Third quarter 2026
Filed Oct 29, 2026TechnipFMC Announces Third-Quarter 2026 Results
Third-quarter revenue, net income, adjusted EBITDA, margins and free cash flow increased sequentially and year over year. The Company raised 2026 Subsea revenue and free-cash-flow guidance and initiated 2027 Subsea guidance, although total inbound orders and backlog declined from both comparison periods.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Company revenue, three months ended September 30, 2026GAAP | $2.90B | 4.8% | 9.4% |
| Total Company revenue, nine months ended September 30, 2026GAAP | $8.15B | – | – |
| Income before net interest expense and income taxes, three months ended September 30, 2026GAAP | $526.6M | – | – |
| Net income attributable to TechnipFMC plc, three months ended September 30, 2026GAAP | $418.4M | 15.4% | 35.1% |
| Net income attributable to TechnipFMC plc, nine months ended September 30, 2026GAAP | $1.04B | – | – |
| Net income margin, three months ended September 30, 2026GAAP | 14.4 % | 130 bps | 270 bps |
| Diluted earnings per share attributable to TechnipFMC plc, three months ended September 30, 2026GAAP | $1.05 | 16.7% | 40.0% |
| Diluted earnings per share attributable to TechnipFMC plc, nine months ended September 30, 2026GAAP | $2.59 | – | – |
| Adjusted net income attributable to TechnipFMC plc, three months ended September 30, 2026non-GAAP | $418.8M | 14.1% | 34.2% |
| Adjusted net income attributable to TechnipFMC plc, nine months ended September 30, 2026non-GAAP | $1.05B | – | – |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | $1.05 | 15.4% | 40.0% |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | $2.60 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $627.8M | 7.9% | 21.0% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $1.68B | – | – |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 21.7 % | 60 bps | 210 bps |
| Adjusted EBITDA, excluding foreign exchange, net, three months ended September 30, 2026non-GAAP | $636.4M | – | – |
| Adjusted EBITDA margin, excluding foreign exchange, net, three months ended September 30, 2026non-GAAP | 22.0 % | – | – |
| Total inbound orders, three months ended September 30, 2026other | $2.32B | (14.9%) | (12.4%) |
| Total inbound orders, nine months ended September 30, 2026other | $7.20B | – | – |
| Total order backlog, September 30, 2026other | $16.07B | (2.3%) | (4.4%) |
| Cash provided by operating activities, three months ended September 30, 2026GAAP | $530.7M | – | – |
| Cash provided by operating activities, nine months ended September 30, 2026GAAP | $1.41B | – | – |
| Free cash flow, three months ended September 30, 2026non-GAAP | $469.7M | – | – |
| Free cash flow, nine months ended September 30, 2026non-GAAP | $1.23B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SubseaThe sequential revenue improvement was driven by increased project activity, specifically iEPCI® projects in Indonesia and Brazil, as well as increased services activity. The revenue increase was partially offset by lower project activity in Norway. | $2.6B | 4.5% | 12.1% |
| Surface TechnologiesThe sequential increase in revenue was driven primarily by higher activity in the Middle East, along with higher completion activity in North America. | $295.8M | 7.1% | (9.8%) |
2026 Full-Year and 2027 Full-Year Subsea outlook
- Operating expenses$115 - 125 million
- Tax rate25 - 27%
- Note2026 Subsea revenue in a range of $9.6 - 9.8 billion
- Note2026 Subsea adjusted EBITDA margin in a range of 21 - 22%
- Note2026 Surface Technologies revenue in a range of $1.15 - 1.3 billion
- Note2026 Surface Technologies adjusted EBITDA margin in a range of 16.5 - 18%
- Note2026 Net interest expense $10 - 20 million
- Note2026 Capital expenditures approximately $340 million
- Note2026 Free cash flow $1.45 - 1.55 billion
- Note2027 Subsea revenue in a range of $10.0 - 10.4 billion
- Note2027 Subsea adjusted EBITDA margin in a range of 22.5 - 24.0%
- NoteSubsea orders over the next five quarters to be at least $14.5 billion
Capital returns
- During the quarter, the Company repurchased 4.4 million of its ordinary shares for total consideration of $320 million.
- When including a dividend payment of $19.5 million, total shareholder distributions in the quarter were $339.5 million.
- Cash dividends declared per share were $0.05 for the three months ended September 30, 2026.
What drove it
- Subsea operating profit increased 7.4% sequentially to $522.6 million due to strong execution and higher project and services activity.
- Subsea adjusted EBITDA margin increased 30 basis points sequentially to 23.5 %.
- Surface Technologies operating profit increased 6.2% sequentially to $41.4 million due to higher activity in the Middle East and North America.
- The Subsea Opportunities List increased for the ninth consecutive quarter to $32 billion, when using the midpoint of project values.
- Third-quarter Subsea inbound orders were $2,051.5 million, including awards for Azule Energy West Hub Tails, PETRONAS Limbayong and Petrobras Flexibles.
Concerns
- Total Company inbound orders declined (14.9%) sequentially and (12.4%) year over year to $2,319.5 million.
- Total order backlog declined (2.3%) sequentially and (4.4%) year over year to $16,065.8 million.
- Subsea inbound orders declined (18.2%) sequentially and (13.9%) year over year to $2,051.5 million.
- Surface Technologies revenue declined (9.8%) year over year to $295.8 million, while backlog declined (25.4%) year over year to $578.8 million.
- Surface Technologies operating profit margin and adjusted EBITDA margin each declined 10 basis points sequentially to 14.0 % and 18.0 %, respectively.
- The quarter included a foreign exchange loss of $8.6 million.
What to watch
- Execution against 2026 Subsea revenue guidance in a range of $9.6 - 9.8 billion and adjusted EBITDA margin guidance in a range of 21 - 22%.
- Delivery against 2026 free-cash-flow guidance of $1.45 - 1.55 billion.
- Conversion of the Subsea Opportunities List of $32 billion into orders and progress toward expected Subsea orders over the next five quarters of at least $14.5 billion.
- Subsea revenue guidance for 2027 of $10.0 - 10.4 billion and Subsea adjusted EBITDA margin guidance of 22.5 - 24.0%.
- Surface Technologies activity in the Middle East and North America, and the segment's backlog trend.
Balance sheet and cash flow
- Cash and cash equivalents were $1,049.3 million as of September 30, 2026.
- Net cash was $645.3 million as of September 30, 2026.
- Short-term debt and current portion of long-term debt were $121.5 million as of September 30, 2026.
- Long-term debt, less current portion, was $282.5 million as of September 30, 2026.
- Capital expenditures were $61 million during the quarter and $176.7 million for the nine months ended September 30, 2026.
- Working capital was $(39.8) million during the three months ended September 30, 2026.
Analysis
TechnipFMC delivered a strong third quarter, with total Company revenue of $2,895.8 million, up 4.8% sequentially and 9.4% year over year. Net income attributable to TechnipFMC plc increased to $418.4 million from $362.7 million in the second quarter and $309.7 million a year earlier. Diluted earnings per share were $1.05, while adjusted EBITDA rose to $627.8 million and the adjusted EBITDA margin expanded to 21.7 % from 21.1 % sequentially and 19.6 % year over year.
Subsea remained the principal growth and margin driver. Revenue increased 4.5% sequentially and 12.1% year over year to $2,600.0 million, supported by iEPCI® activity in Indonesia and Brazil and higher services activity. Operating profit rose to $522.6 million, and adjusted EBITDA margin improved to 23.5 %. The Company raised its 2026 Subsea revenue guidance to a range of $9.6 - 9.8 billion and initiated 2027 Subsea revenue guidance of $10.0 - 10.4 billion with adjusted EBITDA margin guidance of 22.5 - 24.0%.
Surface Technologies improved sequentially but remained below the prior-year revenue level. Revenue was $295.8 million, up 7.1% sequentially on Middle East and North American completion activity, but down (9.8%) year over year. Operating profit increased to $41.4 million, although operating profit margin declined 10 basis points sequentially to 14.0 %. The segment ended the quarter with backlog of $578.8 million, down from both June 30, 2026 and September 30, 2025.
Cash generation was substantial. Cash provided by operating activities was $530.7 million and free cash flow was $469.7 million in the quarter. The Company repurchased 4.4 million ordinary shares for $320 million and paid $19.5 million of dividends, for total shareholder distributions of $339.5 million. It ended the period with $1,049.3 million of cash and cash equivalents and $645.3 million of net cash.
The order picture was softer in the reported quarter. Total inbound orders of $2,319.5 million fell (14.9%) sequentially and (12.4%) year over year, while total order backlog declined to $16,065.8 million. Subsea inbound orders were $2,051.5 million and book-to-bill was 0.8x. Management nevertheless cited a $32 billion Subsea Opportunities List and expects Subsea orders over the next five quarters to be at least $14.5 billion. The Company also raised 2026 free-cash-flow guidance to $1.45 - 1.55 billion and lowered its effective tax rate guidance to 25 - 27%.
Management, verbatim
Our quarterly results reflect strong operational performance throughout the organization. Total Company revenue in the period was $2.9 billion, with adjusted EBITDA of $636 million, when excluding foreign exchange impacts. We generated free cash flow of $470 million. These results reflect consistency in our execution and reinforce customer trust and confidence in our capabilities.
Doug Pferdehirt, Chair and CEO of TechnipFMC
Turning to inbound orders, we announced three Subsea awards for the third quarter. We secured multiple contracts to supply flexible pipe systems, the first for Azule Energy in Angola, and the second for Petrobras in support of multiple pre-salt fields in Brazil. We were also awarded an integrated contract from PETRONAS for the Limbayong project, one of three iEPCI® awards in the period. Subsea orders in the quarter totaled $2.1 billion.
Doug Pferdehirt, Chair and CEO of TechnipFMC
The robust pipeline of opportunities supports our expectation for further growth, and if we extend our view to include 2027, we expect Subsea orders over the next five quarters to be at least $14.5 billion. The momentum in order growth should also lift the quality of our inbound, with substantially more Subsea 2.0®, iEPCI®, and direct awards expected in the year ahead. We also believe this marks the beginning of a sustained wave of activity that will extend beyond the end of the decade.
Doug Pferdehirt, Chair and CEO of TechnipFMC
Not in the filing
stated, not guessed- Total Company gross margin for the third quarter of 2026
- Segment gross margins for Subsea and Surface Technologies
- Total Company operating income margin for the third quarter of 2026
- Total Company full-year 2026 revenue guidance
- Full-year 2026 total Company adjusted EBITDA guidance
- Full-year 2027 guidance other than Subsea revenue and Subsea adjusted EBITDA margin
- Previous-release outlook required for vs_prior_guidance comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.