TechnipFMC plc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +8.13%.
Did FTI Beat Earnings? Q1 2025 Results
TechnipFMC posted a mixed first quarter for 2025, falling short of Wall Street expectations on both the top and bottom lines while still delivering meaningful year-over-year growth. The oilfield services company reported earnings of $0.33 per share, missing the $0.37 consensus estimate by 9.98%, as revenue came in at $2.23 billion — up 9.4% from a year ago but slightly below the $2.25 billion analysts had anticipated. The headline numbers, however, obscure one of the quarter's most compelling stories: free cash flow surged to $379.90 million, a dramatic reversal from negative $178.70 million in Q1 2024, prompting management to raise full-year free cash flow guidance to $1.00–$1.15 billion from the prior $850 million–$1.00 billion range. The Subsea segment, representing roughly 87% of revenue, drove the underlying strength, with operating margins expanding 380 basis points year-over-year to 12.8% and $2.79 billion in new orders producing a 1.4x book-to-bill ratio. Full-year Subsea revenue guidance stands at $8.40–$8.80 billion, with adjusted EBITDA margins targeted at 19–20%.
- Strong project execution and improved earnings mix from backlog in Subsea
- Subsea book-to-bill of 1.4x with orders exceeding revenue in eight of last nine quarters
- Working capital improvement of $159.4 million driving strong operating cash flow
- Higher project activity in Asia Pacific and Brazil partially offsetting seasonal declines
- 38% year-over-year increase in adjusted EBITDA excluding foreign exchange impacts
“I'm pleased to share another strong set of financial results to start the year. Our quarterly results clearly demonstrate the unique capabilities of our company and the value we are providing to our clients.”
TechnipFMC CEO, on the earnings call
Forward Guidance & Outlook
TechnipFMC raised its full-year 2025 free cash flow guidance to $1.0–$1.15 billion, up from the previous range of $850 million–$1.0 billion. Full-year adjusted EBITDA guidance remains unchanged at the midpoint. Subsea revenue is guided at $8.4–$8.8 billion with adjusted EBITDA margin of 19–20%. Surface Technologies revenue is guided at $1.2–$1.35 billion with adjusted EBITDA margin of 15–16%. Corporate expense is expected at $115–$125 million, net interest expense at $45–$55 million, effective tax rate of 28–32%, and capital expenditures of approximately $340 million. The company maintains confidence in delivering more than $10 billion of Subsea inbound orders in 2025. Tariff impact on total company adjusted EBITDA is estimated at less than $20 million in 2025. The Subsea Opportunities List highlights more than $26 billion of inbound opportunities over the next 24 months.
FTI YoY Financials
FTI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.