Revenue growth accelerated to 8.6% YoY in 2026Q2, with gross margin expanding to 24.8% from 23.1% a year earlier, reflecting favorable mix and operating leverage that drove EPS up 40.6% YoY to $0.90.
TechnipFMC plc (FTI) annual income statement — 29-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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 10.41B | 9.93B | 9.08B | 7.83B | 6.7B | 6.4B | 6.53B | 6.95B | 12.55B | 15.06B | 9.2B | 11.47B | 12.19B | 12.18B | 10.82B | 8.83B | 8.09B | 9.25B | 10.41B | 11.5B | 9.14B | 6.36B | 6.96B | 5.92B | 4.68B | 3.16B | 2.79B | 2.8B | 14.2B | 11.15B |
| Revenue Growth % | 9.39% | 9.37% | 16.02% | 16.82% | 4.64% | -1.95% | -6.04% | -44.63% | -16.63% | 63.67% | -19.81% | -5.92% | 0.08% | 12.64% | 22.5% | 9.17% | -12.55% | -11.19% | -9.42% | 25.78% | 43.68% | -8.63% | 17.58% | 26.66% | 48.16% | 13.08% | -0.3% | -80.29% | 27.35% | - |
| Cost of Goods Sold | 8.03B | 8.21B | 7.37B | 6.48B | 5.8B | 5.58B | 5.84B | 5.89B | 10.27B | 12.52B | 7.63B | 9.98B | 10.39B | 10B | 8.77B | 7.16B | 6.51B | 7.61B | 8.83B | 10.56B | 8.19B | 5.7B | 6.2B | 5.02B | 3.94B | 2.75B | 2.52B | 2.52B | 0 | 0 |
| COGS % of Revenue | - | 82.65% | 81.18% | 82.83% | 86.62% | 87.13% | 89.36% | 84.78% | 81.84% | 83.18% | 82.94% | 86.95% | 85.21% | 82.05% | 81.09% | 81.12% | 80.52% | 82.31% | 84.77% | 91.87% | 89.54% | 89.62% | 89.05% | 84.71% | 84.33% | 87.26% | 90.2% | 90.14% | - | - |
| Gross Profit | 2.39B | 1.72B | 1.71B | 1.34B | 896.3M | 823.9M | 694.8M | 1.06B | 2.28B | 2.53B | 1.57B | 1.5B | 1.8B | 2.19B | 2.05B | 1.67B | 1.58B | 1.64B | 1.59B | 935.16M | 956.06M | 660.51M | 762.77M | 905.81M | 732.58M | 402M | 273.49M | 276.11M | 0 | 0 |
| Gross Margin % | 22.93% | 17.35% | 18.82% | 17.17% | 13.38% | 12.87% | 10.64% | 15.22% | 18.16% | 16.82% | 17.06% | 13.05% | 14.79% | 17.95% | 18.91% | 18.88% | 19.48% | 17.69% | 15.23% | 8.13% | 10.46% | 10.38% | 10.95% | 15.29% | 15.67% | 12.74% | 9.8% | 9.86% | - | - |
| Gross Profit Growth % | - | 0.82% | 27.17% | 49.94% | 8.79% | 18.58% | -34.34% | -53.59% | -9.97% | 61.33% | 4.86% | -17.03% | -17.53% | 6.93% | 22.68% | 5.82% | -3.68% | 3.12% | 69.66% | -2.19% | 44.75% | -13.41% | -15.79% | 23.65% | 82.23% | 46.99% | -0.95% | - | - | - |
| Operating Expenses | 826.5M | 766M | 740.5M | 776.5M | 696.7M | 745.3M | 799.4M | 945.2M | 1.33B | 1.27B | 678M | 785.1M | 924.53M | 1.01B | 1B | 768.32M | 758.35M | 1.02B | 672.11M | 546.02M | 480.8M | 387.12M | 446.34M | 619.67M | 641.42M | 148.9M | 127.07M | 123.67M | 13.11B | 10.4B |
| OpEx % of Revenue | - | 7.71% | 8.15% | 9.92% | 10.4% | 11.64% | 12.24% | 13.6% | 10.59% | 8.46% | 7.37% | 6.84% | 7.58% | 8.32% | 9.29% | 8.7% | 9.38% | 11.04% | 6.45% | 4.75% | 5.26% | 6.08% | 6.41% | 10.46% | 13.72% | 4.72% | 4.55% | 4.42% | 92.26% | 93.21% |
| Selling, General & Admin | 733.1M | 667M | 667.1M | 684.5M | 629.7M | 666.9M | 724.1M | 795.7M | 1.14B | 1.06B | 572.6M | 689.6M | 790.17M | 992.63M | 898.15M | 668.39M | 638.38M | 604.48M | 569.51M | 512.78M | 467.74M | 364.75M | 390.67M | 429.58M | 328.22M | 132.6M | 79.93M | 81.3M | 0 | 0 |
| SG&A % of Revenue | - | 6.72% | 7.35% | 8.75% | 9.4% | 10.41% | 11.09% | 11.45% | 9.09% | 7.05% | 6.22% | 6.01% | 6.48% | 8.15% | 8.3% | 7.57% | 7.89% | 6.54% | 5.47% | 4.46% | 5.12% | 5.73% | 5.61% | 7.25% | 7.02% | 4.2% | 2.86% | 2.9% | - | - |
| Research & Development | 93.4M | 73M | 73.4M | 92M | 67M | 78.4M | 75.3M | 149.5M | 189.2M | 212.9M | 105.4M | 95.5M | 99.98M | 103.97M | 90.58M | 84.63M | 75.28M | 76.65M | 62.51M | 61.24M | 46.06M | 34.8M | 40.91M | 41.87M | 39.28M | 16.3M | 6.76M | 10.36M | 0 | 0 |
| R&D % of Revenue | - | 0.73% | 0.81% | 1.18% | 1% | 1.22% | 1.15% | 2.15% | 1.51% | 1.41% | 1.15% | 0.83% | 0.82% | 0.85% | 0.84% | 0.96% | 0.93% | 0.83% | 0.6% | 0.53% | 0.5% | 0.55% | 0.59% | 0.71% | 0.84% | 0.52% | 0.24% | 0.37% | - | - |
| Other Operating Expenses | 0 | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.38M | -82.63M | 0 | 15.29M | 44.69M | 339.99M | 40.09M | -27.99M | -32.99M | -12.43M | 14.76M | 148.22M | 273.92M | 0 | 40.39M | 32M | 13.11B | 10.4B |
| Operating Income | 1.56B | 957M | 968.5M | 567.4M | 199.6M | 78.6M | -104.6M | 112.9M | 950.1M | 1.26B | 891.6M | 711.7M | 879.5M | 1.17B | 1.08B | 899.23M | 817.53M | 614.93M | 914.47M | 389.14M | 475.26M | 273.39M | 316.44M | 286.14M | 91.17M | 253.1M | 146.42M | 152.45M | 1.1B | 757.46M |
| Operating Margin % | 14.99% | 9.63% | 10.66% | 7.25% | 2.98% | 1.23% | -1.6% | 1.62% | 7.57% | 8.36% | 9.69% | 6.2% | 7.21% | 9.63% | 9.95% | 10.18% | 10.11% | 6.65% | 8.78% | 3.38% | 5.2% | 4.3% | 4.54% | 4.83% | 1.95% | 8.02% | 5.25% | 5.45% | 7.74% | 6.79% |
| Operating Income Growth % | - | -1.19% | 70.69% | 184.27% | 153.94% | 175.14% | -192.65% | -88.12% | -24.51% | 41.15% | 25.28% | -19.08% | -25.06% | 9.08% | 19.64% | 9.99% | 32.95% | -32.76% | 135% | -18.12% | 73.84% | -13.6% | 10.59% | 213.87% | -63.98% | 72.86% | -3.95% | -86.13% | 45.13% | - |
| EBITDA | 1.99B | 1.4B | 1.34B | 942M | 576.8M | 464M | 307.5M | 580.6M | 1.5B | 1.87B | 1.19B | 1.05B | 1.18B | 1.45B | 1.32B | 1.12B | 1.01B | 936.01M | 1.18B | 626.65M | 686.16M | 458.73M | 524.37M | 597.55M | 382.83M | 351.8M | 186.81M | 184.45M | 1.21B | 865.92M |
| EBITDA Margin % | 19.07% | 14.08% | 14.79% | 12.04% | 8.61% | 7.25% | 4.71% | 8.35% | 11.95% | 12.44% | 12.96% | 9.16% | 9.64% | 11.93% | 12.21% | 12.74% | 12.5% | 10.12% | 11.3% | 5.45% | 7.51% | 7.21% | 7.53% | 10.09% | 8.19% | 11.15% | 6.69% | 6.59% | 8.49% | 7.76% |
| EBITDA Growth % | 24.31% | 4.12% | 42.61% | 63.31% | 24.31% | 50.89% | -47.04% | -61.31% | -19.9% | 57.11% | 13.51% | -10.63% | -19.16% | 10.08% | 17.44% | 11.23% | 8.03% | -20.48% | 87.83% | -8.67% | 49.58% | -12.52% | -12.25% | 56.09% | 8.82% | 88.32% | 1.28% | -84.71% | 39.34% | - |
| D&A (Non-Cash Add-back) | 424.8M | 441.8M | 374.9M | 374.6M | 377.2M | 385.4M | 412.1M | 467.7M | 550.4M | 614.7M | 300.7M | 338.7M | 295.83M | 280.38M | 244.97M | 225.52M | 193.64M | 321.08M | 262.55M | 237.51M | 210.9M | 185.34M | 207.93M | 311.41M | 291.67M | 98.7M | 40.39M | 32M | 107.31M | 108.46M |
| EBIT | 1.56B | 1.04B | 1.04B | 589.4M | 207.6M | 355.4M | -104.6M | 112.9M | 950.1M | 1.26B | 891.6M | 711.7M | 922.35M | 1.1B | 1.08B | 971.81M | 1.36B | 1.31B | 1.55B | 422.53M | 477.64M | 274.45M | 332.69M | 286.14M | 91.17M | 253.1M | 146.42M | 152.45M | 1.1B | 757.46M |
| Net Interest Income | -24.8M | -41M | -63.5M | -88.7M | -120.9M | -143.3M | -81.8M | -91.3M | -360.9M | -315.2M | -28.8M | -71.2M | -103.12M | -75.4M | -73.93M | -30.59M | -26.73M | -86.97M | -15.31M | -94.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 39.6M | 56M | 33.9M | 33.5M | 17.8M | 14M | 52.3M | 43.6M | 121.4M | 140.8M | 85.3M | 45.7M | 47.91M | 76.22M | 76.18M | 453.37M | 544.49M | 684.85M | 78.93M | 29.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 64.4M | 97M | 97.4M | 122.2M | 138.7M | 157.3M | 134.1M | 134.9M | 482.3M | 456M | 114.1M | 75.44M | 82.81M | 79.26M | 64.27M | 430.82M | 571.22M | 771.82M | 94.25M | 123.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -64.6M | -17M | -28.1M | -404.9M | -130.7M | 119.5M | -3.39B | -2.68B | -2.44B | -578.8M | -340.2M | -561.2M | -154.09M | -112.37M | -83.2M | 22.55M | -26.73M | -80.23M | -12.25M | -90.1M | -84.6M | -103.56M | -88.32M | -207.82M | -73.42M | -98.6M | 114.39M | 110.99M | 149.3M | 128.81M |
| Pretax Income | 1.5B | 940M | 940.4M | 162.5M | 68.9M | 198.1M | -3.5B | -2.57B | -1.49B | 679.7M | 551.4M | 150.5M | 725.41M | 1.06B | 992.68M | 921.78M | 790.8M | 534.7M | 902.22M | 299.04M | 390.66M | 169.83M | 228.12M | 78.32M | 17.75M | 154.5M | 260.81M | 263.44M | 1.25B | 886.27M |
| Pretax Margin % | 14.37% | 9.46% | 10.36% | 2.08% | 1.03% | 3.09% | -53.57% | -36.99% | -11.85% | 4.51% | 5.99% | 1.31% | 5.95% | 8.71% | 9.18% | 10.44% | 9.78% | 5.78% | 8.66% | 2.6% | 4.27% | 2.67% | 3.28% | 1.32% | 0.38% | 4.9% | 9.34% | 9.41% | 8.79% | 7.95% |
| Income Tax | 319.4M | -23.9M | 85.1M | 143.9M | 105.4M | 111.1M | 19.4M | 79M | 422.7M | 545.5M | 180.3M | 136.5M | 190.79M | 277M | 272.7M | 270.49M | 238.6M | 278.96M | 269.79M | 112.41M | 124.19M | 51.48M | 73.42M | 103.09M | 48.63M | 58.3M | 58.51M | 89.56M | 436.63M | 298.43M |
| Effective Tax Rate % | 21.34% | -2.54% | 9.05% | 88.55% | 152.98% | 56.08% | -0.55% | -3.07% | -28.41% | 80.26% | 32.7% | 90.7% | 26.3% | 26.1% | 27.47% | 29.34% | 30.17% | 52.17% | 29.9% | 37.59% | 31.79% | 30.31% | 32.19% | 131.62% | 273.97% | 37.73% | 22.43% | 34% | 34.97% | 33.67% |
| Net Income | 1.18B | 963.9M | 842.9M | 22.9M | -107.2M | 13.3M | -3.29B | -2.42B | -1.92B | 113.3M | 393.3M | 14.4M | 528.48M | 775.46M | 716.33M | 657.51M | 555.39M | 244.14M | 623.66M | 184.15M | 264.09M | 110.42M | 151.44M | -24.77M | -30.88M | 96.2M | 201.18M | 173.68M | 810.76M | 587.62M |
| Net Margin % | 11.29% | 9.7% | 9.28% | 0.29% | -1.6% | 0.21% | -50.34% | -34.75% | -15.31% | 0.75% | 4.28% | 0.13% | 4.33% | 6.36% | 6.62% | 7.45% | 6.87% | 2.64% | 5.99% | 1.6% | 2.89% | 1.74% | 2.17% | -0.42% | -0.66% | 3.05% | 7.21% | 6.2% | 5.71% | 5.27% |
| Net Income Growth % | 25.4% | 14.36% | 3580.79% | 121.36% | -906.01% | 100.4% | -36.12% | -25.69% | -1796.03% | -71.19% | 2631.25% | -97.28% | -31.85% | 8.25% | 8.95% | 18.39% | 127.49% | -60.85% | 238.68% | -30.27% | 139.17% | -27.09% | 711.47% | 19.79% | -132.1% | -52.18% | 15.83% | -78.58% | 37.97% | - |
| Net Income (Continuing) | 1.18B | 963.9M | 855.3M | 18.6M | -36.5M | 87M | -3.52B | -2.65B | -1.91B | 134.2M | 371.1M | 14M | 535.5M | 784.96M | 0 | 651.29M | 552.2M | 255.75M | 632.43M | 186.62M | 264.09M | 116.34M | 151.44M | -24.77M | -30.88M | 96.2M | 202.3M | 173.88M | 811.93M | 587.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -45.3M | -74.5M | 265M | 230.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.3M | 41.5M | 44.6M | 35.4M | 36.5M | 15.7M | 103.8M | 69.9M | 69.8M | 21.5M | -11.7M | 9.29M | 14.35M | 23.89M | 17.46M | 28.13M | 29.66M | 43.56M | 31.04M | 26.83M | 20.46M | 16.45M | 13.28M | 11.57M | 17.12M | 19M | 3.19M | 2.31M | 21.11M | 24.64M |
| EPS (Diluted) | 2.89 | 2.30 | 1.91 | 0.05 | -0.14 | 0.19 | -7.92 | -5.91 | -4.20 | 0.24 | 3.16 | 0.13 | 4.42 | 6.44 | 5.97 | 5.72 | 5.07 | 2.29 | 5.84 | 1.75 | 2.48 | 1.13 | 0.05 | -0.21 | -0.25 | 0.73 | 6.03 | 5.41 | 25.70 | 17.77 |
| EPS Growth % | 32.72% | 20.42% | 3720% | 135.71% | -173.68% | 102.4% | -34.01% | -40.71% | -1850% | -92.41% | 2330.77% | -97.06% | -31.37% | 7.87% | 4.37% | 12.82% | 121.4% | -60.79% | 233.71% | -29.44% | 119.47% | 1996.47% | 125.67% | 16% | -134.25% | -87.89% | 11.46% | -78.95% | 44.63% | - |
| EPS (Basic) | - | 2.30 | 1.96 | 0.05 | -0.14 | 0.19 | -7.92 | -5.91 | -4.20 | 0.24 | 3.29 | 0.13 | 4.71 | 6.97 | 6.52 | 6.08 | 5.21 | 1.15 | 2.97 | 1.78 | 2.51 | 1.16 | 0.80 | -0.13 | -0.30 | 3.05 | 6.28 | 5.51 | 25.70 | 17.77 |
| Diluted Shares Outstanding | 407M | 419M | 440.5M | 452.3M | 449.5M | 454.6M | 448.7M | 448M | 458M | 468.3M | 125.1M | 127.3M | 125.27M | 124.78M | 124.42M | 117.5M | 109.84M | 106.82M | 106.82M | 105M | 106.28M | 97.22M | 118.16M | 118.16M | 121.3M | 131.39M | 33.34M | 32.11M | 31.55M | 33.07M |
| Basic Shares Outstanding | 398.1M | 419M | 429.1M | 438.6M | 449.5M | 450.5M | 448.7M | 448M | 457.52M | 466.7M | 119.4M | 114.9M | 112.17M | 111.29M | 109.88M | 108.08M | 106.47M | 106.26M | 104.82M | 103.94M | 105.47M | 95.69M | 189.24M | 187.46M | 103.29M | 33.54M | 32.06M | 31.52M | 31.55M | 33.07M |
| Dividend Payout Ratio | - | 8.54% | 10.19% | 189.96% | - | - | - | - | - | 53.49% | 28.35% | 685.42% | 47.52% | 33.12% | 31.87% | 30.77% | 34.39% | 74.82% | 27.92% | 217.5% | 70.81% | 34.3% | 116.1% | - | - | 47.09% | - | - | - | - |
Quick answers to the most common questions about buying FTI stock.
For fiscal year 2025, TechnipFMC plc (FTI) reported total revenue of $9.93B. This represents a 11.0% decline compared to $11.15B in 1997.
TechnipFMC plc (FTI) is profitable, generating $963.9M in net income for the fiscal year ending 2025 with a net profit margin of 9.7%.
TechnipFMC plc (FTI) reported an operating income of $957.0M, resulting in an operating profit margin of 9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TechnipFMC plc (FTI) generated $1.72B in gross profit for the year, representing a gross profit margin of 17.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geographic concentration in Brazil/Guyana
Metrics are mathematically derived from official filings.
Subsea-Led Growth Accelerates
Revenue grew 8.6% YoY in 2026Q2, accelerating from 5.4% in 2025Q4, driven by robust subsea backlog conversion and increased offshore activity, as per recent financial statements.
The sequential acceleration in revenue growth from 5.4% to 8.6% suggests that the company is converting its record backlog into recognized revenue at a faster pace, likely due to increased vessel utilization and project milestones. This trend appears durable given the long-cycle nature of subsea contracts and the favorable offshore capex cycle, though investors should monitor whether growth can sustain above 10% as the backlog normalizes.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved to 24.8% in 2026Q2 from 23.1% a year earlier, according to reported figures, suggesting a favorable mix of higher-margin Subsea 2.0 products and better execution.
The 170 basis point YoY gross margin expansion indicates that the company is benefiting from a higher proportion of standardized Subsea 2.0 products, which reduce engineering hours and manufacturing costs. This structural improvement appears sustainable as the adoption rate of Subsea 2.0 increases, but the 17.3% gross margin in 2024Q1 highlights the cyclicality and legacy contract drag that could re-emerge if execution slips.
Operating Leverage Amplifies Earnings
Operating income grew 22.3% YoY in 2026Q2, outpacing revenue growth of 8.6%, as per the latest income statement, indicating strong operating leverage from fixed-cost absorption.
The operating margin expanded from 15.7% in 2025Q2 to 17.7% in 2026Q2, driven by revenue growth and disciplined SG&A control, with SG&A as a percentage of revenue declining from 6.9% to 6.0%. This suggests that the high fixed-cost base is being utilized more efficiently, but investors should watch for potential cost overruns on fixed-price EPCI contracts that could reverse this leverage.
Earnings Quality Boosted by Tax Timing
Net income surged 34.6% YoY in 2026Q2, with EPS of $0.90, but the effective tax rate appears lower than historical norms, as per reported financials, warranting scrutiny.
The net margin of 13.1% in 2026Q2 is the highest in the ten-quarter period, partly due to a lower effective tax rate and a one-time benefit from a negative SBC adjustment in 2025Q3. Excluding these items, underlying earnings quality appears solid, but the volatility in SBC and tax items suggests that reported EPS may overstate the sustainable run-rate.
R&D Investment Supports Innovation
R&D spending rose to $25.7M in 2026Q2, up from $14.1M a year earlier, as per the income statement, reflecting continued investment in Subsea 2.0 and new technologies.
The increase in R&D spending, while modest in absolute terms, indicates a commitment to product standardization and cost reduction, which is critical for long-term margin expansion. However, the volatility in R&D across quarters (e.g., $48.2M in 2024Q4) suggests that project timing can distort quarterly comparisons, and investors should focus on the annual trend.
Geographic Concentration Poses Risk
Despite strong margins, FTI's reliance on Brazil and Guyana for a large portion of backlog, as noted in company disclosures, exposes it to political and regulatory shifts in these regions.
The impressive margin expansion and earnings growth could be undermined if Petrobras or other operators in Brazil/Guyana delay or cancel projects due to regulatory changes or local content requirements. Additionally, the low reported debt/equity of 0.59% appears inconsistent with the capital-intensive nature of the business, suggesting that the actual leverage may be higher, which could amplify downside risk in a downturn.