TechnipFMC (FTI) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 revenue of $2.65 billion, net income of $309.7 million, and adjusted EBITDA of $531.4 million (excluding FX), with Subsea driving performance through strong project activity in Africa, the Americas, and Australia.

• Subsea inbound orders reached $2.4 billion, with total company orders at $2.65 billion; book-to-bill ratio above 1.0x for 15 of the past 16 quarters.

• Free cash flow was $448 million for Q3 and $1.31 billion for the nine months ended September 30, 2025; $271 million returned to shareholders via dividends and buybacks in Q3.

• Announced a $2 billion increase in share repurchase authorization, bringing the total to $2.3 billion, representing nearly 16% of outstanding shares.

• Net cash position improved to $439 million at quarter-end.

Financial highlights

• Q3 2025 revenue was $2.65 billion, up 12.7% year-over-year and 4.4% sequentially; adjusted EBITDA was $531 million (excluding $12 million FX loss); net income margin was 11.7%.

• Subsea revenue: $2.32 billion, up 14.4% year-over-year and 5% sequentially; adjusted EBITDA: $506 million, margin 21.8%.

• Surface Technologies revenue: $328 million, up 2.4% year-over-year and 3% sequentially; adjusted EBITDA: $54 million, margin 16.4%.

• Cash flow from operations: $525 million; capex: $77 million; free cash flow: $448 million.

• Backlog reached $16.8 billion, up 14.4% year-over-year.

Outlook and guidance

• Subsea 2025 revenue expected at $8.4–8.8 billion with adjusted EBITDA margin of 19–20%; 2026 guidance: $9.1–9.5 billion revenue and 20.5–22% margin.

• Surface Technologies 2025 revenue guidance is $1.2–1.35 billion, with adjusted EBITDA margin of 16–16.5%.

• Free cash flow guidance for 2025 raised to $1.3–1.45 billion; at least 70% of free cash flow to be returned to shareholders in 2025 and 2026.

• Subsea inbound orders expected to exceed $10 billion in 2025, with strong activity anticipated through the decade.

• Management maintains a positive long-term outlook for offshore and Middle East markets due to improved project economics and energy security.