Earnings

TechnipFMC Raises 2026 Subsea Revenue and Cash-Flow Guidance

The Tip Desk · October 31, 2026 · 3 min read

The company lifted 2026 Subsea revenue to $9.6–9.8 billion and free cash flow to $1.45–1.55 billion after third-quarter revenue of $2.90 billion and $1.05 a share.

TechnipFMC plc (FTI), a technology provider to the energy industries, reported third-quarter 2026 revenue of $2,895.8 million and raised its 2026 Subsea revenue outlook to a range of $9.6 billion to $9.8 billion from $9.2 billion to $9.6 billion, and lifted full-year free cash flow guidance to $1.45 billion to $1.55 billion from $1.3 billion to $1.45 billion.

The company also lowered its 2026 effective tax rate range to 25% to 27% from 27% to 31%. It initiated 2027 Subsea guidance of $10.0 billion to $10.4 billion in revenue and a 22.5% to 24.0% adjusted EBITDA margin.

Total Company revenue in the three months ended September 30, 2026 was $2,895.8 million, up 4.8% sequentially after a 10.8% sequential increase in the prior quarter. Net income attributable to TechnipFMC was $418.4 million, up 15.4% sequentially from $362.7 million. Diluted earnings per share rose 16.7% to $1.05 from $0.90. Adjusted EBITDA was $627.8 million, with a 21.7% margin. Results included an $8.6 million foreign exchange loss, or $8 million after-tax; excluding that after-tax impact, net income was $426.4 million. Adjusted EBITDA excluding the $8.6 million foreign exchange loss was $636.4 million.

Subsea, the larger of the two reportable segments, posted revenue of $2,600.0 million, up 4.5% sequentially. The company said the sequential increase was driven by higher iEPCI® project activity in Indonesia and Brazil and higher services activity, partially offset by lower project activity in Norway. Subsea operating profit was $522.6 million, with a 20.1% margin. Adjusted EBITDA was $611.6 million, with a 23.5% margin.

Subsea inbound orders were $2,051.5 million, with book-to-bill of 0.8 times. Total Company inbound was $2,319.5 million, reversing a 26.7% sequential increase in the second quarter. Backlog ended at $16,065.8 million. Subsea backlog was $15,487.0 million.

Awards in the period included flexible flowlines and risers for Azule Energy’s West Hub Tails project in Angola, an integrated iEPCI® contract from PETRONAS Carigali for the Limbayong deepwater project in Malaysia, and flexible pipe systems for Petrobras across multiple pre-salt fields in Brazil. Chair and CEO Doug Pferdehirt said the company also announced a memorandum of understanding with bp under which TechnipFMC would be the preferred strategic supplier of 20,000 psi subsea tree systems for bp’s Paleogene program in the Gulf of America, and a Strategic Collaboration Agreement with PETRONAS designating TechnipFMC as its deepwater development partner.

Surface Technologies revenue was $295.8 million, up 7.1% sequentially, which the company attributed primarily to higher activity in the Middle East and higher completion activity in North America. Operating profit was $41.4 million, with a 14.0% margin. Adjusted EBITDA was $53.3 million, with an 18.0% margin. Inbound orders were $268.0 million. Backlog was $578.8 million.

Cash provided by operating activities was $530.7 million and free cash flow was $469.7 million. The company repurchased 4.4 million ordinary shares for $320 million; including a $19.5 million dividend, total shareholder distributions were $339.5 million. Cash and cash equivalents ended at $1,049.3 million, with net cash of $645.3 million.

Pferdehirt said the Subsea Opportunities List had increased for the ninth consecutive quarter to $32 billion at the midpoint of project values. The company said it anticipates Subsea inbound orders of at least $14.5 billion over the next five quarters, including expectations for 2027.

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