TechnipFMC plc Ordinary Share (FTI) Earnings

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Sep 2026upcoming

Next quarter

Consensus is $0.85 EPS for Sep 2026 across 12 estimates, ranging $0.72 to $0.95.

FTI Jun 2026

Reported Jul 30, 2026

: 13.75%
: +3.98%

: $0.80
: $0.91
: —
: $2.76B

Reported results

: $2.76B; from $2.53B
: $525.50M; from $403.70M
: 19.02%; from 15.93%
: $362.70M; from $269.50M
: $0.90; from $0.64

Highlights

Earnings beat: Adjusted diluted EPS was $0.91 versus $0.80 consensus, a 13.75% surprise; reported diluted EPS was $0.90.
Revenue growth: Revenue rose 10.8% sequentially to $2.763 billion and 9.0% year over year, versus $2.493 billion in Q1 and $2.535 billion in Q2 2025.
Profit expansion: Net income increased 39.2% sequentially to $362.7 million and 34.6% year over year, while segment operating profit reached $525.5 million versus $386.1 million in Q1 and $403.7 million a year earlier.
Subsea execution: Subsea revenue grew 12.6% sequentially and 12.2% year over year to $2.487 billion; operating margin rose to 19.6% from 15.8% in Q1 and 17.2% in Q2 2025.
Subsea orders: Subsea inbound orders were $2.507 billion, producing 1.0x book-to-bill and including large or significant awards from Vår Energi, Equinor, Azule Energy and Eni.
Cash generation: Operating cash flow was $548 million and free cash flow was $487.9 million, with $439.9 million returned to shareholders, equal to 90% of free cash flow.
Share repurchases: The company repurchased 5.9 million shares for $420.1 million in the quarter; $1.5 billion of authorization remained at quarter-end.
Guidance and backlog: 2026 guidance was unchanged, including Subsea revenue of $9.2-$9.6 billion, Subsea adjusted EBITDA margin of 21%-22% and free cash flow of $1.3-$1.45 billion; total backlog was $16.440 billion.

Analysis

TechnipFMC delivered a strong second quarter, beating the $0.80 consensus EPS estimate with adjusted diluted EPS of $0.91, while reported diluted EPS was $0.90. Revenue of $2.763 billion increased 10.8% from Q1 and 9.0% from Q2 2025. Net income rose to $362.7 million from $260.5 million in the prior quarter and $269.5 million a year earlier. Adjusted EBITDA was $581.9 million, or $601.2 million excluding a $19.3 million foreign-exchange loss, lifting the reported margin to 21.1% from 18.7% in Q1 and 20.5% year over year.

The print was primarily a Subsea execution quarter. Subsea revenue increased to $2.487 billion, while operating profit rose 39.4% sequentially to $486.5 million and margin expanded 380 basis points to 19.6%, helped by higher project activity, strong execution and favorable mix. Orders remained substantial at $2.507 billion, though total backlog was broadly stable at $16.440 billion. Surface Technologies was the counterpoint: revenue declined 2.8% sequentially and 13.3% year over year to $276.2 million because of lower Middle East and North American activity, although margin improved to 14.1%. Cash generation supported $439.9 million of shareholder distributions, and full-year guidance was left unchanged.

Subsea execution

Subsea drove the quarter's acceleration. Revenue rose 12.6% sequentially to $2.487 billion and 12.2% year over year, supported by higher activity in iEPCI projects in the North Sea and Mediterranean and by SPS supply activity. Latin America, Asia Pacific, Africa and the Middle East provided the main year-over-year growth, partly offset by project completions in Europe and North America.

Margins: Operating profit increased 39.4% sequentially to $486.5 million, with margin expanding to 19.6% from 15.8% in Q1 and 17.2% in Q2 2025.
Underlying drivers: Management attributed the year-over-year operating profit increase of $106.2 million to $62.8 million of volume growth and $42.1 million of favorable activity mix.
Project estimates: Gross profit included a $17.2 million unfavorable net impact from contract estimate revisions; unfavorable updates of $73.3 million on certain projects were partly offset by $56.1 million of favorable portfolio updates.

Orders and offshore outlook

Subsea bookings remained the central forward indicator. The segment recorded $2.507 billion of inbound orders, or 1.0x book-to-bill, and total company inbound was $2.727 billion. Awards highlighted the company's integrated and portfolio-oriented model, including Vår Energi's Ofelia and Gjøa Nord iEPCI projects and Equinor's portfolio of Norwegian brownfield tiebacks. Management reiterated confidence in $10 billion of Subsea inbound orders for 2026 and expects orders to step up in 2027 and remain strong through the decade.

Backlog: Total backlog ended at $16.440 billion, down 0.2% sequentially and 1.2% year over year. Subsea backlog was $15.833 billion, with $3.779 billion scheduled for the remainder of 2026, $5.249 billion for 2027 and $6.806 billion thereafter.
Customer behavior: Management said operators are increasingly using portfolio approaches for brownfield expansions, combining standardized solutions and coordinated execution to improve schedules, costs and capital returns.
Guidance: No changes were made to 2026 guidance: Subsea revenue of $9.2-$9.6 billion, Subsea adjusted EBITDA margin of 21%-22%, and total free cash flow of $1.3-$1.45 billion.

Surface Technologies

Surface Technologies remained weaker on activity but improved profitability. Revenue was $276.2 million, down 2.8% sequentially and 13.3% year over year, reflecting lower Middle East activity amid regional conflict and reduced North American activity. International-market strength and lower restructuring charges supported profit despite the lower revenue base.

Profitability: Operating profit increased 5.1% sequentially to $39.0 million and 66.7% year over year, while operating margin reached 14.1% versus 13.0% in Q1 and 7.3% in Q2 2025.
Orders: Inbound orders fell 11.7% sequentially and 21.0% year over year to $219.5 million; backlog declined to $606.8 million from $667.6 million in Q1 and $835.9 million a year earlier.
2026 framework: Full-year guidance calls for Surface Technologies revenue of $1.15-$1.30 billion and adjusted EBITDA margin of 16.5%-18.0%.

Cash returns and balance sheet

Cash conversion was a major feature of the quarter. Operating cash flow of $548.0 million less $60.1 million of capital expenditure produced $487.9 million of free cash flow. The company returned $439.9 million through repurchases and dividends while retaining a net cash position.

Capital allocation: Share repurchases totaled $420.1 million for 5.9 million shares, and dividends paid were $19.8 million. The distributions represented 90% of quarterly free cash flow.
Liquidity: Cash was $991.8 million and net cash was $589.9 million at June 30, compared with $540.4 million at the end of Q1 and $253.7 million a year earlier.
Debt capacity: Total debt was $401.9 million, while the company had $1.25 billion available under its revolving credit facility and remained in compliance with all debt covenants.

Earnings quality

The improvement was broad-based but benefited from operating leverage in Subsea, lower interest expense and a lower tax rate. Foreign exchange was a headwind, while Surface Technologies' year-over-year profit comparison also benefited from the absence of prior-year restructuring charges.

Foreign exchange: A $19.3 million foreign-exchange loss reduced reported adjusted EBITDA to $581.9 million; excluding it, adjusted EBITDA was $601.2 million and margin was 21.8%.
Tax and interest: The effective tax rate fell to 24.0% from 28.4% a year earlier, while net interest expense declined to $3.6 million from $14.4 million because of lower debt.
Reported versus adjusted: Reported net income attributable to TechnipFMC was $362.7 million, with only $4.4 million of after-tax charges and credits separating it from adjusted net income of $367.1 million.