fti-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____ .

Commission File Number: 001-37983

TechnipFMC plc

(Exact name of registrant as specified in its charter)


United Kingdom			98-1283037
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)




One Subsea Lane
Houston, Texas
United States of America			77044
(Address of principal executive offices)			(Zip Code)

+1 281-591-4000

(Registrant’s telephone number, including area code)

______________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Ordinary shares, $1.00 par value per share

FTI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at April 22, 2025
Ordinary shares, $1.00 par value per share						419,229,490

TABLE OF CONTENTS


			Page
PART I - Financial Information			4
Item 1. Financial Statements (Unaudited)			4
Condensed Consolidated Statements of Income			4
Condensed Consolidated Statements of Comprehensive Income			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Cash Flows			7
Condensed Consolidated Statements of Changes in Stockholders’ Equity			8
Notes to Condensed Consolidated Financial Statements			9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25
Business Outlook			25
Consolidated Results of Operations			27
Segment Results of Operations			28
Inbound Orders and Order Backlog			29
Liquidity and Capital Resources			30
Critical Accounting Estimates			31

Item 3. Quantitative and Qualitative Disclosures About Market Risk			32
Item 4. Controls and Procedures			32
PART II - Other Information			33
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			33
Item 3. Defaults Upon Senior Securities			33
Item 4. Mine Safety Disclosures			33
Item 5. Other Information			33
Item 6. Exhibits			34
Signatures			35

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of TechnipFMC plc (the “Company,” “we,” “us,” or “our”) contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events, market growth and recovery, growth of our New Energy business and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook”, “commit,” “target,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.

All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and Part II, Item 1A “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, including, unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; our inability to develop, implement and protect new technologies and services and intellectual property related thereto; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions, or public health crisis in the countries where we conduct business; unexpected geopolitical events, armed conflicts, and terrorism threats; the refusal of the Depository Trust Company to act as depository and clearing agency for our shares; the impact of our existing and future indebtedness; a downgrade in our debt rating; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding sustainability matters; uncertainties related to our investments, including those related to energy transition; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates and maritime conflicts endangering our maritime employees and assets; any delays and cost overruns of capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; uninsured claims and litigation against us; the additional restrictions on dividend payouts or share repurchases as an English public limited company; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; significant changes or developments in U.S. or other national trade policies, including tariffs and the reactions of other countries thereto; potential departure of our key managers and employees; adverse seasonal, weather, and other climatic conditions; unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; and our inability to obtain sufficient bonding capacity for certain contracts. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise, except to the extent required by law.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended
	March 31,
(In millions, except per share data)		2025		2024
Revenue
Service revenue		$	1,304.0	$	1,165.8
Product revenue		868.2		813.9
Lease revenue		61.4		62.3
Total revenue		2,233.6		2,042.0

Costs and expenses
Cost of service revenue		1,090.4		1,019.1
Cost of product revenue		635.8		643.2
Cost of lease revenue		42.5		38.3
Selling, general and administrative expense		184.2		159.8
Research and development expense		19.1		17.6
Restructuring, impairment and other expenses		1.2		5.0
Total costs and expenses		1,973.2		1,883.0

Other expense, net		(29.6)		(12.3)
Gain on disposal of Measurement Solutions business (Note 18)		—		75.2
Income from equity affiliates (Note 9)		9.4		1.4
Income before net interest expense and income taxes		240.2		223.3
Interest income		12.7		13.7
Interest expense		(22.6)		(26.4)
Income before income taxes		230.3		210.6
Provision for income taxes (Note 15)		87.0		49.7
Net income		143.3		160.9
Net (income) attributable to non-controlling interests		(1.3)		(3.8)
Net income attributable to TechnipFMC plc		$	142.0	$	157.1

Earnings per share attributable to TechnipFMC plc
Basic		$	0.34	$	0.36
Diluted		$	0.33	$	0.35

Weighted average shares outstanding (Note 5)
Basic		421.2		433.6
Diluted		431.2		446.3

The accompanying notes are an integral part of the condensed consolidated financial statements.

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended
	March 31,
(In millions)		2025		2024
Net income attributable to TechnipFMC plc		$	142.0	$	157.1
Net (income) attributable to non-controlling interests		(1.3)		(3.8)

Net income attributable to TechnipFMC plc, including non-controlling interests		143.3		160.9

Foreign currency translation adjustments
Net unrealized gains (losses) arising during the period		90.1		(62.7)
Reclassification adjustment for net losses included in net income		—		10.5
Foreign currency translation adjustments(a)		90.1		(52.2)

Net gains (losses) on hedging instruments
Net gains (losses) arising during the period		59.2		(34.4)
Reclassification adjustment for net (gains) losses included in net income		0.7		(3.1)
Net gains (losses) on hedging instruments(b)		59.9		(37.5)

Pension and other post-retirement benefits
Net gains (losses) arising during the period		(2.3)		4.1
Reclassification adjustment for amortization of prior service cost included in net income		0.1		0.1
Reclassification adjustment for amortization of net actuarial losses included in net income		2.3		3.1
Reclassification adjustment for net (gain) included in net income		—

SEC Form 10-Q filed by TechnipFMC plc