TechnipFMC (FTI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2,895.8M, up 9.4% YoY; net income attributable to shareholders was $418.4M and diluted EPS was $1.05.

• Adjusted EBITDA was $627.8M, or $636.4M excluding FX; free cash flow was $469.7M.

• Subsea growth from backlog conversion, iEPCI, SPS supply and Services offset lower Surface Technologies revenue and weaker activity in select regions.

• Subsea opportunities reached $32.1B at project-value midpoints, while expected inbound orders are at least $14.5B over 4Q26–4Q27.

Financial highlights

• Q3 revenue was $2,895.8M versus $2,647.3M YoY; attributable net income was $418.4M versus $309.7M.

• Adjusted net income was $418.8M and adjusted diluted EPS was $1.05, versus $312.1M and $0.75 YoY.

• Q3 cash from operations was $530.7M, capex was $61.0M and free cash flow was $469.7M.

• 9M revenue rose 9.9% to $8,151.6M; attributable net income was $1,041.6M versus $721.2M.

• 9M free cash flow was $1,234.5M versus $1,088.3M; operating cash flow was $1,411.2M.

Outlook and guidance

• 2026 Subsea revenue guidance rose to $9.6–9.8B, with adjusted EBITDA margin guidance of 21–22%.

• 2026 free cash flow guidance increased to $1.45–1.55B; effective tax rate guidance decreased to 25–27%.

• Initial 2027 Subsea guidance is revenue of $10.0–10.4B and adjusted EBITDA margin of 22.5–24.0%; midpoint implies adjusted EBITDA growth above 10% YoY.

• At least $14.5B of Subsea inbound orders are expected over 4Q26–4Q27; large awards may shift between 2026 and 2027.

• RUPO was $15.1B at September 30, with expected revenue recognition of $2.0B for the rest of 2026, $5.9B in 2027 and $7.2B thereafter.