TechnipFMC raises 2026 Subsea revenue forecast, initiates 2027 Subsea guidance

TechnipFMC plc (NYSE: FTI) said on Oct. 29 that third-quarter 2026 revenue was $2,895.8 million, up 9.4% from a year earlier, and that it raised its full-year Subsea revenue guidance.

The company reported net income attributable to TechnipFMC of $418.4 million, or $1.05 per diluted share, compared with $309.7 million, or 75 cents per diluted share, a year earlier. Adjusted net income was $418.8 million, or $1.05 per diluted share.

Here's how the company did:

• Revenue: $2,895.8 million vs. $2,647.3 million a year earlier
• Adjusted diluted EPS: $1.05 vs. $0.75 a year earlier
• Inbound orders: $2,319.5 million vs. $2,648.1 million a year earlier

Adjusted EBITDA was $627.8 million, and adjusted EBITDA margin was 21.7%. Excluding a foreign exchange loss of $8.6 million, adjusted EBITDA was $636.4 million, or EBITDA, meaning earnings before interest, taxes, depreciation and amortization, excluding charges and credits.

Cash flow from operations was $530.7 million, and free cash flow was $469.7 million. During the quarter the company repurchased 4.4 million of its ordinary shares for $320 million.

2026 guidance

The company raised its 2026 Subsea revenue range to $9.6 billion to $9.8 billion, from the $9.2 billion to $9.6 billion range it gave on Feb. 19. It lowered its effective tax rate range to 25% to 27%, from 27% to 31%. It raised its free cash flow range to $1.45 billion to $1.55 billion, from $1.3 billion to $1.45 billion.

Surface Technologies revenue is guided at $1.15 billion to $1.3 billion, unchanged from the February guidance.

Segment results

Subsea revenue was $2,600.0 million, up 4.5% from the second quarter. Subsea inbound orders were $2,051.5 million, and the company said Subsea orders over the next five quarters would be at least $14.5 billion, including expectations for 2027.

Surface Technologies revenue was $295.8 million, up 7.1% from the second quarter, with operating profit of $41.4 million.

2027 Subsea guidance

The company initiated 2027 Subsea guidance, with revenue in a range of $10.0 billion to $10.4 billion and an adjusted EBITDA margin of 22.5% to 24.0%. Other 2027 guidance will be provided in the fourth-quarter 2026 earnings release.

Pferdehirt said the company expects further order growth, adding that the Subsea Opportunities List increased for the ninth consecutive quarter to $32 billion.

The company will host a teleconference on Oct. 29 at 8:30 a.m. New York time.