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Forum Energy Technologies (NYSE: FET) boosts 2026 guidance after strong Q2 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Forum Energy Technologies reported strong second quarter 2026 results, with revenue of $226.2 million, up 8% sequentially. Net income was $12.4 million and diluted EPS was $1.05, while adjusted net income was $14 million and adjusted diluted EPS was $1.16. Adjusted EBITDA reached $32 million, up 39% sequentially, and the total book‑to‑bill ratio was 104%, indicating orders exceeded revenue.

Drilling and Completions revenue was $139.0 million and Artificial Lift and Downhole revenue was $87.4 million, both growing versus the prior quarter. Free cash flow supported $8 million of share repurchases in the first half of 2026, and the net leverage ratio improved to 1.1x. On this basis, the company raised all full‑year 2026 guidance metrics, including revenue to a range of $870–$910 million, adjusted EBITDA to $115–$125 million, adjusted net income to $42–$52 million, and free cash flow to $57–$77 million.

Positive

  • Q2 2026 profitability surged: revenue was $226.2 million, net income $12.4 million and diluted EPS $1.05, with net income and EPS up 176% and 169%, respectively.
  • Margins and EBITDA improved: adjusted EBITDA reached $32 million, up 39% sequentially, while gross margin and adjusted EBITDA margin expanded by 230 and 300 basis points, respectively.
  • Guidance raised across the board: full‑year 2026 revenue guidance increased to $870–$910 million, adjusted EBITDA to $115–$125 million, adjusted net income to $42–$52 million, and free cash flow to $57–$77 million.
  • Balance sheet strengthened: net leverage ratio improved to 1.1x on net debt of $114.8 million, while the company returned $8 million to shareholders through stock repurchases in the first half of 2026.

Negative

  • None.

Filing Explained

As of June 30, cash was reported against debt principal; results were completed, while guidance remains forward-looking.

Under Item 2.02, this Form 8-K reports the completed quarter ended June 30, 2026 and updated third-quarter and full-year guidance; it also discloses cash and debt principal on the balance sheet.

The reported results are GAAP figures, while adjusted EBITDA, adjusted net income, free cash flow, book-to-bill and net leverage are supplemental non-GAAP measures reconciled to GAAP where applicable; the filing says they are not substitutes for GAAP results.

At June 30, 2026, the company reported net debt and a 1.1 net leverage ratio, compared with 1.4 at March 31, 2026; this describes the balance-sheet position after the quarter, not a new financing or equity issuance.

The next specified milestone is the earnings conference call scheduled for July 31, 2026; the guidance ranges remain forward-looking and subject to the risks described in Exhibit 99.1.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $226,217,000 Three months ended June 30, 2026 consolidated revenue
Q2 2026 Net Income $12,407,000 Three months ended June 30, 2026 net income attributable to the company
Q2 2026 Diluted EPS $1.05 Three months ended June 30, 2026 diluted earnings per share
Q2 2026 Adjusted EBITDA $32 million Management-reported adjusted EBITDA for the second quarter 2026, up 39% sequentially
Full-Year 2026 Revenue Guidance $870–$910 million Raised full-year 2026 revenue outlook with 13% year-over-year change
Full-Year 2026 Adjusted EBITDA Guidance $115–$125 million Raised full-year 2026 adjusted EBITDA outlook, 40% year-over-year change
Net Leverage Ratio 1.1x Net leverage ratio at June 30, 2026 using trailing twelve months adjusted EBITDA
H1 2026 Free Cash Flow Before Acquisitions $11,026,000 Six months ended June 30, 2026 free cash flow before acquisitions
adjusted EBITDA financial
"Adjusted EBITDA: $32 million, up 39% sequentially"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
book to bill ratio financial
"Orders: $236 million, book-to-bill ratio of 104%"
The book-to-bill ratio compares new orders received (bookings) to goods or services actually billed (revenue) over the same period; a ratio above 1 means a company is taking in more orders than it is filling, while below 1 means it is billing more than it is receiving in new orders. Investors use it like a pipeline gauge—high ratios suggest future revenue growth and possible capacity strain, while low ratios can signal weakening demand or excess capacity, helping anticipate earnings and operational pressure.
free cash flow financial
"free cash flow enabled us to repurchase shares while reducing net leverage"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net leverage ratio financial
"reducing net leverage to 1.1 times"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
sale-leaseback transactions financial
"free cash flow for the third quarter and full year 2025 excludes approximately $7 million and $15 million of proceeds from sale-leaseback transactions"
A sale-leaseback transaction is when an owner sells a property or asset and immediately rents it back from the buyer, like selling your house and signing a lease to keep living in it. For investors, it matters because the seller converts a fixed asset into cash while taking on a new rent expense, which can boost short-term liquidity but change long-term earnings, debt levels and risk profiles that affect valuation and creditworthiness.
Revenue $226,217,000 up 8% sequentially
Net income $12,407,000 up 176%
Diluted EPS $1.05 up 169%
Adjusted EBITDA $32 million up 39% sequentially
Book-to-bill ratio 1.04 total company ratio for Q2 2026
Guidance

For Q3 2026, the company guides revenue of $225–$245 million, adjusted EBITDA of $31–$37 million, adjusted net income of $12–$18 million, and free cash flow of $15–$25 million. For full year 2026, guidance is revenue of $870–$910 million, adjusted EBITDA of $115–$125 million, adjusted net income of $42–$52 million, and free cash flow of $57–$77 million, with all metrics raised versus prior guidance.

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FAQ

How did Forum Energy Technologies (FET) perform in Q2 2026?
Forum Energy Technologies reported Q2 2026 revenue of $226.2 million, up 8% sequentially, and net income of $12.4 million with diluted EPS of $1.05. Adjusted net income was $14 million and adjusted EBITDA reached $32 million, up 39% sequentially.

What full-year 2026 guidance did Forum Energy Technologies (FET) provide?
Forum Energy Technologies raised full‑year 2026 guidance to $870–$910 million in revenue, $115–$125 million in adjusted EBITDA, $42–$52 million in adjusted net income, and $57–$77 million in free cash flow, all showing double‑digit year‑over‑year growth except free cash flow.

What was Forum Energy Technologies (FET)’s book-to-bill ratio and orders in Q2 2026?
In Q2 2026, Forum Energy Technologies reported orders of $235.9 million and a total book‑to‑bill ratio of 1.04. Segment book‑to‑bill ratios were 1.04 for Drilling and Completions and 1.05 for Artificial Lift and Downhole, indicating demand exceeded revenue in both segments.

How much adjusted EBITDA did Forum Energy Technologies (FET) generate in Q2 2026?
Forum Energy Technologies generated adjusted EBITDA of $32 million in Q2 2026, a 39% sequential increase. On a GAAP basis, EBITDA was $27.8 million, with an EBITDA margin of 12.3%, and adjusted EBITDA margin improved by 300 basis points according to management.

What is Forum Energy Technologies (FET)’s leverage and debt position as of June 30, 2026?
As of June 30, 2026, Forum Energy Technologies had long‑term debt principal of $148.5 million and cash of $33.7 million, resulting in net debt of $114.8 million. Using trailing twelve‑month adjusted EBITDA of $100.4 million, the company’s net leverage ratio was 1.1x.

How much stock did Forum Energy Technologies (FET) repurchase in the first half of 2026?
Forum Energy Technologies repurchased $8 million of its stock in the first half of 2026. Cash flow data show stock repurchases of $7.6 million in financing activities, and management highlighted that free cash flow supported these repurchases while reducing the company’s net leverage to 1.1x.
0001401257falseCommon Stock, par value $0.01 per shareFETCHX00014012572026-07-302026-07-300001401257fet:Exch_XNYSMember2026-07-302026-07-300001401257fet:Exch_XCHIMember2026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026

FORUM ENERGY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-35504
61-1488595
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
10344 Sam Houston Park Drive Suite 300HoustonTX77064
 (Address of Principal Executive Offices)(Zip Code)
281949-2500
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
FET
New York Stock Exchange
NYSE Texas, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. o


Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Forum Energy Technologies, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended June 30, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The non-GAAP financial measures reflect earnings before interest, taxes, depreciation and amortization expense (“EBITDA”), adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, adjusted net income per diluted share (“Adjusted Diluted EPS”), book to bill ratio, free cash flow before acquisitions (“free cash flow”) and net leverage ratio. A reconciliation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio and free cash flow to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) is included as an attachment to the press release. The Company believes the presentation of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, Adjusted Diluted EPS, book to bill ratio, free cash flow and net leverage ratio are useful to the Company's 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.
The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Exhibit Title or Description
99.1
 
Press Release dated July 30, 2026.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2026
FORUM ENERGY TECHNOLOGIES, INC.

/s/ John C. Ivascu
John C. Ivascu
Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary








Exhibit 99.1
imagea.jpg
Forum Energy Technologies Announces
Second Quarter 2026 Results;
Raises Full Year 2026 Guidance
•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: $8 million repurchased in first half 2026
HOUSTON, TEXAS, July 30, 2026 - Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2026 results and updates to third quarter and full year 2026 guidance.
Neal Lux, President and Chief Executive Officer, remarked, “At the beginning of the quarter, we guided a substantial increase in financial performance, and our team exceeded expectations. Sequentially, we grew market share 13%, increased revenue 8%, expanded gross and adjusted EBITDA margins 230 and 300 basis points, and improved adjusted net income 148%. Importantly, free cash flow enabled us to repurchase shares while reducing net leverage to 1.1 times. By executing our 'Beat the Market' strategy and delivering solid operational performance, we achieved a stellar quarter.
“With the strength of our first half performance, market share gains, and backlog, we are raising all guidance metrics for full year 2026. This expected growth puts us on the path to deliver our FET 2030 strategic vision.”
Third Quarter 2026 GuidanceFull Year 2026 Guidance
Range ($ millions)YoY Change %Range ($ millions)Prior Change %YoY Change %
Revenue$225 to $24520%$870 to $9106%13%
Adjusted EBITDA
$31 to $3748%$115 to $12517%40%
Adjusted Net Income
$12 to $18400%$42 to $5257%571%
Free Cash Flow2$15 to $25(9)%$57 to $773%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.

1

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.


2

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.

3

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

4

Forum Energy Technologies, Inc.
 Condensed consolidated statements of income
(Unaudited)
Three months ended
June 30,March 31,
(in thousands, except per share information)202620252026
Revenue$226,217 $199,764 $208,700 
Cost of sales154,865 140,408 147,709 
Gross profit71,352 59,356 60,991 
Operating expenses
Selling, general and administrative expenses50,260 51,185 50,008 
Transaction expenses125 184 148 
Loss (gain) on disposal of assets and other460 (6,696)(170)
Total operating expenses50,845 44,673 49,986 
Operating income20,507 14,683 11,005 
Other expense (income)
Interest expense4,272 4,706 4,141 
Foreign exchange losses (gains) and other, net226 (3,942)(523)
Total other expense4,498 764 3,618 
Income before taxes16,009 13,919 7,387 
Income tax expense3,602 6,219 2,895 
Net income (1)
$12,407 $7,700 $4,492 
Weighted average shares outstanding
Basic11,290 12,350 11,214 
Diluted11,773 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.

5

Forum Energy Technologies, Inc.
 Condensed consolidated statements of income
(Unaudited)
Six months ended
June 30,
(in thousands, except per share information)20262025
Revenue$434,917 $393,043 
Cost of sales302,574 275,326 
Gross profit132,343 117,717 
Operating expenses
Selling, general and administrative expenses100,268 100,568 
Transaction expenses273 235 
Loss (gain) on disposal of assets and other290 (6,573)
Total operating expenses100,831 94,230 
Operating income31,512 23,487 
Other expense (income)
Interest expense8,413 9,689 
Foreign exchange gains and other, net(297)(5,010)
Total other expense8,116 4,679 
Income before taxes23,396 18,808 
Income tax expense6,497 9,986 
Net income (1)
$16,899 $8,822 
Weighted average shares outstanding
Basic11,252 12,327 
Diluted11,707 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.


6

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
June 30,December 31,
(in thousands of dollars)20262025
Assets
Current assets
Cash and cash equivalents$33,716 $34,661 
Accounts receivable—trade, net173,963 142,396 
Inventories, net233,473 239,420 
Other current assets42,370 32,407 
Total current assets483,522 448,884 
Property and equipment, net of accumulated depreciation47,962 51,905 
Operating lease assets80,798 80,733 
Goodwill and other intangible assets, net144,605 158,304 
Other long-term assets13,823 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 liabilities219,288 205,127 
Total current liabilities220,561 206,534 
Long-term debt, net of current portion142,435 134,521 
Other long-term liabilities117,932 120,257 
Total liabilities480,928 461,312 
Total equity289,782 291,143 
Total liabilities and equity$770,710 $752,455 


7

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Six months ended June 30,
(in thousands of dollars)20262025
Cash flows from operating activities
Net income$16,899 $8,822 
Depreciation and amortization15,334 18,051 
Inventory write-down5,897 760 
Gain on sale-leaseback transactions— (6,903)
Other noncash items and changes in working capital(24,074)4,369 
Net cash provided by operating activities14,056 25,099 
Cash flows from investing activities
Capital expenditures for property and equipment(3,189)(3,061)
Proceeds from sale of property and equipment159 57 
Proceeds from sale-leaseback transactions— 8,028 
Net cash provided by (used in) investing activities(3,030)5,024 
Cash flows from financing activities
Borrowings of debt265,195 271,326 
Repayments of debt(258,266)(300,092)
Repurchases of stock(7,567)(6,295)
Payment of withheld taxes on stock-based compensation plans(9,274)(1,321)
Deferred financing costs(1,659)(914)
Net cash used in financing activities(11,571)(37,296)
Effect of exchange rate changes on cash(400)1,479 
Net decrease in cash and cash equivalents$(945)$(5,694)


8

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months endedThree months ended
(in thousands of dollars)June 30, 2026June 30, 2025March 31, 2026June 30, 2026June 30, 2025March 31, 2026
Revenue
Drilling and Completions$139,004 $117,237 $126,739 $139,004 $117,237 $126,739 
Artificial Lift and Downhole87,422 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 Downhole16,350 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 income21,092 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 Downhole20,823 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.

9

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Six months endedSix months ended
(in thousands of dollars)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenue
Drilling and Completions
$265,743 $232,806 $265,743 $232,806 
Artificial Lift and Downhole169,520 160,343 169,520 160,343 
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 Downhole27,934 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 income32,075 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 Downhole36,766 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.

10

Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars)June 30, 2026June 30, 2025March 31, 2026
Orders
Drilling and Completions$144,308 $177,792 $135,458 
Artificial Lift and Downhole91,631 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 Downhole87,422 82,547 82,098 
Eliminations(209)(20)(137)
Total revenue $226,217 $199,764 $208,700 
Book to bill ratio (1)
Drilling and Completions1.04 1.52 1.07 
Artificial Lift and Downhole1.05 1.03 1.04 
Total book to bill ratio1.04 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.


11

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
June 30, 2026June 30, 2025March 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 revenue9.1 %12.3 %5.5 %7.4 %13.9 %3.9 %5.3 %9.3 %2.2 %
Restructuring and other costs865 865 865 1,663 1,663 1,663 1,488 1,488 1,488 
Transaction expenses125 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 revenue9.3 %14.0 %6.1 %4.8 %10.3 %N/A6.0 %11.0 %2.6 %
Diluted shares outstanding as reported11,773 12,554 11,641 
Diluted shares outstanding as adjusted11,773 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.


12


Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting items
Six months ended
June 30, 2026June 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 revenue7.2 %10.8 %3.9 %6.0 %11.8 %2.2 %
Restructuring and other costs2,353 2,353 2,353 2,459 2,459 2,459 
Transaction expenses273 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 revenue7.7 %12.6 %4.4 %4.9 %10.3 %N/A
Diluted shares outstanding as reported11,707 12,542 
Diluted shares outstanding as adjusted11,707 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.


13

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, 2026June 30, 2025March 31, 2026
EBITDA reconciliation (1)
Net income$12,407 $7,700 $4,492 
Interest expense4,272 4,706 4,141 
Depreciation and amortization7,532 9,075 7,802 
Income tax expense3,602 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, 2026June 30, 2025
EBITDA reconciliation (1)
Net income$16,899 $8,822 
Interest expense8,413 9,689 
Depreciation and amortization15,334 18,051 
Income tax expense6,497 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.



14

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, 2026June 30, 2025March 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 equipment156 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, 2026June 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 equipment159 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.



15

Forum Energy Technologies, Inc.
Table 7 - Net Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)June 30, 2026March 31, 2026December 31, 2025
2029 Bonds$100,000 $100,000 $100,000 
Credit Facility45,030 55,053 37,282 
Other debt3,475 3,751 4,008 
Long-term debt, principal amount148,505 158,804 141,290 
Less: Cash and cash equivalents33,716 37,488 34,661 
Net debt114,789 121,316 106,629 
Trailing Twelve Months Adjusted EBITDA100,440 89,230 86,403 
Net leverage ratio1.11.41.2
(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 endedSix months ended
(in thousands of dollars)June 30, 2026June 30, 2025March 31, 2026June 30, 2026June 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.



16

Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars)June 30, 2026June 30, 2025March 31, 2026
Revenue$%$%$%
Drilling$35,535 15.7 %$32,846 16.5 %$32,730 15.7 %
Subsea33,516 14.8 %22,389 11.2 %35,495 17.0 %
Stimulation and Intervention38,181 16.9 %32,856 16.4 %33,047 15.8 %
Coiled Tubing31,772 14.0 %29,146 14.6 %25,467 12.2 %
Drilling and Completions139,004 61.4 %117,237 58.7 %126,739 60.7 %
Downhole61,040 27.0 %51,284 25.7 %50,559 24.2 %
Production Equipment13,444 5.9 %20,662 10.3 %18,750 9.0 %
Valve Solutions12,938 5.7 %10,601 5.3 %12,789 6.1 %
Artificial Lift and Downhole87,422 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 %


17

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