FET raises 2026 forecast on 6% segment growth driven by drilling, subsea, and coiled tubing

Forum Energy Technologies (FET) reported strong third-quarter results for its Drilling and Completions division, generating $147 million in revenue. This represents a 6% sequential rise and a 25% year-over-year increase, driven by gains across all product categories. The segment delivers capital equipment and consumable supplies to the subsea, stimulation, wireline, coiled tubing, and drilling sectors.

Product line performance showed Drilling revenue rising to $39.2 million from $35.5 million in Q2, while Coiled Tubing grew from $31.8 million to $34.2 million. Subsea revenue increased sequentially to $34.7 million from $33.5 million, up significantly from $23.6 million in the prior-year period. Stimulation and Intervention generated $39.1 million. Collectively, these four categories represented 62% of FET’s total revenue.

Effective cost controls and operating leverage boosted the division’s adjusted EBITDA by 28% to $21 million, raising adjusted EBITDA margins to 14.3% from 11.9%. Incoming orders totaled $142 million, resulting in a 97% book-to-bill ratio as the business executed project deliveries in Subsea and Drilling.

The Artificial Lift and Downhole segment saw revenue increase 3% to $90 million, buoyed by solid demand for valve products, sand and flow control technology, and the recent purchase of Premiere Torque Rings. Adjusted EBITDA for the unit remained flat at approximately $21 million due to elevated tariff and freight expenses offsetting revenue gains. Strong bookings for technology and processing equipment pushed segment orders to $102 million, achieving a 113% book-to-bill ratio.

Highlighting the strategic acquisition of Premiere Torque Rings completed during the quarter, President and CEO Neal Lux noted that the addition introduces proprietary technology and a established brand, broadening FET’s market reach and international growth prospects.

At the consolidated level, quarterly revenue climbed 5% sequentially to $237 million, orders reached $244 million (a 103% book-to-bill ratio), and adjusted EBITDA jumped 14% to $36 million, expanding total margins to 15%. Global rig counts averaged 1,901 for the period—up from 1,759 in Q2—yielding approximately $125,000 in revenue per rig.

Supported by robust market demand and expanding industry operations, FET elevated its full-year 2026 outlook. The company now projects revenue between $900 million and $920 million and adjusted EBITDA of $123 million to $129 million, marking year-over-year surges of 15% and 46%, respectively. Fourth-quarter expectations include revenue of $230 million to $250 million and adjusted EBITDA ranging from $33 million to $39 million. Lux stated that FET is well-positioned to maintain positive momentum heading into 2027 while advancing toward its strategic FET 2030