Forum Energy Technologies Reports $208.7 Million Revenue in Q1 2026, Net Income Rises to $4.5 Million

Forum Energy Technologies, Inc. reported a revenue of $208.7 million for the first quarter of 2026, marking an increase of $15.4 million, or 8.0%, compared to $193.3 million in the same period of 2025. The company's net income surged to $4.5 million, a significant rise from $1.1 million year-over-year, resulting in earnings per share of $0.40, up from $0.09. The increase in revenue was primarily driven by higher sales in the Drilling and Completions segment, which generated $126.7 million, a 9.7% increase from the previous year, and the Artificial Lift and Downhole segment, which saw a 5.5% rise to $82.1 million.

The financial performance reflects a notable improvement in operating income, which rose to $11.0 million from $8.8 million, representing a 25.0% increase. The operating margin also improved to 5.3% from 4.6% in the prior year. The company attributed the revenue growth to increased demand for remotely operated vehicles (ROVs) and sand and flow control products, although it faced challenges with lower sales volumes of certain consumables due to a decrease in the U.S. rig count.

In terms of operational developments, Forum Energy Technologies reported a total of 1,832 active drilling rigs globally, with 548 in the United States, reflecting a stable environment for drilling activities. The company also noted a strategic focus on consolidating facilities and discontinuing certain products, which contributed to a $3.0 million bad debt expense. The company’s total assets increased to $763.1 million as of March 31, 2026, up from $752.5 million at the end of 2025, driven by higher accounts receivable and inventory levels.

Looking ahead, Forum Energy Technologies anticipates that the long-term demand for energy will continue to rise, despite current geopolitical uncertainties affecting oil and gas markets. The company expects to maintain a focus on operational efficiency and emissions reduction, which will support demand for its products and technologies. The company also plans to keep capital expenditures below $10 million for 2026, primarily for replacing aging machinery and equipment, while ensuring that its liquidity remains adequate to fund operations for the foreseeable future.