Research · Sep 3, 2026
[FTI] TechnipFMC Thesis 2026: Subsea Backlog and Capital Return Define Offshore Services Leader
TechnipFMC FY25 revenue $9.93B (+9%); op income $957M; NI $964M (+14%); EPS $2.30. Subsea adj EBITDA margin +340bp to 20.1%; Surface +170bp to 16.7%. FY25 inbound $11.2B, backlog $16.6B (legacy <10%); Subsea Opp list $29B. FCF $1.4B (+113%); $1B returned to shareholders ($918M buyback + $82M dividend). $2B additional buyback authorized Q3. FY26 guide: Subsea revenue $9.4B / 21.5% margin; Surface $1.2B / 17.25%; FCF $1.3-1.45B; ≥70% return.