Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance

Third Quarter 2026 Guidance

Full Year 2026 Guidance

Range ($ millions)

YoY Change %

Range ($ millions)

Prior Change %

YoY Change %

Revenue

$225 to $245

20%

$870 to $910

6%

13%

Adjusted EBITDA

$31 to $37

48%

$115 to $125

17%

40%

Adjusted Net Income

$12 to $18

400%

$42 to $52

57%

571%

Free Cash Flow²

$15 to $25

(9)%

$57 to $77

3%

3%

¹ See Tables 1-8 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

² For comparative purposes, free cash flow for the third quarter and full year 2025 excludes approximately $7 million and $15 million, respectively, of proceeds from sale-leaseback transactions.

Forum Energy Technologies, Inc.

Condensed consolidated statements of income

(Unaudited)

Three months ended

June 30,

March 31,

(in thousands, except per share information)

2026

2025

2026

Revenue

$

226,217

$

199,764

$

208,700

Cost of sales

154,865

140,408

147,709

Gross profit

71,352

59,356

60,991

Operating expenses

Selling, general and administrative expenses

50,260

51,185

50,008

Transaction expenses

125

184

148

Loss (gain) on disposal of assets and other

460

(6,696

)

(170

)

Total operating expenses

50,845

44,673

49,986

Operating income

20,507

14,683

11,005

Other expense (income)

Interest expense

4,272

4,706

4,141

Foreign exchange losses (gains) and other, net

226

(3,942

)

(523

)

Total other expense

4,498

764

3,618

Income before taxes

16,009

13,919

7,387

Income tax expense

3,602

6,219

2,895

Net income ⁽¹⁾

$

12,407

$

7,700

$

4,492

Weighted average shares outstanding

Basic

11,290

12,350

11,214

Diluted

11,773

12,554

11,641

Earnings per share

Basic

$

1.10

$

0.62

$

0.40

Diluted

$

1.05

$

0.61

$

0.39

⁽¹⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.

Condensed consolidated statements of income

(Unaudited)

Six months ended

June 30,

(in thousands, except per share information)

2026

2025

Revenue

$

434,917

$

393,043

Cost of sales

302,574

275,326

Gross profit

132,343

117,717

Operating expenses

Selling, general and administrative expenses

100,268

100,568

Transaction expenses

273

235

Loss (gain) on disposal of assets and other

290

(6,573

)

Total operating expenses

100,831

94,230

Operating income

31,512

23,487

Other expense (income)

Interest expense

8,413

9,689

Foreign exchange gains and other, net

(297

)

(5,010

)

Total other expense

8,116

4,679

Income before taxes

23,396

18,808

Income tax expense

6,497

9,986

Net income ⁽¹⁾

$

16,899

$

8,822

Weighted average shares outstanding

Basic

11,252

12,327

Diluted

11,707

12,542

Earnings per share

Basic

$

1.50

$

0.72

Diluted

$

1.44

$

0.70

⁽¹⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.

Condensed consolidated balance sheets

(Unaudited)

June 30,

December 31,

(in thousands of dollars)

2026

2025

Assets

Current assets

Cash and cash equivalents

$

33,716

$

34,661

Accounts receivable-trade, net

173,963

142,396

Inventories, net

233,473

239,420

Other current assets

42,370

32,407

Total current assets

483,522

448,884

Property and equipment, net of accumulated depreciation

47,962

51,905

Operating lease assets

80,798

80,733

Goodwill and other intangible assets, net

144,605

158,304

Other long-term assets

13,823

12,629

Total assets

$

770,710

$

752,455

Liabilities and equity

Current liabilities

Current portion of long-term debt

$

1,273

$

1,407

Other current liabilities

219,288

205,127

Total current liabilities

220,561

206,534

Long-term debt, net of current portion

142,435

134,521

Other long-term liabilities

117,932

120,257

Total liabilities

480,928

461,312

Total equity

289,782

291,143

Total liabilities and equity

$

770,710

$

752,455

Forum Energy Technologies, Inc.

Condensed consolidated cash flow information

(Unaudited)

Six months ended June 30,

(in thousands of dollars)

2026

2025

Cash flows from operating activities

Net income

$

16,899

$

8,822

Depreciation and amortization

15,334

18,051

Inventory write-down

5,897

760

Gain on sale-leaseback transactions

-

(6,903

)

Other noncash items and changes in working capital

(24,074

)

4,369

Net cash provided by operating activities

14,056

25,099

Cash flows from investing activities

Capital expenditures for property and equipment

(3,189

)

(3,061

)

Proceeds from sale of property and equipment

159

57

Proceeds from sale-leaseback transactions

-

8,028

Net cash provided by (used in) investing activities

(3,030

)

5,024

Cash flows from financing activities

Borrowings of debt

265,195

271,326

Repayments of debt

(258,266

)

(300,092

)

Repurchases of stock

(7,567

)

(6,295

)

Payment of withheld taxes on stock-based compensation plans

(9,274

)

(1,321

)

Deferred financing costs

(1,659

)

(914

)

Net cash used in financing activities

(11,571

)

(37,296

)

Effect of exchange rate changes on cash

(400

)

1,479

Net decrease in cash and cash equivalents

$

(945

)

$

(5,694

)

Forum Energy Technologies, Inc.

Supplemental schedule - Segment information

(Unaudited)

As Reported

As Adjusted ⁽³⁾

Three months ended

Three months ended

(in thousands of dollars)

June 30,
2026

June 30,
2025

March 31,
2026

June 30,
2026

June 30,
2025

March 31,
2026

Revenue

Drilling and Completions

$

139,004

$

117,237

$

126,739

$

139,004

$

117,237

$

126,739

Artificial Lift and Downhole

87,422

82,547

82,098

87,422

82,547

82,098

Eliminations

(209

)

(20

)

(137

)

(209

)

(20

)

(137

)

Total revenue

$

226,217

$

199,764

$

208,700

$

226,217

$

199,764

$

208,700

Operating income (loss)

Drilling and Completions

$

13,715

$

7,271

$

8,909

$

14,328

$

8,408

$

10,081

Operating Margin %

9.9

%

6.2

%

7.0

%

10.3

%

7.2

%

8.0

%

Artificial Lift and Downhole

16,350

10,391

11,584

16,449

10,533

11,593

Operating Margin %

18.7

%

12.6

%

14.1

%

18.8

%

12.8

%

14.1

%

Corporate

(8,973

)

(9,491

)

(9,510

)

(9,246

)

(9,299

)

(9,055

)

Total segment operating income

21,092

8,171

10,983

21,531

9,642

12,619

Other items not in segment operating income ⁽¹⁾

(585

)

6,512

22

(423

)

(18

)

(64

)

Total operating income

$

20,507

$

14,683

$

11,005

$

21,108

$

9,624

$

12,555

Operating Margin %

9.1

%

7.4

%

5.3

%

9.3

%

4.8

%

6.0

%

EBITDA ⁽²⁾

Drilling and Completions

$

14,933

$

14,674

$

12,170

$

16,494

$

11,412

$

12,807

EBITDA Margin %

10.7

%

12.5

%

9.6

%

11.9

%

9.7

%

10.1

%

Artificial Lift and Downhole

20,823

22,626

15,943

21,659

16,687

16,619

EBITDA Margin %

23.8

%

27.4

%

19.4

%

24.8

%

20.2

%

20.2

%

Corporate

(7,943

)

(9,600

)

(8,783

)

(6,423

)

(7,578

)

(6,540

)

Total EBITDA

$

27,813

$

27,700

$

19,330

$

31,730

$

20,521

$

22,886

EBITDA Margin %

12.3

%

13.9

%

9.3

%

14.0

%

10.3

%

11.0

%

⁽¹⁾ Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.

⁽²⁾ The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

⁽³⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.

Supplemental schedule - Segment information

(Unaudited)

As Reported

As Adjusted ⁽³⁾

Six months ended

Six months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenue

Drilling and Completions

$

265,743

$

232,806

$

265,743

$

232,806

Artificial Lift and Downhole

169,520

160,343

169,520

160,343

Eliminations

(346

)

(106

)

(346

)

(106

)

Total revenue

$

434,917

$

393,043

$

434,917

$

393,043

Operating income (loss)

Drilling and Completions

$

22,624

$

16,650

$

24,409

$

18,209

Operating Margin %

8.5

%

7.2

%

9.2

%

7.8

%

Artificial Lift and Downhole

27,934

17,688

28,042

17,991

Operating Margin %

16.5

%

11.0

%

16.5

%

11.2

%

Corporate

(18,483

)

(17,189

)

(18,301

)

(16,869

)

Total segment operating income

32,075

17,149

34,150

19,331

Other items not in segment operating income⁽¹⁾

(563

)

6,338

(487

)

(141

)

Total operating income

$

31,512

$

23,487

$

33,663

$

19,190

Operating Margin %

7.2

%

6.0

%

7.7

%

4.9

%

EBITDA ⁽²⁾

Drilling and Completions

$

27,103

$

27,978

$

29,301

$

23,821

EBITDA Margin %

10.2

%

12.0

%

11.0

%

10.2

%

Artificial Lift and Downhole

36,766

35,351

38,278

30,179

EBITDA Margin %

21.7

%

22.0

%

22.6

%

18.8

%

Corporate

(16,726

)

(16,781

)

(12,963

)

(13,421

)

Total EBITDA

$

47,143

$

46,548

$

54,616

$

40,579

EBITDA Margin %

10.8

%

11.8

%

12.6

%

10.3

%

⁽¹⁾ Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.

⁽²⁾ The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

⁽³⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.

Supplemental schedule - Orders information

(Unaudited)

Three months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

March 31, 2026

Orders

Drilling and Completions

$

144,308

$

177,792

$

135,458

Artificial Lift and Downhole

91,631

85,338

85,710

Total orders

$

235,939

$

263,130

$

221,168

Revenue

Drilling and Completions

$

139,004

$

117,237

$

126,739

Artificial Lift and Downhole

87,422

82,547

82,098

Eliminations

(209

)

(20

)

(137

)

Total revenue

$

226,217

$

199,764

$

208,700

Book to bill ratio ⁽¹⁾

Drilling and Completions

1.04

1.52

1.07

Artificial Lift and Downhole

1.05

1.03

1.04

Total book to bill ratio

1.04

1.32

1.06

⁽¹⁾ The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 1 - Adjusting items

Three months ended

June 30, 2026

June 30, 2025

March 31, 2026

(in thousands, except per share information)

Operating
income

EBITDA ⁽¹⁾

Net
income
(loss)

Operating
income

EBITDA ⁽¹⁾

Net
income
(loss)

Operating
income

EBITDA ⁽¹⁾

Net
income
(loss)

As reported

$

20,507

$

27,813

$

12,407

$

14,683

$

27,700

$

7,700

$

11,005

$

19,330

$

4,492

% of revenue

9.1

%

12.3

%

5.5

%

7.4

%

13.9

%

3.9

%

5.3

%

9.3

%

2.2

%

Restructuring and other costs

865

865

865

1,663

1,663

1,663

1,488

1,488

1,488

Transaction expenses

125

125

125

184

184

184

148

148

148

Inventory and other assets impairment adjustments

(389

)

(389

)

(389

)

(3

)

(3

)

(3

)

(86

)

(86

)

(86

)

Stock-based compensation expense

-

2,616

-

-

1,749

-

-

2,520

-

Gain on sale-leaseback transactions

-

-

-

(6,903

)

(6,903

)

(6,903

)

-

-

-

Foreign exchange losses (gains) and other, net ⁽²⁾

-

700

700

-

(3,869

)

(3,869

)

-

(514

)

(514

)

As adjusted ⁽¹⁾

$

21,108

$

31,730

$

13,708

$

9,624

$

20,521

$

(1,228

)

$

12,555

$

22,886

$

5,528

% of revenue

9.3

%

14.0

%

6.1

%

4.8

%

10.3

%

N/A

6.0

%

11.0

%

2.6

%

Diluted shares outstanding as reported

11,773

12,554

11,641

Diluted shares outstanding as adjusted

11,773

12,554

11,641

Diluted EPS - as reported

$

1.05

$

0.61

$

0.39

Diluted EPS - as adjusted

$

1.16

$

(0.10

)

$

0.47

⁽¹⁾ The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

⁽²⁾ Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 2 - Adjusting items

Six months ended

June 30, 2026

June 30, 2025

(in thousands, except per share information)

Operating
income

EBITDA ⁽¹⁾

Net
income
(loss)

Operating
income

EBITDA ⁽¹⁾

Net
income
(loss)

As reported

$

31,512

$

47,143

$

16,899

$

23,487

$

46,548

$

8,822

% of revenue

7.2

%

10.8

%

3.9

%

6.0

%

11.8

%

2.2

%

Restructuring and other costs

2,353

2,353

2,353

2,459

2,459

2,459

Transaction expenses

273

273

273

235

235

235

Inventory and other assets impairment adjustments

(475

)

(475

)

(475

)

(88

)

(88

)

(88

)

Stock-based compensation expense

-

5,136

-

-

3,567

-

Gain on sale-leaseback transactions

-

-

-

(6,903

)

(6,903

)

(6,903

)

Foreign exchange losses (gains) and other, net ⁽²⁾

-

186

186

-

(5,239

)

(5,239

)

As adjusted ⁽¹⁾

$

33,663

$

54,616

$

19,236

$

19,190

$

40,579

$

(714

)

% of revenue

7.7

%

12.6

%

4.4

%

4.9

%

10.3

%

N/A

Diluted shares outstanding as reported

11,707

12,542

Diluted shares outstanding as adjusted

11,707

12,542

Diluted EPS - as reported

$

1.44

$

0.70

Diluted EPS - as adjusted

$

1.64

$

(0.06

)

⁽¹⁾ The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

⁽²⁾ Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 3 - Adjusting Items

Three months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

March 31, 2026

EBITDA reconciliation ⁽¹⁾

Net income

$

12,407

$

7,700

$

4,492

Interest expense

4,272

4,706

4,141

Depreciation and amortization

7,532

9,075

7,802

Income tax expense

3,602

6,219

2,895

EBITDA

$

27,813

$

27,700

$

19,330

⁽¹⁾ The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 4 - Adjusting Items

Six months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

EBITDA reconciliation ⁽¹⁾

Net income

$

16,899

$

8,822

Interest expense

8,413

9,689

Depreciation and amortization

15,334

18,051

Income tax expense

6,497

9,986

EBITDA

$

47,143

$

46,548

⁽¹⁾ The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 5 - Adjusting items

Three months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

March 31, 2026

Free cash flow, before acquisitions, reconciliation ⁽¹⁾

Net cash provided by operating activities

$

12,429

$

15,773

$

1,627

Capital expenditures for property and equipment

(2,933

)

(951

)

(256

)

Proceeds from sale of property and equipment

156

43

3

Proceeds from sale-leaseback transactions

-

8,028

-

Free cash flow, before acquisitions

$

9,652

$

22,893

$

1,374

⁽¹⁾ The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 6 - Adjusting items

Six months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

Free cash flow, before acquisitions, reconciliation ⁽¹⁾

Net cash provided by operating activities

$

14,056

$

25,099

Capital expenditures for property and equipment

(3,189

)

(3,061

)

Proceeds from sale of property and equipment

159

57

Proceeds from sale-leaseback transactions

-

8,028

Free cash flow, before acquisitions

$

11,026

$

30,123

⁽¹⁾ The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.

Forum Energy Technologies, Inc.

Table 7 - Net Leverage Ratio ⁽¹⁾

(Unaudited)

(in thousands of dollars)

June 30, 2026

March 31, 2026

December 31, 2025

2029 Bonds

$

100,000

$

100,000

$

100,000

Credit Facility

45,030

55,053

37,282

Other debt

3,475

3,751

4,008

Long-term debt, principal amount

148,505

158,804

141,290

Less: Cash and cash equivalents

33,716

37,488

34,661

Net debt

114,789

121,316

106,629

Trailing Twelve Months Adjusted EBITDA

100,440

89,230

86,403

Net leverage ratio

1.1

1.4

1.2

⁽¹⁾ The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligations.

Forum Energy Technologies, Inc.

Table 8 - Revenue Per Rig

(Unaudited)

Three months ended

Six months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

March 31, 2026

June 30, 2026

June 30, 2025

Revenue

$

226,217

$

199,764

$

208,700

$

434,917

$

393,043

Average global rig count ⁽¹⁾

1,759

1,777

1,832

1,796

1,839

Revenue per rig

$

129

$

112

$

114

$

242

$

214

⁽¹⁾ The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024.

Forum Energy Technologies, Inc.

Supplemental schedule - Product line revenue

(Unaudited)

Three months ended

(in thousands of dollars)

June 30, 2026

June 30, 2025

March 31, 2026

Revenue

$

%

$

%

$

%

Drilling

$

35,535

15.7

%

$

32,846

16.5

%

$

32,730

15.7

%

Subsea

33,516

14.8

%

22,389

11.2

%

35,495

17.0

%

Stimulation and Intervention

38,181

16.9

%

32,856

16.4

%

33,047

15.8

%

Coiled Tubing

31,772

14.0

%

29,146

14.6

%

25,467

12.2

%

Drilling and Completions

139,004

61.4

%

117,237

58.7

%

126,739

60.7

%

Downhole

61,040

27.0

%

51,284

25.7

%

50,559

24.2

%

Production Equipment

13,444

5.9

%

20,662

10.3

%

18,750

9.0

%

Valve Solutions

12,938

5.7

%

10,601

5.3

%

12,789

6.1

%

Artificial Lift and Downhole

87,422

38.6

%

82,547

41.3

%

82,098

39.3

%

Eliminations

(209

)

-

%

(20

)

-

%

(137

)

-

%

Total revenue

$

226,217

100.0

%

$

199,764

100.0

%

$

208,700

100.0

%