Forum Energy Technologies, Inc. (FET) reported a total revenue of $791.5 million for the fiscal year ending December 31, 2025, reflecting a decrease of 3.1% from the previous year's revenue of $816.4 million. The decline was primarily attributed to challenging market conditions, including a reduction in global drilling and completions activity and tariff impacts on the Valve Solutions product line. The Drilling and Completions segment generated $477.2 million in revenue, a slight increase of 1.4% compared to $470.8 million in 2024, while the Artificial Lift and Downhole segment saw a revenue drop of 8.9%, from $345.7 million to $314.8 million.
The company's gross profit also decreased significantly, falling to $219.0 million from $255.0 million in the prior year, marking a 14.1% decline. This was driven by increased costs of sales, which rose to $572.4 million, up from $561.4 million in 2024. The overall operating income for FET was reported at $30.1 million, a substantial recovery from an operating loss of $86.8 million in 2024, largely due to the absence of impairment charges that had significantly impacted the previous year's results.
FET's operational metrics indicated a total backlog of approximately $311.6 million as of December 31, 2025, compared to $213.5 million in 2024, suggesting a positive trend in order commitments. The company reported a total of 1,700 employees, with a distribution across various regions including the U.S., Canada, and Europe. The company continues to focus on enhancing its product offerings, particularly in the renewable energy sector, while also managing costs and improving operational efficiencies.
Looking ahead, FET anticipates that long-term energy demand will continue to rise, with hydrocarbons remaining a critical component of the global energy mix. The company is committed to developing products that help oil and gas operators reduce costs and emissions while also expanding its technologies into renewable energy applications. Despite the current market challenges, FET's management remains optimistic about future growth opportunities, particularly as global energy dynamics evolve.
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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