Earnings per Share

6 Months Ended

Jun. 30, 2025

Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.

We use the if-converted method to determine the potential dilutive effect of outstanding CC Units and corresponding shares of outstanding Class B common stock. We use the treasury stock method to determine the potential dilutive effect of 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income attributable to Cactus Inc.—basic	$	40,329	$	49,828	$	84,552	$	88,793
Net income attributable to non-controlling interest (1)	—		—		—		18,432
Net income attributable to Cactus Inc.—diluted (1)	$	40,329	$	49,828	$	84,552	$	107,225
Denominator:
Weighted average Class A shares outstanding—basic	68,514		66,142		68,355		65,760
Effect of dilutive shares (2)	375		437		405		13,926
Weighted average Class A shares outstanding—diluted (2)	68,889		66,579		68,760		79,686

Earnings per Class A share—basic	$	0.59	$	0.75	$	1.24	$	1.35
Earnings per Class A share—diluted (1)(2)	$	0.59	$	0.75	$	1.23	$	1.35

(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 six months ended June 30, 2024.

(2)Diluted earnings per share for the three and six months ended June 30, 2025 and for the three months ended June 30, 2024 excludes 11.3 million, 11.4 million and 13.4 million weighted average shares of Class B common stock, respectively, as the effect would be anti-dilutive.

Cactus, Inc. 10-Q