Forum Energy Technologies Announces Third Quarter 2026 Results; Raises Full Year 2026 Guidance

Oct 29 2026 20:32 BST

Orders: $244 million, book-to-bill ratio of 103%
Revenue: $237 million, up 5% sequentially
Net income and earnings per share: $11 million and $0.93, down 9% and 11%
Adjusted net income and adjusted earnings per share¹: $18 million and $1.51, up 33% and 30%
Adjusted EBITDA: $36 million, up 14%
Operating cash flow and free cash flow: $32 million and $30 million, up 158% and 214%

HOUSTON--(BUSINESS WIRE)--Oct. 29, 2026-- Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2026 results and updated fourth quarter and full year 2026 guidance.

Neal Lux, President and Chief Executive Officer, remarked, “FET delivered another strong quarter, demonstrating the continued effectiveness of our ‘Beat the Market’ strategy. Revenue increased 5% sequentially, adjusted EBITDA increased 14%, and adjusted EBITDA margin expanded to 15%. We generated more than $30 million of free cash flow, reduced net debt, and lowered net leverage to 0.9 times. Also in the third quarter, we acquired Premiere Torque Rings, adding differentiated technology and a trusted brand that expands FET’s addressable market and global growth opportunities. These results reflect broad-based growth, continued market share gains, and disciplined execution.

“With strong demand, improving industry activity, and continued execution of our strategy, we are raising full-year 2026 guidance. We remain well positioned to deliver another strong quarter and carry meaningful momentum into 2027 as we advance toward achieving our FET 2030 objectives.”

	Fourth Quarter 2026 Guidance		Full Year 2026 Guidance
	Range ($ millions)	YoY Change %	Range ($ millions)	YoY Change %
Revenue	$230 to $250	19%	$900 to $920	15%
Adjusted EBITDA	$33 to $39	59%	$123 to $129	46%
Adjusted Net Income	$15 to $21	263%	$52 to $58	639%
Free Cash Flow²	$25 to $30	27%	$66 to $71	5%
⁽¹⁾ See Tables 1-9 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 full year 2025 excludes approximately $15 million of proceeds from sale-leaseback transactions.

Segment Results (unless otherwise noted, comparisons are third quarter 2026 versus second quarter 2026)

Drilling and Completions segment revenue was $147 million, a 6% increase attributable to growth across all product lines. Adjusted EBITDA of $21 million increased 28%, benefiting from operating leverage and cost management. Book-to-bill was 97% as we delivered on projects for Drilling and Subsea. 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 $90 million, a 3% increase, due to the addition of Premiere Torque Rings and higher demand for sand and flow control solutions and valve products. Adjusted EBITDA of $21 million was comparable with the prior quarter, with contributions from revenue growth offset by higher freight and tariff costs. Book-to-bill was 113% with strong processing equipment and technology 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 third quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, October 30, 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/BI91d32a70eef240b19768b771c8285321

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 benefits of the Premiere Torque Ring acquisition and 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 (loss)
(Unaudited)

	Three months ended
	September 30,						June 30,
(in thousands, except per share information)	2026			2025			2026
Revenue	$	236,813		$	196,231		$	226,217
Cost of sales		162,400			155,994			154,865
Gross profit		74,413			40,237			71,352
Operating expenses
Selling, general and administrative expenses		53,279			50,449			50,260
Transaction expenses		1,191			254			125
Loss (gain) on disposal of assets and other		(18	)		(4,360	)		460
Total operating expenses		54,452			46,343			50,845
Operating income (loss)		19,961			(6,106	)		20,507
Other expense
Interest expense		4,044			4,365			4,272
Foreign exchange losses and other, net		733			9			226
Total other expense		4,777			4,374			4,498
Income (loss) before income taxes		15,184			(10,480	)		16,009
Income tax expense		3,954			10,074			3,602
Net income (loss)	$	11,230		$	(20,554	)	$	12,407

Weighted average shares outstanding
Basic		11,455			11,682			11,290
Diluted		12,061			11,682			11,773

Earnings (loss) per share
Basic	$	0.98		$	(1.76	)	$	1.10
Diluted	$	0.93		$	(1.76	)	$	1.05

Forum Energy Technologies, Inc.
Condensed consolidated statements of income (loss)
(Unaudited)

	Nine months ended
	September 30,
(in thousands, except per share information)	2026		2025
Revenue	$	671,730	$	589,274
Cost of sales		464,974		431,320
Gross profit		206,756		157,954
Operating expenses
Selling, general and administrative expenses		153,547		151,017
Transaction expenses		1,464		489
Loss (gain) on disposal of assets and other		272		(10,933	)
Total operating expenses		155,283		140,573
Operating income		51,473		17,381
Other expense (income)
Interest expense		12,457		14,054
Foreign exchange losses (gains) and other, net		436		(5,001	)
Total other expense		12,893		9,053
Income (loss) before income taxes		38,580		8,328
Income tax expense		10,451		20,060
Net income (loss)	$	28,129	$	(11,732	)

Weighted average shares outstanding
Basic		11,321		12,110
Diluted		11,827		12,110

Earnings (loss) per share
Basic	$	2.48	$	(0.97	)
Diluted	$	2.38	$	(0.97	)

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)

	September 30,		December 31,
(in thousands of dollars)	2026		2025
Assets
Current assets
Cash and cash equivalents	$	35,169	$	34,661
Accounts receivable—trade, net		178,278		142,396
Inventories, net		245,058		239,420
Other current assets		40,025		32,407
Total current assets		498,530		448,884
Property and equipment, net of accumulated depreciation		46,110		51,905
Operating lease assets		79,689		80,733
Goodwill and other intangible assets, net		170,096		158,304
Other long-term assets		13,595		12,629
Total assets	$	808,020	$	752,455
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	1,125	$	1,407
Other current liabilities		242,943		205,127
Total current liabilities		244,068		206,534
Long-term debt, net of current portion		126,551		134,521
Other long-term liabilities		119,214		120,257
Total liabilities		489,833		461,312
Total equity		318,187		291,143
Total liabilities and equity	$	808,020	$	752,455

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)

	Nine months ended September 30,
(in thousands of dollars)	2026			2025
Cash flows from operating activities
Net income (loss)	$	28,129		$	(11,732	)
Depreciation and amortization		22,575			25,914
Inventory write-down		6,541			17,407
Gain on sale-leaseback transactions		—			(11,182	)
Other noncash items and changes in working capital		(11,158	)		27,558
Net cash provided by operating activities		46,087			47,965

Cash flows from investing activities
Capital expenditures for property and equipment		(4,911	)		(4,453	)
Proceeds from sale of property and equipment		183			163
Proceeds from sale-leaseback transactions		—			14,574
Payments related to business acquisition, net of cash acquired		(11,833	)		—
Net cash provided by (used in) investing activities		(16,561	)		10,284

Cash flows from financing activities
Borrowings of debt		420,296			398,746
Repayments of debt		(428,867	)		(447,766	)
Repurchases of stock		(8,962	)		(21,120	)
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		(28,466	)		(72,375	)

Effect of exchange rate changes on cash		(552	)		1,158
Net increase (decrease) in cash and cash equivalents	$	508		$	(12,968	)

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)

	As Reported									As Adjusted ⁽³⁾
	Three months ended									Three months ended
(in thousands of dollars)	September 30, 2026			September 30, 2025			June 30, 2026			September 30, 2026			September 30, 2025			June 30, 2026
Revenue
Drilling and Completions	$	147,155		$	117,469		$	139,004		$	147,155		$	117,469		$	139,004
Artificial Lift and Downhole		89,890			78,981			87,422			89,890			78,981			87,422
Eliminations		(232	)		(219	)		(209	)		(232	)		(219	)		(209	)
Total revenue	$	236,813		$	196,231		$	226,217		$	236,813		$	196,231		$	226,217

Operating income (loss)
Drilling and Completions	$	14,255		$	(13,551	)	$	13,715		$	18,643		$	8,658		$	14,328
Operating Margin %		9.7	%		(11.5	)%		9.9	%		12.7	%		7.4	%		10.3	%
Artificial Lift and Downhole		16,089			11,778			16,350			16,124			11,830			16,449
Operating Margin %		17.9	%		14.9	%		18.7	%		17.9	%		15.0	%		18.8	%
Corporate		(9,210	)		(8,439	)		(8,973	)		(8,671	)		(8,299	)		(9,246	)
Total segment operating income (loss)		21,134			(10,212	)		21,092			26,096			12,189			21,531
Other items not in segment operating income (loss) ⁽¹⁾		(1,173	)		4,106			(585	)		18			81			(423	)
Total operating income (loss)	$	19,961		$	(6,106	)	$	20,507		$	26,114		$	12,270		$	21,108
Operating Margin %		8.4	%		(3.1	)%		9.1	%		11.0	%		6.3	%		9.3	%

EBITDA ⁽²⁾
Drilling and Completions	$	16,540		$	(10,505	)	$	14,933		$	21,047		$	11,758		$	16,494
EBITDA Margin %		11.2	%		(8.9	)%		10.7	%		14.3	%		10.0	%		11.9	%
Artificial Lift and Downhole		20,604			20,419			20,823			21,305			16,977			21,659
EBITDA Margin %		22.9	%		25.9	%		23.8	%		23.7	%		21.5	%		24.8	%
Corporate		(10,675	)		(8,166	)		(7,943	)		(6,333	)		(5,597	)		(6,423	)
Total EBITDA	$	26,469		$	1,748		$	27,813		$	36,019		$	23,138		$	31,730
EBITDA Margin %		11.2	%		0.9	%		12.3	%		15.2	%		11.8	%		14.0	%
⁽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⁾
	Nine months ended						Nine months ended
(in thousands of dollars)	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenue
Drilling and Completions	$	412,898		$	350,275		$	412,898		$	350,275
Artificial Lift and Downhole		259,410			239,324			259,410			239,324
Eliminations		(578	)		(325	)		(578	)		(325	)
Total revenue	$	671,730		$	589,274		$	671,730		$	589,274

Operating income (loss)
Drilling and Completions	$	36,879		$	3,099		$	43,052		$	26,867
Operating Margin %		8.9	%		0.9	%		10.4	%		7.7	%
Artificial Lift and Downhole		44,023			29,466			44,166			29,821
Operating Margin %		17.0	%		12.3	%		17.0	%		12.5	%
Corporate		(27,693	)		(25,628	)		(26,972	)		(25,168	)
Total segment operating income		53,209			6,937			60,246			31,520
Other items not in segment operating income⁽¹⁾		(1,736	)		10,444			(469	)		(60	)
Total operating income	$	51,473		$	17,381		$	59,777		$	31,460
Operating Margin %		7.7	%		2.9	%		8.9	%		5.3	%

EBITDA ⁽²⁾
Drilling and Completions	$	43,643		$	17,473		$	50,348		$	35,579
EBITDA Margin %		10.6	%		5.0	%		12.2	%		10.2	%
Artificial Lift and Downhole		57,370			55,770			59,583			47,156
EBITDA Margin %		22.1	%		23.3	%		23.0	%		19.7	%
Corporate		(27,401	)		(24,947	)		(19,296	)		(19,018	)
Total EBITDA	$	73,612		$	48,296		$	90,635		$	63,717
EBITDA Margin %		11.0	%		8.2	%		13.5	%		10.8	%
⁽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)	September 30, 2026			September 30, 2025			June 30, 2026
Orders
Drilling and Completions	$	142,238		$	151,473		$	144,308
Artificial Lift and Downhole		101,544			88,517			91,631
Total orders	$	243,782		$	239,990		$	235,939

Revenue
Drilling and Completions	$	147,155		$	117,469		$	139,004
Artificial Lift and Downhole		89,890			78,981			87,422
Eliminations		(232	)		(219	)		(209	)
Total revenue	$	236,813		$	196,231		$	226,217

Book to bill ratio ⁽¹⁾
Drilling and Completions		0.97			1.29			1.04
Artificial Lift and Downhole		1.13			1.12			1.05
Total book to bill ratio		1.03			1.22			1.04
⁽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
	September 30, 2026									September 30, 2025									June 30, 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	$	19,961		$	26,469		$	11,230		$	(6,106	)	$	1,748		$	(20,554	)	$	20,507		$	27,813		$	12,407
% of revenue		8.4	%		11.2	%		4.7	%		(3.1	)%		0.9	%		(10.5	)%		9.1	%		12.3	%		5.5	%
Restructuring and other costs		4,877			4,877			4,877			1,501			1,501			1,501			865			865			865
Transaction expenses		1,191			1,191			1,191			254			254			254			125			125			125
Inventory and other assets impairment adjustments		85			85			85			20,900			20,900			20,900			(389	)		(389	)		(389	)
Stock-based compensation expense		—			2,571			—			—			2,853			—			—			2,616			—
Gain on sale-leaseback transactions		—			—			—			(4,279	)		(4,279	)		(4,279	)		—			—			—
Foreign exchange losses and other, net⁽²⁾		—			826			826			—			161			161			—			700			700
Valuation allowance reserve on deferred tax assets		—			—			—			—			—			5,205			—			—			—
As adjusted ⁽¹⁾	$	26,114		$	36,019		$	18,209		$	12,270		$	23,138		$	3,188		$	21,108		$	31,730		$	13,708
% of revenue		11.0	%		15.2	%		7.7	%		6.3	%		11.8	%		1.6	%		9.3	%		14.0	%		6.1	%

Diluted shares outstanding, as reported								12,061									11,682									11,773
Diluted shares outstanding, as adjusted								12,061									11,682									11,773

Diluted EPS, as reported							$	0.93								$	(1.76	)							$	1.05
Diluted EPS, as adjusted							$	1.51								$	0.27								$	1.16
⁽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

	Nine months ended
	September 30, 2026									September 30, 2025
(in thousands, except per share information)	Operating income			EBITDA ⁽¹⁾			Net income (loss)			Operating income			EBITDA ⁽¹⁾			Net income (loss)
As reported	$	51,473		$	73,612		$	28,129		$	17,381		$	48,296		$	(11,732	)
% of revenue		7.7	%		11.0	%		4.2	%		2.9	%		8.2	%		(2.0	)%
Restructuring and other costs		7,230			7,230			7,230			3,959			3,959			3,959
Transaction expenses		1,464			1,464			1,464			489			489			489
Inventory and other assets impairment adjustments		(390	)		(390	)		(390	)		20,813			20,813			20,813
Stock-based compensation expense		—			7,707			—			—			6,420			—
Gain on sale-leaseback transactions		—			—			—			(11,182	)		(11,182	)		(11,182	)
Foreign exchange losses (gains) and other, net⁽²⁾		—			1,012			1,012			—			(5,078	)		(5,078	)
Valuation allowance reserve on deferred tax assets		—			—			—			—			—			5,205
As adjusted ⁽¹⁾	$	59,777		$	90,635		$	37,445		$	31,460		$	63,717		$	2,474
% of revenue		8.9	%		13.5	%		5.6	%		5.3	%		10.8	%		0.4	%

Diluted shares outstanding, as reported								11,827									12,110
Diluted shares outstanding, as adjusted								11,827									12,110

Diluted EPS, as reported							$	2.38								$	(0.97	)
Diluted EPS, as adjusted							$	3.17								$	0.20
⁽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)	September 30, 2026		September 30, 2025			June 30, 2026
EBITDA reconciliation ⁽¹⁾
Net income (loss)	$	11,230	$	(20,554	)	$	12,407
Interest expense		4,044		4,365			4,272
Depreciation and amortization		7,241		7,863			7,532
Income tax expense		3,954		10,074			3,602
EBITDA	$	26,469	$	1,748		$	27,813
⁽¹⁾ The Company believes 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, 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
	Nine months ended
(in thousands of dollars)	September 30, 2026		September 30, 2025
EBITDA reconciliation ⁽¹⁾
Net income (loss)	$	28,129	$	(11,732	)
Interest expense		12,457		14,054
Depreciation and amortization		22,575		25,914
Income tax expense		10,451		20,060
EBITDA	$	73,612	$	48,296
⁽¹⁾ The Company believes 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, 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)	September 30, 2026			September 30, 2025			June 30, 2026
Free cash flow, before acquisitions, reconciliation ⁽¹⁾
Net cash provided by operating activities	$	32,031		$	22,866		$	12,429
Capital expenditures for property and equipment		(1,722	)		(1,392	)		(2,933	)
Proceeds from sale of property and equipment		24			106			156
Proceeds from sale-leaseback transactions		—			6,546			—
Free cash flow, before acquisitions	$	30,333		$	28,126		$	9,652
⁽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

	Nine months ended
(in thousands of dollars)	September 30, 2026			September 30, 2025
Free cash flow, before acquisitions, reconciliation ⁽¹⁾
Net cash provided by operating activities	$	46,087		$	47,965
Capital expenditures for property and equipment		(4,911	)		(4,453	)
Proceeds from sale of property and equipment		183			163
Proceeds from sale-leaseback transactions		—			14,574
Free cash flow, before acquisitions	$	41,359		$	58,249
⁽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)	September 30, 2026		June 30, 2026		December 31, 2025
2029 Bonds	$	100,000	$	100,000	$	100,000
Credit Facility		30,066		45,030		37,282
Other debt		2,111		3,475		4,008
Long-term debt, principal amount		132,177		148,505		141,290
Less: Cash and cash equivalents		35,169		33,716		34,661
Net debt		97,008		114,789		106,629

Trailing Twelve Months Adjusted EBITDA		113,321		100,440		86,403
Net leverage ratio		0.9		1.1		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.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 8 - Adjusting Items

	Trailing Twelve Months Ended
(in thousands of dollars)	September 30, 2026			June 30, 2026			December 31, 2025
Net income (loss)	$	30,201		$	(1,583	)	$	(9,660	)
Interest expense		16,715			17,036			18,312
Depreciation and amortization		30,416			31,038			33,755
Income tax expense		16,638			22,758			26,247
EBITDA ⁽¹⁾		93,970			69,249			68,654
Restructuring and other costs		7,863			4,487			4,592
Transaction expenses		1,521			584			546
Inventory and other assets impairment adjustments		(1,577	)		19,238			19,626
Stock-based compensation expense		10,305			10,587			9,018
Gain on sale-leaseback transactions		—			(4,279	)		(11,182	)
Foreign exchange losses (gains) and other, net		1,239			574			(4,851	)
Adjusted EBITDA ⁽¹⁾	$	113,321		$	100,440		$	86,403
⁽¹⁾ The Company believes EBITDA and adjusted EBITDA are useful to investors because they are appropriate measures of evaluating operating performance and liquidity. These measures reflect 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 and adjusted EBITDA are widely used benchmarks in the investment community.

Forum Energy Technologies, Inc.
Table 9 - Revenue Per Rig
(Unaudited)

	Three months ended						Nine months ended
(in thousands of dollars)	September 30, 2026		September 30, 2025		June 30, 2026		September 30, 2026		September 30, 2025
Revenue	$	236,813	$	196,231	$	226,217	$	671,730	$	589,274
Average global rig count ⁽¹⁾		1,901		1,797		1,759		1,831		1,825
Revenue per rig	$	125	$	109	$	129	$	367	$	323
⁽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.

Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)

	Three months ended
(in thousands of dollars)	September 30, 2026					September 30, 2025					June 30, 2026
Revenue	$			%		$			%		$			%
Drilling	$	39,232		16.5	%	$	32,234		16.4	%	$	35,535		15.7	%
Subsea		34,696		14.7	%		23,582		12.0	%		33,516		14.8	%
Stimulation and Intervention		39,069		16.5	%		34,271		17.5	%		38,181		16.9	%
Coiled Tubing		34,158		14.4	%		27,382		14.0	%		31,772		14.0	%
Drilling and Completions		147,155		62.1	%		117,469		59.9	%		139,004		61.4	%

Downhole		62,676		26.5	%		48,073		24.5	%		61,040		27.0	%
Production Equipment		12,835		5.4	%		18,647		9.5	%		13,444		5.9	%
Valve Solutions		14,379		6.1	%		12,261		6.2	%		12,938		5.7	%
Artificial Lift and Downhole		89,890		38.0	%		78,981		40.2	%		87,422		38.6	%
Eliminations		(232	)	(0.1	)%		(219	)	(0.1	)%		(209	)	—	%

Total revenue	$	236,813		100.0	%	$	196,231		100.0	%	$	226,217		100.0	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20261029343696/en/

Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com

Source: Forum Energy Technologies, Inc.