TechnipFMC plc published the transcript of its fourth-quarter 2025 earnings conference call, featuring Chairman and CEO Douglas Pferdehirt, CFO and Executive Vice President Alf Melin, and Vice President of Investor Relations Matthew Seinsheimer, alongside analysts from firms including JPMorgan, Citi, Jefferies, Piper Sandler, RBC, Barclays, Goldman Sachs, TD Cowen, Bank of America and BNP Paribas. Management reported strong 2025 results, citing $11.2 billion in total company inbound orders, year-end backlog of $16.6 billion, revenue up 9% to $9.9 billion, adjusted EBITDA up 33% to $1.8 billion, and free cash flow of about $1.45 billion. “I am very proud to report our strong quarterly and full year results as we closed 2025 with solid operational momentum,” Pferdehirt said. The call focused heavily on Subsea demand and execution, including $10.1 billion of Subsea inbound in 2025, Subsea backlog of $15.9 billion with legacy projects below 10%, and increasing reliance on direct awards, iEPCI and services (over 80% of 2025 Subsea inbound). Pferdehirt also highlighted a growing pipeline, saying the Subsea opportunities list rose for a sixth straight quarter to about $29 billion (midpoint values), the “highest level ever recorded.” For 2026, the company raised Subsea guidance and outlined margin and cash priorities, including expected Subsea revenue of $9.4 billion and adjusted EBITDA margin of 21.5% at the midpoint, with total company adjusted EBITDA expected to exceed $2.1 billion at midpoint. Melin said, “We now expect [Subsea] revenue of $9.4 billion with adjusted EBITDA margin of 21.5% at the midpoint,” and added the company expects 2026 free cash flow of $1.3 billion to $1.45 billion and to return at least 70% of free cash flow to shareholders. Management also discussed industrializing the SURF (water column) scope and the benefits of customers adopting a portfolio approach to offshore developments. “I think that the opportunities there are as substantial as the opportunities we are experiencing now from the Subsea 2.0 architecture on the seabed,” Pferdehirt said, while emphasizing the strategy is centered on cycle-time reduction and delivery certainty rather than pricing: “This isn’t about pricing or this isn’t about margin. This is about the relentless pursuit of reduction of cycle time and certainty.” The full transcript can be accessed through the link below.

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