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TechnipFMC
TechnipFMC (FTI) investor relations material
TechnipFMC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved total inbound orders of $11.2 billion for 2025, with Subsea orders at $10.1 billion and a year-end backlog of $16.6 billion, up 15% year-over-year.
Revenue grew 9.4% year-over-year to $9.93 billion, driven by Subsea growth and strong operational momentum.
Adjusted EBITDA increased 33% to $1.8 billion, with margin expansion and foreign exchange excluded.
Free cash flow reached $1.45 billion, more than doubling the prior year, supporting $1 billion in shareholder distributions.
Subsea segment performance was led by iEPCI projects and a shift to direct awards, with a book-to-bill ratio of 1.2x.
Financial highlights
Q4 2025 revenue was $2.52 billion, up 6.3% year-over-year; adjusted EBITDA was $440 million (17.5% margin), excluding restructuring and FX impacts.
Subsea Q4 revenue was $2.19 billion, up 7.1% year-over-year; adjusted EBITDA margin was 18.9%.
Surface Technologies Q4 revenue was $323 million, up 1.1% year-over-year; adjusted EBITDA margin was 18%.
Full-year Subsea revenue was $8.67 billion, with adjusted EBITDA margin of 20.1%.
Free cash flow for 2025 was $1.45 billion; net cash position at year-end was $602 million.
Outlook and guidance
2026 Subsea revenue expected at $9.2–9.6 billion, with adjusted EBITDA margin of 21–22%.
Surface Technologies 2026 revenue guided at $1.15–1.3 billion, with adjusted EBITDA margin of 16.5–18%.
Full-year 2026 adjusted EBITDA expected to exceed $2.1 billion, up 15% from 2025.
Free cash flow guidance for 2026 is $1.3–$1.45 billion, with at least 70% to be returned to shareholders.
Capital expenditures for 2026 expected around $340 million.
How does portfolio approach impact $29B Subsea list?
What drives the improved Subsea EBITDA margin guidance?
How are $1B distributions balanced with growth?
Impact of SURF industrialization on margins?
Drivers of increased offshore capital spending?
Subsea inbound growth expectations beyond 2026?
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Next TechnipFMC earnings date
Q1 202623 Apr, 2026
TechnipFMC
Next TechnipFMC earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
TechnipFMC PLC is a global energy services company specializing in the design, engineering, and installation of subsea and surface technologies for the oil and gas industry. It operates primarily through two business segments: Subsea and Surface Technologies. The Subsea division provides solutions across the full lifecycle of subsea fields, including subsea production systems, risers, flowlines, and well intervention services. The Surface Technologies division focuses on onshore and shallow water projects, offering equipment for drilling, production, and flow measurement. The company is headquartered in London, UK, and its shares are listed on the NYSE.
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