<\/p>\n
\nTechnipFMC Announces First-Quarter 2026 Results<\/p>\n
NEWCASTLE & HOUSTON–(BUSINESS WIRE<\/a>)–
\nTechnipFMC plc (NYSE: FTI) (the \u201cCompany\u201d or \u201cTechnipFMC\u201d) today reported first-quarter 2026 results.<\/p>\n
| \n Summary Financial Results from Continuing Operations<\/b><\/p>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n Mar. 31, Dec. 31, Mar. 31, Sequential<\/b><\/p>\n<\/td>\n Year-over Revenue<\/b><\/p>\n<\/td>\n \n$2,492.7<\/p>\n<\/td>\n \n$2,517.0<\/p>\n<\/td>\n \n$2,233.6<\/p>\n<\/td>\n \n(1.0%)<\/p>\n<\/td>\n \n11.6%<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n$260.5<\/p>\n<\/td>\n \n$242.7<\/p>\n<\/td>\n \n$142.0<\/p>\n<\/td>\n \n7.3%<\/p>\n<\/td>\n \n83.5%<\/p>\n<\/td>\n<\/tr>\n Net income margin<\/b><\/p>\n<\/td>\n \n10.5%<\/p>\n<\/td>\n \n9.6%<\/p>\n<\/td>\n \n6.4%<\/p>\n<\/td>\n \n90 bps<\/p>\n<\/td>\n \n410 bps<\/p>\n<\/td>\n<\/tr>\n Diluted earnings per share<\/b><\/p>\n<\/td>\n \n$0.64<\/p>\n<\/td>\n \n$0.59<\/p>\n<\/td>\n \n$0.33<\/p>\n<\/td>\n \n8.5%<\/p>\n<\/td>\n \n93.9%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$466.0<\/p>\n<\/td>\n \n$440.5<\/p>\n<\/td>\n \n$343.8<\/p>\n<\/td>\n \n5.8%<\/p>\n<\/td>\n \n35.5%<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n18.7%<\/p>\n<\/td>\n \n17.5%<\/p>\n<\/td>\n \n15.4%<\/p>\n<\/td>\n \n120 bps<\/p>\n<\/td>\n \n330 bps<\/p>\n<\/td>\n<\/tr>\n Adjusted net income<\/b><\/p>\n<\/td>\n \n$260.9<\/p>\n<\/td>\n \n$286.5<\/p>\n<\/td>\n \n$142.9<\/p>\n<\/td>\n \n(8.9%)<\/p>\n<\/td>\n \n82.6%<\/p>\n<\/td>\n<\/tr>\n Adjusted diluted earnings per share<\/b><\/p>\n<\/td>\n \n$0.64<\/p>\n<\/td>\n \n$0.70<\/p>\n<\/td>\n \n$0.33<\/p>\n<\/td>\n \n(8.6%)<\/p>\n<\/td>\n \n93.9%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$2,152.4<\/p>\n<\/td>\n \n$2,588.0<\/p>\n<\/td>\n \n$3,089.1<\/p>\n<\/td>\n \n(16.8%)<\/p>\n<\/td>\n \n(30.3%)<\/p>\n<\/td>\n<\/tr>\n Backlog<\/b><\/p>\n<\/td>\n \n$16,468.0<\/p>\n<\/td>\n \n$16,571.6<\/p>\n<\/td>\n \n$15,816.0<\/p>\n<\/td>\n \n(0.6%)<\/p>\n<\/td>\n \n4.1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTotal 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).<\/p>\n \nAdjusted EBITDA, which excludes pre-tax charges and credits, was $466 million; adjusted EBITDA margin was 18.7 percent (Exhibit 8).<\/p>\n \nIncluded 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.<\/p>\n \nAdjusted EBITDA, excluding the foreign exchange gain of $12.8 million, was $453.2 million (Exhibit 8).<\/p>\n \nDoug Pferdehirt, Chair and CEO of TechnipFMC, remarked, \u201cOur 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.\u201d<\/p>\n \n\u201cTotal 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.\u201d<\/p>\n \nPferdehirt continued, \u201cSubsea 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.\u201d<\/p>\n \nPferdehirt added, \u201cRegarding 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.\u201d<\/p>\n \nPferdehirt continued, \u201cEven 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.\u201d<\/p>\n \n\u201cOur 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.\u201d<\/p>\n \nPferdehirt concluded, \u201cWe 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.\u201d<\/p>\n \n\u201cWe 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.\u201d<\/p>\n \n\u201cOur strong commercial success and high-quality backlog\u2014built upon an expanding mix of direct awards, iEPCI\u00ae<\/sup>, and services\u2014position us well to increase Subsea inbound, revenue, and adjusted EBITDA margin in 2027. TechnipFMC is in full growth mode.\u201d<\/p>\n Operational and Financial Highlights<\/b><\/p>\n Subsea<\/b><\/p>\n<\/td>\n<\/tr>\n Financial Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n (In millions)<\/b><\/p>\n<\/td>\n Mar. 31, Dec. 31, Mar. 31, Sequential<\/b><\/p>\n<\/td>\n Year-over- Revenue<\/b><\/p>\n<\/td>\n \n$2,208.4<\/p>\n<\/td>\n \n$2,194.2<\/p>\n<\/td>\n \n$1,936.2<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n \n14.1%<\/p>\n<\/td>\n<\/tr>\n Operating profit<\/b><\/p>\n<\/td>\n \n$349.0<\/p>\n<\/td>\n \n$269.9<\/p>\n<\/td>\n \n$247.9<\/p>\n<\/td>\n \n29.3%<\/p>\n<\/td>\n \n40.8%<\/p>\n<\/td>\n<\/tr>\n Operating profit margin<\/b><\/p>\n<\/td>\n \n15.8 %<\/p>\n<\/td>\n \n12.3 %<\/p>\n<\/td>\n \n12.8 %<\/p>\n<\/td>\n \n350 bps<\/p>\n<\/td>\n \n300 bps<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$440.7<\/p>\n<\/td>\n \n$415.6<\/p>\n<\/td>\n \n$334.9<\/p>\n<\/td>\n \n6.0%<\/p>\n<\/td>\n \n31.6%<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n20.0 %<\/p>\n<\/td>\n \n18.9 %<\/p>\n<\/td>\n \n17.3 %<\/p>\n<\/td>\n \n110 bps<\/p>\n<\/td>\n \n270 bps<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$1,903.7<\/p>\n<\/td>\n \n$2,340.3<\/p>\n<\/td>\n \n$2,785.5<\/p>\n<\/td>\n \n(18.7%)<\/p>\n<\/td>\n \n(31.7%)<\/p>\n<\/td>\n<\/tr>\n Backlog1,2,3<\/sup><\/b><\/p>\n<\/td>\n \n$15,800.4<\/p>\n<\/td>\n \n$15,871.7<\/p>\n<\/td>\n \n$14,945.6<\/p>\n<\/td>\n \n(0.4%)<\/p>\n<\/td>\n \n5.7%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Estimated Consolidated Backlog Scheduling<\/b><\/p>\n (In millions)<\/b><\/p>\n<\/td>\n Mar. 31,<\/b><\/p>\n 2026<\/b><\/p>\n<\/td>\n<\/tr>\n 2026 (9 months)<\/b><\/p>\n<\/td>\n \n$5,219<\/p>\n<\/td>\n<\/tr>\n 2027<\/b><\/p>\n<\/td>\n \n$4,680<\/p>\n<\/td>\n<\/tr>\n 2028 and beyond<\/b><\/p>\n<\/td>\n \n$5,902<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n \n$15,800<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Backlog as of March 31, 2026 was increased by a foreign exchange impact of $233 million.<\/i><\/p>\n<\/td>\n<\/tr>\n 2<\/sup><\/i><\/b>Backlog does not capture all revenue potential for Subsea Services.<\/i><\/p>\n<\/td>\n<\/tr>\n 3<\/sup><\/i><\/b>Backlog as of March 31, 2026 does not include total Company non-consolidated backlog of $341 million.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSubsea reported first-quarter revenue of $2,208.4 million, an increase of 0.6 percent from the fourth quarter. Results benefited from higher iEPCI\u00ae<\/sup> 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.<\/p>\n \nSubsea 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.<\/p>\n \nSubsea 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.<\/p>\n \nInbound orders for the quarter were $1,903.7 million. Book-to-bill was 0.9x. Backlog ended the period at $15,800.4 million.<\/p>\n Surface Technologies<\/b><\/p>\n<\/td>\n<\/tr>\n Financial Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n (In millions)<\/b><\/p>\n<\/td>\n Mar. 31,<\/b><\/p>\n 2026<\/b><\/p>\n<\/td>\n Dec. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n Sequential<\/b><\/p>\n<\/td>\n Year-over- Revenue<\/b><\/p>\n<\/td>\n \n$284.3<\/p>\n<\/td>\n \n$322.8<\/p>\n<\/td>\n \n$297.4<\/p>\n<\/td>\n \n(11.9%)<\/p>\n<\/td>\n \n(4.4%)<\/p>\n<\/td>\n<\/tr>\n Operating profit<\/b><\/p>\n<\/td>\n \n$37.1<\/p>\n<\/td>\n \n$46.3<\/p>\n<\/td>\n \n$30.2<\/p>\n<\/td>\n \n(19.9%)<\/p>\n<\/td>\n \n22.8%<\/p>\n<\/td>\n<\/tr>\n Operating profit margin<\/b><\/p>\n<\/td>\n \n13.0 %<\/p>\n<\/td>\n \n14.3 %<\/p>\n<\/td>\n \n10.2 %<\/p>\n<\/td>\n \n(130 bps)<\/p>\n<\/td>\n \n280 bps<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$49.5<\/p>\n<\/td>\n \n$58.2<\/p>\n<\/td>\n \n$46.6<\/p>\n<\/td>\n \n(14.9%)<\/p>\n<\/td>\n \n6.2%<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n17.4 %<\/p>\n<\/td>\n \n18.0 %<\/p>\n<\/td>\n \n15.7 %<\/p>\n<\/td>\n \n(60 bps)<\/p>\n<\/td>\n \n170 bps<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$248.7<\/p>\n<\/td>\n \n$247.7<\/p>\n<\/td>\n \n$303.6<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n \n(18.1%)<\/p>\n<\/td>\n<\/tr>\n Backlog<\/b><\/p>\n<\/td>\n \n$667.6<\/p>\n<\/td>\n \n$699.9<\/p>\n<\/td>\n \n$870.4<\/p>\n<\/td>\n \n(4.6%)<\/p>\n<\/td>\n \n(23.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSurface 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.<\/p>\n \nSurface 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.<\/p>\n \nSurface 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.<\/p>\n \nInbound orders for the quarter were $248.7 million, a sequential increase of 0.4 percent. Backlog ended the period at $667.6 million.<\/p>\n Corporate and Other Items <\/b>(three months ended March 31, 2026)<\/p>\n \nCorporate expense was $37.1 million.<\/p>\n \nForeign exchange gain was $12.8 million.<\/p>\n \nNet interest expense was $6 million.<\/p>\n \nThe provision for income taxes was $95.9 million.<\/p>\n \nTotal depreciation and amortization was $103.6 million.<\/p>\n \nCash provided by operating activities was $332.5 million. Capital expenditures were $55.6 million. Free cash flow was $276.9 million (Exhibit 10).<\/p>\n \nDuring 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.<\/p>\n \nThe Company ended the period with cash and cash equivalents of $960.8 million, with net cash of $540.4 million (Exhibit 9).<\/p>\n 2026 Full-Year Financial Guidance1<\/sup><\/b><\/p>\n \nThe Company\u2019s 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.<\/p>\n 2026 Guidance (As of February 19, 2026)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Subsea<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Surface Technologies<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenue in a range of $9.2 – 9.6 billion<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nRevenue in a range of $1.15 – 1.3 billion<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA margin in a range of 21 – 22%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA margin in a range of 16.5 – 18%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Corporate and Other<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Corporate expense, net<\/b> $115 – 125 million<\/p>\n<\/td>\n<\/tr>\n (excludes charges and credits)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net interest expense<\/b> $10 – 20 million<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Effective tax rate<\/b> 27 – 31%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Capital expenditures<\/b> approximately $340 million<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Free cash flow2<\/sup><\/b> $1.3 – 1.45 billion<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup> 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.<\/p>\n<\/td>\n<\/tr>\n 2<\/sup> Free cash flow is calculated as cash flow from operations less capital expenditures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Teleconference<\/b><\/p>\n \nThe 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<\/a><\/span>.<\/p>\n \nAn 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.<\/p>\n ###<\/b><\/p>\n About TechnipFMC<\/i><\/b><\/p>\n TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.<\/i><\/p>\n With our proprietary technologies and comprehensive solutions, we are transforming our clients\u2019 project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.<\/i><\/p>\n |