Forum Energy Technologies raises 2026 outlook after stronger third quarter cash generation
Forum lifted its full-year revenue, adjusted EBITDA, adjusted net income and free-cash-flow ranges after Q3 revenue rose sequentially and operating cash flow accelerated.
Forum Energy Technologies reported third-quarter 2026 revenue of $236.8 million, up 5% sequentially, and raised its full-year outlook across revenue, adjusted EBITDA, adjusted net income and free cash flow.
Guidance moved higher
The company now expects 2026 revenue of $900 million to $920 million, versus $870 million to $910 million previously. Adjusted EBITDA guidance increased to $123 million to $129 million from $115 million to $125 million, while adjusted net income rose to $52 million to $58 million from $42 million to $52 million.
Free-cash-flow guidance shifted to $66 million to $71 million from the prior $57 million to $77 million range. The new range has a higher midpoint but a narrower spread, so the change signals a more confident outlook rather than a simple increase at every boundary.
Cash conversion improved
Third-quarter operating cash flow was $32 million and free cash flow before acquisitions was $30 million. The company said those measures rose 158% and 214%, respectively, from the comparable prior-year period. The cash-flow improvement is material because it supports the higher full-year outlook without relying only on revenue growth.
Sources
Quarterly revenue, Forum Energy Technologies, Inc.
Margins by quarter
Twelve quarters of figures
| Quarter | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $185M | $202M | $205M | $208M | $201M | $193M | $200M | $196M | $202M | $209M | $226M | $237M |
| Revenue growth | — | — | — | — | 8.5% | −4.5% | −2.7% | −5.6% | 0.6% | 8.0% | 13.2% | 20.7% |
| Gross margin | 26.8% | 31.5% | 30.7% | 31.6% | 31.1% | 30.2% | 29.7% | 20.5% | 30.2% | 29.2% | 31.5% | 31.4% |
| Operating margin | 1.0% | 1.6% | 3.9% | 4.3% | −53.1% | 4.6% | 7.4% | −3.1% | 6.3% | 5.3% | 9.1% | 8.4% |
| Net income | −$16.8M | −$10.3M | −$6.7M | −$14.8M | −$104M | $1.1M | $7.7M | −$20.6M | $2.1M | $4.5M | $12.4M | $11.2M |
| Diluted EPS | −$1.64 | −$0.85 | −$0.54 | −$1.20 | −$8.41 | $0.09 | $0.61 | −$1.76 | $0.25 | $0.39 | $1.05 | $0.93 |
| Cash from operations | $11.3M | $5.0M | $23.1M | $25.6M | $38.5M | $9.3M | $15.8M | $22.9M | $22.4M | $1.6M | $12.4M | $32.0M |
| Capital expenditure | $2.4M | $2.9M | $1.5M | $1.3M | $2.4M | $2.1M | $1.0M | $1.4M | $1.6M | $0.3M | $2.9M | $1.7M |
| Free cash flow | $8.8M | $2.1M | $21.6M | $24.3M | $36.1M | $7.2M | $14.8M | $21.5M | $20.9M | $1.4M | $9.5M | $30.3M |
| Dividends and buybacks | $2.5M | $0.0M | $0.0M | $0.0M | $0.0M | $2.0M | $4.3M | $14.8M | $13.5M | $4.6M | $3.0M | $1.4M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Forum Energy Technologies, Inc..
