Key Highlights

● Revenue was $2,763.1 million, up 9.0% from the second quarter of 2025.

● Adjusted EBITDA was $581.9 million, a margin of 21.1%.

● Total backlog stood at $16,440.0 million at June 30, 2026.

● The company returned $439.9 million to shareholders, about 90% of free cash flow.

TechnipFMC plc (NYSE:FTI) is an energy technology group that supplies subsea production systems and services to offshore oil and gas developers, alongside a smaller Surface Technologies business. The company is incorporated as a plc and its ordinary shares trade on the New York Stock Exchange as FTI.

On July 30, 2026 it reported results for the second quarter. Revenue was $2,763.1 million, up 9.0% from the second quarter of 2025 and 10.8% on the first quarter. Adjusted EBITDA was $581.9 million, a margin of 21.1%, or 21.8% excluding a $19.3 million foreign-exchange loss. Net income attributable to the company was $362.7 million, with diluted earnings per share of $0.90 and adjusted diluted earnings per share of $0.91. Subsea contributed $2,486.9 million of revenue at an adjusted EBITDA margin of 23.2%, while Surface Technologies delivered $276.2 million at 18.1%. Management said Surface revenue was reduced by lower activity in the Middle East because of the ongoing conflict.

Orders, backlog and guidance

Inbound orders were $2,726.6 million, of which Subsea accounted for $2,507.1 million, a book-to-bill ratio of 1.0 times in that segment. Total backlog stood at $16,440.0 million at June 30, 2026. Of the $15,833 million Subsea backlog, the company expects $3,779 million to convert to revenue during the remainder of 2026, $5,249 million in 2027 and $6,806 million in 2028 and beyond. Awards included work for Azule Energy, Vår Energi, Eni (NYSE:E) and Equinor (NYSE:EQNR).

Guidance issued on February 19, 2026 was left unchanged. It covers Subsea revenue of $9.2 billion to $9.6 billion with an adjusted EBITDA margin of 21 to 22%, and Surface Technologies revenue of $1.15 billion to $1.3 billion with a margin of 16.5 to 18%. Free cash flow is guided at $1.3 billion to $1.45 billion. Management said Subsea revenue and margin are tracking towards the high end of their ranges. Chair and chief executive Doug Pferdehirt said the company remains confident of $10 billion of Subsea inbound orders in 2026, followed by a step-up in 2027. These are management expectations, not results.

Cash flow and shareholder returns

Operating cash flow was $548.0 million and capital expenditure $60.1 million, giving free cash flow of $487.9 million, or $764.8 million for the half-year. Cash was $991.8 million and the company reported net cash of $589.9 million. It returned $439.9 million to shareholders in the quarter, about 90% of free cash flow, made up of $420.1 million of share repurchases covering 5.9 million shares and $19.8 million of dividends. The quarterly dividend declared was $0.05 per share. Pferdehirt said this delivered on the commitment to return the majority of free cash flow to shareholders. The dividend is modest next to the buyback, so returns depend on continued free cash flow.

Offshore Sanctioning Pace and Middle East Conflict

TechnipFMC is a constituent of the S&P MidCap 400, which it joined before the open on September 12, 2025, replacing Skechers USA, according to S&P Dow Jones Indices. Its results are driven more by offshore project timing and oil company spending than by the wider economy, which sets it apart from most index peers.

The principal risks include the pace of offshore sanctioning decisions by customers, which determines future orders, and the conversion of backlog into revenue. Management also cites trade policies, including tariffs, as a risk factor. Conflict in the Middle East has already weighed on Surface Technologies. Weaker oil prices could lead customers to delay projects.

The next confirmed event is third-quarter results on Thursday, October 29, 2026, with the call at 8:30 a.m. New York time.