TechnipFMC Raises Subsea Revenue Outlook and Sets 2027 Targets After Third-Quarter Profit Jumps

TechnipFMC raised its 2026 subsea revenue and free cash flow outlook on Thursday and gave a first look at 2027, saying it expects at least $14.5 billion of subsea orders over the next five quarters, according to its third-quarter earnings release filed with an 8-K.

The company now expects 2026 subsea revenue of $9.6 billion to $9.8 billion, up from its February guidance of $9.2 billion to $9.6 billion. It lifted its free cash flow target to $1.45 billion to $1.55 billion from $1.3 billion to $1.45 billion, and cut its expected effective tax rate to 25% to 27%.

For 2027, TechnipFMC guided subsea revenue of $10.0 billion to $10.4 billion with an adjusted EBITDA margin of 22.5% to 24.0%.

Profit climbs 35%

Third-quarter revenue rose 9.4% from a year earlier to $2.90 billion. Net income jumped 35.1% to $418.4 million, and diluted EPS increased 40% to $1.05 from $0.75. Adjusted EPS was also $1.05.

Adjusted EBITDA rose 21% to $627.8 million, and the margin widened 210 basis points to 21.7%. Excluding an $8.6 million foreign exchange loss, adjusted EBITDA was $636.4 million.

"Our quarterly results reflect strong operational performance throughout the organization," Chair and CEO Doug Pferdehirt said in the release.

Subsea drives the gains

Subsea revenue grew 12.1% from a year earlier to $2.60 billion, and operating profit rose 30.2% to $522.6 million, a 20.1% margin. The company credited higher project activity, including integrated iEPCI projects in Indonesia and Brazil, and more services work, partly offset by lower activity in Norway.

Surface Technologies revenue was $295.8 million, up 7.1% from the second quarter on higher activity in the Middle East and North America completions.

Orders soften for now

Total inbound orders fell 12.4% from a year earlier to $2.32 billion, and subsea orders came to $2.05 billion, a book-to-bill of 0.8x. Total backlog stood at $16.07 billion, down 4.4%.

Pferdehirt said the company's Subsea Opportunities List rose for the ninth straight quarter to $32 billion. He said order momentum should bring "substantially more" Subsea 2.0, iEPCI and direct awards in the year ahead.

Third-quarter awards included flexible pipe contracts for Azule Energy in Angola and Petrobras in Brazil and an integrated contract from PETRONAS for the Limbayong project, each between $75 million and $250 million.

Cash returned

Cash flow from operations was $531 million and free cash flow was $470 million. TechnipFMC repurchased 4.4 million shares for $320 million and paid a $19.5 million dividend, for total distributions of $339.5 million in the quarter. It ended September with $1.05 billion of cash and net cash of $645.3 million.

By the numbers

• $2.90 billion: third-quarter revenue, up 9.4%
• $1.05: diluted and adjusted EPS, up from $0.75
• $470 million: third-quarter free cash flow
• $9.6 billion to $9.8 billion: raised 2026 subsea revenue guidance
• At least $14.5 billion: expected subsea orders over the next five quarters

Sources

1. TechnipFMC Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001681459-26-000050)

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