Forum Energy Technologies, Inc. reported a notable increase in financial performance for the second quarter of 2026, with total revenue reaching $226.2 million, a 13.2% rise from $199.8 million in the same period of 2025. The company's net income also saw significant growth, climbing to $12.4 million, or $1.05 per diluted share, compared to $7.7 million, or $0.61 per diluted share, in the prior year. For the first half of 2026, revenue totaled $434.9 million, up 10.7% from $393.0 million in the first half of 2025, while net income increased by 91.6% to $16.9 million.
The company's operational segments contributed to this growth, with the Drilling and Completions segment generating $139.0 million in revenue, an 18.6% increase year-over-year, primarily driven by higher sales of remotely operated vehicles (ROVs) and drilling-related capital products. The Artificial Lift and Downhole segment also experienced a 5.9% revenue increase to $87.4 million, attributed to higher sales of sand and flow control products. The overall operating income for the second quarter was $20.5 million, reflecting a 39.7% increase from the previous year.
In terms of strategic developments, Forum Energy Technologies has focused on enhancing operational efficiency and cost management. The company has implemented cost-saving initiatives, including facility consolidations, which have positively impacted its operating margins. The total segment operating income for the second quarter was $21.1 million, a substantial increase from $8.2 million in the prior year, with an overall operating margin of 9.3%, up from 4.1%.
The company’s balance sheet as of June 30, 2026, showed total assets of $770.7 million, an increase from $752.5 million at the end of 2025. Cash and cash equivalents stood at $33.7 million, with $62.0 million available under its revolving credit facility. The company reported a decrease in total liabilities to $480.9 million from $461.3 million, indicating improved financial stability. Additionally, Forum Energy Technologies has been actively managing its debt, with $45.0 million drawn from its credit facility and $100.0 million in senior secured bonds outstanding.
Looking ahead, Forum Energy Technologies anticipates continued demand for its products and services, driven by long-term energy needs and a focus on operational efficiency among its customers. The company expects to maintain its growth trajectory, supported by its strategic initiatives and the ongoing recovery in the oil and gas markets, despite potential volatility due to geopolitical factors. The management remains optimistic about the future, emphasizing the importance of innovation and customer-centric solutions in navigating the evolving energy landscape.
About FORUM ENERGY TECHNOLOGIES, INC.
Forum Energy Technologies, Inc. is a global manufacturer serving the oil, natural gas, industrial, and renewable energy sectors. It offers engineered capital equipment, consumables, and technical services for drilling, subsea, well completion, artificial lift, and production applications. Its products enhance safety, efficiency, and environmental performance for customers worldwide, supporting both traditional hydrocarbon extraction and renewable energy projects through diverse, technologically advanced solutions.
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