TechnipFMC plc reported fourth‑quarter 2025 results that surpassed analyst expectations, with revenue rising 6.3% to $2.517 billion, net income of $242.7 million, and adjusted EBITDA of $440.5 million—an increase of 25.5% from the same quarter a year earlier. Adjusted earnings per share reached $0.70, beating the consensus estimate of $0.51 by $0.19, or 37.3%. The company’s adjusted EBITDA margin expanded to 17.5% from 15.8% in Q4 2024, reflecting stronger mix and disciplined cost management.
The revenue growth was driven largely by the Subsea segment, which recorded $2.3 billion in new orders during the quarter and benefited from a record $16.6 billion backlog that grew 15.3% year‑over‑year. Sequentially, revenue slipped 4.9% from the third quarter, a decline attributed to reduced activity in the North Sea and Latin America, where lower drilling volumes and project delays weighed on Subsea demand. Despite these headwinds, the company’s core integrated solutions—iEPCI™, iFEED™, and iComplete®—continued to generate strong incremental revenue, offsetting the regional downturns.
Adjusted EBITDA rose 25.5% to $440.5 million, driven by higher margin Subsea projects and improved operational leverage. The company maintained a 17.5% margin, up from 15.8% in Q4 2024, thanks to cost controls and a favorable mix shift toward higher‑margin integrated services. The increase in adjusted EBITDA also reflects the company’s ongoing investment in technology and talent that supports its integrated delivery model, which has become a key differentiator in the offshore market.
Full‑year 2025 results showed revenue of $9.933 billion, up 9.4% from $9.132 billion in 2024, and adjusted EBITDA of $1.824 billion, a 35.0% increase year‑over‑year. The company guided 2026 revenue to $10.35–$10.90 billion and an adjusted EBITDA margin of 21–22%, signaling confidence in continued margin expansion and robust subsea demand. Management highlighted that the company’s Subsea backlog reached $16.6 billion, a 15.3% increase from the prior year, and that it will declare a quarterly dividend of $0.05 per share payable April 1 2026.
Management emphasized that the company’s integrated approach has positioned it to capture a larger share of the offshore market. CEO Doug Pferdehirt noted that “Total Company revenue for the year grew 9 percent to $9.9 billion. Adjusted EBITDA, excluding foreign exchange, improved to $1.8 billion, an increase of 33 percent when compared to the prior year.” The market reaction was muted, with analysts acknowledging the EPS beat but noting the slight revenue miss relative to consensus. The company’s strong backlog and guidance suggest a resilient outlook, but investors remain cautious about regional headwinds and potential cost pressures in the coming quarters.
The earnings beat and margin expansion reinforce TechnipFMC’s execution strength, while the guidance indicates sustained confidence in subsea demand. Investors should monitor the company’s ability to convert its backlog into revenue, manage regional headwinds, and maintain cost discipline to preserve the margin trajectory highlighted in the guidance.
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