TechnipFMC (FTI) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in Q4 and full-year 2025, with total inbound orders of $11.2 billion, Subsea orders at $10.1 billion, and backlog reaching $16.6 billion.

• Revenue grew 9–9.4% year-over-year to $9.9 billion, driven by Subsea growth and operational momentum.

• Adjusted EBITDA rose 33–35% to $1.8 billion, with margin expansion and strong Subsea contribution.

• Free cash flow for the year increased to $1.45 billion, more than doubling the prior year.

• Shareholder distributions more than doubled to $1 billion, reflecting increased capital returns.

Financial highlights

• Q4 2025 revenue was $2.5 billion, with adjusted EBITDA of $440 million and net income of $243 million.

• Subsea Q4 revenue was $2.19 billion, down 5% sequentially but up 7% year-over-year; adjusted EBITDA margin was 18.9%.

• Surface Technologies Q4 revenue was $323 million, down 2% sequentially but up 1% year-over-year; adjusted EBITDA margin improved to 18%.

• Full-year Subsea revenue was $8.67 billion, with adjusted EBITDA margin of 20.1%.

• 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% year-over-year.

• 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 projected around $340 million.