Summary of Changes in Fair Value	The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: Earn-out Opening Balance $ 5,960 Changes in fair value 14,850 Balance at December 31, 2023 $ 20,810

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summarized Financial Information by Segment	Financial information by business segment for the three and nine months ended September 30, 2024 and 2023 is summarized below. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue: Pressure Control $ 185,099 $ 182,484 $ 547,319 $ 576,273 Spoolable Technologies 108,155 105,386 310,966 245,821 Corporate and other (1) (73) — (592) — Total revenues 293,181 287,870 857,693 822,094 Operating income: Pressure Control 52,537 54,822 159,881 180,881 Spoolable Technologies 32,907 39,773 79,341 34,004 Total segment operating income 85,444 94,595 239,222 214,885 Corporate and other (2) (8,652) (6,992) (20,061) (29,072) Total operating income 76,792 87,603 219,161 185,813 Interest income (expense), net 2,062 (1,372) 4,156 (6,298) Other income, net — 266 — 3,804 Income before income taxes $ 78,854 $ 86,497 $ 223,317 $ 183,319 (1) Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment. (2) Includes corporate and other costs not directly attributable to our reporting segments, such as corporate executive management and other administrative functions. Prior to January 1, 2024, these costs were previously included in the Pressure Control segment. The information for the nine months ended September 30, 2023 has been recast to align with the presentation for the nine months ended September 30, 2024.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to Cactus Inc.—basic $ 49,927 $ 52,580 $ 138,720 $ 120,224 Net income attributable to non-controlling interest (1) 9,567 — 27,998 24,874 Net income attributable to Cactus Inc.—diluted (1) $ 59,494 $ 52,580 $ 166,718 $ 145,098 Denominator: Weighted average Class A shares outstanding—basic 66,563 64,879 66,030 64,399 Effect of dilutive shares (2) 13,627 607 13,747 15,233 Weighted average Class A shares outstanding—diluted (2) 80,190 65,486 79,777 79,632 Earnings per Class A share—basic $ 0.75 $ 0.81 $ 2.10 $ 1.87 Earnings per Class A share—diluted (1)(2) $ 0.74 $ 0.80 $ 2.09 $ 1.82 (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 three and nine months ended September 30, 2024, and for the nine months ended September 30, 2023. (2) Diluted earnings per share for the three months ended September 30, 2023 excludes 14.6 million weighted average shares of Class B common stock as the effect would be anti-dilutive.

Preparation of Interim Financ_3

Preparation of Interim Financial Statements and Other Items (Details)	9 Months Ended
	Sep. 30, 2024 segment $ / shares	Dec. 31, 2023 $ / shares
Organization and Nature of Operations
Number of business segments | segment	2
Class A Common Stock
Organization and Nature of Operations
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01

FlexSteel Acquisition - Narrati

FlexSteel Acquisition - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Earn-out liability		$ 0		$ 20,810
FlexSteel
Business Acquisition [Line Items]
Cash consideration	$ 621,505
Earn-out liability	$ 75,000		$ 37,000

FlexSteel Acquisition - Summary

FlexSteel Acquisition - Summary of Purchase Price Consideration (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Earn-out liability		$ 0		$ 20,810
FlexSteel
Business Acquisition [Line Items]
Cash consideration	$ 621,505
Add: Contingent consideration	5,960
Fair value of consideration transferred	627,465
Earn-out liability	$ 75,000		$ 37,000

FlexSteel Acquisition - Summa_2

FlexSteel Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 28, 2023
Business Acquisition [Line Items]
Goodwill	$ 203,028	$ 203,028
FlexSteel
Business Acquisition [Line Items]
Cash and cash equivalents			$ 5,316
Receivables			58,002
Inventories			91,746
Prepaid expenses and other current assets			1,283
Property and equipment			206,928
Operating lease right-of-use assets			1,021
Identifiable intangible assets			200,300
Other noncurrent assets			5,666
Total assets acquired			570,262
Accounts payable			(14,975)
Accrued expenses and other current liabilities			(26,827)
Finance lease obligations			(974)
Operating lease liabilities			(906)
Deferred tax liabilities			(94,319)
Total liabilities assumed			(138,001)
Net assets acquired			432,261
Goodwill			$ 195,204

FlexSteel Acquisition - Summa_3

FlexSteel Acquisition - Summary of Unaudited Proforma Results (Details) - FlexSteel $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Revenues	$ 875,473
Net Income attributable to Cactus, Inc.	$ 132,026

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable
Unbilled revenue	$ 38,300		$ 26,800
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	3,642	$ 1,060
Expense	378	2,153
Write off	(148)	(16)
Other	33	(10)
Balance at End of Period	$ 3,905	$ 3,187

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Summary of inventories
Raw materials	$ 23,417	$ 22,373
Work-in-progress	12,089	11,471
Finished goods	184,293	171,781
Total inventory	$ 219,799	$ 205,625

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (255,019)	$ (231,594)
Total property and equipment, net	344,183	345,502
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	570,318	554,315
Net property and equipment	315,299	322,721
Land
Property, Plant and Equipment [Line Items]
Property and equipment	16,442	16,442
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment	132,809	131,974
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	138,159	128,962
Reels and skids
Property, Plant and Equipment [Line Items]
Property and equipment	16,107	16,181
Vehicles
Property, Plant and Equipment [Line Items]
Vehicles	39,834	36,552
Rental equipment
Property, Plant and Equipment [Line Items]
Property and equipment	220,216	218,340
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	1,911	1,913
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment	4,840	3,951
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 28,884	$ 22,781

Other Intangible Assets - Summa

Other Intangible Assets - Summary of Total Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	$ 200,300	$ 200,300
Accumulated Amortization	(32,312)	(20,322)
Net Cost	167,988	179,978
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	100,300	100,300
Accumulated Amortization	(10,587)	(5,572)
Net Cost	89,713	94,728
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	77,000	77,000
Accumulated Amortization	(12,192)	(6,417)
Net Cost	64,808	70,583
Tradename
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	16,000	16,000
Accumulated Amortization	(2,533)	(1,333)
Net Cost	13,467	14,667
Backlog
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	7,000	7,000
Accumulated Amortization	(7,000)	(7,000)
Net Cost	$ 0	$ 0

Other Intangible Assets - Narra

Other Intangible Assets - Narrative (Details) - Identifiable Intangible Assets Acquired $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization period	11 years	11 years
Amortization of intangible assets	$ 4	$ 12

Other Intangible Assets - Sum_2

Other Intangible Assets - Summary of Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 3,997
2025	15,987
2026	15,987
2027	15,987
2028	15,987
2029	15,987
Thereafter	84,056
Net Cost	$ 167,988	$ 179,978

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Aug. 21, 2018
Long-term Debt
Debt outstanding		$ 0	$ 0
Letters of credit outstanding		$ 2,500,000
Applicable margin rate	0.71513%
Secured Debt | Amended ABL Credit Facility
Long-term Debt
Face amount				$ 125,000,000
ABL Credit Facility | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity				225,000,000
ABL Credit Facility | Line of Credit | The Credit Facility
Long-term Debt
Debt gross				30,000,000
Secured Debt | Line of Credit | The Credit Facility
Long-term Debt
Debt gross				125,000,000
Letters of credit | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity				20,000,000
Cactus LLC | ABL Credit Facility | Line of Credit
Long-term Debt
Term					5 years
Additional commitments				50,000,000
Maximum borrowing capacity				$ 275,000,000
Subsidiaries | ABL Credit Facility
Long-term Debt
Fixed charge coverage ratio		1
Subsidiaries | ABL Credit Facility | Base Rate
Long-term Debt
Applicable margin rate		2.50%
Subsidiaries | ABL Credit Facility | Secured Overnight Financing Rate (SOFR)
Long-term Debt
Applicable margin rate		3.50%
Subsidiaries | ABL Credit Facility | Minimum
Long-term Debt
Commitment fee		0.25%
Subsidiaries | ABL Credit Facility | Minimum | Base Rate
Long-term Debt
Applicable margin rate		0%
Subsidiaries | ABL Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Long-term Debt
Applicable margin rate		1.25%
Subsidiaries | ABL Credit Facility | Maximum | Base Rate
Long-term Debt
Applicable margin rate		0.50%
Subsidiaries | ABL Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Long-term Debt
Applicable margin rate		1.75%
Subsidiaries | ABL Credit Facility | Line of Credit | Credit Agreement
Long-term Debt
Leverage ratio		2.50

Revenue - Schedule of Revenues

Revenue - Schedule of Revenues Disaggregated by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 293,181	$ 287,870	$ 857,693	$ 822,094
Revenue as a percentage	100%	100%	100%	100%
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 221,406	$ 214,295	$ 649,818	$ 605,698
Revenue as a percentage	76%	74%	76%	74%
Rental revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 26,979	$ 28,879	$ 76,129	$ 84,916
Revenue as a percentage	9%	10%	9%	10%
Field service and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,796	$ 44,696	$ 131,746	$ 131,480
Revenue as a percentage	15%	16%	15%	16%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Contract Balances
Deferred revenue	$ 7.7	$ 8.1

Tax Receivable Agreement ("TR_2

Tax Receivable Agreement ("TRA") (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Mar. 31, 2024	Feb. 28, 2018	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Tax Receivable Agreement
Tax savings payable to TRA Holders		85%
Tax savings benefit retained by Cactus Inc		15%
Total TRA liability			$ 267,000
Current portion of liability related to tax receivable agreement			25,485		$ 20,855
Payments pursuant to tax receivable agreement			$ 15,277	$ 26,890
Applicable margin rate	0.71513%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended	80 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	Jun. 06, 2023
Equity
Issuances of common stock						$ 169,369
CW Unit redemptions (in shares)					1,100,000	900,000
Cash dividend declared (in dollars per share)		$ 0.13	$ 0.12		$ 0.37	$ 0.34
Share repurchases					$ 3,372	$ 159
Pro rata distributions made to other members					10,444	13,926
Share Repurchase Program
Equity
Authorized amount of stock repurchase									$ 150,000
Additional Paid-In Capital
Equity
Costs associated with stock issuance	$ 2,200
Issuances of common stock						143,302
Share repurchases					$ 2,996	137
Common stock | Share Repurchase Program
Equity
Common stock purchased and retired (in shares)					86,599
Share repurchases					$ 3,400
Average stock repurchased price (in dollars per share)					$ 38.92
Common stock authorized repurchase amount		$ 146,300			$ 146,300			$ 146,300
FlexSteel | Key Employee
Equity
Issuance of common stock (in shares)				128,150
Issuances of common stock				$ 6,500
Vesting period				1 year
Cactus Companies
Equity
Ownership interest					83.80%
Cactus LLC
Equity
Ownership interest							82.30%
Cactus Inc
Equity
Cash distributions to unit holders					$ 51,900	63,100
CC Unit Holders other than Cactus, Inc.
Equity
Pro rata distributions made to other members					$ 10,400	$ 13,900
Class A Common Stock
Equity
Common stock, shares outstanding (in shares)		66,656,000			66,656,000		65,409,000	66,656,000
Shares outstanding, percentage of total voting power		83.80%			83.80%			83.80%
Cash dividend declared (in dollars per share)					$ 0.37	$ 0.34
Dividends declared					$ 24,900	$ 22,300
Dividends paid					24,800	$ 22,300
Class A Common Stock | Common stock
Equity
Issuance of common stock (in shares)						3,352,000
Issuances of common stock						$ 34
Share repurchases					$ 1
Class A Common Stock | Additional Offering
Equity
Shares sold (in shares)	3,224,300
Price of stock (in dollars per share)	$ 51.36
Cash consideration	$ 165,600
Underwriting discounts	$ 6,900
Class A Common Stock | Cactus Companies LLC Agreement
Equity
CW Unit redemptions (in shares)								47,600,000
Class B Common Stock
Equity
Common stock, shares outstanding (in shares)		12,928,000			12,928,000		14,034,000	12,928,000
Shares outstanding, percentage of total voting power		16.20%			16.20%			16.20%
Class B Common Stock | Cactus Companies
Equity
Shares owned per units held (in shares)		1			1			1

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 28, 2023
Fair Value, Inputs, Level 3 | Earn Out Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability value		$ 20,810	$ 5,960
Fair Value, Inputs, Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign currency forwards	$ 100

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Significant Assumptions to Determine Fair Value (Details) - Earn Out Liability	Dec. 31, 2023
Risk-free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0540
Risk-free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0563
Expected revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.2170
Revenue discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1002
Revenue discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1023
Credit discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0985

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 - Earn Out Liability $ in Thousands	10 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance	$ 5,960
Changes in fair value	14,850
Balance at December 31, 2023	$ 20,810

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments	2

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 293,181	$ 287,870	$ 857,693	$ 822,094
Total segment operating income	76,792	87,603	219,161	185,813
Interest income (expense), net	2,062	(1,372)	4,156	(6,298)
Other income, net	0	266	0	3,804
Income before income taxes	78,854	86,497	223,317	183,319
Operating Segments
Segment Reporting Information [Line Items]
Total segment operating income	85,444	94,595	239,222	214,885
Corporate And Other, Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	(73)	0	(592)	0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total segment operating income	(8,652)	(6,992)	(20,061)	(29,072)
Pressure Control | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	185,099	182,484	547,319	576,273
Total segment operating income	52,537	54,822	159,881	180,881
Spoolable Technologies | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	108,155	105,386	310,966	245,821
Total segment operating income	$ 32,907	$ 39,773	$ 79,341	$ 34,004

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to Cactus Inc.	$ 49,927	$ 52,580	$ 138,720	$ 120,224
Net income attributable to non-controlling interest	9,567	0	27,998	24,874
Net income attributable to Cactus Inc. - diluted	$ 59,494	$ 52,580	$ 166,718	$ 145,098
Denominator:
Effect of dilutive shares (in shares)	13,627	607	13,747	15,233
Corporate effective income tax rate, if-converted method	26%		26%	26%
Class A Common Stock
Denominator:
Weighted average Class A Shares Outstanding - basic (in shares)	66,563	64,879	66,030	64,399
Weighted average Class A shares outstanding - diluted (in shares)	80,190	65,486	79,777	79,632
Earnings per Class A share - basic (in dollars per share)	$ 0.75	$ 0.81	$ 2.10	$ 1.87
Earnings per Class A share - diluted (in dollars per share)	$ 0.74	$ 0.80	$ 2.09	$ 1.82
Class B Common Stock
Denominator:
Weighted average Class A shares outstanding - diluted (in shares)		14,600