Forum Energy Raises 2026 Outlook After Sequential Sales Gain

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $237 million, up 5% from the prior quarter, and full-year 2026 revenue guidance moved to $900 million to $920 million.

Forum Energy Technologies (FET), a global manufacturer of oilfield and industrial equipment, reported third-quarter 2026 revenue of $237 million, up 5% from the second quarter, and raised full-year 2026 guidance for a second consecutive quarter.

The sequential sales increase followed an 8% sequential rise in the prior quarter. Adjusted EBITDA was $36 million, up 14% sequentially, after a 39% sequential increase in the second quarter. Adjusted EBITDA margin expanded to 15%.

GAAP net income was $11 million, or $0.93 a share, down 9% and 11% sequentially. Adjusted net income was $18 million, or $1.51 a share, up 33% and 30% sequentially. The company recorded $4.9 million of restructuring and other costs in the quarter.

Orders were $244 million, producing a book-to-bill ratio of 103%. Operating cash flow was $32 million and free cash flow was $30 million. Net leverage fell to 0.9 times from 1.1 times after the second quarter.

Drilling and Completions, which supplies consumables and capital equipment for drilling, subsea, coiled tubing, wireline and stimulation, posted revenue of $147 million, a 6% sequential increase. Adjusted EBITDA in the segment was $21 million, up 28% sequentially. Book-to-bill was 97%. The company said the revenue increase was attributable to growth across all product lines and that adjusted EBITDA benefited from operating leverage and cost management.

Artificial Lift and Downhole, which engineers and manufactures products for well construction, artificial lift and oil and natural gas processing, posted revenue of $90 million, a 3% sequential increase. Adjusted EBITDA of $21 million was comparable with the prior quarter. Book-to-bill was 113%. The company attributed the revenue increase to the addition of Premiere Torque Rings and higher demand for sand and flow control solutions and valve products, and said contributions from revenue growth were offset by higher freight and tariff costs.

In the third quarter the company acquired Premiere Torque Rings. President and Chief Executive Officer Neal Lux said the deal added differentiated technology and a trusted brand that expands FET’s addressable market and global growth opportunities.

The company raised full-year 2026 revenue guidance to $900 million to $920 million, a 15% year-over-year increase at the midpoint, from a prior range of $870 million to $910 million. Adjusted EBITDA guidance moved to $123 million to $129 million, adjusted net income to $52 million to $58 million, and free cash flow to $66 million to $71 million.

Fourth-quarter 2026 guidance is revenue of $230 million to $250 million, adjusted EBITDA of $33 million to $39 million, adjusted net income of $15 million to $21 million, and free cash flow of $25 million to $30 million. Lux said the company is raising full-year 2026 guidance with strong demand, improving industry activity, and continued execution of its strategy, and that it remains well positioned to deliver another strong quarter and carry momentum into 2027 as it advances toward FET 2030 objectives.