TechnipFMC (FTI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $2.49 billion, up 11.6% year-over-year, driven by strong Subsea performance and robust order activity, especially in Brazil, Mozambique, and Suriname.

• Net income attributable to shareholders rose to $260.5 million, an 83.5% increase year-over-year, with diluted EPS of $0.64.

• Adjusted EBITDA was $453 million (18.2% margin excluding FX), with free cash flow of $277 million and $285 million returned to shareholders via dividends and share repurchases.

• Subsea orders totaled $1.9 billion, with the Subsea Opportunities List expanding to $30 billion, marking over 30% growth in two years.

• Management remains confident in meeting and exceeding 2026 and 2027 financial targets, supported by a robust backlog and expanding project pipeline.

Financial highlights

• Subsea revenue was $2.21 billion, up 14.1% year-over-year and 1% sequentially, with adjusted EBITDA margin at 20%.

• Surface Technologies revenue was $284 million, down 4.4% year-over-year and 12% sequentially, with adjusted EBITDA margin at 17.4%.

• Net income margin improved to 10.5%, and adjusted EBITDA margin rose to 18.7% (up 330 bps YoY).

• Cash flow from operations was $332 million; net cash position at quarter-end was $540.4 million.

• Book-to-bill ratio for Subsea was 0.9x; total backlog at $16.5 billion.

Outlook and guidance

• 2026 guidance reaffirmed: Subsea revenue $9.2–9.6 billion, adjusted EBITDA margin 21–22%.

• Surface Technologies revenue expected at $1.15–1.3 billion, with adjusted EBITDA margin 16.5–18%.

• Free cash flow for 2026 projected at $1.3–1.45 billion; capital expenditures around $340 million.

• Management confident in achieving $10 billion in Subsea orders for 2026 and further growth in 2027.

• Corporate expense projected to decline by ~25% in Q2.