TechnipFMC Q2 2026 results

Financial results

Total Company revenue was $2,763.1 million in Q2 2026; net income attributable to TechnipFMC was $362.7 million ($0.90 diluted). Adjusted net income was $367.1 million ($0.91 diluted) and adjusted EBITDA was $581.9 million, a 21.1% margin. The period included a $19.3 million foreign-exchange loss; excluding that, adjusted EBITDA was $601.2 million and net income would be $379.9 million.

Subsea

Subsea revenue rose to $2,486.9 million (up 12.6% sequential). Operating profit was $486.5 million (19.6% margin) and adjusted EBITDA was $577.2 million (23.2% margin). Subsea inbound orders were $2,507.1 million with book-to-bill of 1.0x; backlog was $15.8 billion. Awarded work included Azule Energy (Greater PAJ, Angola), Vår Energi (Ofelia and Gjøa Nord iEPCI®), Eni (Baleine Phase 3, Côte d’Ivoire) and multiple Equinor tie-backs in Norway.

Surface Technologies

Surface Technologies revenue declined to $276.2 million (down 2.8% sequential and 13.3% year‑over‑year). Operating profit improved to $39.0 million (14.1% margin) and adjusted EBITDA was $50.0 million. Inbound orders and backlog both decreased, with backlog at $606.8 million.

Cash, capital allocation and balance sheet

Cash from operations was $548 million; capital expenditures were $60.1 million and free cash flow was $487.9 million. The company repurchased 5.9 million shares for $420.1 million and paid $19.8 million in dividends (total distributions $439.9 million). Cash and cash equivalents were $991.8 million with net cash of $589.9 million.

Guidance and outlook

No change to 2026 guidance issued Feb. 19, 2026: Subsea revenue targeted at $9.2–9.6 billion with adjusted EBITDA margin 21–22%; Surface Technologies revenue $1.15–1.3 billion with adjusted EBITDA margin 16.5–18%. Management reiterated confidence in achieving $10 billion of Subsea inbound in 2026 and expects an order step-up in 2027.