TechnipFMC plc
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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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.
Mar 31, 2026 · Filed Apr 30, 2026
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 2025-09-30; filed 2025-10-23.
0001681459-25-000112
Business OutlookConsolidated Results of OperationsSegment Results of OperationsInbound Orders and Order BacklogLiquidity and Capital ResourcesCritical Accounting EstimatesCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001681459-26-000026
Business OutlookInbound 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 68 current paragraphs.
28 unchanged; 27 reworded; 13 added; 49 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 7 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 (13)
Current report
Overall Outlook – The global economy is expected to show moderate growth in 2026, led by India, China, and the United States. Resilient consumer spending and easing of monetary policy in key regions should be essential drivers of economic growth. Continued investment in artificial intelligence (AI) is expected to provide additional support. The expanded military activity in the Middle East, shifting trade and inflation dynamics, and an uneven global recovery present risk to the growth outlook.
Current report
Persistent geopolitical conflict underscores the strategic importance of energy security worldwide. The current conflict in the Middle East also demonstrates how quickly regional disruptions in the production and transportation of oil and natural gas can impact the balance of global supply. We believe the significant impacts to both security and energy supply resulting from the current conflict are likely to have lasting impacts on the perceived risk assigned to the region.
Current report
The long-term outlook for oil and natural gas remains positive. Oil is projected to remain the largest primary energy source, with global demand for natural gas projected to significantly increase, largely due to growth in both electricity demand and industrial activity in developing countries. A significant portion of future gas needs will be sourced from offshore reservoirs, utilizing liquified natural gas (“LNG”) infrastructure to enable transport from major gas producing regions—including the Middle East, Asia Pacific, and Africa—to a broader set of consuming economies. Renewables investment continues, although at a slower pace than previously forecast. Notably, the International Energy Agency revised its market outlook, projecting that oil demand could grow through 2050—a major shift from its previous view that demand would peak by 2030.
Current report
Within offshore, we are seeing more clients adopt a portfolio approach to development. Instead of focusing on the next project exclusively, operators are taking a broader portfolio view of their opportunities – executing a vision for their entire asset base. One example of this change is simultaneous development of greenfield assets, where an operator will carry out multiple projects in parallel rather than waiting for completion of the first project to incorporate learnings into subsequent phases. By executing as a single unit, operators benefit from integration and standardization that enable them to reach target production more quickly and economically than would be possible as standalone projects.
Current report
In our New Energy business, we are executing multiple first-of-its-kind project awards, including the Mero 3 HISEP® project for Petrobras offshore Brazil. This project is enabling the capture, processing, and reinjection of CO 2-rich dense gases on the seabed to reduce emission intensity while increasing production. In the UK, we are executing the first all-electric, subsea iEPCI™ for carbon capture and storage for the Northern Endurance Partnership, a joint venture between bp, Equinor, and TotalEnergies.
Current report
Selling, general and administrative expense increased by $31.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by higher share-based compensation expenses.
Current report
The provision for income taxes for the three months ended March 31, 2026 and 2025 was $95.9 million and $87.0 million, respectively, resulting in effective tax rates of 27.0% and 37.8%, respectively. The decrease in effective tax rate is primarily due to nonrecurring accruals related to uncertain tax positions and taxes on undistributed earnings recorded in March 2025.
Current report
Surface Technologies revenue decreased by $13.1 million compared to the same period in 2025, primarily driven by thescheduled timing of project related activity in the Middle East, which accounted for $11.7 million of the decline, with a minimal portion of the decline attributable to the regional conflict.
Current report
Surface Technologies operating profit increased by $6.9 million, compared to the same period in 2025. Operating profit benefited from favorable activity mix in Europe, which was partially offset by lower activity in the Middle East.
Current report
Corporate expense increased by $11.3 million, compared to the prior-year period, primarily driven by an increase in share-based compensation expense.
Current report
Financing cash flows - Financing activities required $350.9 million and $365.9 million during the three months ended March 31, 2026 and 2025, respectively. The decrease of $15.0 million in cash used by financing activities was primarily driven by an increase of $37.9 million from hedging settlements within other financing activities and a $6.7 million reduction in debt repayments. These decreases were partially offset by increases of $14.7 million in share repurchases and $14.3 million in payments of taxes withheld on share-based compensation in the three months ended March 31, 2026 compared to the same period in 2025.
Removed paragraphs (49)
Previous report
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 report
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 report
In 2024, we announced a differentiated set of awards, with three integrated Engineering, Procurement, Construction, and Installation (iEPCI™) projects all representing first-of-its-kind solutions. The Mero 3 HISEP® project was our first iEPCI™ for Petrobras and the first to utilize subsea processing to capture carbon dioxide (“CO 2”) directly from the well stream for injection back into the reservoir, all on the seafloor. The Shell Sparta project was our first iEPCI™ to employ a 20,000-psi production system in the Paleogene play in the Gulf of America. And finally, we were awarded the first iEPCI™ encompassing an all-electric subsea system for carbon capture and storage from the Northern Endurance Partnership, a joint venture between bp, Equinor, and TotalEnergies. Each of these projects provides a unique solution to an industry challenge and exemplifies our differentiated technology portfolio that is creating new market opportunities for our company in existing offshore basins.
Previous report
In our New Energy business, we announced a new collaboration agreement in 2024 to deliver the industry’s first full water-column solution for offshore floating wind. Together with Prysmian, the leader in cabling solutions for the energy transition, we will combine our expertise in system design and integration capabilities in dynamic offshore applications to provide an iEPCI™ solution for the offshore floating wind market. We continue to create unique opportunities where we can leverage our onshore and offshore expertise and demonstrated project execution capabilities into leadership positions in evolving energy markets.
Previous report
After securing $20.2 billion of Subsea orders over the past two calendar years, our unique visibility into the market gives us confidence we will exceed $10 billion of inbound in the current year — ensuring we deliver on our guidance of $30 billion over the three-years ending 2025. These orders are expected to include a more diversified mix of opportunities and further market adoption of our Subsea 2.0® CTO platform and iEPCI™ commercial model. We also foresee the expanding reach of Subsea Services, derived from an aging installed base that continues to grow.
Previous report
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 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.
Previous report
Restructuring, impairment and other expenses
Previous report
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 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.
Previous report
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 report
Provision (Benefit) for Income Taxes
Previous 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.
Previous report
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Previous report
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 report
Selling, General and Administrative Expense
Previous report
Selling, general and administrative expense was largely unchanged for the nine months ended September 30, 2025, compared to the same period in 2024.
Previous report
Restructuring, impairment and other expenses
Previous report
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 report
Gain on disposal of Measurement Solutions business
Previous report
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.
Previous report
Provision (Benefit) for Income Taxes
Previous 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.
Previous report
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 report
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 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.
Previous report
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 report
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Previous report
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 report
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 report
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.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Reworded paragraphs (27)
Previous wording
We believe that offshore and Middle East markets will maintain investment preference for operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources. We also expect an increasing role for technology innovation in the delivery of both conventional and new energy supply. In that context, TechnipFMC is well positioned to translate our technological, operational, and financial strength into value for our clients, employees, and shareholders.
Current wording
Over the last several years, offshore markets have attracted a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources. This increased activity has been supported by an expanding set of offshore development opportunities worldwide. A re-rating of risk in the Middle East would likely build further momentum in this shift in capital flows. We see the greatest potential for an acceleration in deepwater opportunities in markets with extensive infrastructure, including the Gulf of America and the North Sea, and regions with previously discovered and well-identified resources that can add material volumes to an operator’s reserve base, such as West Africa. We also expect an increasing role for technology innovation in the delivery of both conventional and new energy supply. In that context, TechnipFMC is well positioned to translate our technological and operational strength into value for our clients.
Previous wording
As evidenced by these awards, we believe that offshore will play a meaningful role in the development of renewable energy resources and the reduction of carbon emissions. Our efforts are focused on three main pillars: greenhouse gas (GHG) removal, offshore floating renewables, and hydrogen solutions. We are also building on our partnerships as we look to expand our position as the leading architect for offshore energy.
Current wording
We also believe that offshore will play a meaningful role in the development of renewable energy resources and the reduction of carbon emissions. Our efforts are focused on greenhouse gas (“GHG”) removal, offshore floating renewables, and hydrogen solutions. We are also building on our partnerships as we look to expand our position as the leading architect for offshore energy.
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 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.
Current wording
Subsea– Innovative approaches to subsea projects 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 grow the deepwater opportunity set for our clients. We also foresee the expanding reach of Subsea Services, derived from an aging installed base that continues to grow.
Previous wording
As the subsea industry continues to evolve, we are driving simplification, standardization, and industrialization to reduce cycle times and further reduce costs. An example of this is Subsea 2.0®, our pre-engineered configurable product offering. This technology simplifies projects by leveraging a Configure-to-Order (CTO) model that further accelerates time to first production while driving greater efficiencies for TechnipFMC.
Current wording
As the subsea industry continues to evolve, we are driving simplification, standardization, and industrialization to reduce cycle times and further reduce costs. An example of this is Subsea 2.0®, our pre-engineered configurable product offering. This technology simplifies projects by leveraging a Configure-to-Order (“CTO”) model to further accelerate time to first production while driving greater efficiencies for TechnipFMC.
Previous wording
With Subsea 2.0® and CTO, we have designed an architecture, process, tools, and culture that are scalable and transformational to the future of our company. Subsea 2.0® has allowed us to redefine our sourcing strategy and transform our manufacturing flow, resulting in up to 25 percent lower product cost and a shortened 12-month delivery time for subsea production equipment— savings that are both real and sustainable. This has paved the way for other products within our portfolio to adopt a similar operating model, enabling an enterprise-wide way of working.
Current wording
With Subsea 2.0® and CTO, we have designed an architecture, process, tools, and culture that are scalable and transformational to the future of our company. Subsea 2.0® has allowed us to redefine our sourcing strategy and transform our manufacturing flow, resulting in up to 25 percent lower product cost and as much as a 12-month reduction in delivery time for subsea production equipment— savings that are both real and sustainable. This has paved the way for us to adopt a similar operating model for other products within our portfolio, enabling an enterprise-wide way of working.
Previous wording
Given the significant improvement in project economics, more offshore discoveries can be developed economically below today’s oil prices. We believe these fundamental changes are sustainable, as a result of new business models and technology pioneered by our company.
Current wording
Given these significant improvements, more offshore discoveries can be developed economically below current oil prices. We believe these fundamental changes are sustainable as a result of new business models and technology pioneered by our company – all of which serve as key enablers in our relentless pursuit of the reduction of project cycle time.
Previous wording
There is also momentum in new offshore frontiers as nations look to expand economic growth through the development of more recent resource discoveries. In late 2024, we were awarded an iEPCI™ contract for TotalEnergies’ GranMorgu project — the first subsea development in Suriname. In Namibia, there have been multiple discoveries, and operators have initiated appraisal drilling campaigns. We believe additional countries will seek to develop deepwater resources in other new frontiers during this decade, yielding additional inbound orders well beyond those projects currently in discussion.
Current wording
There is also momentum in new offshore frontiers as nations look to expand economic growth through the development of natural resources. We were awarded an iEPCI™ contract for TotalEnergies’ GranMorgu project — the first subsea development in Suriname. In Namibia, there have been multiple discoveries, and operators have initiated appraisal drilling campaigns. We recently announced our participation in Mozambique for Eni’s Coral North project, and we believe that other opportunities in the region will soon follow. We remain confident that further exploration and appraisal activity will result in new projects in other new basins for some time.
Previous wording
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 wording
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, reinforcing our confidence that activity will remain strong through the end of the decade and beyond.
Previous wording
North American activity is among the most susceptible to lower commodity prices given the relatively high cost of development in the region. For TechnipFMC, our surface activities on U.S. land are expected to represent just five percent of total Company revenue in 2025.
Current wording
Surface Technologies – North American activity is among the most impacted by commodity prices given the relatively high cost of development in the region. Our surface activities on US land represented less than five percent of total Company revenue in 2025.
Previous wording
Investment in international markets is less cyclical, as most activities are undertaken by national oil companies with long-term investment horizons and a lower cost of development. This is most evident in the Middle East, where we have made the investment needed to assist our customers in achieving their desired growth in production. This represents a differentiated growth opportunity for our company.
Current wording
International markets comprise a significant portion of segment revenue, representing 65 percent in 2025. These markets are less cyclical, as most activities are undertaken by national oil companies with long-term investment horizons and a lower cost of development. This is most evident in the Middle East, where we have made the investment needed to assist our customers in achieving their desired growth in production. TechnipFMC’s unique capabilities in these markets — which demand higher-specification equipment and local presence, including a services footprint — provides a differentiated growth opportunity for our company.
Previous 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.
Current wording
Revenue increased by $259.1 million during the three months ended March 31, 2026, compared to the prior year period. The increase was primarily attributable to an increase in Subsea revenue of $272.2 million. This growth was driven by the conversion of backlog, which was 17.4% higher as of December 31, 2025, when compared to December 31, 2024, resulting in increased revenue activity across iEPCI™, flexible supply, SPS supply and subsea services, particularly in Brazil, Mozambique, and Suriname. This increase was partially offset by lower activity in Indonesia, the United Kingdom, and Surface Technologies.
Previous 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.
Current wording
Gross profit (revenue less cost of sales) increased to $585.3 million during the three months ended March 31, 2026 compared to $464.9 million in the prior year period. The increase was primarily attributable to an increase in Subsea gross profit of$117.9 million, of which $63.5 million was due to favorable activity mix and $54.4 million was due to volume increase.
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 $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.
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 other non-operating gains and losses. This line item improved year-over-year by $35.9 million, from a net expense in the prior year period to net income during the three months ended March 31, 2026, primarily due to a $24.9 million favorable change in foreign currency impacts, driven by foreign currency losses in the prior year compared to gains in the current year, and an $11.0 million decrease in miscellaneous other non-operating charges.
Previous 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.
Current wording
Income from equity affiliates decreased by $4.9 million for the three months ended March 31, 2026, compared to the same period in 2025. The year-over-year decrease was driven by lower operational activity of our joint ventures.
Previous 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.
Current wording
Net interest expense of $6.0 million decreased by $3.9 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the reduction in outstanding debt year-over-year.
Previous 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.
Current wording
Subsea revenue increased by $272.2 million during the three months ended March 31, 2026, compared to the same period in 2025, driven by increased backlog during 2025 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. The increase in revenue was driven by $190.4 million from Brazil, $105.7 million from Mozambique, and $100.0 million from Suriname, and higher iEPCI™, flexible supply, SPS supply and services activities. The rest of the world contributed a net decrease of $123.8 million primarily driven by project completions mainly in Indonesia for $98.0 million.
Previous 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.
Current wording
Subsea operating profit for the three months ended March 31, 2026 increased by $101.1 million compared to the prior-year period. This was largely due to favorable activity mix, which contributed $63.5 million, and higher volume, which added $54.3 million. These improvements were partially offset by a $16.7 million increase in operating expense related to higher activity.
Previous wording
Order backlog -Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. Backlog reflects the transaction price for products and services for which we have a material right, but work has not been performed. See Note 3 for further details.
Current wording
Order backlog -Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. Backlog reflects the current expectations of project execution.
Previous 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.
Current wording
Subsea - Subsea backlog of $15,800.4 million as of March 31, 2026 decreased by $71.3 million compared to December 31, 2025, and was composed of various subsea projects, including TotalEnergies Mozambique LNG and GranMorgu; bp Tiber, Kaskida and NEP; Equinor Raia and Johan Sverdrup Phase 3; Petrobras Mero 3 HISEP® and Global 24; Shell Orca; ExxonMobil Hammerhead and Whiptail; ENI Coral North, Energean Katlan and Woodside Great Western Flank Phase 4.
Previous 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.
Current wording
Surface Technologies - Order backlog for Surface Technologies as of March 31, 2026 decreased by $32.3 million compared to December 31, 2025. Surface Technologies’ backlog of $667.6 million as of March 31, 2026, 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 $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.
Current wording
Operating cash flows - Operating activities provided $332.5 million and $441.7 million during the three months ended March 31, 2026 and, 2025, respectively. The decrease of $109.2 million in cash from operating activities was primarily due to working capital timing differences, including vendor payments and cash collections, partially offset by higher net income in the three months ended March 31, 2026 compared to the same period in 2025.
Previous 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.
Current wording
Investing cash flows - Investing activities required $53.6 million and $58.2 million during the three months ended March 31, 2026 and 2025, respectively. The decrease of $4.6 million in cash used by investing activities was primarily driven by a $6.2 million reduction in capital expenditures in the three months ended March 31, 2026 compared to the same period in 2025.
Previous 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.
Current wording
Dividends - On February 17, 2026, the Company announced that its Board of Directors authorized and declared a quarterly cash dividend of $0.05 per share, payable on April 1, 2026 to shareholders and represents $0.20 per share on an annualized basis. The cash dividends paid during the three months ended March 31, 2026 were $19.9 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 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.
Current wording
On April 28, 2026, the Company announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on June 3, 2026 to shareholders of record as of the close of business on the New York Stock Exchange on May 19, 2026, which is also the ex-dividend date.
Previous 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.
Current wording
Share Repurchase - We repurchased $264.8 million of ordinary shares during the three months ended March 31, 2026. Based upon the remaining repurchase authority of $1.9 billion and the closing stock price as of March 31, 2026, approximately 27.6 million ordinary shares could be subject to repurchase. All shares repurchased were immediately cancelled.
Previous wording
For the purposes of mitigating the effect of the changes in exchange rates, we hold derivative financial instruments. Valuations of derivative assets and liabilities reflect the fair value of the instruments, including the values associated with counterparty risk. These values must also take into account our credit standing, thus including the valuation of the derivative instrument and the value of the net credit differential between the counterparties to the derivative contract. Adjustments to our derivative assets and liabilities related to credit risk were not material for any period presented.
Current wording
For the purposes of mitigating the effect of the changes in exchange rates, we hold derivative financial instruments. Derivative instruments expose the Company to counterparty credit risk. The fair value of derivative assets and liabilities reflects adjustments for nonperformance risk of both counterparties and the Company. These credit‑risk‑related valuation adjustments were not material for any period presented, and the Company is not required to post collateral under its derivative agreements. Management does not believe counterparty credit risk is reasonably likely to have a material impact on liquidity or results of operations.
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 nine months ended September 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, 2025 for a discussion of our critical accounting estimates. During the three months ended March 31, 2026, there were no changes to our identified critical accounting estimates.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Surface Technologies – International markets comprise a significant portion of segment revenue, representing over 60 percent in 2024. We continue to benefit from our exposure to the North Sea, Asia Pacific, and the Middle East. TechnipFMC’s unique capabilities in these markets — which demand higher-specification equipment and local presence, including a services footprint — provide a platform for us to extend our leadership in these geographies.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
SEGMENT RESULTS OF OPERATIONS OF TECHNIPFMC PLC