Author: Newsdesk

Update to Previously Announced Special Dividend and Monthly Dividend

NEW YORK–(BUSINESS WIRE)–
Saba Capital Income & Opportunities Fund II (NYSE: SABA) (the “Fund”), a registered closed-end management investment company listed on the New York Stock Exchange, previously announced: (a) on October 1, 2026 a regular dividend (the “October Regular Dividend”) of $0.058 per share, declared on September 30, 2026, and payable on October 30, 2026 to shareholders of record as of October 9, 2026 and (b) on October 27, 2026, a special dividend (the “October Special Dividend”) of $0.155 per share, declared on October 27, 2026, and payable on October 30, 2026 to shareholders of record as of October 29, 2026. With respect to the form of payment, the Fund is providing notice that each of the October Regular Dividend and October Special Dividend will be paid in cash only to all shareholders of record entitled to receive such payment.

Managed Distribution Plan. In accordance with the Fund’s currently effective managed distribution plan (the “Plan”), the Fund will make monthly distributions to shareholders at a fixed amount of $0.058 per share. Special dividends are not paid pursuant to the Plan, and thus, the special distribution amount shown is in addition to the Fund’s monthly distributions to shareholders. The Fund may or may not declare special distributions in the future. The Fund will generally distribute amounts necessary to satisfy the Fund’s Plan and the requirements of Subchapter M of the Internal Revenue Code.

Under the Plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. As a result, long-term capital gains and/or return of capital may be a material source of any distribution. No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Plan. The Board of Trustees (the “Board”) may amend the terms of the Plan or terminate the Plan at any time without prior notice to Fund shareholders. No level of distribution can be guaranteed. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan is subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

In compliance with Rule 19a-1 of the Investment Company Act of 1940, shareholders will receive a notice that details the source of income for the above dividend, such as net investment income, gain from the sale of securities and return of principal; however, determination of the actual source of the foregoing dividend can only be made at year-end. The actual source amounts of all Fund dividends will be included in the Fund’s annual or semiannual reports. In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund’s dividends as shown on shareholders’ statements. Shareholders should refer to their Form 1099-DIV for the character and amount of distributions for income tax reporting purposes. Since each shareholder’s tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of Fund distributions.

Past Performance is No Assurance of Future Results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Investors should consider the investment objective, risks and expenses carefully. You can obtain the Fund’s most recent periodic reports and filings by visiting https://www.sec.gov/edgar/browse/?CIK=828803&owner=exclude.

Other Information and Certain Risk Factors: The Fund’s investment objective is to provide investors with high current income, with a secondary goal of capital appreciation. There can be no assurance that the Fund will meet its investment objective. The Fund seeks to achieve this objective by investing globally in debt and equity securities of public and private companies, which includes, among other things, investments in closed‐end funds, special purpose acquisition companies (“SPACs”), reinsurance, and public and private debt instruments. The Fund also may utilize derivatives including but not limited to total return swaps, credit default swaps, options and futures, in seeking to enhance returns and/or to reduce portfolio risk.

The value of the Fund’s investments in equity securities of public and private, listed and unlisted companies and equity derivatives generally varies with the performance of the issuer and movements in the equity markets more generally. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the Fund’s investment manager’s expectations or if equity markets generally move in a single direction and the Fund has not hedged against such a general move. The Fund invests in closed-end funds and SPACs, which are subject to additional risks and considerations. The performance of reinsurance-related securities and the reinsurance industry itself are tied to the occurrence of various triggering events, including but not limited to weather, natural disasters (hurricanes, earthquakes, etc.), non-natural large catastrophes and other specified events causing physical and/or economic loss. To the extent the Fund invests in reinsurance-related securities for which a triggering event occurs, losses associated with such event could result in losses to the Fund’s investment, and a series of major triggering events affecting a large portion of the reinsurance- related securities held by the Fund could result in substantial losses to the Fund’s investment. The Fund may invest in high yield securities, which are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Changes in short-term market interest rates may directly affect the yield on the Fund’s common shares. If such rates fall, the Fund’s yield may also fall. If interest rate spreads on bonds and loans owned by the Fund decline in general, the yield on the bonds and loans will likely fall and the value of such bonds and loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on bonds and loans in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for certain bonds and loans, the Fund’s ability to sell such securities in a timely fashion and/or at a favorable price may be limited. An increase in the demand for bonds and loans may adversely affect the rate of interest payable on new bonds and loans acquired by the Fund, and it may also increase the price of bonds and loans purchased by the Fund in the secondary market. A decrease in the demand for bonds and loans may adversely affect the price of bonds and loans in the Fund’s portfolio, which would cause the Fund’s net asset value to decrease. Investment in foreign borrowers involves special risks, including but not limited to potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Fund may engage in currency exchange transactions to seek to hedge, as closely as practicable, all of the economic impact to the Fund arising from foreign currency fluctuations. Other risks include, but are not limited to, the use of derivatives, the potential lack of diversification in the Fund’s portfolio, and the fact that the Fund’s portfolio may be concentrated in a small group of industries or industry sectors from time to time. Investors should consult the Fund’s filings with the Securities and Exchange Commission as well as the materials on the Fund’s website for a more detailed discussion of these or other risk factors that affect the Fund.

About Saba Capital Income & Opportunities Fund II. Saba Capital Income & Opportunities Fund II is a publicly-traded registered closed-end management investment company. The Fund’s common shares trade on the New York Stock Exchange under the ticker symbol “SABA”. The Fund is managed by Saba Capital Management, L.P.

Forward-Looking Statements. This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including but not limited to statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors, including but not limited to the “Certain Risk Factors” noted above, are identified from time to time in the Fund’s filings with the Securities and Exchange Commission as well as the materials on the Fund’s website. The Fund undertakes no obligation to update such statements to reflect subsequent events, except as may be required by law.

For further information on Saba Capital Income & Opportunities Fund II, please visit our website at: www.sabacef.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028215981/en/

888-888-0319

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

Posted on October 28, 2026 9:21 pm

Forestar Group Inc. Announces Retirement of Donald J. Tomnitz as Executive Chairman and Appointment of Anthony W. Oxley as Executive Chairman and Chief Executive Officer

Forestar Group Inc. Announces Retirement of Donald J. Tomnitz as Executive Chairman and Appointment of Anthony W. Oxley as Executive Chairman and Chief Executive Officer

ARLINGTON, Texas–(BUSINESS WIRE)–
Forestar Group Inc. (NYSE: FOR) today announced that Donald (Don) J. Tomnitz will retire as Executive Chairman of the Company’s Board of Directors, effective October 31, 2026. Anthony (Andy) W. Oxley, who currently serves as President and Chief Executive Officer, will assume the additional role of Executive Chairman, effective November 1, 2026.

Tomnitz has served as Executive Chairman of Forestar since October 2017 and has been instrumental in guiding the Company’s strategic direction and significant growth. He will remain in a consulting role with the Company for two years. Oxley has served as President and Chief Executive Officer since January 2024 and will continue to lead Forestar’s management team in his expanded role.

Don Tomnitz, outgoing Executive Chairman, said, “It has been an honor to help lead Forestar, and I am proud of our team and the Company we have built together over the years. Forestar is well-positioned for long-term growth and success, with strong leaders across the Company. I am confident Andy and the leadership team will continue to successfully guide Forestar’s future.”

Andy Oxley, President and Chief Executive Officer, said, “I greatly appreciate Don for his leadership and friendship throughout my career and his dedication to Forestar over the past nine years. He has helped build a strong foundation for our Company, and I am grateful for his many contributions. I look forward to working with the rest of the Forestar team to continue growing and improving the Company to become the leading residential lot developer in America.”

About Forestar Group Inc.

Forestar Group Inc. is a residential lot development company with operations in 65 markets and 24 states. Based in Arlington, Texas, the Company delivered more than 13,400 residential lots during the twelve-month period ended June 30, 2026. Forestar is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261027569472/en/

Chris Hibbetts, 817-769-1860

Vice President of Finance & Investor Relations

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

MEDIA:

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Deutsche Bank appointed as Successor Depositary Bank for the American Depositary Receipt Program of Aviva plc

NEW YORK–(BUSINESS WIRE)–
Deutsche Bank announced today its appointment as successor depositary bank for the sponsored American Depositary Receipt program of Aviva plc.

Aviva plc (OTC: AVVIY) is a financial services company with a diverse offering across insurance, wealth and retirement. This includes motor and home insurance, health and protection insurance, pensions and savings products, and more. Aviva serves over 25 million customers across the UK, Ireland and Canada. They employ around 36,000 people globally and their headquarters is in London.*

In addition to specializing in administering cross-border equity structures such as New York Shares and American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services. Deutsche Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.

* This information was provided by Aviva plc (October 2026).

Depositary Receipt Information		Depositary Receipt Contacts
Country	United Kingdom	New Business Development Matt Edmund
Custodian Bank	Deutsche Bank AG London Branch 21 Moorfields, EC2Y 9DB, London, United Kingdom	Tel: +44 20 7545 1096
		www.adr.db.com	Markets Distribution
		[email protected]	London
Effective Date	October 28, 2026		Tel: +44 (0) 20 7547 6500
			New York
Level I ADR			Tel: +1 212 250 9100
CUSIP	05382A302
ISIN	US05382A3023
Symbol	AVVIY
Exchange	OTC
Current Ratio	1 ADS: 2 ordinary shares
Eligibility	DTC

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the “Act”). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© October 2026 Deutsche Bank AG. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028098398/en/

Deutsche Bank AG

Press & Media Relations

Meredith Zaritheny

Tel.: +19297424613

Email: [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Cactus Announces Third Quarter 2026 Results

HOUSTON–(BUSINESS WIRE)–
Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the third quarter of 2026.

Third Quarter Highlights

• Revenue of $430.9 million and operating income of $94.0 million;

• Net income of $74.1 million and diluted earnings per Class A share of $0.87;

• Adjusted net income⁽¹⁾ of $78.0 million and diluted earnings per share, as adjusted⁽¹⁾ of $0.96;

• Net income margin of 17.2% and adjusted net income margin⁽¹⁾ of 18.1%;

• Adjusted EBITDA⁽²⁾ and Adjusted EBITDA margin⁽²⁾ of $132.0 million and 30.6%, respectively;

• Cash and cash equivalents of $354.2 million, with no bank debt outstanding as of September 30, 2026;

• In September 2026, the Board of Directors approved the construction of a new Spoolable Technologies manufacturing facility in the Middle East; and

• In October 2026, the Board of Directors declared a quarterly cash dividend of $0.15 per Class A share.

Financial Summary

	Three Months Ended
	September 30,				June 30,				September 30,
		2026				2026				2025
	(in thousands)
Revenues	$	430,888			$	449,528			$	263,954
Operating income(3)	$	94,048			$	83,582			$	61,234
Operating income margin		21.8	%			18.6	%			23.2	%
Net income	$	74,091			$	61,380			$	50,188
Net income margin		17.2	%			13.7	%			19.0	%
Adjusted net income(1)	$	77,987			$	75,113			$	53,719
Adjusted net income margin(1)		18.1	%			16.7	%			20.4	%
Adjusted EBITDA(2)	$	132,025			$	132,780			$	86,943
Adjusted EBITDA margin(2)		30.6	%			29.5	%			32.9	%

(1)	Adjusted net income, Adjusted net income margin and diluted earnings per share, as adjusted are non-GAAP financial measures. These figures assume Cactus, Inc. held all units in its operating subsidiary at the beginning of the period. Additional information regarding non-GAAP financial measures, including the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.
(2)	Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables.
(3)	Operating income reflects certain expenses related to the Cactus International and FlexSteel acquisitions, including expenses related to purchase price fair value adjustments of inventory, fixed assets, backlog and other intangible amortization expenses related to purchase price accounting. See the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables for further details.

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “Overall company performance remained exceptionally strong in the third quarter. Our Spoolable Technologies segment meaningfully expanded sales with record international shipments and bookings since the acquisition, while achieving excellent margins. Our Pressure Control business declined as anticipated, but margins were more resilient than expected as strong domestic performance and synergy realization helped offset lower operating leverage in our Cactus International Joint Venture. I am also pleased with our order intake in the third quarter as our backlog grew by more than $150 million, nearly doubling in our Spoolable Technologies segment.

“We expect consolidated revenues in the fourth quarter to modestly increase. We believe that the U.S. land rig count will remain approximately flat from today’s levels through the remainder of the year. We anticipate that fourth quarter Pressure Control revenues will increase modestly versus the third quarter, as strength in the domestic market is combined with flat activity in the Middle East. In Spoolable Technologies, we expect sales to be up slightly in the fourth quarter, as continued international shipment momentum more than offsets typical North American market seasonality.”

Mr. Bender concluded, “This is a very exciting time for Cactus, and I am pleased to announce the Board’s approval of the construction of a Spoolable Technologies manufacturing facility in the Middle East. This facility, expected to commence operations in 2029, will offer a local footprint in a critically important long-term oil and gas region and further benefits from the rapidly expanding unconventional market in the Middle East. Customer demand for our Spoolable products continues to accelerate, and the previously announced expansion of our Baytown manufacturing facility coupled with the development in the Middle East is expected to provide the necessary capacity for several years of growth at what we believe are attractive returns.”

Segment Performance

We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other expenses. Cactus International business results are included in the Pressure Control segment.

Pressure Control

Third quarter 2026 Pressure Control revenue decreased $39.2 million, or 11.4%, sequentially, primarily due to lower product shipments in the Middle East. Operating income increased $2.4 million, or 4.0%, sequentially, with margins increasing 300 basis points, as lower operating leverage was more than offset by continued strength in spares and repair margins in the Middle East and lower purchase price accounting-related adjustments, which declined from $20.0 million to $9.4 million in the quarter. Adjusted Segment EBITDA decreased $9.8 million, or 10.2%, sequentially, with Adjusted Segment EBITDA margins increasing 40 basis points.

Spoolable Technologies

Third quarter 2026 Spoolable Technologies revenues increased $21.3 million, or 20.2%, sequentially, due to strong growth in both domestic and international shipments. Operating income increased $9.4 million, or 29.3%, sequentially, on higher volume, while margins increased 230 basis points. Adjusted Segment EBITDA was higher by $9.8 million, or 23.3%, sequentially, with Adjusted Segment EBITDA margins increasing 110 basis points, as operating leverage moved favorably.

Corporate and Other Expenses

Third quarter 2026 Corporate and Other expenses increased $1.3 million sequentially, primarily due to higher transaction and personnel expenses. Third quarter Corporate and Other expenses included $0.6 million of transaction-related expenses resulting from the acquisition of Cactus International, $0.4 million higher than the second quarter.

Liquidity, Capital Expenditures and Other

As of September 30, 2026, the Company had $354.2 million of cash and cash equivalents, no bank debt outstanding, and $263.5 million of availability on our U.S. and UAE revolving credit facilities. Operating cash flow was $18.4 million for the third quarter of 2026, reflecting the $91.0 million amount disbursed to Baker Hughes related to legal entity formation activities. During the third quarter, the Company made dividend payments and associated distributions of $12.0 million.

Net capital expenditures were $16.1 million during the third quarter of 2026. For the full year 2026, the Company expects its net capital expenditures to be approximately $65 million. The estimate includes the placement of orders for long-lead equipment related to the Middle East Spoolable Technologies manufacturing facility and the ongoing Baytown facility expansion.

Remaining Performance Obligations, or backlog, closed the quarter at $615.6 million. The majority of this backlog is associated with our Cactus International business, with the balance attributable to Spoolable Technologies.

As of September 30, 2026, Cactus had 70,119,569 shares of Class A common stock outstanding (representing 87.5% of the total voting power) and 10,061,249 shares of Class B common stock outstanding (representing 12.5% of the total voting power).

Quarterly Dividend

The Board of Directors has approved a quarterly cash dividend of $0.15 per share of Class A common stock. Payment will occur on December 17, 2026 to holders of record of Class A common stock at the close of business on November 30, 2026. A corresponding distribution of up to $0.15 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results tomorrow, Thursday October 29, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call.

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers and manufacturing facilities globally with an emphasis in North America and the Middle East.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “anticipate,” “backlog,” “believe,” “continue,” “estimate,” “expect,” “guidance,” “hope,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “should,” “will,” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations, financial condition, or expenditures or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

 

Cactus, Inc. Condensed Consolidated Statements of Income (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
	(in thousands, except per share data)
Revenues
Pressure Control	$	304,829			$	168,714			$	948,996			$	538,763
Spoolable Technologies		126,868				95,240				322,301				284,043
Corporate and other(1)		(809	)			—				(2,532	)			(4,958	)
Total revenues		430,888				263,954				1,268,765				817,848
Operating income
Pressure Control		61,528				44,523				159,287				141,189
Spoolable Technologies		41,597				25,806				97,332				77,735
Total segment operating income		103,125				70,329				256,619				218,924
Corporate and other expenses		(9,077	)			(9,095	)			(29,485	)			(28,273	)
Total operating income		94,048				61,234				227,134				190,651
Interest income, net		766				2,977				1,935				7,820
Other income, net		—				221				—				221
Income before income taxes		94,814				64,432				229,069				198,692
Income tax expense		20,723				14,244				53,377				45,352
Net income	$	74,091			$	50,188			$	175,692			$	153,340
Less: net income attributable to non-controlling interest		11,927				8,564				31,626				27,164
Net income attributable to Cactus Inc.	$	62,164			$	41,624			$	144,066			$	126,176
	​				​				​				​
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	$	62,164			$	41,624			$	62,559			$	126,176
Earnings per Class A share – basic	$	0.89			$	0.61			$	0.90			$	1.84
Earnings per Class A share – diluted(2)	$	0.87			$	0.60			$	0.89			$	1.83
	​				​				​				​
Weighted average shares outstanding – basic		69,899				68,681				69,487				68,465
Weighted average shares outstanding – diluted(2)		81,108				69,196				70,143				68,877

(1)

Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.

(2)

Dilution for the nine months ended September 30, 2026, and three and nine months ended September 30, 2025, excludes 10.6, 11.2 million, and 11.3 million shares of Class B common stock, respectively, as the effect would be antidilutive. Dilution for the three months ended September 30, 2026 includes an additional $11.8 million of pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 27%, and 10.3 million weighted average shares of Class B common stock, plus the effect of dilutive securities.

 

Cactus, Inc. Condensed Consolidated Balance Sheets (unaudited)
	September 30,			December 31,
		2026			2025
	(in thousands)
Assets
Current assets
Cash and cash equivalents	$	354,221		$	123,571
Restricted cash		—			371,011
Accounts receivable, net		506,342			164,493
Inventories		401,575			276,613
Prepaid expenses and other current assets		23,806			19,231
Total current assets		1,285,944			954,919
Property and equipment, net		403,621			342,592
Operating lease right-of-use assets, net		30,761			19,491
Intangible assets, net		336,158			148,004
Goodwill		285,579			203,028
Deferred tax asset, net		200,015			187,545
Investment in unconsolidated affiliates		5,980			5,923
Other noncurrent assets		31,969			10,115
Total assets	$	2,580,027		$	1,871,617
Liabilities, Mezzanine Equity, and Stockholders’ Equity
Current liabilities
Accounts payable	$	211,331		$	71,541
Accrued expenses and other current liabilities		104,209			51,388
Contract liabilities		66,545			7,707
Current portion of liability related to tax receivable agreement		21,314			21,314
Finance lease obligations, current portion		8,321			7,476
Operating lease liabilities, current portion		9,196			4,815
Total current liabilities		420,916			164,241
Deferred tax liability, net		14,432			2,786
Liability related to tax receivable agreement, net of current portion		251,568			241,609
Finance lease obligations, net of current portion		9,584			9,672
Operating lease liabilities, net of current portion		27,000			15,786
Other noncurrent liabilities		84,402			4,475
Total liabilities		807,902			438,569
Mezzanine equity
Redeemable non-controlling interest		240,905			—
Total stockholders’ equity		1,531,220			1,433,048
Total liabilities, mezzanine equity, and stockholders’ equity	$	2,580,027		$	1,871,617

Cactus, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)
	Nine Months Ended September 30,
		2026				2025
	(in thousands)
Cash flows from operating activities
Net income	$	175,692			$	153,340
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization		100,203				47,752
Deferred financing cost amortization		1,212				839
Stock-based compensation		22,187				18,475
Provision for expected credit losses		470				874
Inventory obsolescence		5,733				2,439
Gain on disposal of assets		(3,817	)			(2,101	)
Deferred income taxes		8,824				22,678
Gain from revaluation of liability related to tax receivable agreement and other		—				(221	)
Changes in operating assets and liabilities:
Accounts receivable		(84,086	)			(9,463	)
Inventories		(21,791	)			(46,561	)
Prepaid expenses and other assets		(7,911	)			2,350
Accounts payable		(13,314	)			(5,446	)
Accrued expenses and other liabilities		32,415				1,193
Contract liabilities		35,438				—
Net cash provided by operating activities		251,255				186,148
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired		(301,011	)			—
Investment in unconsolidated affiliate		—				(6,000	)
Capital expenditures and other		(47,568	)			(32,351	)
Proceeds from sales of assets		6,928				3,626
Net cash used in investing activities		(341,651	)			(34,725	)
Cash flows from financing activities
Payments of deferred financing costs		(100	)			—
Payments on finance leases		(5,970	)			(5,823	)
Dividends paid to Class A common stock shareholders		(30,482	)			(27,793	)
Distributions to members		(6,902	)			(10,303	)
Repurchases of shares		(8,066	)			(5,914	)
Net cash used in financing activities		(51,520	)			(49,833	)
Effect of exchange rate changes on cash and cash equivalents		1,555				1,181
Net (decrease) increase in cash and cash equivalents		(140,361	)			102,771
Cash, cash equivalents, and restricted cash
Beginning of period		494,582				342,843
End of period	$	354,221			$	445,614

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin

(unaudited)

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income as net income subject to the adjustments described in the table below. Among other things, those adjustments exclude income attributable to non-controlling interests in the Company’s businesses, with the exception of income attributable to the non-controlling interests in the Company’s principal operating subsidiary, Cactus Companies LLC. For these interests, Adjusted net income assumes Cactus, Inc. held all units in its principal operating subsidiary throughout the entire period, with net income reduced by the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.

	Three Months Ended
	September 30,				June 30,				September 30,
		2026				2026				2025
	(in thousands, except per share data)
Net income	$	74,091			$	61,380			$	50,188
Adjustments:
Severance expenses(1)		2,782				4,929				247
Gain from revaluation of liability related to tax receivable agreement and other(2)		—				—				(221	)
Transaction related expenses(3)		629				246				3,170
Intangible amortization expense(4)		13,555				14,583				3,997
Inventory step-up adjustment(5)		(219	)			9,466				—
Non-controlling interest adjustment(6)		(4,730	)			(10,861	)			—
Income tax expense differential(7)		(8,121	)			(4,630	)			(3,662	)
Adjusted net income	$	77,987			$	75,113			$	53,719
Diluted earnings per share, as adjusted	$	0.96			$	0.93			$	0.67
Weighted average shares outstanding, as adjusted(8)		81,108				80,875				80,355
Revenue	$	430,888			$	449,528			$	263,954
Net income margin		17.2	%			13.7	%			19.0	%
Adjusted net income margin		18.1	%			16.7	%			20.4	%

(1)	Represents non-routine charges related to severance benefits.
(2)	Represents non-cash adjustments for the revaluation of the Tax Receivable Agreement (“TRA”) liability and the tax indemnity receivable asset related to the FlexSteel acquisition.
(3)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International.
(4)	Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting.
(5)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(6)	Represents earnings attributable to non-controlling partners in both the Cactus International joint venture and Cactus International’s business in Saudi Arabia.
(7)	Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of its operating subsidiary at the beginning of the period, calculated as the difference in tax expense recorded during each period and what would have been recorded, adjusted for pre-tax items listed above, based on a corporate effective tax rate of 27.0% on income before income taxes for the three months ended September 30 and June 30, 2026, and 25.0% for the three months ended September 30, 2025.
(8)	Reflects 69.9, 69.5, and 68.7 million weighted average shares of basic Class A common stock outstanding and 10.3, 10.7 and 11.2 million additional shares for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, as if the weighted average shares of Class B common stock were exchanged and cancelled for Class A common stock at the beginning of the period, plus the effect of dilutive securities.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.

Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

	Three Months Ended												Nine Months Ended
	September 30,				June 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
	(in thousands)
Net income	$	74,091			$	61,380			$	50,188			$	175,692			$	153,340
Interest income, net		(766	)			(949	)			(2,977	)			(1,935	)			(7,820	)
Income tax expense		20,723				23,151				14,244				53,377				45,352
Depreciation and amortization		27,032				27,162				16,188				80,507				47,752
EBITDA		121,080				110,744				77,643				307,641				238,624
Gain from revaluation of liability related to tax receivable agreement and other(1)		—				—				(221	)			—				(221	)
Severance expenses(2)		2,782				4,929				247				8,645				424
Transaction related expenses(3)		629				246				3,170				6,686				10,159
Inventory step-up adjustment(4)		(219	)			9,466				—				19,696				—
Stock-based compensation		7,753				7,395				6,104				22,187				18,475
Adjusted EBITDA	$	132,025			$	132,780			$	86,943			$	364,855			$	267,461
Revenue	$	430,888			$	449,528			$	263,954			$	1,268,765			$	817,848
Net income margin		17.2	%			13.7	%			19.0	%			13.8	%			18.7	%
Adjusted EBITDA margin		30.6	%			29.5	%			32.9	%			28.8	%			32.7	%

(1)	Represents non-cash adjustments for the revaluation of the Tax Receivable Agreement (“TRA”) liability and the tax indemnity receivable asset related to the FlexSteel acquisition.
(2)	Represents non-routine charges related to severance benefits.
(3)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International.
(4)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin

(unaudited)

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.

Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

	Three Months Ended												Nine Months Ended
	September 30,				June 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
	(in thousands)
Pressure Control
Revenue	$	304,829			$	343,995			$	168,714			$	948,996			$	538,763
Operating income		61,528				59,154				44,523				159,287				141,189
Depreciation and amortization expense		17,997				18,212				7,211				53,650				21,384
Severance expenses(1)		2,782				4,929				177				8,619				354
Inventory step-up adjustment(2)		(219	)			9,466				—				19,696				—
Stock-based compensation		4,035				4,155				3,264				12,623				10,078
Adjusted Segment EBITDA	$	86,123			$	95,916			$	55,175			$	253,875			$	173,005
Operating income margin		20.2	%			17.2	%			26.4	%			16.8	%			26.2	%
Adjusted Segment EBITDA margin		28.3	%			27.9	%			32.7	%			26.8	%			32.1	%
Spoolable Technologies
Revenue	$	126,868			$	105,533			$	95,240			$	322,301			$	284,043
Operating income		41,597				32,168				25,806				97,332				77,735
Depreciation and amortization expense		9,035				8,950				8,977				26,857				26,368
Severance expenses(1)		—				—				68				26				68
Stock-based compensation		1,322				1,019				1,128				2,778				3,283
Adjusted Segment EBITDA	$	51,954			$	42,137			$	35,979			$	126,993			$	107,454
Operating income margin		32.8	%			30.5	%			27.1	%			30.2	%			27.4	%
Adjusted Segment EBITDA margin		41.0	%			39.9	%			37.8	%			39.4	%			37.8	%
Corporate and Other
Revenue(3)	$	(809	)		$	—			$	—			$	(2,532	)		$	(4,958	)
Corporate and other expenses		(9,077	)			(7,740	)			(9,095	)			(29,485	)			(28,273	)
Severance expenses(1)		—				—				2				—				2
Stock-based compensation		2,396				2,221				1,712				6,786				5,114
Transaction related expenses(4)		629				246				3,170				6,686				10,159
Adjusted Corporate EBITDA	$	(6,052	)		$	(5,273	)		$	(4,211	)		$	(16,013	)		$	(12,998	)
Total revenue	$	430,888			$	449,528			$	263,954			$	1,268,765			$	817,848
Total operating income	$	94,048			$	83,582			$	61,234			$	227,134			$	190,651
Total operating income margin		21.8	%			18.6	%			23.2	%			17.9	%			23.3	%
Total Adjusted EBITDA	$	132,025			$	132,780			$	86,943			$	364,855			$	267,461
Total Adjusted EBITDA margin		30.6	%			29.5	%			32.9	%			28.8	%			32.7	%

(1)	Represents non-routine charges related to severance benefits.
(2)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(3)	Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(4)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028717912/en/

Cactus, Inc.

Alan Boyd, 713-904-4669

Treasurer, Director of Corporate Development and Investor Relations

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Posted on October 28, 2026 9:19 pm

DOCS INVESTOR NOTICE: Doximity, Inc. Investors with Substantial Losses May Seek to Lead Class Action Lawsuit, RGRD Law Announces – November 16, 2026 Deadline

SAN DIEGO, Oct. 28, 2026 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Doximity, Inc. (NYSE: DOCS) common stock between August 8, 2024 and May 13, 2026, both dates inclusive (the “Class Period”), have until Monday, November 16, 2026 to seek appointment as lead plaintiff of the Doximity class action lawsuit. Captioned Michigan Laborers’ Pension Fund v. Doximity, Inc., No. 26-cv-10529 (N.D. Cal.), the Doximity class action lawsuit charges Doximity as well as certain of Doximity’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the

Doximity

class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-doximity-class-action-lawsuit-docs.html

You can also contact attorneys

Ken Dolitsky

or

Michael Albert

of Robbins Geller by calling 800/851-7783 or via e-mail at

[email protected]

.

CASE ALLEGATIONS: Doximity operates a digital platform for medical professionals.

The Doximity class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Doximity overstated the impact that its Newsfeed would have on its revenue growth; and (ii) Doximity was losing market share to its competitors with more favorable pricing and engagement models, while also using banner ads and e-newsletters instead of deep engagement tactics.

On November 6, 2025, Doximity allegedly reported second quarter results where they expressed a degree of caution regarding the outlook for ad spending and implied a slowdown in sales growth in the second half of the 2026 fiscal year. On this news, the price of Doximity common stock dropped 13%, according to the complaint.

The complaint further alleges that on February 5, 2026, Doximity lowered its revenue guidance for 2026 full fiscal year, which ended on March 31, 2026, and announced that its sales growth had decelerated while its net income had contracted, which will negatively impact its 2026 fiscal fourth quarter. On this news, the price of Doximity common stock declined 17%, according to the complaint.

Finally, on May 13, 2026, Doximity allegedly announced that it missed its already-reduced revenue guidance and projected a significantly slower pace of growth for its 2027 fiscal year, which ends on March 31, 2027. On this news, the price of Doximity common stock fell 23%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Doximity common stock during the Class Period to seek appointment as lead plaintiff in the Doximity class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Doximity class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Doximity class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Doximity class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        Ken Dolitsky
        Michael Albert
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800/851-7783
        [email protected]

Posted on October 28, 2026 9:19 pm

Logitech Files Quarterly Report on Form 10-Q

Logitech Files Quarterly Report on Form 10-Q

LAUSANNE, Switzerland & SAN JOSE, Calif.–(BUSINESS WIRE)–SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that on October 28, 2026, it filed with the U.S. Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the second quarter of Fiscal Year 2027. The filing is available on the SEC’s website at www.sec.gov and Logitech’s website at http://ir.logitech.com.

About Logitech

Logitech creates design-led, software-enabled hardware solutions that help businesses thrive and bring people together when working, creating and gaming in the age of AI. As the point of connection between people and the digital world, our mission is to extend human potential in work and play, in a way that is good for people and the planet. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and its other brands, including Logitech G, at www.logitech.com or company blog.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

(LOGIIR)

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028410326/en/

Editorial Contacts:
Kate Beerkens, Director of Investor Relations – [email protected]
Bruno Rodriguez, Head of Corporate Communications – [email protected]

KEYWORDS: California Europe Switzerland United States North America

INDUSTRY KEYWORDS: Entertainment Consumer Electronics Technology Software Electronic Games Hardware

MEDIA:

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