TechnipFMC reported strong full-year 2025 results with revenue growth and significant improvements in adjusted EBITDA and free cash flow, driven by robust performance in its Subsea segment. The company also raised its 2026 guidance for Subsea revenue and adjusted EBITDA margin, indicating confidence in continued market strength.
Full-year revenue grew 9.4% to $9.9 billion, driven by strong performance in the Subsea segment.
positiveFull-year adjusted EBITDA increased 35.0% to $1.8 billion, with adjusted EBITDA margin expanding 350 bps to 18.4%.
positiveFull-year free cash flow more than doubled to $1.4 billion, and shareholder distributions grew to $1 billion.
positiveSubsea segment revenue increased 7.1% year-over-year to $2.2 billion in Q4, and operating profit grew 17.3%.
positiveSurface Technologies segment operating profit increased 25.8% sequentially and 26.8% year-over-year in Q4.
positive2026 guidance for Subsea revenue was increased to $9.2 - 9.6 billion, and adjusted EBITDA margin to 21 - 22%.
positiveSubsea revenue decreased 5.4% sequentially in Q4 due to lower activity in North Sea and Latin America.
attentionSubsea operating profit margin decreased 500 bps sequentially to 12.3% in Q4 due to seasonally lower vessel activity and higher restructuring charges.
attentionSubsea inbound orders decreased 13.3% year-over-year in Q4 to $2.3 billion.
negativeSurface Technologies backlog decreased 18.4% year-over-year to $700 million.
negativeQ4 net income decreased 21.6% sequentially to $242.7 million, and diluted EPS decreased 21.3% to $0.59.
attentionQ4 adjusted EBITDA decreased 15.1% sequentially to $440.5 million, and adjusted EBITDA margin decreased 210 bps to 17.5%.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Subsea | N/A | — | — | — |
Surface Technologies | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
TechnipFMC closed out 2025 with solid operational momentum, driving growth in backlog to $16.6 billion.
Subsea orders in the quarter were $2.3 billion, resulting in $10.1 billion of inbound for the full year, with direct awards, iEPCI™, and Subsea Services accounting for more than 80% of total Subsea inbound in 2025.
The inbound secured in 2025 also speaks to a change in customer behavior, with more clients adopting a portfolio approach to offshore development.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.