FTI earnings analysis
What we found in FTI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TechnipFMC (FTI) reported FQ1 2026 results with revenue of $2.49 billion and EPS of $0.64, beating analyst expectations for both measures. The Subsea segment showed significant growth due to increased activity and backlog conversion, although overall inbound orders and backlog decreased quarter-over-quarter, indicating potential future challenges in order acquisition.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Revenue increased by $259.1 million (11.6%) from $2.23 billion in Q1 2025 to $2.49 billion in Q1 2026.
- Strong EPS Performance
- EPS rose from $0.33 in Q1 2025 to $0.64 in Q1 2026, representing a $0.31 increase.
- Subsea Segment Revenue Growth
- Subsea revenue increased by $272.2 million (14.1%) due to higher backlog and project activity.
- Improved Gross Profit Margin
- Gross profit increased to $585.3 million, up from $464.9 million, improving the gross margin percentage.
- Decrease in Net Interest Expense
- Net interest expense decreased by $3.9 million to $6.0 million due to reduced debt levels.
- Operating Cash Flow Resilience
- Operating cash flow was $332.5 million despite a decrease from $441.7 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decrease in Inbound Orders
- Total inbound orders fell by $936.7 million (30.3%) from $3.09 billion in Q1 2025 to $2.15 billion in Q1 2026.
- Surface Technologies Revenue Decline
- Surface Technologies revenue decreased by $13.1 million (4.4%) due to timing of project activity, mainly in the Middle East.
- Q1 Backlog Decrease
- Total order backlog decreased from $16.57 billion as of December 31, 2025 to $16.47 billion as of March 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.64
- Gross margin
- 23.4%
- Operating margin
- 14.3%
- Segment
- Subsea: $2,208.4 million
- Segment
- Surface Technologies: $284.3 million
What they said about what is next.
Management expects to maintain activity levels and anticipates a positive long-term outlook for oil and natural gas.
The filing reads better than the one before it.
What came before.
- 10-K · February 19, 2026
- TechnipFMC positions itself as the only fully integrated subsea provider (iEPCI) and is industrializing its Subsea business with the Subsea 2.0® CTO platform to improve predictability and throughput. Aggregate quarterly…
- 10-Q · October 23, 2025
- TechnipFMC reported Q3 2025 revenue of $2,647.3 million and diluted EPS of $0.75, both improving versus the prior-year quarter. Subsea drove the beat with revenue of $2,319.2 million and operating profit of $401.3…
- 10-Q · July 24, 2025
- TechnipFMC reported Q2 2025 revenue of $2,534.7M (up from $2,325.6M in Q2 2024 and up $301.1M versus Q1 2025), with gross margin expanding to 23.4% and operating margin to 15.4%. Diluted EPS was $0.64 for the quarter…
- 10-K · February 27, 2025
- TechnipFMC positions itself as the only fully integrated subsea provider, leaning on its iEPCI™ integrated execution model and the Subsea 2.0® configure-to-order platform to industrialize delivery and improve project…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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