TechnipFMC plc
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 30, 2026
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Consolidated Results of Operations
CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC
THREE MONTHS ENDED JUNE 30, 2026 AND 2025
| Three Months Ended | ||||
|---|---|---|---|---|
| June 30, · Change | ||||
| (In millions, except %) | 2026 | 2025 | $ | % |
| Revenue | $2,763.1 | $2,534.7 | $228.4 | 9.0 |
| Costs and expenses | ||||
| Cost of sales | 2,078.4 | 1,941.4 | 137.0 | 7.1 |
| Selling, general and administrative expense | 169.3 | 173.2 | (3.9) | (2.3) |
| Research and development expense | 25.7 | 14.1 | 11.6 | 82.3 |
| Restructuring, impairment and other expenses | 5.0 | 16.4 | (11.4) | (69.5) |
| Total costs and expenses | 2,278.4 | 2,145.1 | 133.3 | 6.2 |
| Other expense, net | (18.7) | (10.7) | (8.0) | (74.8) |
| Income from equity affiliates | 13.8 | 10.3 | 3.5 | 34.0 |
| Net interest expense | (3.6) | (14.4) | 10.8 | 75.0 |
| Income before income taxes | 476.2 | 374.8 | 101.4 | 27.1 |
| Provision for income taxes | 114.1 | 106.5 | 7.6 | 7.1 |
| Net income | 362.1 | 268.3 | 93.8 | 35.0 |
| Net loss attributable to non-controlling interests | 0.6 | 1.2 | (0.6) | (50.0) |
| Net Income attributable to TechnipFMC plc | $362.7 | $269.5 | $93.2 | 34.6 |
Revenue
Revenue increased by $228.4 million during the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily attributable to an increase in Subsea revenue of $270.6 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® and SPS supply activities, particularly in Latin America, Asia Pacific, Africa, and the Middle East. This increase was partially offset by lower activity in Europe and North America.
Gross Profit
Gross profit (revenue less cost of sales) increased to $684.7 million during the three months ended June 30, 2026, compared to $593.3 million in the prior-year period. The increase was primarily attributable to an increase in Subsea gross profit of $104.8 million, of which $62.8 million was due to volume increase and $42.1 million was due to favorable activity mix.
Selling, General and Administrative Expense
Selling, general and administrative expense was largely unchanged compared to the prior-year period.
Restructuring, impairment and other expenses
Restructuring, impairment and other expenses decreased by $11.4 million compared to the prior-year period. This decrease was primarily due to business transformation initiatives within Surface Technologies incurred during the three months ended June 30, 2025, and was partially offset by $5.5 million of impairment and restructuring costs in Subsea recognized during the three months ended June 30, 2026.
Other Expense, Net
Other expense, net increased $8.0 million year-over-year, primarily due to higher foreign currency remeasurement losses, partially offset by lower non-operating charges. Other expense, net primarily includes foreign currency remeasurement gains and losses on net monetary assets and liabilities, gains and losses on sales of property, plant and equipment, and other non-operating items.
Net Interest Expense
Net interest expense of $3.6 million decreased by $10.8 million in the three months ended June 30, 2026, compared to the same period in 2025, primarily due to the net decrease in outstanding debt year-over-year.
Provision for Income Taxes
The provision for income taxes for the three months ended June 30, 2026 and 2025 was $114.1 million and $106.5 million, respectively, resulting in effective tax rates of 24.0% and 28.4%, respectively. The decrease in effective tax rate is primarily due to the geographic distribution of earnings.
CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC
SIX MONTHS ENDED JUNE 30, 2026 AND 2025
| Six Months Ended | ||||
|---|---|---|---|---|
| June 30, · Change | ||||
| (In millions, except %) | 2026 | 2025 | $ | % |
| Revenue | $5,255.8 | $4,768.3 | $487.5 | 10.2 |
| Costs and expenses | ||||
| Cost of sales | 3,985.8 | 3,710.1 | 275.7 | 7.4 |
| Selling, general and administrative expense | 385.2 | 357.4 | 27.8 | 7.8 |
| Research and development expense | 43.5 | 33.2 | 10.3 | 31.0 |
| Restructuring, impairment and other expenses | 5.6 | 17.6 | (12.0) | (68.2) |
| Total costs and expenses | 4,420.1 | 4,118.3 | 301.8 | 7.3 |
| Other expense, net | (12.4) | (40.3) | 27.9 | 69.2 |
| Income from equity affiliates | 18.3 | 19.7 | (1.4) | (7.1) |
| Net interest expense | (9.6) | (24.3) | 14.7 | 60.5 |
| Income before income taxes | 832.0 | 605.1 | 226.9 | 37.5 |
| Provision for income taxes | 210.0 | 193.5 | 16.5 | 8.5 |
| Net income | 622.0 | 411.6 | 210.4 | 51.1 |
| Net (income) loss attributable to non-controlling interests | 1.2 | (0.1) | 1.3 | N/M |
| Net income attributable to TechnipFMC plc | $623.2 | $411.5 | $211.7 | 51.4 |
Revenue
Revenue increased by $487.5 million during the six months ended June 30, 2026, compared to the prior-year period. The increase was primarily attributable to an increase in Subsea revenue of $542.8 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®, SPS supply and services activities, particularly in Latin America, Africa, and the Middle East. This increase was partially offset by lower activity in Europe and North America.
Gross Profit
Gross profit (revenue less cost of sales) increased to $1,270.0 million during the six months ended June 30, 2026, compared to $1,058.2 million in the prior-year period. The increase was primarily attributable to an increase in Subsea gross profit of $222.7 million, of which $126.0 million was due to volume increase and $96.8 million was due to favorable activity mix.
Selling, General and Administrative Expense
Selling, general and administrative expense increased by $27.8 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily driven by higher share-based compensation expenses.
Restructuring, impairment and other expenses
Restructuring, impairment and other expenses decreased by $12.0 million year-over-year, primarily due to $19.0 million of business transformation initiatives within Surface Technologies incurred in the prior-year period, partially offset by $5.6 million of impairment and restructuring costs primarily within Subsea recognized during the six months ended June 30, 2026.
Other Income (Expense), Net
Other expense, net decreased $27.9 million year-over-year, primarily due to lower other non-operating charges, partially offset by higher foreign currency remeasurement losses.
Net Interest Expense
Net interest expense of $9.6 million decreased by $14.7 million in the six months ended June 30, 2026, compared to the same period in 2025, primarily due to the reduction in outstanding debt year-over-year.
Provision for Income Taxes
The provision for income taxes for the six months ended June 30, 2026 and 2025 was $210.0 million and $193.5 million, respectively, resulting in effective tax rates of 25.2% and 32.0%, respectively. The decrease in effective tax rate is primarily due to the geographic distribution of earnings.
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