01—Abstract
Summary
Summary of the 10-Q filed April 24, 2025. Cited figures are marked; the original filing is the authoritative source.
TechnipFMC plc (FTI) reported a solid first quarter for 2025, demonstrating revenue growth driven by strong performance in its Subsea segment.
Total revenue rose 9.4% year-over-year to $2.23 billiona, with the Subsea segment contributing significantly due to increased iEPCI™ and services activities, particularly in regions like Indonesia, Norway, and Nigeria. This performance reflects the successful conversion of a growing backlog and the company's strategic positioning in key offshore markets. While the Surface Technologies segment saw a slight revenue dip, primarily due to lower activity in North America and Europe and the prior year's sale of the Measurement Solutions business, overall profitability remained robust.
The company also continued its shareholder return program with substantial share repurchases and dividend payments. TechnipFMC's strong order intake and a healthy backlog provide visibility and confidence in future performance, underscoring its strategic focus on technological innovation and integrated project delivery in both conventional and new energy sectors.
02—Key points
Key Highlights
- Total revenue increased by 9.4% to $2.23 billion in Q1 2025 compared to Q1 2024, driven by a 11.6% surge in Subsea revenue.
- Subsea operating profit significantly improved, up 58.3% to $247.9 million, reflecting favorable activity mix and higher volumes.
- Surface Technologies revenue saw a slight decrease of 3.2% to $297.4 million, primarily due to lower activity in North America and Europe, partially offset by growth in the Middle East.
- The company reported strong inbound orders of $3.09 billion in Q1 2025, a 11.0% increase year-over-year, with the Subsea segment showing significant growth.
- Order backlog remains robust at $15.82 billion as of March 31, 2025, an increase from $14.38 billion at the end of 2024, indicating strong future revenue potential.
- TechnipFMC returned $250.1 million to shareholders through share repurchases in the first quarter of 2025, demonstrating a commitment to capital return.
- Operating cash flow significantly improved to $441.7 million in Q1 2025, a substantial increase from $126.7 million used in the prior year's comparable period, driven by increased volume and customer advance payments.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2025, TechnipFMC plc kept $0.06.
- Revenue$2.23B100.0%
- Cost of revenue−$1.78B79.5%
- Gross profit$457.1M20.5%
- Operating costs−$179.0M8.0%
- Operating income$278.1M12.5%
- Interest, other & tax−$136.1M6.1%
- Net income$142.0M6.4%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed April 24, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $2.23B$2.04B | +9.4% |
| Cost of Revenue | $1.78B$1.71B | +4.1% |
| Gross Profit | $457.10M$335.80M | +36.1% |
| R&D Expenses | $19.10M$17.60M | +8.5% |
| SG&A Expenses | $184.20M$159.80M | +15.3% |
| Operating Expenses | $1.97B$1.88B | +4.8% |
| Operating Income | $278.10M$260.00M | +7.0% |
| Net Income | $142.00M$157.10M | −9.6% |
| EPS (Basic) | $0.34$0.36 | −5.6% |
| EPS (Diluted) | $0.33$0.35 | −5.7% |
| Shares Outstanding (Basic) | 421.20M433.60M | −2.9% |
| Shares Outstanding (Diluted) | 431.20M446.30M | −3.4% |
05—Questions
Frequently Asked Questions
What is the primary driver of TechnipFMC's revenue growth in the first quarter of 2025?
The primary driver of TechnipFMC's revenue growth in the first quarter of 2025 was the strong performance of its Subsea segment. This growth was fueled by increased iEPCI™ and services activities, particularly in regions like Indonesia, Norway, and Nigeria, benefiting from higher energy demand and upstream spending.
How did the Surface Technologies segment perform in Q1 2025, and what factors influenced its results?
The Surface Technologies segment experienced a slight revenue decrease of 3.2% to $297.4 million. This was primarily due to lower activity in North America and Europe, compounded by the sale of the Measurement Solutions business in the prior year. However, increased activity in the Middle East partially offset these declines, and operating profit, excluding the gain from the MSB sale, showed a modest increase.
What is the company's outlook for its order backlog and future revenue?
TechnipFMC maintains a positive outlook, supported by a strong order backlog of $15.82 billion as of March 31, 2025, which increased from the prior quarter. The company expects sustained strong activity through the end of the decade, driven by offshore development, deepwater resource exploration, and growing demand for new energy solutions.
How is TechnipFMC returning capital to shareholders?
TechnipFMC is actively returning capital to shareholders through a significant share repurchase program and quarterly cash dividends. In the first quarter of 2025, the company repurchased $250.1 million of its ordinary shares, and it declared a quarterly cash dividend of $0.05 per share, reflecting a commitment to shareholder value.
06—Continue