TechnipFMC (FTI) Q4 2025 earnings summary

Executive summary

• Achieved total inbound orders of $11.2 billion for 2025, with Subsea orders at $10.1 billion and a year-end backlog of $16.6 billion, up 15% year-over-year.

• Revenue grew 9.4% year-over-year to $9.93 billion, driven by Subsea growth and strong operational momentum.

• Adjusted EBITDA increased 33% to $1.8 billion, with margin expansion and foreign exchange excluded.

• Free cash flow reached $1.45 billion, more than doubling the prior year, supporting $1 billion in shareholder distributions.

• Subsea segment performance was led by iEPCI projects and a shift to direct awards, with a book-to-bill ratio of 1.2x.

Financial highlights

• Q4 2025 revenue was $2.52 billion, up 6.3% year-over-year; adjusted EBITDA was $440 million (17.5% margin), excluding restructuring and FX impacts.

• Subsea Q4 revenue was $2.19 billion, up 7.1% year-over-year; adjusted EBITDA margin was 18.9%.

• Surface Technologies Q4 revenue was $323 million, up 1.1% year-over-year; adjusted EBITDA margin was 18%.

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

• Free cash flow for 2025 was $1.45 billion; 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% from 2025.

• 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 expected around $340 million.