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- **Record Q3 Performance**: $2.6 billion revenue, $531 million EBITDA, and $2.4 billion Subsea orders highlight execution strength.
- **Free Cash Flow Dominance**: $448 million free cash flow, with $1.375 billion full-year guidance (70%+ to shareholders).
- **Subsea 2.0 Growth**: 50%+ 2025 orders on Subsea 2.0, targeting 40%+ capacity by year-end. 2026 EBITDA margin expansion to 20.5-22%.
- **Strategic Repurchases**: $2 billion buyback authorization signals confidence, with $1.6 billion returned since 2022.
- **Electric Subsea Leadership**: First all-electric awards secured, with retrofitting capability reducing downtime by months.

**【CEO Summary Section】**
- Total revenue for Q3 2025 was $2.6 billion, with adjusted EBITDA of $531 million (20.1% margin). Subsea orders reached $2.4 billion, driving 15 of the past 6 quarters with book-to-bill above 1.
- Free cash flow was $448 million, with $271 million returned to shareholders via dividends and buybacks. 2025 share repurchase authorization increased to $2 billion.
- Subsea 2.0 technology secured 70% of new awards, including ExxonMobil's Hammerhead project in Guyana. 2026 Subsea revenue guidance is $9.1-9.5 billion, with EBITDA margin 20.5-22%.
- Emphasis on lean operating principles and iEPCI execution model to reduce cycle times, achieving 40% Subsea 2.0 capacity by year-end 2025.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income was $420 million, with free cash flow of $448 million. Full-year free cash flow guidance raised to $1.3-1.45 billion (midpoint $1.375 billion), targeting 70%+ return to shareholders.
- Subsea segment revenue grew 5% Q/Q to $2.3 billion, driven by iEPCI projects in Africa, Australia, and Americas. Adjusted EBITDA margin expanded to 21.8%.
- Surface Technologies revenue increased 3% Q/Q to $328 million, with EBITDA margin 16.4%. 2025 EBITDA guidance raised by $30 million to $1.83 billion.
- Debt reduced by $258 million in Q3, ending with $438 million gross debt and $877 million cash, resulting in net cash of $439 million.
- 2026 Subsea guidance: revenue $9.1-9.5 billion, EBITDA margin 20.5-22%, implying 175 bps margin expansion.

**【Q&A Highlights】**
- **Share Repurchases**: 2025 buyback authorization increased to $2 billion, with $1.6 billion distributed since 2022 (60% of free cash flow). 2026 targeting 70%+ free cash flow return to shareholders.
- **Subsea 2.0 Adoption**: 50%+ of 2025 orders are Subsea 2.0, with 40% of capacity allocated by year-end. 2026 Subsea 2.0 mix expected to grow, driving margin expansion.
- **Service Growth**: Subsea Services revenue guidance for 2025 is $1.8 billion, growing in line with core Subsea business. Refurbishment and intervention services benefit from aging installed base.
- **Execution Challenges**: Q4 2025 Subsea revenue expected to decline mid-single digits due to seasonal vessel downtime, but 2026 outlook remains strong with $10+ billion order backlog.
- **Electric Subsea Infrastructure**: All-electric awards secured for BP's Northern Endurance and North Sea projects. Retrofitting hydraulic trees with electric actuation reduces downtime and improves reliability.

TechnipFMC plc (FTI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FTI

FTI fundamentals

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