Forum Energy Technologies, Inc. (NYSE: FET) reported financial results for the third quarter of 2026 and updated its guidance for the remainder of the year. The company announced revenue of $237 million for the quarter ended September 30, 2026, which represents a 5% increase compared to the previous quarter. Net income for the period was $11 million, or $0.93 per diluted share, while adjusted net income was $18 million, or $1.51 per diluted share. Adjusted EBITDA for the quarter totaled $36 million, a 14% increase from the prior quarter.
The company reported a book-to-bill ratio of 103% for the quarter, with total orders reaching $244 million. Free cash flow for the quarter was $30 million, and the company reduced its net leverage ratio to 0.9 times. In a separate transaction, Forum Energy Technologies completed the acquisition of Premiere Torque Rings during the third quarter.
Forum Energy Technologies has raised its full-year 2026 guidance. The company now expects full-year revenue between $900 million and $920 million, representing a 15% year-over-year increase. Adjusted EBITDA is expected to be between $123 million and $129 million, a 46% increase from the prior year. Adjusted net income is projected to range from $52 million to $58 million, and free cash flow is expected to be between $66 million and $71 million.
The company also provided fourth-quarter 2026 guidance, projecting revenue between $230 million and $250 million, adjusted EBITDA between $33 million and $39 million, and adjusted net income between $15 million and $21 million.
