Revenue growth accelerated to 13.2% YoY in Q2 2026, with gross margin expanding 180 bps sequentially to 31.5%, yet TTM net margin remains negative at -1.2%.
Forum Energy Technologies, Inc. (FET) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 833.35M | 791.47M | 816.42M | 738.86M | 699.91M | 541.1M | 512.5M | 956.53M | 1.06B | 818.6M | 587.6M | 1.07B | 1.74B | 1.52B | 1.41B | 1.13B | 747.34M | 677.38M |
| Revenue Growth % | 3.93% | -3.06% | 10.5% | 5.57% | 29.35% | 5.58% | -46.42% | -10.12% | 30% | 39.31% | -45.27% | -38.28% | 14.09% | 7.77% | 25.42% | 50.95% | 10.33% | - |
| Cost of Goods Sold | 599.69M | 572.44M | 561.39M | 534.71M | 511.39M | 417.8M | 523.5M | 711.68M | 807.85M | 629.8M | 487.9M | 810.98M | 1.18B | 1.05B | 951.88M | 765.67M | 533.08M | 491.46M |
| COGS % of Revenue | - | 72.33% | 68.76% | 72.37% | 73.06% | 77.21% | 102.15% | 74.4% | 75.91% | 76.94% | 83.03% | 75.53% | 67.84% | 68.83% | 67.28% | 67.87% | 71.33% | 72.55% |
| Gross Profit | 233.66M | 219.04M | 255.03M | 204.15M | 188.53M | 123.3M | -11M | 244.85M | 256.37M | 188.8M | 99.7M | 262.73M | 559.43M | 475.21M | 463.02M | 362.46M | 214.26M | 185.91M |
| Gross Margin % | 28.04% | 27.67% | 31.24% | 27.63% | 26.94% | 22.79% | -2.15% | 25.6% | 24.09% | 23.06% | 16.97% | 24.47% | 32.16% | 31.17% | 32.72% | 32.13% | 28.67% | 27.45% |
| Gross Profit Growth % | - | -14.11% | 24.92% | 8.29% | 52.9% | 1220.91% | -104.49% | -4.49% | 35.79% | 89.37% | -62.05% | -53.04% | 17.72% | 2.63% | 27.74% | 69.17% | 15.24% | - |
| Operating Expenses | 206.53M | 199.91M | 341.8M | 183.44M | 171.2M | 168.9M | 220.6M | 781M | 286.98M | 253.7M | 718.4M | 1.08B | 1.5B | 1.32B | 1.17B | 202.48M | 141.44M | 128.56M |
| OpEx % of Revenue | - | 25.26% | 41.87% | 24.83% | 24.46% | 31.21% | 43.04% | 81.65% | 26.97% | 30.99% | 122.26% | 100.32% | 86.04% | 86.73% | 82.97% | 17.95% | 18.93% | 18.98% |
| Selling, General & Admin | 199.6M | 199.91M | 219.32M | 180.39M | 179.47M | 168.9M | 197.7M | 251.74M | 286.98M | 253.7M | 227.01M | 264.91M | 312.82M | 269.67M | 225.27M | 202.48M | 141.44M | 128.56M |
| SG&A % of Revenue | - | 25.26% | 26.86% | 24.41% | 25.64% | 31.21% | 38.58% | 26.32% | 26.97% | 30.99% | 38.63% | 24.67% | 17.98% | 17.69% | 15.92% | 17.95% | 18.93% | 18.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 585K | 0 | 122.47M | 3.05M | -8.27M | 0 | 22.9M | 529.26M | -1.49M | 0 | -3M | -5.54M | 0 | -2.1M | 2.85M | 0 | 0 | 0 |
| Operating Income | 27.13M | 19.13M | -86.77M | 20.72M | 17.33M | -45.6M | -231.6M | -536.15M | -397M | -141.6M | -129M | -113.7M | 268M | 209.6M | 240.9M | 160.61M | 73.28M | 50.21M |
| Operating Margin % | 3.26% | 2.42% | -10.63% | 2.8% | 2.48% | -8.43% | -45.19% | -56.05% | -37.3% | -17.3% | -21.95% | -10.59% | 15.4% | 13.75% | 17.03% | 14.24% | 9.81% | 7.41% |
| Operating Income Growth % | - | 122.05% | -518.84% | 19.57% | 138% | 80.31% | 56.8% | -35.05% | -180.37% | -9.77% | -13.46% | -142.43% | 27.86% | -12.99% | 49.99% | 119.19% | 45.95% | - |
| EBITDA | 68.25M | 52.89M | -33.05M | 55.44M | 54.3M | -3.42M | -180.6M | -472.9M | -322.49M | -76.47M | -67.24M | -48M | 333.1M | 270.3M | 292.7M | 201.39M | 106.49M | 88.64M |
| EBITDA Margin % | 8.19% | 6.68% | -4.05% | 7.5% | 7.76% | -0.63% | -35.24% | -49.44% | -30.3% | -9.34% | -11.44% | -4.47% | 19.15% | 17.73% | 20.69% | 17.85% | 14.25% | 13.09% |
| EBITDA Growth % | 323.78% | 260.02% | -159.61% | 2.1% | 1685.98% | 98.1% | 61.81% | -46.64% | -321.72% | -13.73% | -40.08% | -114.41% | 23.23% | -7.65% | 45.34% | 89.11% | 20.13% | - |
| D&A (Non-Cash Add-back) | 41.11M | 33.76M | 53.72M | 34.73M | 36.98M | 42.18M | 51M | 63.24M | 74.51M | 65.13M | 61.76M | 65.7M | 65.1M | 60.7M | 51.8M | 40.77M | 33.22M | 38.44M |
| EBIT | 38.21M | 34.9M | -96.94M | 10.48M | 41.87M | -50M | -79.5M | -537.25M | -357.22M | -28.47M | -110.59M | -104.38M | 246.63M | 205.56M | 239.17M | 160.24M | 62.53M | 51.3M |
| Net Interest Income | -17.04M | -18.31M | -31.49M | -18.3M | -31.52M | -32.01M | -30.27M | -31.62M | -32.53M | -26.81M | -27.41M | -29.95M | -29.85M | -18.37M | -16.37M | -19.53M | -18.19M | -19.45M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.04M | 18.31M | 31.49M | 18.3M | 31.52M | 32.01M | 30.27M | 31.62M | 32.53M | 26.8M | 27.4M | 29.9M | 29.9M | 18.3M | 16.4M | 19.53M | 18.19M | 19.45M |
| Other Income/Expense | -5.96M | -2.54M | -41.66M | -28.53M | -6.98M | -36.41M | 121.85M | -32.73M | 7.24M | 86.32M | -9.05M | -20.6M | -25.52M | -23.47M | -14.99M | -19.91M | -28.93M | -18.36M |
| Pretax Income | 21.18M | 16.59M | -128.43M | -7.81M | 10.35M | -82.01M | -109.8M | -568.87M | -389.75M | -55.2M | -138.1M | -134.3M | 242.4M | 186.1M | 222.8M | 140.7M | 44.35M | 31.84M |
| Pretax Margin % | 2.54% | 2.1% | -15.73% | -1.06% | 1.48% | -15.16% | -21.42% | -59.47% | -36.62% | -6.74% | -23.5% | -12.51% | 13.93% | 12.2% | 15.75% | 12.47% | 5.93% | 4.7% |
| Income Tax | 22.76M | 26.25M | 6.9M | 11.06M | 6.64M | 642K | -12.9M | -1.81M | -15.67M | 1.9M | -56.1M | -14.9M | 68.1M | 56.5M | 71.3M | 47.11M | 20.3M | 11.01M |
| Effective Tax Rate % | 107.48% | 158.24% | -5.37% | -141.57% | 64.13% | -0.78% | 11.75% | 0.32% | 4.02% | -3.44% | 40.62% | 11.09% | 28.09% | 30.36% | 32% | 33.48% | 45.77% | 34.58% |
| Net Income | -1.58M | -9.66M | -135.33M | -18.88M | 3.71M | -82.7M | -96.9M | -567.06M | -374.08M | -57.1M | -82M | -119.4M | 174.3M | 129.6M | 151.4M | 93.34M | 23.94M | 19.34M |
| Net Margin % | -0.19% | -1.22% | -16.58% | -2.55% | 0.53% | -15.28% | -18.91% | -59.28% | -35.15% | -6.98% | -13.96% | -11.12% | 10.02% | 8.5% | 10.7% | 8.27% | 3.2% | 2.85% |
| Net Income Growth % | 98.55% | 92.86% | -616.92% | -608.51% | 104.49% | 14.65% | 82.91% | -51.59% | -555.13% | 30.37% | 31.32% | -168.5% | 34.49% | -14.4% | 62.2% | 289.93% | 23.8% | - |
| Net Income (Continuing) | -1.58M | -9.66M | -135.33M | -18.88M | 3.71M | -82.65M | -96.89M | -567.06M | -374.08M | -59.4M | -81.95M | -119.38M | 174.38M | 129.6M | 151.53M | 93.59M | 24.05M | 20.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 400K | 600K | 600K | 700K | 639K | 554K | 441K |
| EPS (Diluted) | -0.13 | -0.81 | -11.00 | -1.85 | 0.36 | -14.66 | -17.37 | -103.02 | -68.78 | -11.57 | -17.98 | -26.56 | 36.60 | 27.40 | 34.80 | 24.98 | 6.41 | 5.17 |
| EPS Growth % | 99.33% | 92.64% | -494.59% | -613.89% | 102.46% | 15.6% | 83.14% | -49.78% | -494.47% | 35.65% | 32.3% | -172.57% | 33.58% | -21.26% | 39.31% | 289.7% | 23.98% | - |
| EPS (Basic) | - | -0.81 | -11.00 | -1.85 | 0.36 | -14.66 | -17.37 | -103.02 | -68.80 | -11.57 | -18.00 | -26.61 | 37.60 | 28.60 | 37.80 | 27.47 | 7.04 | 5.69 |
| Diluted Shares Outstanding | 11.77M | 11.88M | 12.3M | 10.21M | 10.37M | 5.64M | 5.58M | 5.5M | 5.44M | 4.93M | 4.56M | 4.5M | 4.76M | 4.73M | 4.35M | 3.74M | 3.74M | 3.74M |
| Basic Shares Outstanding | 11.29M | 11.88M | 12.3M | 10.2M | 10.37M | 5.64M | 5.58M | 5.5M | 5.44M | 4.93M | 4.55M | 4.49M | 4.63M | 4.54M | 4.01M | 3.4M | 3.4M | 3.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FET stock.
For fiscal year 2025, Forum Energy Technologies, Inc. (FET) reported total revenue of $791.5M. This represents a 16.8% increase compared to $677.4M in 2009.
Forum Energy Technologies, Inc. (FET) reported a net loss of $9.7M for the fiscal year ending 2025.
Forum Energy Technologies, Inc. (FET) reported an operating income of $19.1M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Forum Energy Technologies, Inc. (FET) generated $219.0M in gross profit for the year, representing a gross profit margin of 27.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Softening U.S. completions activity
Metrics are mathematically derived from official filings.
Revenue Inflection Amid Soft Macro
FET's revenue accelerated to 13.2% YoY growth in Q2 2026, reaching $226.2M, a sharp reversal from the -3.1% TTM decline, suggesting a cyclical upturn in demand for its equipment and consumables.
The sequential acceleration from 8.0% in Q1 2026 to 13.2% in Q2 2026, as reported in the latest financials, indicates a strengthening demand environment, likely driven by increased offshore activity and market share gains. However, the TTM revenue growth remains negative at -3.1%, implying that the recent surge is not yet broad-based. Investors should monitor whether this momentum persists given the softening U.S. completions activity, which could pressure the short-cycle segments.
Gross Margin Expansion Signals Pricing Power
Gross margin expanded to 31.5% in Q2 2026, up 180 basis points sequentially and 180 basis points YoY, indicating improved pricing or product mix, though the TTM gross margin remains at 27.7%.
The sequential gross margin improvement from 29.2% in Q1 2026 to 31.5% in Q2 2026, as per the income statement data, suggests that FET is benefiting from higher-margin product sales, possibly in subsea robotics or aftermarket parts. This expansion, coupled with a 230 basis point expansion in gross margin cited by management, implies that the company is gaining pricing power or shifting toward more proprietary technology. However, the TTM gross margin of 27.7% is still below the recent quarterly level, indicating that the improvement is recent and may not be fully sustainable if input costs rise.
Operating Leverage Finally Flowing Through
Operating margin surged to 9.1% in Q2 2026 from 5.3% in Q1, as SG&A remained flat at $50.3M, demonstrating that revenue growth is now translating into disproportionate profit gains.
The 380 basis point sequential expansion in operating margin, with SG&A essentially unchanged, indicates that FET is experiencing significant operating leverage. This suggests that the company's fixed cost base is being better utilized as revenue scales, a key driver of the EPS beat. However, the TTM operating margin is still only 2.4%, reflecting the drag from prior quarters, so the durability of this leverage depends on sustaining revenue growth.
Earnings Quality Marred by One-Time Items
Q2 2026 net income of $12.4M and EPS of $1.05 were boosted by a $20.5M operating income, but the TTM net margin remains negative at -1.2%, suggesting the quarterly profitability may not be fully recurring.
The reported EPS of $1.05 in Q2 2026 versus the $0.54 estimate indicates a significant beat, but the TTM net margin of -1.2% reveals that the company has not yet achieved sustained profitability. The large swing from a -$103.5M net loss in Q4 2024 to positive net income in recent quarters suggests that the improvement is real but may be influenced by one-time gains or cost reductions. Investors should monitor whether the positive net income persists, especially given the still-negative TTM figure.
SG&A Discipline Drives Margin Recovery
SG&A expenses have remained relatively flat around $50M over the past year, despite revenue growth, leading to a 9.1% operating margin in Q2 2026, up from 0.9% in Q4 2025.
The stability of SG&A at approximately $50M per quarter, as shown in the data, indicates that management has maintained tight cost control, allowing revenue growth to drop to the bottom line. This is a positive sign for operational efficiency, but the lack of R&D investment (reported as $0) may limit future product innovation. The company's ability to keep SG&A flat while growing revenue suggests a scalable cost structure, but investors should watch for potential increases in SG&A as the company invests for growth.
Sustainability of the Inflection Questioned
Despite the strong Q2 2026 beat, TTM net margin remains negative at -1.2%, and revenue growth is still down 3.1% YoY, raising doubts about the durability of the recent profitability surge.
The single-quarter profitability surge appears to be outpacing the trailing twelve-month baseline, suggesting the inflection is recent and not yet fully reflected in annualized figures. The softening U.S. completions activity poses a risk to the Completions segment, which is a key revenue driver. If the macro environment deteriorates, the operating leverage that drove the Q2 beat could reverse, leading to margin compression. Investors should monitor whether the raised guidance of $225-245M for forward revenue is achievable given the headwinds.