TechnipFMC plc press release

TechnipFMC Announces First-Quarter 2026 Results

2026-04-30

NYSE - New York Stock Exchange · Oil · Natural Gas · Hydrogen · United Kingdom · Corporate Finance

Total Company inbound of $2.2 billion; Subsea orders of $1.9 billion Cash flow from operations of $332 million; free cash flow of $277 million Total shareholder distributions of $285 million, including share repurchase of $265 million

TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today reported first-quarter 2026 results.

| Summary Financial Results from Continuing Operations

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules. | | | | | | | | | | | | | | | Three Months Ended | Change | | | | | (In millions, except per share amounts) | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Sequential | Year-over Year | | Revenue | $2,492.7 | $2,517.0 | $2,233.6 | (1.0%) | 11.6% | | Net income | $260.5 | $242.7 | $142.0 | 7.3% | 83.5% | | Net income margin | 10.5% | 9.6% | 6.4% | 90 bps | 410 bps | | Diluted earnings per share | $0.64 | $0.59 | $0.33 | 8.5% | 93.9% | | | | | | | | | Adjusted EBITDA | $466.0 | $440.5 | $343.8 | 5.8% | 35.5% | | Adjusted EBITDA margin | 18.7% | 17.5% | 15.4% | 120 bps | 330 bps | | Adjusted net income | $260.9 | $286.5 | $142.9 | (8.9%) | 82.6% | | Adjusted diluted earnings per share | $0.64 | $0.70 | $0.33 | (8.6%) | 93.9% | | | | | | | | | Inbound orders | $2,152.4 | $2,588.0 | $3,089.1 | (16.8%) | (30.3%) | | Backlog | $16,468.0 | $16,571.6 | $15,816.0 | (0.6%) | 4.1% |

Total Company revenue in the first quarter was $2,492.7 million. Net income attributable to TechnipFMC was $260.5 million, or $0.64 per diluted share. These results included after-tax charges and credits totaling $0.4 million of expense (Exhibit 6). Adjusted net income was $260.9 million, or $0.64 per diluted share (Exhibit 6).

Adjusted EBITDA, which excludes pre-tax charges and credits, was $466 million; adjusted EBITDA margin was 18.7 percent (Exhibit 8).

Included in total Company results was a foreign exchange gain of $12.8 million, or a gain of $12.8 million after-tax. When excluding the after-tax impact of the foreign exchange gain, net income was $247.6 million.

Adjusted EBITDA, excluding the foreign exchange gain of $12.8 million, was $453.2 million (Exhibit 8).

Doug Pferdehirt, Chair and CEO of TechnipFMC, remarked, “Our quarterly results reflect strong operational performance throughout the Company, driven by solid execution. This early momentum positions us well to achieve our full-year financial targets.”

“Total Company revenue in the period was $2.5 billion. Adjusted EBITDA was $453 million, with a margin of 18.2 percent when excluding foreign exchange. Free cash flow was $277 million, with total shareholder distributions of $285 million in the quarter.”

Pferdehirt continued, “Subsea orders in the quarter were $1.9 billion, driven by robust services and unannounced project activity. Our inbound highlights the importance of strong and enduring customer relationships, as we continue to benefit from a high level of direct awards to our company. Importantly, we see a strengthening trend in order activity as we move through the year, supporting our confidence in achieving $10 billion of Subsea orders in 2026.”

Pferdehirt added, “Regarding the conflict in the Middle East, our thoughts are first and foremost with the people who have been affected. The well-being of our employees and their families is paramount. We took immediate and comprehensive measures to ensure the safety of our teams in the region. We were able to operate safely, with minimal disruption.”

Pferdehirt continued, “Even before the conflict, the queue of potential deepwater projects had been expanding over the last five years. The significant impacts to both security and energy supply resulting from the conflict are likely to have lasting impacts on the perceived risk assigned to the region. We believe this builds further momentum in the ongoing shift in capital flows toward offshore developments.”

“Our Subsea Opportunities List now identifies approximately $30 billion of opportunities for potential award over the next 24 months, representing the seventh consecutive quarterly increase in value. Over the last two years, this list has grown by more than 30 percent, when using the midpoint of project values. This gives us confidence in our outlook for a step-up in inbound orders in 2027 and extending through the end of the decade.”

Pferdehirt concluded, “We remain focused on the relentless pursuit of the reduction of cycle time. This unique mindset continues to serve as the fundamental driver to improving project economics, benefiting both our customers and TechnipFMC.”

“We continue to drive a different paradigm around capital investment, where we are delivering improved capital efficiency and higher free cash flow conversion. Importantly, we remain committed to returning at least 70 percent of free cash flow to shareholders through both dividends and share repurchases.”

“Our strong commercial success and high-quality backlog—built upon an expanding mix of direct awards, iEPCI ® , and services—position us well to increase Subsea inbound, revenue, and adjusted EBITDA margin in 2027. TechnipFMC is in full growth mode.”

Operational and Financial Highlights

| Subsea | | | | | | | | | | | | | | Financial Highlights | | | | | | | Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules. | | | | | | | | | | | | | | | Three Months Ended | Change | | | | | (In millions) | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Sequential | Year-over- Year | | Revenue | $2,208.4 | $2,194.2 | $1,936.2 | 0.6% | 14.1% | | Operating profit | $349.0 | $269.9 | $247.9 | 29.3% | 40.8% | | Operating profit margin | 15.8 % | 12.3 % | 12.8 % | 350 bps | 300 bps | | Adjusted EBITDA | $440.7 | $415.6 | $334.9 | 6.0% | 31.6% | | Adjusted EBITDA margin | 20.0 % | 18.9 % | 17.3 % | 110 bps | 270 bps | | | | | | | | | Inbound orders | $1,903.7 | $2,340.3 | $2,785.5 | (18.7%) | (31.7%) | | Backlog 1,2,3 | $15,800.4 | $15,871.7 | $14,945.6 | (0.4%) | 5.7% |

| Estimated Consolidated Backlog Scheduling

(In millions) | Mar. 31,

2026 | | 2026 (9 months) | $5,219 | | 2027 | $4,680 | | 2028 and beyond | $5,902 | | Total | $15,800 | | 1 Backlog as of March 31, 2026 was increased by a foreign exchange impact of $233 million. | | | _2 __Backlog does not capture all revenue potential for Subsea Services. _ | | | _3 __Backlog as of March 31, 2026 does not include total Company non-consolidated backlog of $341 million. _ | |

Subsea reported first-quarter revenue of $2,208.4 million, an increase of 0.6 percent from the fourth quarter. Results benefited from higher iEPCI ® project activity, particularly in Brazil. Project revenue grew sequentially in Latin America, Africa and North America, partially offset by lower revenue in Asia Pacific and the North Sea.

Subsea reported an operating profit of $349 million, an increase of 29.3 percent when compared to the fourth quarter. Operating results improved sequentially due to higher project activity and a $52.1 million reduction in restructuring, impairment and other charges. The charges incurred in the fourth quarter were primarily driven by additional simplification and industrialization actions to further improve operating efficiency. Operating profit margin increased 350 basis points to 15.8 percent.

Subsea reported adjusted EBITDA of $440.7 million, an increase of 6 percent when compared to the fourth quarter. The sequential increase was due to higher project activity. Adjusted EBITDA margin increased 110 basis points to 20 percent.

Inbound orders for the quarter were $1,903.7 million. Book-to-bill was 0.9x. Backlog ended the period at $15,800.4 million.

| Surface Technologies | | | | | | | | | | | | | | Financial Highlights | | | | | | | Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules. | | | | | | | | | | | | | | | Three Months Ended | Change | | | | | (In millions) | Mar. 31,

2026 | Dec. 31,

2025 | Mar. 31,

2025 | Sequential | Year-over- Year | | Revenue | $284.3 | $322.8 | $297.4 | (11.9%) | (4.4%) | | Operating profit | $37.1 | $46.3 | $30.2 | (19.9%) | 22.8% | | Operating profit margin | 13.0 % | 14.3 % | 10.2 % | (130 bps) | 280 bps | | Adjusted EBITDA | $49.5 | $58.2 | $46.6 | (14.9%) | 6.2% | | Adjusted EBITDA margin | 17.4 % | 18.0 % | 15.7 % | (60 bps) | 170 bps | | | | | | | | | Inbound orders | $248.7 | $247.7 | $303.6 | 0.4% | (18.1%) | | Backlog | $667.6 | $699.9 | $870.4 | (4.6%) | (23.3%) |

Surface Technologies reported first-quarter revenue of $284.3 million, a decrease of 11.9 percent from the fourth quarter. The sequential decrease in revenue was primarily driven by the scheduled timing of project-related activity in the Middle East, with a minimal portion of the decline attributable to the regional conflict. The decline was partially offset by higher completion activity in North America.

Surface Technologies reported operating profit of $37.1 million, a decrease of 19.9 percent versus the fourth quarter. The sequential decrease in operating profit was largely due to lower activity in the Middle East, partially offset by higher completion activity in North America. Operating profit margin decreased 130 basis points to 13 percent.

Surface Technologies reported adjusted EBITDA of $49.5 million, a decrease of 14.9 percent when compared to the fourth quarter. The factors impacting operating profit also drove the sequential decrease in adjusted EBITDA. Adjusted EBITDA margin decreased 60 basis points to 17.4 percent.

Inbound orders for the quarter were $248.7 million, a sequential increase of 0.4 percent. Backlog ended the period at $667.6 million.

Corporate and Other Items (three months ended March 31, 2026)

Corporate expense was $37.1 million.

Foreign exchange gain was $12.8 million.

Net interest expense was $6 million.

The provision for income taxes was $95.9 million.

Total depreciation and amortization was $103.6 million.

Cash provided by operating activities was $332.5 million. Capital expenditures were $55.6 million. Free cash flow was $276.9 million (Exhibit 10).

During the quarter, the Company repurchased 4.3 million of its ordinary shares for total consideration of $264.8 million. When including a dividend payment of $19.9 million, total shareholder distributions in the quarter were $284.7 million.

The Company ended the period with cash and cash equivalents of $960.8 million, with net cash of $540.4 million (Exhibit 9).

2026 Full-Year Financial Guidance 1

The Company’s full-year financial guidance for 2026 can be found in the table below. No updates were made to the previous guidance issued on February 19, 2026.

| 2026 Guidance (As of February 19, 2026) | | | | | | | | | | | | Subsea | | Surface Technologies | | | | Revenue in a range of $9.2 - 9.6 billion | | Revenue in a range of $1.15 - 1.3 billion | | | | | | | | | | Adjusted EBITDA margin in a range of 21 - 22% | | Adjusted EBITDA margin in a range of 16.5 - 18% | | | | | | | | | | Corporate and Other | | | | | | | | | | | | Corporate expense, net $115 - 125 million | | | | | | (excludes charges and credits) | | | | | | | | | | | | Net interest expense $10 - 20 million | | | | | | | | | | | | Effective tax rate 27 - 31% | | | | | | | | | | | | Capital expenditures approximately $340 million | | | | | | | | | | | | Free cash flow 2 $1.3 - 1.45 billion | | | | | | | | | | |

| _ | | 1 Our guidance measures of adjusted EBITDA margin, free cash flow and corporate expense, net, excluding charges and credits are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results. | | 2 Free cash flow is calculated as cash flow from operations less capital expenditures. |

Teleconference

The Company will host a teleconference on Thursday, April 30, 2026 to discuss the first-quarter 2026 financial results. The call will begin at 1:30 p.m. London time (8:30 a.m. New York time). Webcast access and an accompanying presentation can be found at www.TechnipFMC.com .

An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

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About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI ® , iFEED™ and iComplete ® ), technology leadership, and digital innovation.

Each of our approximately 22,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X @TechnipFMC.

This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events, market growth, and recovery, growth of our New Energy business and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “commit,” “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; our inability to develop, implement and protect new technologies and services and intellectual property related thereto; the cumulative loss of major contracts, customers, alliances, or business disruptions; disruptions in the political, regulatory, economic and social conditions, or public health crisis in the countries where we conduct business; the impact of our existing and future indebtedness; a downgrade in our debt rating; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding sustainability matters; uncertainties related to our investments, including those related to energy transition; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; challenges with managing artificial intelligence, machine learning, and data science; risks of pirates and maritime conflicts endangering our maritime employees and assets; any delays and cost overruns of capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; uninsured claims and litigation against us; the additional restrictions on dividend payouts or share repurchases as an English public limited company; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; significant changes or developments in U.S. or other national trade policies, including tariffs and the reactions of other countries thereto; potential departure of our key managers and employees; adverse seasonal, weather, and other climatic conditions; unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; and our inability to obtain sufficient bonding capacity for certain contracts; and other risks as discussed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our other reports subsequently filed with the Securities and Exchange Commission.

We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

| Exhibit 1 | | | | | | | | | | | | | TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES | | | | | | | | | | | | | CONDENSED CONSOLIDATED STATEMENTS OF INCOME | | | | | | | | | | | | | (In millions, except per share data, unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | | | | | | | | | March 31, | | December | | March 31, | | | | | | | | | | 2026 | | | | 2025 | | | | 2025 | | | | | | | | | | | | | | | | Revenue | $ | 2,492.7 | | | $ | 2,517.0 | | | $ | 2,233.6 | | | Costs and expenses | | 2,141.7 | | | | 2,251.8 | | | | 1,973.2 | | | | | 351.0 | | | | 265.2 | | | | 260.4 | | | | | | | | | | | | | | | | Other income (loss), net including income from equity affiliates | | 10.8 | | | | 17.3 | | | | (20.2 | ) | | | | | | | | | | | | | | | Income before net interest expense and income taxes | | 361.8 | | | | 282.5 | | | | 240.2 | | | Net interest expense | | (6.0 | ) | | | (4.6 | ) | | | (9.9 | ) | | | | | | | | | | | | | | | Income before income taxes | | 355.8 | | | | 277.9 | | | | 230.3 | | | Provision for income taxes | | 95.9 | | | | 33.3 | | | | 87.0 | | | | | | | | | | | | | | | | Net income | | 259.9 | | | | 244.6 | | | | 143.3 | | | Net (income) loss attributable to non-controlling interests | | 0.6 | | | | (1.9 | ) | | | (1.3 | ) | | | | | | | | | | | | | | | Net income attributable to TechnipFMC plc | $ | 260.5 | | | $ | 242.7 | | | $ | 142.0 | | | | | | | | | | | | | | | | Earnings per share attributable to TechnipFMC plc | | | | | | | | | | | | | Basic | $ | 0.65 | | | $ | 0.60 | | | $ | 0.34 | | | Diluted | $ | 0.64 | | | $ | 0.59 | | | $ | 0.33 | | | | | | | | | | | | | | | | Weighted average shares outstanding: | | | | | | | | | | | | | Basic | | 400.1 | | | | 402.8 | | | | 421.2 | | | Diluted | | 409.9 | | | | 409.7 | | | | 431.2 | | | | | | | | | | | | | | | | Cash dividends declared per share | $ | 0.05 | | | $ | 0.05 | | | $ | 0.05 | |