TechnipFMC reported first-quarter 2025 results.
Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.
| Three Months Ended | Change | ||||
| (In millions, except per share amounts) | Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | Sequential | Year-over-Year |
| Revenue | $2,233.6 | $2,367.3 | $2,042.0 | (5.6%) | 9.4% |
| Net income | $142.0 | $224.7 | $157.1 | (36.8%) | (9.6%) |
| Net income margin | 6.4% | 9.5% | 7.7% | (310 bps) | (130 bps) |
| Diluted earnings per share | $0.33 | $0.52 | $0.35 | (36.5%) | (5.7%) |
| Adjusted EBITDA | $343.8 | $351.0 | $252.6 | (2.1%) | 36.1% |
| Adjusted EBITDA margin | 15.4% | 14.8% | 12.4% | 60 bps | 300 bps |
| Adjusted net income | $142.9 | $236.2 | $97.6 | (39.5%) | 46.4% |
| Adjusted diluted earnings per share | $0.33 | $0.54 | $0.22 | (38.9%) | 50.0% |
| Inbound orders | $3,089.1 | $2,923.5 | $2,774.4 | 5.7% | 11.3% |
| Backlog | $15,816.0 | $14,376.3 | $13,492.5 | 10.0% | 17.2% |
Total Company revenue in the first quarter was $2,233.6 million. Net income attributable to TechnipFMC was $142 million, or $0.33 per diluted share. These results included after-tax charges and credits totaling $0.9 million of expense (Exhibit 6).
Adjusted net income was $142.9 million, or $0.33 per diluted share (Exhibit 6).
Adjusted EBITDA, which excludes pre-tax charges and credits, was $343.8 million; adjusted EBITDA margin was 15.4 percent (Exhibit 8).
Included in total Company results was a foreign exchange loss of $12.1 million, or $8.1 million after-tax. When excluding the after-tax impact of foreign exchange loss of $8.1 million, net income was $150.1 million. Adjusted EBITDA, excluding foreign exchange, was $355.9 million (Exhibit 8).
Doug Pferdehirt, Chair and CEO of TechnipFMC, remarked, “I’m pleased to share another strong set of financial results to start the year. Our quarterly results clearly demonstrate the unique capabilities of our company and the value we are providing to our clients.”
“Total Company revenue in the period was $2.2 billion. Adjusted EBITDA was $356 million when excluding foreign exchange impacts, an increase of 38 percent compared to the prior year. Free cash flow was $380 million, which, together with our strong cash flow from operations, is a notable achievement in light of our typical seasonality.”
Pferdehirt continued, “Subsea inbound was $2.8 billion, representing a book-to-bill of 1.4x. Orders have now exceeded revenue in eight of the last nine quarters, supported by robust inbound for both integrated Engineering, Procurement, Construction, and Installation (iEPCI™) and Subsea 2.0®. In the quarter, we were awarded an iEPCI™ contract from Equinor for the Johan Sverdrup Phase 3 project, as well as an iEPCI™ project from Shell that will include our Subsea 2.0® technology on their greenfield Gato do Mato development offshore Brazil. To further advance the growth of our integrated portfolio, we recently announced a strategic alliance with Cairn Oil & Gas to deliver future deepwater developments offshore India using our iEPCI™ commercial model.”
“Our Subsea Opportunities List now highlights more than $26 billion of inbound opportunities over the next 24 months, when using the midpoint of project values. Putting this into perspective, the value of this list has grown nearly 20 percent over the last twelve months and represents the third consecutive quarterly increase. The opportunity set is also supported by multiple new frontiers, including Guyana, Suriname, Namibia, Mozambique, and Cyprus, all of which present long-term opportunities with development lifecycles that extend well beyond the end of the decade.”
Pferdehirt added, “While commodity prices are a primary variable in our clients’ decisions to move forward on a development, the impact they have on the economic feasibility of a project can differ significantly by region and resource. We continue to believe that offshore will remain a preferred investment of operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources. This gives us continued confidence in delivering more than $10 billion of Subsea inbound in 2025.”
Pferdehirt continued, “U.S. land is among the most susceptible regions to lower commodity prices, given its relatively high cost of development. The majority of activity in our Surface Technologies segment is driven by international markets, where we have secured significant inbound through the first four months of the year. Importantly, we estimate 95 percent of our total Company revenue in 2025 will be generated from activity outside of the U.S. land market.”
“Our revenue is derived from diverse sources—which include not just products, but also significant installation and services activities. When thinking about our potential exposure to the recently announced tariffs, it is largely confined to product-related revenue from our operations across U.S. land and the U.S. Gulf. Given our mitigation efforts, we anticipate the impact to total Company adjusted EBITDA to be less than $20 million in 2025.”
Pferdehirt concluded, “In a dynamic environment, we have truly differentiated our Company. We have built a strong backlog totaling $15.8 billion. Our exceptional execution is driving robust free cash flow. And we are growing shareholder distributions—allowing for even more share repurchase at a time when our equity offers a very compelling investment opportunity. Importantly, our outlook for Subsea inbound orders for 2025 is unchanged, and our total Company guidance for adjusted EBITDA also remains unchanged at the midpoint of the range for the full year.”
“We are excited about what lies ahead for us. Our opportunity set is deep and diverse. At the same time, our execution is strong and accelerating, and our business transformation is creating even more value for our clients, our Company, and our shareholders.”