TechnipFMC plc
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Oct 23, 2025
FTI$63.52+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001681459-25-000102
Business OutlookConsolidated Results of OperationsSegment Results of OperationsInbound Orders and Order BacklogLiquidity and Capital ResourcesCritical Accounting EstimatesCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001681459-25-000112
Business OutlookConsolidated Results of OperationsSegment Results of OperationsInbound Orders and Order BacklogLiquidity and Capital ResourcesCritical Accounting EstimatesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 109 previous paragraphs and 109 current paragraphs.
61 unchanged; 36 reworded; 12 added; 12 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
As we look beyond the current year, we believe that offshore developments will continue to receive an increasing share of capital investment. The change in spending allocation is due in part to the significant improvements made in developing the large, high quality, and prolific reservoirs found offshore. Innovations such as Subsea 2.0® and iEPCI™ also help provide customers with greater schedule certainty in project execution. We believe this combination of higher economic returns and greater project certainty will provide sustainability to current activity levels offshore, underpinning our outlook in securing $10 billion of Subsea inbound orders in 2026 and our confidence that activity will remain strong through the end of the decade.
Current report
Selling, general and administrative expense decreased to $173.2 million during the three months ended September 30, 2025, compared to $187.4 million in the prior year period. The decrease was primarily due to the alignment of personnel costs with evolving business operations compared to the prior year.
Current report
Income from equity affiliates increased by $1.4 million during the three months ended September 30, 2025, compared to the same period in 2024.
Current report
Provision (Benefit) for Income Taxes
Current report
The provision (benefit) for income taxes for the three months ended September 30, 2025 and 2024 was $76.1 million and $(6.0) million, respectively, resulting in effective tax rates of 19.7% and (2.2)%, respectively. The increase in tax expense relative to the comparative period primarily reflects the recognition of a deferred tax benefit attributable to the partial release of a valuation allowance in the United States, during the quarter ended September 30, 2024. The increase in tax expense also reflects changes in geographical profit mix year-over-year.
Current report
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
Provision (Benefit) for Income Taxes
Current report
The provision (benefit) for income taxes for the nine months ended September 30, 2025 and 2024 was $269.6 million and $102.9 million, respectively, resulting in effective tax rates of 27.2% and 14.1%, respectively. The increase in tax expense relative to the comparative period primarily reflects the recognition of a deferred tax benefit attributable to the partial release of a valuation allowance in the United States, during the quarter ended September 30, 2024. The increase in tax expense also reflects changes in geographical profit mix year-over-year.
Current report
Surface Technologies operating profit increased by $3.1 million compared to the prior-year period. This increase was primarily driven by $9.1 million of improved profitability from the Middle East, Europe and Africa, partially offset by a $6.0 million decline mainly attributable to reduced activity in North America and Latin America.
Current report
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
On September 5, 2025, Moody’s assigned a rating of ‘P-2’ to our short-term debt and commercial paper program and upgraded TechnipFMC to ‘Baa2’ from ‘Baa3’, while revising the outlook to stable for the issuer-level rating.
Current report
On October 22, 2025, Board of Directors also authorized additional share repurchase of up to $2.0 billion. Together with the existing program, the Company’s remaining authorization allows for repurchases up to $2.3 billion, representing nearly 16% of the Company’s outstanding shares as of October 21, 2025.
Removed paragraphs (12)
Previous report
Offshore development is likely to remain a significant part of many of our customers’ portfolios, not only because of improved economics, but because of the size and accessibility of these resources. We estimate over 35 MMBD of new oil production will be required by 2040 to meet future energy demand. Approximately 10 MMBD of the increase is expected to come from new deepwater production, which is significantly above the current level of offshore production.
Previous report
As we look beyond the current year, client discussions remain focused on future project activity as they seek to secure the quality capacity needed to execute their offshore developments. Our visibility into this pipeline of longer-term opportunities is supported by a growing list of named projects identified for potential final investment decision that extend beyond the historical planning horizon. This gives us confidence that activity will remain strong through the end of the decade.
Previous report
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.
Previous report
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Surface Technologies operating profit decreased by $7.2 million compared to the prior-year period, primarily driven by $15.5 million of higher restructuring and impairment costs incurred in the second quarter of 2025. Excluding this item, operating profit increased by $8.3 million compared to the same period in 2024 primarily due to improved profitability through growth and enhanced operational efficiency in the Middle East and Europe.
Previous report
On January 23, 2025, Moody’s upgraded TechnipFMC to ‘Baa3’ from ‘Ba1’, while maintaining a positive outlook, for the issue-level ratings on the Company’s 2021 Notes.
Reworded paragraphs (36)
Previous wording
Overall Outlook – Economic growth is expected to continue in 2025, although it remains vulnerable to persistent inflationary pressures, global trade tensions, and regional conflicts. Central banks continue to navigate a balance between growth and price stability — with progress uneven across regions. At the same time, economic sanctions and other measures imposed to end persistent geopolitical conflicts create additional risks to global energy markets, underscoring the strategic importance of energy security worldwide.
Current wording
Overall Outlook – Economic growth is expected to continue in 2025, although it remains vulnerable to persistent inflationary pressures, global trade tensions, and regional conflicts. Central banks continue to navigate a balance between growth and price stability, with several taking steps to ease monetary policies to provide a more supportive backdrop for economic growth. At the same time, economic sanctions and other measures imposed to end persistent geopolitical conflicts create additional risks to global energy markets, underscoring the strategic importance of energy security worldwide.
Previous wording
We maintain a positive long-term outlook for both oil and natural gas given anticipated growth in energy demand. Growth in near-term oil supply is likely to be supported by OPEC+ as member nations restore previously curtailed production. However, affordability and energy security remain major considerations. Our long-term outlook is further supported by our clients’ prioritization of the development of conventional oil and natural gas resources, while also progressing energy transition efforts.
Current wording
We maintain a positive long-term outlook for both oil and natural gas given anticipated growth in energy demand. Growth in near-term oil supply could potentially outpace near-term demand growth as member nations of OPEC+ more aggressively restore previously curtailed production. However, affordability and energy security remain major considerations. Our long-term outlook is further supported by our clients’ prioritization of the development of conventional oil and natural gas resources, while also progressing energy transition efforts.
Previous wording
Subsea– Innovative approaches to subsea projects, like our iEPCI™ solution, have improved project economics through more efficient design and installation of the entire subsea field architecture. Our integrated commercial model, iEPCI™, brought together the complementary work scopes of the SPS with the SURF, and installation vessels. iEPCI™ created a new market and helped expand the deepwater opportunity set for our clients and has grown to represent nearly one-third of the addressable subsea market.
Current wording
Subsea– Innovative approaches to subsea projects, like our iEPCI™ solution, have improved project economics through more efficient design and installation of the entire subsea field architecture. Our integrated commercial model, iEPCI™, brought together the complementary work scopes of the subsea production system (SPS) with the subsea umbilicals, risers, and flowlines (SURF), and installation vessels. iEPCI™ created a new market and helped expand the deepwater opportunity set for our clients and has grown to represent nearly one-third of the addressable subsea market.
Previous wording
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.
Current wording
Revenue increased by $298.9 million during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily attributable to an increase in Subsea of $291.1 million. This growth was driven by a higher backlog, up 11.1% as of December 31, 2024, compared to December 31, 2023, resulting in increased activity across iEPCI™ and subsea services, particularly in Brazil, the United States and Israel. Surface Technologies revenue increased by $7.8 million for the same comparable period, reflecting a $22.0 million increase from higher activity in the Middle East, Europe and Africa. This increase was largely offset by a $14.2 million decline in revenue due to lower activity in North America and Latin America.
Previous wording
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.
Current wording
Gross profit (revenue less cost of sales) increased to $603.8 million during the three months ended September 30, 2025, compared to $493.8 million in the prior-year period. Subsea gross profit increased year-over-year by $110.5 million, of which $63.5 million was due to volume increase and $47.0 million as a result of favorable activity mix. Surface Technologies gross profit decreased year-over-year by $0.6 million. The decrease was due to lower activity of $8.9 million in North America and Latin America, offset by $8.3 million in higher activity in the Middle East and Africa.
Previous wording
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.
Current wording
We incurred $3.1 million of restructuring, impairment and other expenses during the three months ended September 30, 2025, that was primarily attributable to $1.4 million in impairments of tangible assets and $1.3 million in restructuring costs in Surface Technologies and Subsea, respectively.
Previous wording
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.
Current wording
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 increased $9.9 million year-over-year, primarily due to a $9.4 million increase in foreign currency losses.
Previous wording
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.
Current wording
Net interest expense of $10.6 million decreased by $5.3 million in the three months ended September 30, 2025, compared to the same period in 2024, primarily due to the net decrease in outstanding debt year-over-year.
Previous wording
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.
Current wording
Revenue increased by $699.6 million during the nine months ended September 30, 2025, compared to the prior year period. The increase was primarily attributable to an increase in Subsea revenue of $699.7 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 subsea services, particularly in Brazil, Israel, Norway and Nigeria. Surface Technologies revenue was unchanged for the same comparable period, reflecting a $55.3 million decrease largely attributable to lower activity in North America, Latin America and the sale of MSB. This decrease was offset by a $55.2 million increase in revenue from strong activity in the Middle East as well as Europe and Africa.
Previous wording
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.
Current wording
Gross profit (revenue less cost of sales) increased to $1,662.0 million during the nine months ended September 30, 2025 compared to $1,336.1 million in the prior-year period. Subsea gross profit increased year-over-year by $319.5 million, of which $143.1 million due to volume increase and $176.4 million was due to favorable activity mix. Surface Technologies gross profit increased by $5.2 million compared to the same period in 2024. The increase was primarily due to a $32.7 million improvement in the Middle East, partially offset by a reduction in gross profit of $27.5 million due to lower activity in North America, Latin America, Asia Pacific and the sale of MSB.
Previous wording
Selling, general and administrative expense was largely unchanged year-over-year.
Current wording
Selling, general and administrative expense was largely unchanged for the nine months ended September 30, 2025, compared to the same period in 2024.
Previous wording
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.
Current wording
We incurred $20.7 million of restructuring, impairment and other expenses during the nine months ended September 30, 2025, that was primarily attributable to $17.1 million of business transformation initiatives within Surface Technologies.
Previous wording
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.
Current wording
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 $6.2 million was driven by a decrease in foreign currency loss of $12.8 million, which was partially offset by a net increase in miscellaneous other non-operating charges.
Previous wording
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.
Current wording
Income from equity affiliates increased by $17.1 million for the nine months ended September 30, 2025, compared to the same period in 2024. The year-over-year increase was driven by higher operational activity of our joint ventures.
Previous wording
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.
Current wording
Net interest expense of $34.9 million decreased by $15.1 million in the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to the reduction in outstanding debt year-over-year.
Previous wording
Subsea revenue increased by $207.2 million during the three months ended June 30, 2025, compared to the same period in 2024, driven by increased backlog in 2024 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. $170.2 million of the increase in revenue was from Brazil, $72.0 million from Israel, $53.8 million from Norway and $53.6 million from Nigeria, driven by higher iEPCI™, flexible supply and services activities. The rest of the world contributed a net decrease of $142.4 million primarily due to completion of projects in the United States of $143.4 million.
Current wording
Subsea revenue increased by $291.1 million during the three months ended September 30, 2025, compared to the same period in 2024, driven by increased backlog in 2024 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. The increase in revenue was driven by $137.1 million from Brazil, $81.5 million from the United States, $70.2 million from Israel and a net $2.3 million increase from the rest of the world, mainly driven by higher iEPCI™ and services activities.
Previous wording
Subsea operating profit for the three months ended June 30, 2025 increased by $102.6 million compared to the prior-year period. This was largely due to favorable activity mix, which contributed $42.4 million, and higher volume which added $45.2 million. Operating expenses decreased by $15.0 million, driven by greater cost efficiency relative to the prior year.
Current wording
Subsea operating profit for the three months ended September 30, 2025 increased by $112.5 million compared to the prior-year period. This was largely due to higher volume, which added $63.5 million and favorable activity mix, which contributed $47.0 million. Operating expenses decreased by $2.0 million, driven by greater cost efficiency relative to the prior year.
Previous wording
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.
Current wording
Surface Technologies revenue increased by $7.8 million compared to the prior-year period, reflecting a $22.0 million increase from higher activity in the Middle East, Europe and Africa. This increase was largely offset by a $14.2 million decline in revenue due to lower activity in North America and Latin America.
Previous wording
Corporate expense increased by $2.9 million, compared to the prior-year period, and was related to costs associated with our support functions, such as corporate staff expenses, share-based compensation expense, and other employee benefits.
Current wording
Corporate expense decreased by $3.1 million, compared to the prior-year period, and was due to decreased costs associated with our corporate support functions.
Previous wording
Subsea revenue increased by $408.6 million during the six months ended June 30, 2025, compared to the same period in 2024, driven by increased backlog during 2024 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. $124.7 million of the increase in revenue was from Norway, $124.3 million from Indonesia, $108.7 million from Israel, $97.5 million from Brazil and $88.7 million from Nigeria, driven by higher iEPCI™, flexible supply and services activities. The rest of the world contributed a net decrease of $133.2 million primarily due to completion of projects in the United States of $210.2 million.
Current wording
Subsea revenue increased by $699.7 million during the nine months ended September 30, 2025, compared to the same period in 2024, driven by increased backlog during 2024 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. The increase in revenue was driven from $234.6 million from Brazil, $178.9 million from Israel, $174.2 million from Norway and $142.7 million from Nigeria, driven by higher iEPCI™, flexible supply and services activities. The rest of the world contributed a net decrease of $30.6 million primarily due to completion of projects in Angola.
Previous wording
Subsea operating profit for the six months ended June 30, 2025 increased by $193.9 million compared to the prior-year period. This was largely due to favorable activity mix, which contributed $128.4 million, and higher volume, which added $80.6 million. These improvements were partially offset by a $15.1 million increase in operating expense related to higher activity.
Current wording
Subsea operating profit for the nine months ended September 30, 2025 increased by $306.4 million compared to the prior-year period. This was largely due to favorable activity mix, which contributed $176.4 million, and higher volume, which added $143.1 million. These improvements were partially offset by a $13.1 million increase in operating expense related to higher activity.
Previous wording
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.
Current wording
Surface Technologies revenue decreased by $0.1 million for the same comparable period, reflecting a $55.3 million decrease largely attributable to lower activity in North America, Latin America and the sale of MSB. The decrease was offset by a $55.2 million increase in revenue from higher activity in the Middle East, Europe and Africa.
Previous wording
Surface Technologies operating profit decreased by $80.4 million, compared to the same period in 2024, and was primarily driven by the $75.2 million gain on the sale of MSB during the first quarter of 2024 and $16.4 million higher restructuring and impairment costs recorded during the six months ended June 30, 2025. Excluding these exceptional items, operating profit increased by $11.2 million compared to the same period in 2024. This increase was primarily due to $23.3 million of improved profitability from the Middle East and Europe, partially offset by lower activity in North America and the other international markets, which collectively resulted in a decrease of $12.1 million of operating profit.
Current wording
Surface Technologies operating profit decreased by $77.3 million, compared to the same period in 2024. Operating profit benefited from a $75.2 million gain from the sale of MSB recorded in the first quarter of 2024 and was negatively impacted by $14.1 million of higher restructuring and impairment charges recognized during the nine months ended September 30, 2025. Excluding these exceptional items, operating profit increased by $12.0 million relative to the same period in 2024. This improvement was mainly attributable to $33.6 million of improved profitability mainly from the Middle East and Europe, partially offset by reduced activity in North America and other international regions, which collectively resulted in a $21.6 million decline in operating profit.
Previous wording
Corporate expense decreased by $3.5 million, compared to the prior-year period, primarily driven by $5.2 million of transaction costs associated with the sale of MSB during the six months ended June 30, 2024.
Current wording
Corporate expense decreased by $6.6 million, compared to the prior-year period, primarily driven by $5.2 million of transaction costs associated with the sale of MSB during the nine months ended September 30, 2024.
Previous wording
Subsea - Subsea backlog of $15,810.0 million as of June 30, 2025 increased by $2,291.9 million compared to December 31, 2024, and was composed of various subsea projects, including TotalEnergies GranMorgu and Mozambique LNG; Equinor Raia, Johan Sverdrup Phase 3 and Rosebank; Shell Gato do Mato, Bonga North and Sparta; Petrobras Mero 3 HISEP® and Buzios 6; bp NEP and Kaskida; Energean Katlan and ExxonMobil Whiptail.
Current wording
Subsea - Subsea backlog of $16,038.2 million as of September 30, 2025 increased by $2,520.1 million compared to December 31, 2024, and was composed of various subsea projects, including TotalEnergies GranMorgu and Mozambique LNG; Petrobras Mero 3 HISEP® and Buzios 6; Shell Gato do Mato and Bonga North; Equinor Raia and Johan Sverdrup Phase 3; bp NEP and Kaskida; ExxonMobil Whiptail and Hammerhead: and Energean Katlan.
Previous wording
Surface Technologies - Order backlog for Surface Technologies as of June 30, 2025 decreased by $22.3 million compared to December 31, 2024. Surface Technologies’ backlog of $835.9 million as of June 30, 2025, was composed primarily of projects for customers in the Middle East, namely ADNOC and Saudi Aramco. The remaining backlog was composed of various projects in the rest of the world.
Current wording
Surface Technologies - Order backlog for Surface Technologies as of September 30, 2025 decreased by $82.8 million compared to December 31, 2024. Surface Technologies’ backlog of $775.4 million as of September 30, 2025, was composed primarily of projects for customers in the Middle East, namely ADNOC and Saudi Aramco. The remaining backlog was composed of various projects in the rest of the world.
Previous wording
Operating cash flows - Operating activities provided $785.9 million and $104.2 million during the six months ended June 30, 2025 and, 2024, respectively. The increase of $681.7 million in cash from operating activities was primarily due to increased volume and an improved mix of projects resulting in strong cash collections, advance payments from customers to support the higher business activity and the fluctuations in derivative assets and liabilities.
Current wording
Operating cash flows - Operating activities provided $1,311.0 million and $382.1 million during the nine months ended September 30, 2025 and, 2024, respectively. The increase of $928.9 million in cash from operating activities was primarily due to increased Subsea volume and an improved mix of projects resulting in strong cash collections and advance payments from customers to support the higher business activity.
Previous wording
Investing cash flows - Investing activities used $140.8 million of cash during the six months ended June 30, 2025 as compared to $87.1 million provided during the same period in 2024. The decrease of $227.9 million in cash provided by investing activities was primarily due to $186.1 million in proceeds received from the sale of MSB during the six months ended June 30, 2024 and an increase in capital expenditures of $42.6 million in 2025 as compared to the same period in 2024.
Current wording
Investing cash flows - Investing activities used $211.0 million of cash during the nine months ended September 30, 2025 as compared to $36.7 million provided during the same period in 2024. The decrease of $247.7 million in cash provided by investing activities was primarily due to $186.1 million in proceeds received from the sale of MSB during the nine months ended September 30, 2024 and an increase in capital expenditures of $67.3 million in 2025 as compared to the same period in 2024.
Previous wording
Financing cash flows - Financing activities used $880.8 million and $417.9 million during the six months ended June 30, 2025 and 2024, respectively. The increase of $462.9 million in cash used by financing activities was mainly due to an increase of $250.1 million in share repurchases and an increase in debt repayments of $176.2 million in 2025, primarily for the repayment of the 5.75% 2020 Private Placement Notes, which matured during the period.
Current wording
Financing cash flows - Financing activities used $1,412.4 million and $522.5 million during the nine months ended September 30, 2025 and 2024, respectively. The increase of $889.9 million in cash used by financing activities was mainly due to an increase of $420.1 million in share repurchases and an increase in debt repayments of $404.7 million in the nine months ended September 30, 2025. The 5.75% 2020 Private Placement Notes matured and were repaid during the second quarter of 2025 and the 6.50% 2021 Notes were repaid during the third quarter of 2025.
Previous wording
Credit Ratings - Our credit ratings with Standard and Poor’s (“S&P”) are ‘BBB-’ for our long-term unsecured, guaranteed debt (2021 Notes) and ‘BBB-’ for our 2012 long-term unsecured debt (the 2012 Private Placement Notes). Our credit rating with Moody’s is ‘Baa3’ for our long-term unsecured, guaranteed debt. See Note 11 for further details regarding our debt.
Current wording
Credit Ratings - Our credit ratings with Standard and Poor’s (“S&P”) are ‘BBB-’ for our 2012 long-term unsecured debt (the 2012 Private Placement Notes), and ‘A-3’ for our short-term debt and commercial paper program. Our credit rating with Moody’s is ‘Baa2’ for long-term foreign currency debt, ‘P-2’ for our short-term debt and commercial paper program.
Previous wording
On March 7, 2024, S&P upgraded TechnipFMC to investment grade, raising its rating to ‘BBB-’ from ‘BB+’ for both the issuer credit as well as the issue-level ratings on the Company’s senior unsecured notes. On June 27, 2024, Fitch assigned a first-time investment grade long-term issuer default rating of ‘BBB-’ for TechnipFMC. As a result of the S&P and Fitch investment grade ratings and the satisfaction of certain other conditions precedent, the Investment Grade Date (as defined in the Credit Agreement) has occurred and the collateral securing the Credit Agreement and the Performance LC Credit Agreement was released.
Current wording
On March 7, 2024, S&P upgraded TechnipFMC to investment grade, raising its rating to ‘BBB-’ from ‘BB+’ for both the issuer credit as well as the issue-level ratings on the Company’s senior unsecured notes. On June 27, 2024, Fitch assigned a first-time investment grade long-term issuer default rating of ‘BBB-’ for TechnipFMC. As a result of the S&P and Fitch investment grade ratings and the satisfaction of certain other conditions precedent, the Investment Grade Date (as defined in the Credit Agreement) occurred and the collateral securing the Credit Agreement and the Performance LC Credit Agreement was released.
Previous wording
On July 10, 2025, S&P Global Ratings (“S&P”) assigned a rating of ‘A-3’ to our short-term debt and commercial paper program.
Current wording
On July 10, 2025, S&P assigned a rating of ‘A-3’ to our short-term debt and commercial paper program.
Previous wording
Dividends - On April 22, 2025, the Company announced that its Board of Directors authorized and declared a quarterly cash dividend of $0.05 per share, payable on June 4, 2025 to shareholders and represents $0.20 per share on an annualized basis. The cash dividends paid during the six months ended June 30, 2025 was $41.6 million. We intend to pay dividends on a quarterly basis, subject to review and approval by our Board of Directors in its sole discretion.
Current wording
Dividends - On July 22, 2025, the Company announced that its Board of Directors authorized and declared a quarterly cash dividend of $0.05 per share, payable on September 3, 2025 to shareholders and represents $0.20 per share on an annualized basis. The cash dividends paid during the nine months ended September 30, 2025 was $62.1 million. We intend to pay dividends on a quarterly basis, subject to review and approval by our Board of Directors in its sole discretion.
Previous wording
On July 22, 2025, the Company announced that its Board of Directors authorized and declared a quarterly cash dividend of $0.05 per share, payable on September 3, 2025 to shareholders of record as of the close of business on the New York Stock Exchange on August 19, 2025. The ex-dividend date is August 19, 2025.
Current wording
On October 22, 2025, the Company announced that its Board of Directors authorized and declared a quarterly cash dividend of $0.05 per share, payable on December 3, 2025 to shareholders of record as of the close of business on the New York Stock Exchange on November 18, 2025, which is also the ex-dividend date.
Previous wording
Share Repurchase - We repurchased $500.2 million of ordinary shares during the six months ended June 30, 2025. Since the initial share repurchase authorization in July 2022, we have purchased an aggregate amount of $1,205.6 million of ordinary shares through June 30, 2025. Based upon the remaining repurchase authority of $594.4 million and the closing stock price as of June 30, 2025, approximately 17.3 million ordinary shares could be subject to repurchase. All shares repurchased were immediately cancelled.
Current wording
Share Repurchase - We repurchased $750.2 million of ordinary shares during the nine months ended September 30, 2025. Since the initial share repurchase authorization in July 2022, we have purchased an aggregate amount of $1,455.7 million of ordinary shares through September 30, 2025. Based upon the remaining repurchase authority of $344.3 million and the closing stock price as of September 30, 2025, approximately 8.7 million ordinary shares could be subject to repurchase. All shares repurchased were immediately cancelled.
Previous wording
Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our critical accounting estimates. During the six months ended June 30, 2025, there were no changes to our identified critical accounting estimates.
Current wording
Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our critical accounting estimates. During the nine months ended September 30, 2025, there were no changes to our identified critical accounting estimates.