TechnipFMC plc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
Did FTI Beat Earnings? Q4 2025 Results
TechnipFMC closed out fiscal 2025 with a decisive earnings beat, posting Q4 adjusted diluted EPS of $0.70 against a consensus estimate of $0.508 — a 37.80% beat — even as revenue of $2.52 billion came in just under the $2.54 billion estimate, reflecting a modest 0.97% miss on the top line while still growing 5.4% year-over-year. The standout driver was the Subsea segment, where full-year adjusted EBITDA margin expanded to 20.1% from 16.7% in 2024, underpinned by a record $10.06 billion in inbound orders and a growing mix of direct awards and iEPCI contracts that management says reduces execution risk. Major Q4 wins — including bp's Tiber 20K deepwater project in the Gulf of America — helped push the Subsea opportunity pipeline to roughly $29 billion, its sixth consecutive quarterly increase. Looking ahead, TechnipFMC raised its 2026 Subsea revenue guidance to $9.20–$9.60 billion with adjusted EBITDA margin of 21–22%, while shares have recently traded near 52-week highs, reflecting investor confidence in the company's deepwater-focused growth trajectory.
- Subsea revenue growth of 7.1% YoY driven by higher offshore activity
- Full-year adjusted EBITDA excluding FX grew 33% year-over-year
- iEPCI, direct awards, and Subsea Services accounted for more than 80% of Subsea inbound
- Surface Technologies operating profit margin improved 310 bps sequentially to 14.3% from Middle East services and operational efficiencies
- Backlog grew 15.3% year-over-year to $16.6 billion
“I am very proud to report our strong quarterly and full-year results, as we closed out 2025 with solid operational momentum. Total Company inbound for the year was $11.2 billion, driving growth in backlog to $16.6 billion.”
TechnipFMC CEO, on the earnings call
Forward Guidance & Outlook
For 2026, TechnipFMC raised Subsea revenue guidance to $9.2–$9.6 billion (from $9.1–$9.5 billion) and Subsea adjusted EBITDA margin guidance to 21–22% (from 20.5–22%). Surface Technologies revenue is guided at $1.15–$1.3 billion with adjusted EBITDA margin of 16.5–18%. Corporate expense is expected at $115–$125 million, net interest expense at $10–$20 million, effective tax rate of 27–31%, capital expenditures of approximately $340 million, and free cash flow of $1.3–$1.45 billion. The company expects $10 billion of Subsea inbound in 2026 with further growth in backlog. The Subsea opportunity pipeline now highlights approximately $29 billion in future development opportunities at the midpoint, reflecting the sixth consecutive quarterly increase.
FTI YoY Financials
FTI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.