Forum Energy Technologies (FET) doubles earnings estimates in Q2 2026
As seen on the 24/7 Wall St. homepage on July 30, 2026.
Forum Energy Technologies doubled consensus earnings while raising full-year guidance across all metrics, now expecting 40% EBITDA growth at midpoint despite a contracting global rig count. The oilfield services company proved its market share capture strategy works: revenue per rig jumped to $129K from $112K year ago even as the global rig count slipped, and management guided Q3 revenue 20% higher with adjusted EBITDA expected up 48%.
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Forum Energy Technologies reported Q2 2026 earnings per share of $1.16, more than doubling the consensus estimate of $0.565 — a beat of roughly 105%. Revenue came in at $226.2 million, topping the $212.4 million estimate by about 6.5%. The results capped a meaningful earnings turnaround: after four consecutive quarters of missing or barely meeting expectations through mid-2025, FET has now beaten estimates in each of the past three quarters.
The standout detail behind the headline numbers is how FET is growing despite a shrinking market. The global rig count slipped over the past year, yet the company's revenue per rig rose to $129K from $112K in the year-ago period — a sign that its market share capture strategy is gaining real traction. Management raised full-year guidance across all metrics, now targeting roughly 40% EBITDA growth at the midpoint of their range.
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Looking ahead, management guided Q3 revenue approximately 20% higher and expects adjusted EBITDA to rise about 48% in the quarter. That forward confidence, combined with the back-to-back beats in Q1 and Q2 2026, suggests the company believes its share gains are durable rather than a one-quarter event. Investors will be watching whether revenue per rig continues to climb even if the global rig count remains under pressure.
Mentioned: FET