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Forum Energy Tech (1FE1) Q3 2026 Earnings Report

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DE:1FE1 Q3 2026 EPS Results

Actual EPS
EUR 1.36
Consensus EPS
EUR 1.10
Beat/Miss
Beat by +EUR 0.27
One Year Ago EPS
EUR 0.24

DE:1FE1 Q3 2026 Revenue Results

Actual Revenue
EUR 214.06M
Expected Revenue
EUR 210.93M
Beat/Miss
Beat by +EUR 3.13M
YoY Revenue Growth
+20.68%

Earnings Announcement Details

Quarter
Q3 2026
Date
10/29/2026
Time
After Close
Conference Call
Thursday, October 29, 2026
DE:1FE1 Upcoming Earnings

Forum Energy Tech's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:1FE1 Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Oct 29, 2026|% Change Since:-13.55%|
Earnings Call Sentiment|Positive

The call was strongly positive. The company delivered sequential and year-over-year growth across revenue, EBITDA, net income, and free cash flow; raised its full-year outlook; improved leverage; repurchased shares; completed an accretive acquisition; and described multiple international, innovation, subsea, and data-center opportunities. The main negatives were discrete litigation, sublease, acquisition, and upcoming stock-compensation charges, higher freight and tariff costs, and stated geopolitical and country-risk concerns.

Company Guidance

Management raised full-year 2026 guidance to revenue between $900 million and $920 million, EBITDA between $123 million and $129 million, net income between $52 million and $58 million, and free cash flow between $66 million and $71 million; at the midpoint, revenue would be up 15%, EBITDA up 46%, and net income up 639% compared with 2025. Fourth-quarter guidance is revenue between $230 million and $250 million, EBITDA between $33 million and $39 million, net income between $15 million and $21 million, and free cash flow between $25 million and $30 million, with midpoint approximately 19% year-over-year revenue growth and 59% year-over-year EBITDA growth, plus a onetime incremental stock based compensation charge of approximately $5 million. For 2027, annualizing the midpoints of fourth quarter guidance would result in revenue and EBITDA growth of 5% to 14%, while large service companies are publicly saying broad based, mid to high single digit activity; FET 2030 targets doubling revenue, quadrupling EBITDA, and tripling free cash flow versus 2025, with incremental EBITDA margins on revenue between 25% to 35% and 65 to 75 or 60 to 70% of every incremental dollar of EBITDA as free cash flow.

  • Strong Third-Quarter Financial PerformanceThird-quarter revenue increased 5% sequentially to $237 million, EBITDA increased 14% to $36 million, EBITDA margin improved 120 basis points to just over 15%, and adjusted net income increased 33% to $18 million. EBITDA and net income both met the top end of guidance. Year over year, EBITDA increased 56% and net income was up nearly 5 times.
  • Raised Full-Year 2026 OutlookThe company raised its full-year 2026 outlook to revenue of $900 million to $920 million, EBITDA of $123 million to $129 million, adjusted net income of $52 million to $58 million, and free cash flow of $66 million to $71 million. At the midpoint versus 2025, revenue would be up 15%, EBITDA up 46%, and net income up 639%.
  • Positive Fourth-Quarter GuidanceFourth-quarter revenue is expected to be $230 million to $250 million and EBITDA $33 million to $39 million. At the midpoint, this represents approximately 19% year-over-year revenue growth and 59% year-over-year EBITDA growth. Net income is expected to be $15 million to $21 million and free cash flow $25 million to $30 million.
  • Strong Orders and Backlog ConversionThird-quarter orders increased to $244 million, producing a 103% book-to-bill ratio and exceeding revenue for 6 of the last 7 quarters. Management said backlog generally converts to revenue in less than a year, while approximately 80% of sales are activity-based consumables that are typically booked and shipped within the quarter.
  • Drilling and Completion GrowthDrilling and completion revenue increased 6% to $147 million, with increases across all four product lines. EBITDA increased 28% to approximately $21 million, margins expanded 240 basis points to 14%, and incremental EBITDA margin was 56% year over year.
  • Drilling Product Line ImprovementDrilling product-line revenue increased 22%. Management attributed the improvement to changes made the prior year to streamline the business and lower its cost base, which are showing up in improved margins and operating leverage.
  • International ExpansionInternational revenue year to date increased 31% year over year, while international revenue per rig increased 26%. Revenue in the Middle East increased 32% year over year, and revenue increased across each international region as the company gained market share through differentiated product delivery.
  • Revenue per Global Rig OutperformanceSince the beginning of 2022, revenue per global rig has increased 35% year over year, with outperformance accelerating through the first nine months of 2026. Management cited approximately $700,000 of annual revenue per U.S. rig versus $350,000 internationally and identified raising international revenue per rig as a major opportunity.
  • Subsea Backlog and Aftermarket MomentumSubsea continued delivering on backlog, including ROV systems and the rescue submarine. With the offshore market strengthening, the company is also seeing a pickup in aftermarket activity. Management expects aftermarket opportunities to increase as shipped ROVs achieve higher utilization.
  • Artificial Lift and Downhole DemandArtificial lift and downhole revenue increased 3% to $90 million, driven by the addition of Premier TorqueRings and higher demand for sand and flow-control solutions and valve products. Orders remained strong, with a 113% book-to-bill ratio primarily from large gas-processing equipment and technology orders.
  • Innovation Expanding Addressable MarketsThe company received its first order for a new high-tensile-strength tube used in perforating-gun housings, expanding its addressable market by approximately $200 million. It is also advancing flow-control technology in the Canadian oil sands and stationary cooling products for data centers, where several advanced-stage RFQs are underway.
  • Canadian Oil Sands ProgressThe Canadian oil sands market remained a strong contributor, with durable activity and increased adoption of the company's flow-control technology. Management said the products reduce steam and sand penetration in thermal oil wells and increase oil production.
  • Data Center Cooling OpportunityThe company reported increased activity and several RFQs for stationary cooling products used in data-center power generation. Its patented, modular cooling technology is designed to increase uptime and lower total cost of ownership, including by allowing coolers to be replaced quickly.
  • Growth Opportunities in Venezuela and ArgentinaThe company has delivered coil tubing, pressure-control equipment, and coiled line pipe into Venezuela, where customer capital commitments and contracts are moving in a constructive direction. Argentina was described as an attractive growth market, with demand supported by technologies proven in North American shale, including quench-and-temper coiled tubing and greaseless wireline cables.
  • Strong Free Cash Flow and Balance Sheet ImprovementThird-quarter free cash flow was $30 million, above the high end of guidance, helped by $10 million of working-capital cash flow pulled forward from the fourth quarter. Net debt declined by $18 million, based on management's correction, to $97 million, and net leverage improved from 1.1x to 0.9x.
  • Share Repurchases and Capital ReturnsThe company repurchased approximately $1.4 million of shares during the quarter at an average price of $51, described as over 40% below recent trading values. Since initiating the current program in 2025, it has repurchased 1.6 million shares, or approximately 13% of the then-outstanding share count. Year to date, it has returned $9 million through share repurchases.
  • Accretive Premier TorqueRings AcquisitionFET completed the Premier TorqueRings acquisition for total guaranteed consideration of $33 million, or approximately 4x EBITDA, consisting of $16 million of common stock, $12 million of cash, and $5 million of deferred cash consideration. Management expects approximately $2 million of quarterly EBITDA at run rate and roughly $1 million of contribution in the fourth quarter.
  • Premier TorqueRings Synergies and Expansion PotentialPremier TorqueRings has shared customers and similar target accounts with FET's downhole product line, creating cross-selling and international-expansion opportunities. Management retained the Premier team and said the product is field-friendly and increasingly useful as wells become longer and more complex.
  • FET 2030 Progress and Long-Term TargetsThe FET 2030 plan targets doubling revenue, quadrupling EBITDA, and tripling free cash flow versus 2025. Management said results are tracking favorably, that the growth scenario is more likely than the previously contemplated flat scenario, and that the company is executing on the plan with an internal self-assessment of an 'A.'
  • Improved Shareholder Returns and Valuation PerformanceThrough the prior day's close, FET shares were up 140% year to date versus a 15% increase for the Russell 2000. Management also reported year-to-date revenue growth 75% faster than the Russell 2000, EBITDA increasing by over 4x the index, and adjusted net income increasing by more than 400x the Russell.
  • Constructive 2027 Market OutlookManagement said market indications favor a growth year in 2027, supported by elevated commodity prices and expectations from large service companies for broad-based growth. Annualizing the midpoint of fourth-quarter guidance would result in 2027 revenue and EBITDA growth of 5% to 14%, while customer discussions point to mid to high single digit activity growth and greater product intensity from longer laterals and more stages.
  • Capital-Light Growth ModelManagement said the company does not need significant capital expenditure to grow. Under the FET 2030 framework, incremental EBITDA margins on revenue are expected to be between 25% and 35%, with 60% to 70% of every incremental dollar of EBITDA expected to convert to free cash flow.
  • Operating Upgrade Opportunities in the Lower 48Although customers have been resourceful in extending equipment life, management is seeing investment in upgrades such as the FR 21 iron roughneck and GHT radiators. These upgrades are intended to handle larger drill pipe, improve efficiency, and increase engine and transmission uptime.
  • Financial Flexibility for Additional M&AManagement described current debt levels as comfortable and said FET has a solid balance sheet, access to capital markets, and a well-funded revolver with approximately $250 million of total capacity, including $180 million of borrowing base and very little drawn at quarter-end. The company is continuing to evaluate acquisitions ranging from bolt-ons to potentially larger transactions.

DE:1FE1 Earnings History

DE:1FE1 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)1.16-0.37――
Oct 29, 20262026 (Q3)1.101.360.24459.26% (+1.12)
Jul 30, 20262026 (Q2)0.511.05-0.091260.00% (+1.14)
Apr 30, 20262026 (Q1)0.400.420.041075.00% (+0.39)
Feb 19, 20262025 (Q4)0.330.37-0.43185.42% (+0.80)
Oct 30, 20252025 (Q3)0.170.24-0.17242.11% (+0.42)
Aug 07, 20252025 (Q2)0.11-0.09-0.06-42.86% (-0.03)
May 01, 20252025 (Q1)0.240.04-0.11133.33% (+0.14)
Feb 20, 20252024 (Q4)0.05-0.43-0.35-23.08% (-0.08)
Oct 31, 20242024 (Q3)0.05-0.170.69-124.77% (-0.87)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed