Forum Energy Technologies reported fourth‑quarter 2025 revenue of $202.2 million, up 0.6% from $201 million in the same period a year earlier, and net income of $2.1 million, or $0.17 per diluted share. After adjusting for a $2.9 million foreign tax settlement, asset impairments, restructuring costs and other one‑time items, adjusted net income rose to $5.0 million, or $0.41 per diluted share, a 13.9% beat over the consensus estimate of $0.36.
For the full year, the company generated $791.5 million in revenue and $9.7 million in net income, or $0.81 per diluted share. Adjusted net income for the year was $7.4 million, or $0.41 per diluted share, reflecting a $2.3 million reduction from the previously reported $9.7 million figure. The adjusted earnings per share of $0.41 beat the consensus estimate of $0.36 by $0.05, or 13.9%. The company’s backlog reached $312 million, a 46% year‑over‑year increase and the highest in 11 years.
Segment performance highlighted strong demand in the drilling and completions business, which generated $127 million in revenue and an adjusted EBITDA of $12 million. Subsea ROVs, coiled‑line pipe, and the artificial lift and downhole segments also contributed to the revenue mix, supporting the company’s focus on high‑margin, high‑growth product lines.
Neal Lux, President and Chief Executive Officer, said, "2025 was another great step forward and further positioned FET to deliver the 2030 vision. Our commercial efforts and innovation focus supplied meaningful bookings and backlog growth. Entering 2026, our backlog of $312 million is the highest in 11 years and 46% greater than a year ago. Nearly 12% of our backlog is from products developed in the last few years. These results are driven by the execution of our “Beat the Market” strategy. We are gaining market share and leveraging our global footprint." He added, "Our financial performance accelerated through the second half of the year, with EBITDA up nearly 13% compared to the prior six months. Higher EBITDA, along with working‑capital efficiency and asset monetization, generated full‑year free cash flow of $80 million. In line with our capital‑allocation framework, we repurchased 11% of our total shares outstanding and reduced net debt by 28%.”
Management guided for 2026 revenue growth and increased adjusted EBITDA and free cash flow, while anticipating relatively flat global market activity. The guidance signals confidence in maintaining profitability through cost discipline and market‑share gains, even as macro‑economic conditions remain uncertain.
Investors responded favorably, citing the earnings beat, the record backlog, and the company’s confident outlook for 2026. The market reaction reflected confidence in Forum Energy Technologies’ execution of its “Beat the Market” strategy and its disciplined capital‑allocation framework.
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