TechnipFMC (FTI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $2.76B, up 9% year-over-year, with net income rising to $362.7M and adjusted EBITDA at $601M, excluding FX impacts.

• Subsea inbound orders totaled $2.5B, with the Opportunities List surpassing $30B for the eighth consecutive quarter.

• Free cash flow was $488M, with $440M returned to shareholders via dividends and share repurchases, representing 90% of free cash flow.

• Subsea segment led growth, offsetting declines in Surface Technologies, which faced lower activity in the Middle East and North America.

• Raised full-year adjusted EBITDA guidance to $2.19B and free cash flow outlook to $1.45B.

Financial highlights

• Q2 2026 revenue: $2.76B; Subsea: $2.49B, Surface Technologies: $276M; adjusted EBITDA: $601M (21.8% margin, excluding FX loss).

• Adjusted net income attributable to shareholders was $367M; diluted EPS was $0.90, adjusted diluted EPS $0.91.

• Free cash flow: $488M; cash and equivalents: $992M; net cash position: $590M at quarter end.

• Total backlog stood at $16.44B as of June 30, 2026.

• Shareholder distributions in Q2 were $440M, with $725M returned in H1, 95% of free cash flow.

Outlook and guidance

• Full-year 2026 guidance: Subsea revenue $9.2–9.6B, adjusted EBITDA margin 21–22%; Surface Technologies revenue $1.15–1.3B, margin 16.5–18%.

• Free cash flow guidance for 2026 is $1.3–1.45B; capital expenditures expected at $340M.

• Subsea inbound orders expected to reach $10B in 2026, with a step-up in 2027 and strong pipeline through decade end.

• Q3 Subsea revenue and margin expected in line with Q2; Surface Technologies revenue to rise mid-to-high single digits sequentially.

• Offshore and Subsea activity projected to remain strong, supported by technology innovation and new project awards.