TechnipFMC expects $14.5 billion in orders. Its backlog just shrank.

TechnipFMC generated more revenue from subsea work than it added in new orders in the third quarter. Revenue in the business reached $2.60 billion, while incoming orders were $2.05 billion, down 14% from a year earlier.

The offshore equipment and services supplier expects a much busier stretch ahead: at least $14.5 billion of subsea orders over the five quarters through the end of 2027.

Existing work is producing more profit

Subsea operating profit rose 30% to $522.6 million in the quarter ended September 30, 2026. The business kept 20.1% of revenue as operating profit, compared with 17.3% a year earlier.

TechnipFMC designs, supplies and installs equipment used to produce oil and gas below the sea. Its integrated projects combine more of those jobs under one contract. The company said increased integrated-project activity in Indonesia and Brazil, along with more services work, helped lift revenue from the previous quarter.

Project estimates still moved in both directions. The quarterly filing showed $92.9 million of unfavorable cost revisions, offset by $101.4 million of favorable revisions. That left a modest net benefit.

Across the company, operating cash flow of $530.7 million covered $61 million of capital spending, leaving $469.7 million of free cash flow.

For the first nine months, free cash flow reached $1.23 billion, up $146 million from a year earlier. Higher operating cash supplied about $100 million of that increase; lower capital spending supplied the rest.

The next growth step needs new orders

The subsea backlog, the value of confirmed work still to be delivered, fell to $15.49 billion from $15.83 billion in June. New orders did not fully replace the work turning into revenue.

Management pointed to stronger deepwater activity and closer customer partnerships. The company's list of potential subsea projects grew to $32 billion.

For now, TechnipFMC has raised its 2026 subsea revenue forecast to $9.6 billion to $9.8 billion, from the $9.2 billion to $9.6 billion range reaffirmed in July. Its annual free-cash-flow forecast rose to $1.45 billion to $1.55 billion, from $1.30 billion to $1.45 billion.

The first 2027 outlook calls for $10.0 billion to $10.4 billion of subsea revenue and a larger share of sales becoming adjusted earnings. The next order reports will show how quickly the expected projects enter the backlog behind those targets.

The TechnipFMC company profile compares earlier forecasts, project margins, cash generation and the latest order book.