Total revenues for 2025 decreased by 4.5% to $1,079.051 million, down from $1,129.814 million in 2024. Net income for 2025 was $201.642 million, a 13.4% decrease from $232.758 million in 2024. Operating income for 2025 declined by 13.5% to $250.501 million from $289.613 million in 2024. The Pressure Control segment's revenue decreased by 0.9% to $717.191 million, and its operating income fell by 9.9% to $189.861 million in 2025. The Spoolable Technologies segment's revenue decreased by 9.5% to $368.245 million, and its operating income decreased by 5.9% to $98.660 million in 2025. Average WTI oil prices decreased by 15% to $65.39 per barrel in 2025, while Henry Hub natural gas prices increased by 61% to $3.52 per MMBtu. U.S. land drilling rig count averaged 545 in 2025, a 6% decrease from 2024 levels. On January 1, 2026, Cactus Inc. acquired 65% of Baker Hughes Pressure Control LLC for a cash purchase price of $344.5 million, marking a significant international expansion. Cash and cash equivalents stood at $123.571 million as of December 31, 2025, with an additional $371.011 million held in escrow for the Baker Hughes transaction. The annual dividend rate for Class A common stock increased to $0.54 per share in 2025, up from $0.50 per share in 2024. Approximately $146.3 million remained authorized for future share repurchases under the program as of December 31, 2025. The Tax Receivable Agreement (TRA) liability was $262.9 million as of December 31, 2025, with an estimated early termination payment of $251.2 million.