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Forum Energy Technologies Announces First Quarter 2026 Results; Raises Full Year 2026 Adjusted EBITDA GuidanceApril 30, 2026 4:58 PM
Business Wire
Orders: $221 million, book-to-bill ratio of 106%
Revenue: $209 million
Net income and adjusted net income: $4 million and $6 million
Adjusted EBITDA: $23 million
Share repurchases: $5 million returned to shareholders
2026 adjusted EBITDA guidance increased: $95 - $110 million
Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2026 revenue of $209 million and net income of $4 million or $0.39 per diluted share. Adjusting for restructuring costs, net income was $6 million or approximately $0.47 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “FET’s first quarter results continued our momentum from 2025, with revenue and adjusted EBITDA growing 8% and 14% year-over-year. We received strong orders for our differentiated products and increased our backlog 44% compared to the first quarter 2025. The execution of our “Beat the Market” strategy continues to yield share gains.
“The conflict in the Middle East has produced significant hardships for the region. Thankfully, our employees remain safe and we experienced minimal impact to our financial results. Longer term, we expect elevated commodity prices and increased upstream spending to drive demand for FET’s innovative products and technology. The combination of market expansion and our “Beat the Market” strategy’s results provide additional confidence we will achieve our long-term FET 2030 goals.
“In the near term, we expect second quarter results to increase substantially, with adjusted EBITDA between $24 and $30 million. This performance will be driven by backlog conversion, cost savings, and market share gains. While we are seeing signs of increased industry activity, our current forecast conservatively assumes a flat market. However, with a strong start to the year, we are raising the mid-point of our full year 2026 adjusted EBITDA guidance range to $103 million, a 20% percent increase over 2025 results.”
____________________
1 See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.
Segment Results (unless otherwise noted, comparisons are first quarter 2026 versus fourth quarter 2025)
Drilling and Completions segment revenue was $127 million, comparable to the previous quarter. Adjusted EBITDA of $13 million increased 6%, benefiting from cost savings initiatives and improved plant utilization related to facilities consolidation. Book-to-bill was 107%, due to higher demand for capital equipment in both the Stimulation and Intervention and the Drilling product lines, and increased demand for wireline cables. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole segment revenue was $82 million, a 9% increase, due to increased volumes across all product lines. Adjusted EBITDA of $17 million was relatively flat due primarily to unfavorable product mix. Book-to-bill was 104%, primarily due to an increase in valve product demand. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.
Earnings Conference Call
FET will host its first quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, May 1, 2026. The call will be webcast through the Investor Relations link on FET’s website at ir.f-e-t.com. Participants may also join the call by registering here. A replay of the call will be available on the Investor Relations website after the completion of the call at approximately 5:00 p.m. Central Time.
FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com.
Non-GAAP Financial Measures
The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc.
Condensed consolidated statements of income (income)
(Unaudited)
Three months ended
March 31,
December 31,
(in thousands, except per share information)
2026
2025
2025
Revenue
$
208,700
$
193,279
$
202,200
Cost of sales
147,709
134,918
141,118
Gross profit
60,991
58,361
61,082
Operating expenses
Selling, general and administrative expenses
50,008
49,383
48,888
Transaction expenses
148
51
57
Loss on disposal of assets and other
(170
)
123
(627
)
Total operating expenses
49,986
49,557
48,318
Operating income
11,005
8,804
12,764
Other expense (income)
Interest expense
4,141
4,983
4,258
Foreign exchange losses (gains) and other, net
(523
)
(1,068
)
247
Total other expense
3,618
3,915
4,505
Income before taxes
7,387
4,889
8,259
Income tax expense
2,895
3,767
6,187
Net income
$
4,492
$
1,122
$
2,072
Weighted average shares outstanding
Basic
11,214
12,303
11,209
Diluted
11,641
12,568
12,085
Earnings per share
Basic
$
0.40
$
0.09
$
0.18
Diluted
$
0.39
$
0.09
$
0.17
(1) Refer to Table 1 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
March 31,
December 31,
(in thousands of dollars)
2026
2025
Assets
Current assets
Cash and cash equivalents
$
37,488
$
34,661
Accounts receivable—trade, net
155,480
142,396
Inventories, net
236,412
239,420
Other current assets
34,936
32,407
Total current assets
464,316
448,884
Property and equipment, net of accumulated depreciation
49,590
51,905
Operating lease assets
83,217
80,733
Goodwill and other intangible assets, net
151,741
158,304
Other long-term assets
14,201
12,629
Total assets
$
763,065
$
752,455
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
1,383
$
1,407
Other current liabilities
207,229
205,127
Total current liabilities
208,612
206,534
Long-term debt, net of current portion
152,337
134,521
Other long-term liabilities
121,433
120,257
Total liabilities
482,382
461,312
Total equity
280,683
291,143
Total liabilities and equity
$
763,065
$
752,455
Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Three months ended March 31,
(in thousands of dollars)
2026
2025
Cash flows from operating activities
Net income
$
4,492
$
1,122
Depreciation and amortization
7,802
8,975
Inventory write-down
397
390
Other noncash items and changes in working capital
(11,064
)
(1,161
)
Net cash provided by operating activities
1,627
9,326
Cash flows from investing activities
Capital expenditures for property and equipment
(256
)
(2,110
)
Proceeds from sale of property and equipment
3
14
Net cash used in investing activities
(253
)
(2,096
)
Cash flows from financing activities
Borrowings of debt
137,934
132,038
Repayments of debt
(120,580
)
(149,040
)
Repurchases of stock
(4,569
)
(1,997
)
Payment of withheld taxes on stock-based compensation plans
(9,274
)
(1,321
)
Deferred financing costs
(1,659
)
(693
)
Net cash provided by (used in) financing activities
1,852
(21,013
)
Effect of exchange rate changes on cash
(399
)
265
Net increase (decrease) in cash, cash equivalents and restricted cash
$
2,827
$
(13,518
)
Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
December 31, 2025
March 31, 2026
March 31, 2025
December 31, 2025
Revenue
Drilling and Completions
$
126,739
$
115,569
$
126,916
$
126,739
$
115,569
$
126,916
Artificial Lift and Downhole
82,098
77,796
75,461
82,098
77,796
75,461
Eliminations
(137
)
(86
)
(177
)
(137
)
(86
)
(177
)
Total revenue
$
208,700
$
193,279
$
202,200
$
208,700
$
193,279
$
202,200
Operating income (loss)
Drilling and Completions
$
8,909
$
9,379
$
9,736
$
10,081
$
9,801
$
9,268
Operating Margin %
7.0
%
8.1
%
7.7
%
8.0
%
8.5
%
7.3
%
Artificial Lift and Downhole
11,584
7,297
11,708
11,593
7,458
11,851
Operating Margin %
14.1
%
9.4
%
15.5
%
14.1
%
9.6
%
15.7
%
Corporate
(9,510
)
(7,698
)
(9,250
)
(9,055
)
(7,570
)
(8,838
)
Total segment operating income (loss)
10,983
8,978
12,194
12,619
9,689
12,281
Other items not in segment operating income (loss) (1)
22
(174
)
570
(64
)
(123
)
(14
)
Total operating income (loss)
$
11,005
$
8,804
$
12,764
$
12,555
$
9,566
$
12,267
Operating Margin %
5.3
%
4.6
%
6.3
%
6.0
%
4.9
%
6.1
%
EBITDA (2)
Drilling and Completions
$
12,170
$
13,304
$
12,984
$
12,807
$
12,409
$
12,050
EBITDA Margin %
9.6
%
11.5
%
10.2
%
10.1
%
10.7
%
9.5
%
Artificial Lift and Downhole
15,943
12,725
15,961
16,619
13,492
16,902
EBITDA Margin %
19.4
%
16.4
%
21.2
%
20.2
%
17.3
%
22.4
%
Corporate
(8,783
)
(7,182
)
(8,587
)
(6,540
)
(5,843
)
(6,266
)
Total EBITDA
$
19,330
$
18,847
$
20,358
$
22,886
$
20,058
$
22,686
EBITDA Margin %
9.3
%
9.8
%
10.1
%
11.0
%
10.4
%
11.2
%
(1) Includes transaction expenses, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
December 31, 2025
Orders
Drilling and Completions
$
135,458
$
132,133
$
106,407
Artificial Lift and Downhole
85,710
68,555
80,790
Total orders
$
221,168
$
200,688
$
187,197
Revenue
Drilling and Completions
$
126,739
$
115,569
$
126,916
Artificial Lift and Downhole
82,098
77,796
75,461
Eliminations
(137
)
(86
)
(177
)
Total revenue
$
208,700
$
193,279
$
202,200
Book to bill ratio (1)
Drilling and Completions
1.07
1.14
0.84
Artificial Lift and Downhole
1.04
0.88
1.07
Total book to bill ratio
1.06
1.04
0.93
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
March 31, 2026
March 31, 2025
December 31, 2025
(in thousands, except per share information)
Operating income (loss)
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
11,005
$
19,330
$
4,492
$
8,804
$
18,847
$
1,122
$
12,764
$
20,358
$
2,072
% of revenue
5.3
%
9.3
%
4.6
%
9.8
%
6.3
%
10.1
%
Restructuring and other costs
1,488
1,488
1,488
796
796
796
633
633
633
Transaction expenses
148
148
148
51
51
51
57
57
57
Inventory and other assets impairment adjustments
(86
)
(86
)
(86
)
(85
)
(85
)
(85
)
(1,187
)
(1,187
)
(1,187
)
Stock-based compensation expense
—
2,520
—
—
1,819
—
—
2,598
—
Foreign exchange losses (gains) and other, net (2)
—
(514
)
(514
)
—
(1,370
)
(1,370
)
—
227
227
Foreign tax settlement
—
—
—
—
—
—
—
—
3,163
As adjusted (1)
$
12,555
$
22,886
$
5,528
$
9,566
$
20,058
$
514
$
12,267
$
22,686
$
4,965
% of revenue
6.0
%
11.0
%
4.9
%
10.4
%
6.1
%
11.2
%
Diluted shares outstanding as reported
11,641
12,568
12,085
Diluted shares outstanding as adjusted
11,641
12,568
12,085
Diluted EPS - as reported
$
0.39
$
0.09
$
0.17
Diluted EPS - as adjusted
$
0.47
$
0.04
$
0.41
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting Items
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
December 31, 2025
EBITDA reconciliation (1)
Net income
$
4,492
$
1,122
$
2,072
Interest expense
4,141
4,983
4,258
Depreciation and amortization
7,802
8,975
7,841
Income tax expense
2,895
3,767
6,187
EBITDA
$
19,330
$
18,847
$
20,358
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 3 - Adjusting items
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
December 31, 2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities
$
1,627
$
9,326
$
22,437
Capital expenditures for property and equipment
(256
)
(2,110
)
(1,562
)
Proceeds from sale of property and equipment
3
14
844
Free cash flow, before acquisitions
$
1,374
$
7,230
$
21,719
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.
Forum Energy Technologies, Inc.
Table 4 - Net Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)
March 31, 2026
December 31, 2025
2029 Bonds
$
100,000
$
100,000
Credit Facility
55,053
37,282
Other debt
3,751
4,008
Long-term debt, principal amount
158,804
141,290
Less: Cash and cash equivalents
37,488
34,661
Net debt
121,316
106,629
Trailing Twelve Months Adjusted EBITDA
89,230
86,403
Net leverage ratio
1.4
1.2
(1) The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligations.
Forum Energy Technologies, Inc.
Table 5 - Revenue Per Rig
(Unaudited)
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
March 31, 2024
Revenue
$
208,700
$
193,279
$
202,392
Average global rig count (1)
1,832
1,900
2,015
Free cash flow, before acquisitions
$
114
$
102
$
100
(1) The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024.
Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars)
March 31, 2026
March 31, 2025
December 31, 2025
Revenue
$
%
$
%
$
%
Drilling
$
32,730
15.7
%
$
32,113
16.5
%
$
35,713
17.6
%
Subsea
35,495
17.0
%
22,140
11.5
%
29,513
14.6
%
Stimulation and Intervention
33,047
15.8
%
37,428
19.4
%
30,854
15.3
%
Coiled Tubing
25,467
12.2
%
23,888
12.4
%
30,836
15.3
%
Drilling and Completions
126,739
60.7
%
115,569
59.8
%
126,916
62.8
%
Downhole
50,559
24.2
%
47,668
24.7
%
47,800
23.6
%
Production Equipment
18,750
9.0
%
19,059
9.9
%
15,574
7.7
%
Valve Solutions
12,789
6.1
%
11,069
5.7
%
12,087
6.0
%
Artificial Lift and Downhole
82,098
39.3
%
77,796
40.3
%
75,461
37.3
%
Eliminations
(137
)
—
%
(86
)
(0.1
)%
(177
)
(0.1
)%
Total revenue
$
208,700
100.0
%
$
193,279
100.0
%
$
202,200
100.0
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430350788/en/
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
Original: Forum Energy Technologies Announces First Quarter 2026 Results; Raises Full Year 2026 Adjusted EBITDA Guidance
US Market News
4月前
Forum Energy Technologies Announces Fourth Quarter and Full Year 2025 Results and Outlook; Repurchased 11% of Shares Outstanding in 2025February 19, 2026 5:46 PM
Business Wire
Fourth Quarter 2025 Highlights
Revenue: $202 million
Net income and adjusted net income: $2 million and $5 million, respectively
Adjusted EBITDA: $23 million
Operating cash flow and free cash flow: $22 million and $22 million, respectively
Full Year 2025 Highlights
Orders: $891 million, book-to-bill ratio of 113%
Operating cash flow and free cash flow: $70 million and $80 million, respectively
Share repurchases: 1.4 million shares, returned $35 million to shareholders
Full Year 2026 Guidance (comparisons at midpoint)
Revenue: $800 - $880 million, up 6%
Adjusted net income: $18 - $38 million, up $21 million
Adjusted EBITDA: $90 - $110 million, a 16% increase
Free cash flow: $55 - $75 million, 65% free cash flow conversion
Forum Energy Technologies, Inc. (NYSE: FET) today announced fourth quarter 2025 revenue of $202.2 million and net income of $2.1 million or $0.17 per diluted share. Adjusted for $2.9 million of foreign tax settlement, asset impairments, restructuring costs and other items, adjusted net income was $5.0 million or approximately $0.41 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “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.
“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%.
“In 2026, we believe global market activity will remain relatively flat. However, we expect revenue and EBITDA growth, supported by strong backlog, structural cost reductions, and market share gains. Our execution in 2026 will keep us on track for FET 2030.”
_________________________________
1
See Tables 1-9 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.
Segment Results (unless otherwise noted, comparisons are fourth quarter 2025 versus third quarter 2025)
Drilling and Completions revenue was $127 million, an 8% increase, primarily related to strong demand for drilling-related capital equipment for international markets, subsea ROVs, and coiled line pipe. Adjusted EBITDA was $12 million. Book-to-bill was 84%, coming off strong orders for ROVs and drilling-related capital equipment in the prior quarter that did not recur. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole revenue was $75 million, a 4% decrease, primarily related to lower volumes of production equipment and technologies. However, adjusted EBITDA was relatively flat at $17 million, due to favorable product mix for sand and flow control products. Book-to-bill was 107%, due to large orders for production-related equipment. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.
FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com.
Non-GAAP Financial Measures
The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc.
Condensed consolidated statements of net income (loss)
(Unaudited)
Three months ended
December 31,
September 30,
(in thousands, except per share information)
2025
2024
2025
Revenue
$
202,200
$
201,018
$
196,231
Cost of sales
141,118
138,553
155,994
Gross profit
61,082
62,465
40,237
Operating expenses
Selling, general and administrative expenses
48,888
54,642
50,449
Transaction expenses
57
—
254
Impairment of intangible assets
—
119,123
—
Gain on sale-leaseback transactions and other
(627
)
(4,483
)
(4,360
)
Total operating expenses
48,318
169,282
46,343
Operating income (loss)
12,764
(106,817
)
(6,106
)
Other expense (income)
Interest expense
4,258
6,421
4,365
Foreign exchange losses (gains) and other, net
247
(6,549
)
9
Loss on extinguishment of debt
—
552
—
Total other expense, net
4,505
424
4,374
Income (loss) before income taxes
8,259
(107,241
)
(10,480
)
Income tax expense (benefit)
6,187
(3,741
)
10,074
Net income (loss) (1)
$
2,072
$
(103,500
)
$
(20,554
)
Weighted average shares outstanding
Basic
11,209
12,333
11,682
Diluted
12,085
12,333
11,682
Earnings (loss) per share
Basic
$
0.18
$
(8.39
)
$
(1.76
)
Diluted
$
0.17
$
(8.39
)
$
(1.76
)
(1) Refer to Table 1 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Condensed consolidated statements of net loss
(Unaudited)
Year ended
December 31,
(in thousands, except per share information)
2025
2024
Revenue
$
791,474
$
816,425
Cost of sales
572,438
561,392
Gross profit
219,036
255,033
Operating expenses
Selling, general and administrative expenses
199,905
219,325
Transaction expenses
546
7,728
Impairment of intangible assets
—
119,123
Gain on sale-leaseback transactions and other
(11,560
)
(4,376
)
Total operating expenses
188,891
341,800
Operating income (loss)
30,145
(86,767
)
Other expense (income)
Interest expense
18,312
31,490
Loss on extinguishment of debt
—
2,854
Foreign exchange losses (gains) and other, net
(4,754
)
7,315
Total other expense, net
13,558
41,659
Income (loss) before income taxes
16,587
(128,426
)
Income tax expense
26,247
6,900
Net loss (1)
$
(9,660
)
$
(135,326
)
Weighted average shares outstanding
Basic
11,883
12,299
Diluted
11,883
12,299
Loss per share
Basic
$
(0.81
)
$
(11.00
)
Diluted
$
(0.81
)
$
(11.00
)
(1) Refer to Table 2 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
(in thousands of dollars)
December 31,
2025
December 31,
2024
Assets
Current assets
Cash and cash equivalents
$
34,661
$
44,661
Accounts receivable—trade, net
142,396
153,926
Inventories, net
239,420
265,487
Other current assets
32,407
31,563
Total current assets
448,884
495,637
Property and equipment, net of accumulated depreciation
51,905
63,421
Operating lease assets
80,733
70,389
Goodwill and intangible assets, net
158,304
170,883
Other long-term assets
12,629
15,624
Total assets
$
752,455
$
815,954
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
1,407
$
1,866
Other current liabilities
205,127
199,990
Total current liabilities
206,534
201,856
Long-term debt, net of current portion
134,521
186,525
Other long-term liabilities
120,257
107,673
Total liabilities
461,312
496,054
Total equity
291,143
319,900
Total liabilities and equity
$
752,455
$
815,954
Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Year ended
December 31,
(in thousands of dollars)
2025
2024
Cash flows from operating activities
Net loss
$
(9,660
)
$
(135,326
)
Depreciation and amortization
33,755
53,717
Impairment of intangible assets
—
119,123
Impairment of property and equipment and other assets
4,291
—
Inventory write down
19,673
2,716
Gain on sale-leaseback transactions
(11,182
)
(4,860
)
Loss on extinguishment of debt
—
2,854
Other noncash items and changes in working capital
33,525
53,967
Net cash provided by operating activities
70,402
92,191
Cash flows from investing activities
Capital expenditures for property and equipment
(6,015
)
(8,145
)
Proceeds from sale of property and equipment
1,007
703
Proceeds from sale-leaseback transactions
14,574
20,324
Acquisition of businesses, net of cash acquired
—
(150,408
)
Net cash provided by (used in) investing activities
9,566
(137,526
)
Cash flows from financing activities
Borrowings of debt
562,324
874,320
Repayments of debt
(617,043
)
(819,454
)
Repurchases of stock
(34,612
)
—
Payments of withheld taxes on stock-based compensation plans
(1,321
)
(1,090
)
Deferred financing costs
(914
)
(8,534
)
Net cash provided by (used in) financing activities
(91,566
)
45,242
Effect of exchange rate changes on cash
1,598
(1,411
)
Net decrease in cash, cash equivalents and restricted cash
$
(10,000
)
$
(1,504
)
Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
September 30,
2025
December 31,
2025
December 31,
2024
September 30,
2025
Revenue
Drilling and Completions
$
126,916
$
111,084
$
117,469
$
126,916
$
111,084
$
117,469
Artificial Lift and Downhole
75,461
89,943
78,981
75,461
89,943
78,981
Eliminations
(177
)
(9
)
(219
)
(177
)
(9
)
(219
)
Total revenue
$
202,200
$
201,018
$
196,231
$
202,200
$
201,018
$
196,231
Operating income (loss)
Drilling and Completions
$
9,736
$
3,302
$
(13,551
)
$
9,268
$
3,763
$
8,658
Operating margin %
7.7
%
3.0
%
(11.5
)%
7.3
%
3.4
%
7.4
%
Artificial Lift and Downhole
11,708
12,863
11,778
11,851
13,127
11,830
Operating margin %
15.5
%
14.3
%
14.9
%
15.7
%
14.6
%
15.0
%
Corporate
(9,250
)
(8,342
)
(8,439
)
(8,838
)
(8,450
)
(8,299
)
Total segment operating income (loss)
12,194
7,823
(10,212
)
12,281
8,440
12,189
Other items not in segment operating income (loss) (1)
570
(114,640
)
4,106
(14
)
(377
)
81
Total operating income (loss)
$
12,764
$
(106,817
)
$
(6,106
)
$
12,267
$
8,063
$
12,270
Operating margin %
6.3
%
(53.1
)%
(3.1
)%
6.1
%
4.0
%
6.3
%
EBITDA (2)
Drilling and Completions
$
12,984
$
(106,688
)
$
(10,505
)
$
12,050
$
9,541
$
11,758
EBITDA margin %
10.2
%
(96.0
)%
(8.9
)%
9.5
%
8.6
%
10.0
%
Artificial Lift and Downhole
15,961
18,754
20,419
16,902
19,262
16,977
EBITDA margin %
21.2
%
20.9
%
25.9
%
22.4
%
21.4
%
21.5
%
Corporate
(8,587
)
(725
)
(8,166
)
(6,266
)
(6,586
)
(5,597
)
Total EBITDA
$
20,358
$
(88,659
)
$
1,748
$
22,686
$
22,217
$
23,138
EBITDA margin %
10.1
%
(44.1
)%
0.9
%
11.2
%
11.1
%
11.8
%
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Year ended
Year ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenue
Drilling and Completions
$
477,191
$
470,767
$
477,191
$
470,767
Artificial Lift and Downhole
314,785
345,680
314,785
345,680
Eliminations
(502
)
(22
)
(502
)
(22
)
Total revenue
$
791,474
$
816,425
$
791,474
$
816,425
Operating income (loss)
Drilling and Completions
$
12,835
$
17,766
$
36,135
$
20,458
Operating margin %
2.7
%
3.8
%
7.6
%
4.3
%
Artificial Lift and Downhole
41,174
48,894
41,672
49,082
Operating margin %
13.1
%
14.1
%
13.2
%
14.2
%
Corporate
(34,878
)
(30,952
)
(34,006
)
(30,464
)
Total segment operating income (loss)
19,131
35,708
43,801
39,076
Other items not in segment operating income (loss) (1)
11,014
(122,475
)
(74
)
(356
)
Total operating income (loss)
$
30,145
$
(86,767
)
$
43,727
$
38,720
Operating margin %
3.8
%
(10.6
)%
5.5
%
4.7
%
EBITDA (2)
Drilling and Completions
$
30,457
$
(84,604
)
$
47,629
$
49,195
EBITDA margin %
6.4
%
(18.0
)%
10.0
%
10.4
%
Artificial Lift and Downhole
71,731
73,006
64,058
74,417
EBITDA margin %
22.8
%
21.1
%
20.3
%
21.5
%
Corporate
(33,534
)
(31,621
)
(25,284
)
(23,635
)
Total EBITDA
$
68,654
$
(43,219
)
$
86,403
$
99,977
EBITDA margin %
8.7
%
(5.3
)%
10.9
%
12.2
%
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 2 for schedule of adjusting items.
Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
September 30,
2025
Orders
Drilling and Completions
$
106,407
$
102,999
$
151,473
Artificial Lift and Downhole
80,790
86,956
88,517
Total orders
$
187,197
$
189,955
$
239,990
Revenue
Drilling and Completions
$
126,916
$
111,084
$
117,469
Artificial Lift and Downhole
75,461
89,943
78,981
Eliminations
(177
)
(9
)
(219
)
Total revenue
$
202,200
$
201,018
$
196,231
Book to bill ratio (1)
Drilling and Completions
0.84
0.93
1.29
Artificial Lift and Downhole
1.07
0.97
1.12
Total book to bill ratio
0.93
0.94
1.22
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
December 31, 2025
December 31, 2024
September 30, 2025
(in thousands, except per share information)
Operating income (loss)
EBITDA (1)
Net income (loss)
Operating income (loss)
EBITDA (1)
Net income (loss)
Operating income (loss)
EBITDA (1)
Net income (loss)
As reported
$
12,764
$
20,358
$
2,072
$
(106,817
)
$
(88,659
)
$
(103,500
)
$
(6,106
)
$
1,748
$
(20,554
)
% of revenue
6.3
%
10.1
%
(53.1
)%
(44.1
)%
(3.1
)%
0.9
%
Restructuring and other costs
633
633
633
840
840
840
1,501
1,501
1,501
Transaction expenses
57
57
57
—
—
—
254
254
254
Inventory and other assets impairment adjustments
(1,187
)
(1,187
)
(1,187
)
(223
)
(223
)
(223
)
20,900
20,900
20,900
Impairment of intangible assets
—
—
—
119,123
119,123
119,123
—
—
—
Stock-based compensation expense
—
2,598
—
—
1,980
—
—
2,853
—
Loss on extinguishment of debt
—
—
—
—
552
552
—
—
—
Gain on sale-leaseback transactions
—
—
—
(4,860
)
(4,860
)
(4,860
)
(4,279
)
(4,279
)
(4,279
)
Foreign exchange losses (gains) and other, net (2)
—
227
227
—
(6,536
)
(6,536
)
—
161
161
Foreign tax settlement
—
—
3,163
—
—
—
—
—
—
Release of valuation allowance on deferred tax assets
—
—
—
—
—
(11,340
)
—
—
5,205
As adjusted(1)
$
12,267
$
22,686
$
4,965
$
8,063
$
22,217
$
(5,944
)
$
12,270
$
23,138
$
3,188
% of revenue
6.1
%
11.2
%
4.0
%
11.1
%
6.3
%
11.8
%
Diluted shares outstanding as reported
12,085
12,333
11,682
Diluted shares outstanding as adjusted
12,085
12,333
11,682
Diluted EPS - as reported
$
0.17
$
(8.39
)
$
(1.76
)
Diluted EPS - as adjusted
$
0.41
$
(0.48
)
$
0.27
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting items
Year ended
December 31, 2025
December 31, 2024
(in thousands, except per share information)
Operating (income) loss
EBITDA (1)
Net income (loss)
Operating (income) loss
EBITDA (1)
Net income (loss)
As reported
$
30,145
$
68,654
$
(9,660
)
$
(86,767
)
$
(43,219
)
$
(135,326
)
% of revenue
3.8
%
8.7
%
(10.6
)%
(5.3
)%
Restructuring and other costs
4,592
4,592
4,592
3,756
3,756
3,756
Transaction expenses
546
546
546
7,725
7,725
7,725
Inventory and other assets impairment adjustments
19,626
19,626
19,626
(257
)
(257
)
(257
)
Impairment of intangible assets
—
—
—
119,123
119,123
119,123
Stock-based compensation expense
—
9,018
—
—
7,176
—
Loss on extinguishment of debt
—
—
—
—
2,854
2,854
Gain on sale-leaseback transactions
(11,182
)
(11,182
)
(11,182
)
(4,860
)
(4,860
)
(4,860
)
Foreign exchange losses (gains) and other, net (2)
—
(4,851
)
(4,851
)
—
7,679
7,679
Foreign tax settlement
—
—
3,163
—
—
—
Release of valuation allowance on deferred tax assets
—
—
5,205
—
—
(11,340
)
As adjusted(1)
$
43,727
$
86,403
$
7,439
$
38,720
$
99,977
$
(10,646
)
% of revenue
5.5
%
10.9
%
4.7
%
12.2
%
Diluted shares outstanding as reported
11,883
12,299
Diluted shares outstanding as adjusted
11,883
12,299
Diluted EPS - as reported
$
(0.81
)
$
(11.00
)
Diluted EPS - as adjusted
$
0.63
$
(0.87
)
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 3 - Adjusting Items
Three months ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
September 30,
2025
EBITDA reconciliation (1)
Net income (loss)
$
2,072
$
(103,500
)
$
(20,554
)
Interest expense
4,258
6,421
4,365
Depreciation and amortization
7,841
12,161
7,863
Income tax expense (benefit)
6,187
(3,741
)
10,074
EBITDA
$
20,358
$
(88,659
)
$
1,748
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.
Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 4 - Adjusting Items
Year ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
EBITDA reconciliation (1)
Net loss
$
(9,660
)
$
(135,326
)
Interest expense
18,312
31,490
Depreciation and amortization
33,755
53,717
Income tax expense
26,247
6,900
EBITDA
$
68,654
$
(43,219
)
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.
Forum Energy Technologies, Inc.
Free cash flow
(Unaudited)
Table 5 - Adjusting items
Three months ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
September 30,
2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities
$
22,437
$
38,516
$
22,866
Capital expenditures for property and equipment
(1,562
)
(2,410
)
(1,392
)
Proceeds from sale of property and equipment
844
467
106
Proceeds from sale-leaseback transactions
—
20,324
6,546
Free cash flow, before acquisitions
$
21,719
$
56,897
$
28,126
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies.
Forum Energy Technologies, Inc.
Free cash flow
(Unaudited)
Table 6 - Adjusting items
Year ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities
$
70,402
$
92,191
Capital expenditures for property and equipment
(6,015
)
(8,145
)
Proceeds from sale of property and equipment
1,007
703
Proceeds from sale-leaseback transactions
14,574
20,324
Free cash flow, before acquisitions
$
79,968
$
105,073
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies.
Forum Energy Technologies, Inc.
Table 7 - Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)
December 31,
2025
2029 Bonds
$
100,000
Credit Facility
37,282
Other debt
4,008
Long-term debt, principal amount
141,290
Cash and cash equivalents
34,661
Net debt
106,629
Adjusted EBITDA
86,403
Net leverage ratio
1.2
(1) The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligations.
Forum Energy Technologies, Inc.
Table 8 - Revenue Per Rig
(Unaudited)
Year ended
(in thousands of dollars, except rig count)
December 31,
2025
December 31,
2024
December 31,
2022
Revenue
$
791,474
$
816,425
$
699,913
Average global rig count (1)
1,818
1,948
1,934
Revenue per rig
$
435
$
419
$
362
(1) The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024. Consequently, rig count data prior to January 2024 has been adjusted internally.
Forum Energy Technologies, Inc.
Table 9 - Free Cash Flow Conversion
(Unaudited)
Year ended
(in thousands of dollars)
December 31,
2025
Free cash flow
$
79,968
Adjusted EBITDA
86,403
Free cash flow conversion
93
%
Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars)
December 31,
2025
December 31,
2024
September 30,
2025
Revenue
$
%
$
%
$
%
Drilling
$
35,713
17.6
%
$
35,555
17.8
%
$
32,234
16.4
%
Subsea
29,513
14.6
%
18,581
9.2
%
23,582
12.0
%
Stimulation and Intervention
30,854
15.3
%
31,056
15.4
%
34,271
17.5
%
Coiled Tubing
30,836
15.3
%
25,892
12.9
%
27,382
14.0
%
Drilling and Completions
126,916
62.8
%
111,084
55.3
%
117,469
59.9
%
Downhole
47,800
23.6
%
51,547
25.6
%
48,073
24.5
%
Production Equipment
15,574
7.7
%
21,743
10.8
%
18,647
9.5
%
Valve Solutions
12,087
6.0
%
16,653
8.3
%
12,261
6.2
%
Artificial Lift and Downhole
75,461
37.3
%
89,943
44.7
%
78,981
40.2
%
Eliminations
(177
)
(0.1
)%
(9
)
—
%
(219
)
(0.1
)%
Total revenue
$
202,200
100.0
%
$
201,018
100.0
%
$
196,231
100.0
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219159745/en/
Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
Original: Forum Energy Technologies Announces Fourth Quarter and Full Year 2025 Results and Outlook; Repurchased 11% of Shares Outstanding in 2025
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