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Forum Energy Technologies
Forum Energy Technologies (FET) investor relations material
Forum Energy Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved strong operational and financial performance in 2025, overcoming lower global drilling activity, tariffs, and geopolitical uncertainty.
Fourth quarter 2025 revenue reached $202 million, with net income of $2 million and adjusted net income of $5 million, reflecting strong operational execution and cost management.
Full year 2025 revenue was $791 million, with adjusted EBITDA of $86 million and free cash flow of $80 million, supported by improved working capital efficiency and asset monetization.
Orders for 2025 totaled $891 million, resulting in a book-to-bill ratio of 113% and a year-end backlog of $312 million, the highest in 11 years and up 46% year-over-year.
Gained market share through customer engagement, product innovation, and geographic expansion, with revenue per global rig up 20% since 2022.
Financial highlights
2025 revenue per global rig increased despite a sizable decline in global rig count, reaching $435, up from $419 in 2024.
Adjusted EBITDA for Q4 2025 was $23 million, at the top end of guidance and up nearly 13% from the prior six months.
Delivered $80 million of Free Cash Flow in 2025, at the top end of guidance, with a Free Cash Flow conversion for 2025 of 93%.
Reduced net debt by 28% and repurchased approximately 11% of shares outstanding, returning $35 million to shareholders.
Gross profit for 2025 was $219 million, with a gross margin of 27.7%.
Outlook and guidance
2026 revenue guidance is $800–$880 million, up 6% at the midpoint, with adjusted EBITDA projected at $90–$110 million, a 16% increase.
Adjusted net income guidance for 2026: $18 million–$38 million; Free Cash Flow: $55 million–$75 million, with a 65% conversion rate.
Q1 2026 revenue guidance: $190 million–$210 million; EBITDA: $21 million–$25 million; Adjusted net income: $5 million–$9 million.
Management expects global market activity to remain flat in 2026, but anticipates revenue and EBITDA growth driven by backlog, cost reductions, and market share gains.
New products' backlog contribution?
Future capital allocation priorities?
How to gain market share in flat 2026 market?
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Next Forum Energy Technologies earnings date
Q1 20261 May, 2026
Forum Energy Technologies
Next Forum Energy Technologies earnings date
Q1 20261 May, 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.
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