--- title: "Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance | FET Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/294417473.md" description: "Forum Energy Technologies (FET) reported strong Q2 2026 results, with revenue rising 8% to $226 million and adjusted net income up 148% to $14 million. Driven by market share gains and operational improvements, the company raised its full-year 2026 guidance for revenue, adjusted EBITDA, and net income. CEO Neal Lux highlighted successful execution of the 'Beat the Market' strategy, noting improved free cash flow that enabled share repurchases and reduced leverage." datetime: "2026-07-30T13:03:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294417473.md) - [en](https://longbridge.com/en/news/294417473.md) - [zh-HK](https://longbridge.com/zh-HK/news/294417473.md) --- # Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance | FET Stock News See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred source · opens Google Add on Google - **Orders: $236 million, book-to-bill ratio of 104%** - **Revenue: $226 million, up 8% sequentially** - **Net income and earnings per share: $12 million and $1.05, up 176% and 169%** - **Adjusted net income and adjusted earnings per share1: $14 million and $1.16, up 148% and 147%** - **Adjusted EBITDA: $32 million, up 39% sequentially** - **Shareholder returns: $8 million repurchased in first half 2026** HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2026 results and updates to third quarter and full year 2026 guidance. Neal Lux, President and Chief Executive Officer, remarked, “At the beginning of the quarter, we guided a substantial increase in financial performance, and our team exceeded expectations. Sequentially, we grew market share 13%, increased revenue 8%, expanded gross and adjusted EBITDA margins 230 and 300 basis points, and improved adjusted net income 148%. Importantly, free cash flow enabled us to repurchase shares while reducing net leverage to 1.1 times. By executing our 'Beat the Market' strategy and delivering solid operational performance, we achieved a stellar quarter. “With the strength of our first half performance, market share gains, and backlog, we are raising all guidance metrics for full year 2026. This expected growth puts us on the path to deliver our FET 2030 strategic vision.” **Third Quarter 2026 Guidance** **Full Year 2026 Guidance** **Range ($ 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. **Segment Results** _(unless otherwise noted, comparisons are second quarter 2026 versus first_ _quarter_ 2026_)_ Drilling and Completions segment revenue was $139 million, a 10% increase due to higher demand for coiled tubing, wireline cables, and capital equipment, particularly iron roughnecks and radiators. Adjusted EBITDA of $16 million increased 29%, benefiting from cost management and improved plant utilization related to facility consolidation. Book-to-bill was 104% with strong Subsea product line orders for aftermarket upgrades to ROVs. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets. Artificial Lift and Downhole segment revenue was $87 million, a 6% increase, due to higher demand for sand and flow control solutions, artificial lift products, and casing equipment. Partially offsetting the increase was delayed production equipment deliveries. Adjusted EBITDA of $22 million increased 30% from higher sales volumes and favorable product mix. Book-to-bill was 105% with strong Downhole product line orders. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing. **Earnings Conference Call** FET will host its second quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, July 31, 2026. The call will be webcast through the Investor Relations link on FET’s website at https://ir.f-e-t.com. Participants may also join the call by registering at: https://register-conf.media-server.com/register/BI77d80ed1ed354dd8bd90f7b88c154c16 A replay of the call will be available on the Investor Relations website after the completion of the call at approximately 5:00 p.m. Central Time. _FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com._ **Non-GAAP Financial Measures** The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted. **Forward Looking Statements and Other Legal Disclosure** This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. **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 % View source version on businesswire.com: https://www.businesswire.com/news/home/20260730243910/en/ Rob Kukla Director of Investor Relations 281.994.3763 rob.kukla@f-e-t.com Source: Forum Energy Technologies, Inc. ### Related Stocks - [FET.US](https://longbridge.com/en/quote/FET.US.md) ## Related News & Research - [Forum Energy EVP, General Counsel John C. Ivascu disposes of 5,000 common shares worth $354,185.18](https://longbridge.com/en/news/294868511.md) - [Top 3 Energy Stocks That May Fall Off A Cliff In August](https://longbridge.com/en/news/295411891.md) - [Atmos Energy names James H. Jeffries IV to board effective Sept. 1, 2026](https://longbridge.com/en/news/295387960.md) - [Ballard Power (BLDP) Q2 2026 Earnings Call Transcript](https://longbridge.com/en/news/295288907.md) - [Vittia releases Q2 2026 financial statements](https://longbridge.com/en/news/295716572.md)