FTI · TechnipFMC plc

TechnipFMC plc delivered strong Q1 2026 results, with total revenue of $2.5 billion slightly below prior quarter but up 11.6% year-over-year, led by Subsea segment growth to $2.2 billion from higher iEPCI project activity in Brazil, Latin America, Africa, and North America. Subsea operating profit rose 29.3% sequentially to $349 million with margin expansion to 15.8%, reflecting improved execution and reduced restructuring charges of $52.1 million versus prior quarter. Adjusted EBITDA reached $466 million at 18.7% margin, or $453 million excluding $12.8 million FX gain. Surface Technologies saw revenue decline 11.9% to $284 million due to scheduled Middle East project timing and minimal conflict impact, with operating profit margin at 13%. CEO Doug Pferdehirt highlighted operational momentum, robust Subsea services and direct awards driving $1.9 billion inbound (book-to-bill 0.9x), and a $30 billion Subsea opportunities list growing for 7 quarters. Backlog remained stable at $16.5 billion, with Subsea at $15.8 billion. Cash generation was robust at $333 million from operations and $277 million free cash flow, enabling $285 million shareholder returns via $265 million repurchases (4.3 million shares) and $20 million dividends. Net cash stood at $540 million. Full-year 2026 guidance unchanged: Subsea revenue $9.2-9.6 billion, EBITDA margin 21-22%; Surface $1.15-1.3 billion, 16.5-18%; free cash flow $1.3-1.45 billion. Management emphasized cycle time reduction, capital efficiency, and 70%+ free cash flow returns, positioning for Subsea growth in 2027 amid shifting offshore capital flows.