TechnipFMC plc
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 24, 2025
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Consolidated Results of Operations
CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC
THREE MONTHS ENDED JUNE 30, 2025 AND 2024
| Three Months Ended | ||||
|---|---|---|---|---|
| June 30, · Change | ||||
| (In millions, except %) | 2025 | 2024 | $ | % |
| Revenue | $2,534.7 | $2,325.6 | $209.1 | 9.0 |
| Costs and expenses | ||||
| Cost of sales | 1,941.4 | 1,824.7 | 116.7 | 6.4 |
| Selling, general and administrative expense | 173.2 | 174.9 | (1.7) | (1.0) |
| Research and development expense | 14.1 | 15.2 | (1.1) | (7.2) |
| Restructuring, impairment and other expenses | 16.4 | 2.4 | 14.0 | 583.3 |
| Total costs and expenses | 2,145.1 | 2,017.2 | 127.9 | 6.3 |
| Other expense, net | (10.7) | (44.1) | 33.4 | 75.7 |
| Income from equity affiliates | 10.3 | 2.6 | 7.7 | 296.2 |
| Net interest expense | (14.4) | (21.4) | 7.0 | 32.7 |
| Income before income taxes | 374.8 | 245.5 | 129.3 | 52.7 |
| Provision (benefit) for income taxes | 106.5 | 59.2 | 47.3 | 79.9 |
| Net income | 268.3 | 186.3 | 82.0 | 44.0 |
| Net loss attributable to non-controlling interests | 1.2 | 0.2 | 1.0 | 500.0 |
| Net Income attributable to TechnipFMC plc | $269.5 | $186.5 | $83.0 | 44.5 |
Revenue
Revenue increased by $209.1 million during the three months ended June 30, 2025, compared to the same period in 2024. The increase was primarily attributable to higher Subsea revenue which increased by $207.2 million. This growth was driven by the conversion of a higher backlog, up 11.1% as of December 31, 2024, compared to December 31, 2023, resulting in increased activity across iEPCITM, flexible supply and services activities, particularly in Brazil, Israel, Norway and Nigeria. Surface Technologies revenue increased by $1.9 million for the same comparable period, reflecting a $19.0 million increase from higher activity in the Middle East, Europe and other international markets. This increase was largely offset by a $17.1 million decline in revenue due to lower activity in North America and Latin America.
Gross Profit
Gross profit (revenue less cost of sales) increased to $593.3 million during the three months ended June 30, 2025, compared to $500.9 million in the prior-year period. Subsea gross profit increased year-over-year by $87.6 million, of which $45.2 million was due to volume increase and $42.4 million due to favorable activity mix. Surface Technologies gross profit increased year-over-year by $5.9 million, primarily due to $15.2 million of gross profit growth from higher activity in the Middle East and Europe, partially offset by lower activity in North America and other international markets, which collectively decreased gross profit by $9.3 million.
Selling, General and Administrative Expense
Selling, general and administrative expense was largely unchanged year-over-year.
Restructuring, impairment and other expenses
We incurred $16.4 million of restructuring, impairment and other expenses during the three months ended June 30, 2025, that was primarily attributable to $18.2 million of business transformation initiatives within Surface Technologies, offset by $1.8 million in other credits.
Other Expense, Net
Other income (expense), net, includes gains and losses associated with the remeasurement of net monetary assets and liabilities, gains and losses on sales of property, plant and equipment, and non-operating gains and losses. The net expense decreased $33.4 million year-over-year, primarily due to a $29.8 million reduction in foreign currency losses, resulting from the impact of hedge positions.
Income from Equity Affiliates
For the three months ended June 30, 2025 and 2024, we recorded income from equity method affiliates of $10.3 million and $2.6 million, respectively. The year-over-year increase was driven by higher operational activity of our joint ventures.
Net Interest Expense
Net interest expense of $14.4 million decreased by $7.0 million in the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the net decrease in outstanding debt.
Provision for Income Taxes
The provision for income taxes for the three months ended June 30, 2025 and 2024 was $106.5 million and $59.2 million, respectively, resulting in effective tax rates of 28.4% and 24.1%, respectively. The increase in the effective tax rate was largely due to the change in geographical profit mix year-over-year in addition to accruals for uncertain tax positions and taxes on undistributed earnings.
CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
| Six Months Ended | ||||
|---|---|---|---|---|
| June 30, · Change | ||||
| (In millions, except %) | 2025 | 2024 | $ | % |
| Revenue | $4,768.3 | $4,367.6 | $400.7 | 9.2 |
| Costs and expenses | ||||
| Cost of sales | 3,710.1 | 3,525.3 | 184.8 | 5.2 |
| Selling, general and administrative expense | 357.4 | 334.7 | 22.7 | 6.8 |
| Research and development expense | 33.2 | 32.8 | 0.4 | 1.2 |
| Restructuring, impairment and other expenses | 17.6 | 7.4 | 10.2 | 137.8 |
| Total costs and expenses | 4,118.3 | 3,900.2 | 218.1 | 5.6 |
| Other expense, net | (40.3) | (56.4) | 16.1 | 28.5 |
| Gain on disposal of Measurement Solutions business | — | 75.2 | (75.2) | (100.0) |
| Income from equity affiliates | 19.7 | 4.0 | 15.7 | 392.5 |
| Net interest expense | (24.3) | (34.1) | 9.8 | 28.7 |
| Income before income taxes | 605.1 | 456.1 | 149.0 | 32.7 |
| Provision for income taxes | 193.5 | 108.9 | 84.6 | 77.7 |
| Net income | 411.6 | 347.2 | 64.4 | 18.5 |
| Net (income) attributable to non-controlling interests | (0.1) | (3.6) | 3.5 | 97.2 |
| Net income attributable to TechnipFMC plc | $411.5 | $343.6 | $67.9 | 19.8 |
Revenue
Revenue increased by $400.7 million during the six months ended June 30, 2025, compared to the prior year period. The increase was primarily attributable to higher Subsea revenue which increased by $408.6 million. This growth was driven by the conversion of a backlog, up 11.1% higher as of December 31, 2024, when compared to December 31, 2023, resulting in increased revenue activity across iEPCI™, flexible supply and services activities, particularly in Norway, Indonesia, Israel, Brazil and Nigeria. Surface Technologies revenue decreased by $7.9 million for the same comparable period, reflecting a $42.0 million decrease from lower activity in North America, Europe, Latin America, Africa and the sale of MSB. This decrease was partially offset by a $34.1 million increase in revenue from higher activity in the Middle East.
Gross Profit
Gross profit (revenue less cost of sales) increased to $1,058.2 million during the six months ended June 30, 2025 compared to $842.3 million in the prior-year period. Subsea gross profit increased year-over-year by $209.0 million, of which $128.4 million was due to favorable activity mix and $80.6 million due to volume increase. Surface Technologies gross profit increased by $5.8 million compared to the same period in 2024. The increase was primarily due to a $26.8 million improvement in the Middle East and Europe, partially offset by lower activity in North America, the other international markets and the sale of MSB during the six months ended June 30, 2024, which collectively decreased gross profit by $21.0 million.
Selling, General and Administrative Expense
Selling, general and administrative expense increased by $22.7 million during the six months ended June 30, 2025, compared to the same period in 2024, primarily driven by higher employee costs in support of increased business activities.
Restructuring, impairment and other expenses
We incurred $17.6 million of restructuring, impairment and other expenses during the six months ended June 30, 2025, that was primarily attributable to $16.4 million of business transformation initiatives within Surface Technologies.
Other Expense, Net
Other income (expense), net, includes gains and losses associated with the remeasurement of net monetary assets and liabilities, gains and losses on sales of property, plant and equipment, and non-operating gains and losses. The net decrease in expense of $16.1 million was driven by a decrease in foreign currency loss of $22.2 million, which was partially offset by an increase in miscellaneous other non-operating charges.
Gain on disposal of Measurement Solutions business
For the three months ended March 31, 2024, we recognized a gain of $75.2 million from the sale of equity interests and assets of MSB.
Income from Equity Affiliates
For the six months ended June 30, 2025 and 2024, we recorded income from equity method affiliates of $19.7 million and $4.0 million, respectively, driven by an increase in operational activity of our joint ventures.
Net Interest Expense
Net interest expense of $24.3 million decreased by $9.8 million in the six months ended June 30, 2025, compared to the same period in 2024, primarily due to the reduction in outstanding debt.
Provision for Income Taxes
The provision for income taxes for the six months ended June 30, 2025 and 2024 was $193.5 million and $108.9 million, respectively, resulting in effective tax rates of 32.0% and 23.9%, respectively. The increase in the effective tax rate was largely due to the change in geographical profit mix year-over-year in addition to accruals for uncertain tax positions and taxes on undistributed earnings.
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