01—Abstract
Summary
Summary of the 10-Q filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.
TechnipFMC plc (FTI) reported a strong first quarter for 2026, with total revenue increasing by 11.6% to $2.49 billiona, driven primarily by a robust performance in its Subsea segment.
Net income attributable to TechnipFMC plc surged by 83.5% to $260.5 millionb, or $0.64 per diluted share, significantly outpacing the prior year's results. The company's Subsea segment saw a substantial revenue increase of 14.1% to $2.21 billion, fueled by strong backlog conversion and successful execution of iEPCI™ projects, particularly in Brazil, Mozambique, and Suriname.
The Surface Technologies segment experienced a slight revenue decline of 4.4% to $284.3 millionc, primarily due to the timing of project-related activity in the Middle East. Despite lower revenue, Surface Technologies' operating profit improved due to a favorable activity mix.
02—Key points
Key Highlights
- Total revenue increased by 11.6% to $2.49 billion in Q1 2026 compared to Q1 2025.
- Net income attributable to TechnipFMC plc rose by 83.5% to $260.5 million.
- Diluted earnings per share improved to $0.64 from $0.33 in the prior year period.
- Subsea revenue grew by 14.1% to $2.21 billion, driven by backlog conversion and key projects in Brazil, Mozambique, and Suriname.
- Operating profit for the Subsea segment increased by 40.8% to $349.0 million.
- The company repurchased $264.8 million of ordinary shares during the quarter, demonstrating a commitment to shareholder returns.
- Net cash position remained strong at $540.4 million as of March 31, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 30, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.49B$2.23B | +11.6% |
| R&D Expenses | $17.80M$19.10M | −6.8% |
| SG&A Expenses | $215.90M$184.20M | +17.2% |
| Operating Expenses | $2.14B$1.97B | +8.5% |
| Operating Income | $386.10M$278.10M | +38.8% |
| Net Income | $260.50M$142.00M | +83.5% |
| EPS (Basic) | $0.65$0.34 | +91.2% |
| EPS (Diluted) | $0.64$0.33 | +93.9% |
| Shares Outstanding (Basic) | 400.10M421.20M | −5.0% |
| Shares Outstanding (Diluted) | 409.90M431.20M | −4.9% |
05—Questions
Frequently Asked Questions
What were the main drivers of the revenue increase in the first quarter of 2026?
The primary driver of the revenue increase was the strong performance of the Subsea segment, which saw a 14.1% rise in revenue to $2.21 billion. This growth was attributed to the conversion of a strong backlog, increased activity in iEPCI™ projects, flexible supply, SPS supply, and subsea services, particularly in key regions like Brazil, Mozambique, and Suriname.
How did the company's profitability change compared to the previous year?
Profitability significantly improved year-over-year. Net income attributable to TechnipFMC plc increased by 83.5% to $260.5 million, leading to a substantial rise in diluted earnings per share from $0.33 in Q1 2025 to $0.64 in Q1 2026. The Subsea segment's operating profit also saw a significant increase of 40.8%.
What is the company's outlook for the Subsea and Surface Technologies segments?
For Subsea, the company sees continued strong momentum driven by offshore developments, technological innovations like Subsea 2.0® and iEPCI™, and increasing capital investment in offshore projects. For Surface Technologies, while North American activity is sensitive to commodity prices, international markets, particularly the Middle East, represent a significant and less cyclical portion of the segment's revenue, supported by long-term investment horizons of national oil companies.
How is TechnipFMC managing its cash and capital resources?
TechnipFMC maintains a strong balance sheet with $960.8 million in cash and cash equivalents and $540.4 million in net cash as of March 31, 2026. Operating activities generated $332.5 million in cash. The company also repurchased $264.8 million of ordinary shares in the quarter and pays a quarterly dividend, indicating a focus on returning capital to shareholders while managing investments for future growth.
06—Continue