Technipfmc Q1 2025 Earnings Summary

revenue and income
- total revenue: $2.23 billion (up 9.4% year-over-year, down 5.6% sequentially)
- net income: $142 million (down 9.6% y/y; diluted eps: $0.33)
- adjusted net income: $142.9 million (up 46.4% y/y; adjusted eps: $0.33)
- adjusted ebitda: $343.8 million (up 36.1% y/y; margin: 15.4%)
- adjusted ebitda excluding fx: $355.9 million

orders and backlog
- inbound orders: $3.09 billion (up 11.3% y/y)
- subsea: $2.79 billion (book-to-bill ratio of 1.4x)
- total backlog: $15.8 billion (up 17.2% y/y)
- subsea backlog: $14.95 billion
- surface technologies backlog: $870 million

cash and shareholder returns
- cash flow from operations: $441.7 million
- free cash flow: $379.9 million
- share repurchases: $250.1 million
- total shareholder returns: $271.1 million (including $21 million in dividends)
- cash and cash equivalents: $1.19 billion
- net cash: $281.9 million

segment performance: subsea
- revenue: $1.94 billion (up 11.6% y/y)
- operating profit: $247.9 million (margin: 12.8%)
- adjusted ebitda: $334.9 million (margin: 17.3%)
- significant awards:
- shell gato do mato iepci (brazil) – major contract (> $1 billion)
- equinor johan sverdrup phase 3 (norway) – large contract ($500 million – $1 billion)

segment performance: surface technologies
- revenue: $297.4 million (down 3.2% y/y)
- operating profit: $30.2 million (margin: 10.2%)
- adjusted ebitda: $46.6 million (margin: 15.7%)
- inbound orders: $303.6 million

2025 guidance (as of april 24, 2025)
- subsea revenue: $8.4 to $8.8 billion
- surface revenue: $1.2 to $1.35 billion
- subsea adjusted ebitda margin: 19 to 20 percent
- surface adjusted ebitda margin: 15 to 16 percent
- free cash flow: $1.0 to $1.15 billion (increased from prior range)
- capital expenditures: approximately $340 million
- effective tax rate: 28 to 32 percent
- corporate expense (net): $115 to $125 million
- net interest expense: $45 to $55 million