Revenue: As of FY2025, the actual value is USD 791.47 M, beating the estimate of USD 779.9 M.EPS: As of FY2025, the actual value is USD -0.81, missing the estimate of USD -0.69.EBIT: As of FY2025, the actual value is USD 48.46 M.<h4>Segment Revenue</h4><ul><li>Drilling and Completions Segment: Revenue for 2025 was $477.2 million, an increase of $6.4 million (1.4%) from $470.8 million in 2024.</li><li>Artificial Lift and Downhole Segment: Revenue for 2025 was $314.8 million, a decrease of -$30.9 million (-8.9%) from $345.7 million in 2024.</li><li>Total Revenue: Total revenue for 2025 was $791.5 million, a decrease of -$25.0 million (-3.1%) from $816.4 million in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Gross Profit:<ul><li>Drilling and Completions Segment: Gross profit was $101.6 million in 2025, a decrease of -$20.3 million (-16.7%) from $121.9 million in 2024.</li><li>Artificial Lift and Downhole Segment: Gross profit was $117.5 million in 2025, a decrease of -$15.7 million (-11.8%) from $133.1 million in 2024.</li><li>Total Gross Profit: Total gross profit was $219.0 million in 2025, a decrease of -$36.0 million (-14.1%) from $255.0 million in 2024.</li></ul></li><li>Selling, General and Administrative Expenses (SG&amp;A):<ul><li>Drilling and Completions Segment: SG&amp;A expenses were $88.7 million in 2025, a decrease of -$15.4 million (-14.8%) from $104.1 million in 2024.</li><li>Artificial Lift and Downhole Segment: SG&amp;A expenses were $76.3 million in 2025, a decrease of -$7.9 million (-9.4%) from $84.3 million in 2024.</li><li>Corporate: Corporate SG&amp;A expenses were $34.9 million in 2025, an increase of $3.9 million (12.7%) from $31.0 million in 2024.</li></ul></li><li>Segment Operating Income (Loss):<ul><li>Drilling and Completions Segment: Operating income was $12.8 million (2.7% operating margin) in 2025, a decrease of -$4.9 million (-27.8%) from $17.8 million (3.8% operating margin) in 2024.</li><li>Artificial Lift and Downhole Segment: Operating income was $41.2 million (13.1% operating margin) in 2025, a decrease of -$7.7 million (-15.8%) from $48.9 million (14.1% operating margin) in 2024.</li><li>Total Segment Operating Income: Total segment operating income was $19.1 million (2.4% operating margin) in 2025, a decrease of -$16.6 million (-46.4%) from $35.7 million (4.4% operating margin) in 2024.</li></ul></li><li>Net Loss: Forum Energy Technologies, Inc. reported a net loss of -$9.7 million in 2025, significantly reduced from a net loss of -$135.3 million in 2024.</li><li>Interest Expense: Interest expense was $18.3 million in 2025, a decrease of -$13.2 million from $31.5 million in 2024.</li><li>Foreign Exchange Losses (Gains): The company recorded foreign exchange gains of -$4.8 million in 2025, compared to losses of $7.3 million in 2024.</li><li>Income Tax Expense: Income tax expense was $26.2 million in 2025, an increase from $6.9 million in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Net cash provided by operating activities was $70.4 million in 2025, down from $92.2 million in 2024. Net working capital provided $17.8 million cash in 2025, compared to $57.6 million in 2024.</li><li>Net Cash Provided by (Used in) Investing Activities: Net cash provided by investing activities was $9.6 million in 2025, mainly from $14.6 million in sale-leaseback proceeds, partially offset by $6.0 million in capital expenditures. Net cash used in investing activities was -$137.5 million in 2024, largely due to the Variperm acquisition of -$150.4 million and $8.1 million in capital expenditures, partially offset by $20.3 million from sale-leaseback transactions.</li><li>Net Cash Provided by (Used in) Financing Activities: Net cash used in financing activities was -$91.6 million in 2025, including -$53.1 million in net repayments of the Credit Facility and -$34.6 million in stock repurchases. Net cash provided by financing activities was $45.2 million in 2024, including $54.9 million in net debt proceeds, partially offset by $8.5 million in paid financing costs.</li></ul><h4>Unique Metrics</h4><ul><li>Backlog: Backlog was approximately $311.6 million at December 31, 2025, an increase from $213.5 million at December 31, 2024.</li><li>Bookings: Bookings for 2025 were approximately $891.0 million, up from $780.3 million in 2024.<ul><li>Drilling and Completions Segment: Orders were $567.8 million in 2025, an increase from $459.2 million in 2024.</li><li>Artificial Lift and Downhole Segment: Orders were $323.2 million in 2025, an increase from $321.0 million in 2024.</li></ul></li><li>Inventory Write-downs: Inventory write-downs totaled $19.7 million in 2025, significantly higher than $2.7 million in 2024.</li><li>Impairment of Intangible Assets: No impairment of intangible assets was recorded in 2025, while an impairment charge of -$119.1 million was recognized in 2024.</li><li>Impairment of Property and Equipment and Operating Lease Assets: In 2025, Forum Energy Technologies, Inc. recognized $1.2 million of property and equipment impairment and $1.6 million of operating lease assets impairment; no such impairments were recorded in 2024.</li><li>Gain on Sale-Leaseback Transactions: Gains on sale-leaseback transactions totaled -$11.2 million in 2025, compared to -$4.9 million in 2024.</li><li>Debt and Availability: As of December 31, 2025, Forum Energy Technologies, Inc. had $37.3 million in borrowings under its Credit Facility and $100.0 million outstanding principal amount of 2029 Bonds. Available liquidity under the Credit Facility was $72.5 million as of December 31, 2025.</li><li>Stock Repurchases: Forum Energy Technologies, Inc. repurchased approximately 1.4 million shares of common stock for $34.3 million during 2025. The remaining authorization under the Repurchase Program was $40.7 million as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>Forum Energy Technologies, Inc. anticipates that its available cash on-hand, cash generated by operations, and estimated availability under the Credit Facility will be sufficient to fund current operations for at least the next 12 months and for the foreseeable future. The company expects total 2026 capital expenditures to be approximately $10.0 million, primarily for replacement of end-of-life machinery and equipment. Additionally, global population growth and oil and gas production declines are expected to continue supporting long-term energy demand, potentially outpacing global supply, despite near-term challenges.

Forum Energy Tech | 10-K: FY2025 Revenue Beats Estimate at USD 791.47 M