Forum Energy (FET) Earnings Call Transcript

Written by Emily J. Thompson, Senior Investment Analyst

Source: NASDAQ.COM

Updated: Feb 20 2026

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Source: NASDAQ.COM

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About FET

Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Its segments include Drilling and Completions and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The products and solutions include capital equipment and consumable products, wireline cable and pressure control equipment, and coiled tubing strings and pressure control equipment. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. Its products include well construction casing and cementing equipment, customized downhole technology solutions, and others.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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Significant Revenue Growth: Despite a decline in global drilling activity, Forum Energy Technologies achieved a 20% increase in revenue per rig in 2025, with Q4 revenue reaching $202 million, exceeding expectations and demonstrating the company's resilience and market share gains in challenging conditions.
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Strong Earnings Report: Forum Energy Technologies reported Q4 2025 revenue of $202 million and adjusted EPS of $0.41, surpassing analysts' expectations of $191 million and $0.36, indicating robust market performance.
Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with the midpoint representing a 6% year-over-year growth, reflecting management's confidence in future expansion.
Robust Backlog Growth: As of the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the end of 2024, marking the highest level in 11 years and indicating strong market demand.
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Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with a midpoint indicating a 6% year-over-year growth, and adjusted EBITDA expected to be between $90 million and $110 million, reflecting a 16% increase from 2025's $86 million.
Record Backlog: At the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the previous year, marking the highest level in 11 years and providing a solid foundation for future growth.
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