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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Forum Energy Technologies
Forum Energy Technologies (FET) investor relations material
Forum Energy Technologies Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 revenue rose 20.7% YoY to $236.8M and 5% QoQ; adjusted EBITDA increased 14% QoQ to $36M, adjusted net income reached $18.2M, and free cash flow was $30.3M.
Operating income and net income rebounded to profit, supported by segment growth, operating leverage and cost savings.
Strong demand and activity prompted higher FY2026 guidance; net debt declined and net leverage improved to 0.9x.
Financial highlights
Q3 gross profit was $74.4M versus $40.2M; operating income was $20.0M versus a $6.1M loss, and net income was $11.2M versus a $20.6M loss.
Q3 adjusted EBITDA margin was 15.2%, up from 14.0% QoQ; adjusted net income was $18.2M and adjusted diluted EPS was $1.51.
Q3 operating cash flow was $32.0M and free cash flow before acquisitions was $30.3M; YTD free cash flow was $41M.
9M revenue increased 14.0% to $671.7M; net income was $28.1M versus an $11.7M loss, and adjusted EBITDA was $90.6M versus $63.7M.
Q3 orders were $243.8M, with a 103% book-to-bill ratio; orders exceeded revenue in six of the past seven quarters.
Outlook and guidance
FY2026 guidance was raised to revenue of $900M–$920M, adjusted EBITDA of $123M–$129M, adjusted net income of $52M–$58M and free cash flow of $66M–$71M.
Q4 guidance: revenue $230M–$250M, adjusted EBITDA $33M–$39M, net income $15M–$21M and free cash flow $25M–$30M.
Q4 guidance midpoints imply ~19% YoY revenue growth and 59% adjusted EBITDA growth; a one-time ~$5M stock-compensation charge is expected to affect GAAP earnings.
2026 capital expenditures are expected below $10M; annualized Q4 guidance midpoints imply 2027 revenue growth of 5% and adjusted EBITDA growth of 14%.
The 2030 plan targets doubling revenue, quadrupling EBITDA and tripling free cash flow versus 2025.
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Latest events from Forum Energy Technologies
- 2030 growth-market targets: $1.6bn revenue and $210-$235m free cash flow.FET
Investor presentation - Strategy targets quadrupling EBITDA by 2030 through innovation, global expansion, and operational leverage.FETWater Tower Research Virtual Insights Conference
- Poised to double revenue and quadruple EBITDA by 2030 through innovation and global expansion.FET17th Annual Midwest IDEAS Conference
- Aims to double revenue and quadruple EBITDA by 2030 through innovation and global market share gains.FETEnerCom Denver – The Energy Investment Conference
- Outperformed peers in growth and returns, leveraging innovation and capital discipline for future gains.FETInvestor presentation
- Q2 2026 delivered strong growth, margin expansion, and raised full-year guidance.FETQ2 2026
- Innovation and strategic expansion drive growth, with energy transition markets boosting future resilience.FETFireside Chat
- Q2 revenue up 11% and free cash flow guidance raised, offsetting U.S. market softness.FETQ2 2024
- Record free cash flow and margin gains in 2024 set up stable 2025 despite industry decline.FETQ4 2024
Next Forum Energy Technologies earnings date
18th Annual Southwest IDEAS Conference18 Nov, 2026
Forum Energy Technologies
Next Forum Energy Technologies earnings date
18th Annual Southwest IDEAS Conference18 Nov, 2026
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Frequently asked questions
Forum Energy Technologies Inc. is an energy company that designs, manufactures, and supplies equipment and technology solutions for the oil and gas industry. Its offerings include products for drilling, production, subsea operations, and well construction, as well as related aftermarket services. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.