株探米国株
エドガーで原本を確認する
0001401257falseCommon Stock, par value $0.01 per shareFETCHX00014012572026-07-302026-07-300001401257fet:Exch_XNYSMember2026-07-302026-07-300001401257fet:Exch_XCHIMember2026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026

FORUM ENERGY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-35504
61-1488595
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
10344 Sam Houston Park Drive  Suite 300 Houston TX 77064
 (Address of Principal Executive Offices) (Zip Code)
281 949-2500
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
FET
New York Stock Exchange
NYSE Texas, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Forum Energy Technologies, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended June 30, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The non-GAAP financial measures reflect earnings before interest, taxes, depreciation and amortization expense (“EBITDA”), adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, adjusted net income per diluted share (“Adjusted Diluted EPS”), book to bill ratio, free cash flow before acquisitions (“free cash flow”) and net leverage ratio. A reconciliation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio and free cash flow to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) is included as an attachment to the press release. The Company believes the presentation of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, Adjusted Diluted EPS, book to bill ratio, free cash flow and net leverage ratio are useful to the Company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community.
The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit Title or Description
 
Press Release dated July 30, 2026.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2026
FORUM ENERGY TECHNOLOGIES, INC.
/s/ John C. Ivascu
John C. Ivascu
Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary






EX-99.1 2 exhibit991-fetearningsrele.htm EX-99.1 Document


Exhibit 99.1
imagea.jpg
Forum Energy Technologies Announces
Second Quarter 2026 Results;
Raises Full Year 2026 Guidance
•Orders: $236 million, book-to-bill ratio of 104%
•Revenue: $226 million, up 8% sequentially
•Net income and earnings per share: $12 million and $1.05, up 176% and 169%
•Adjusted net income and adjusted earnings per share1: $14 million and $1.16, up 148% and 147%
•Adjusted EBITDA: $32 million, up 39% sequentially
•Shareholder returns: $8 million repurchased in first half 2026
HOUSTON, TEXAS, July 30, 2026 - Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2026 results and updates to third quarter and full year 2026 guidance.
Neal Lux, President and Chief Executive Officer, remarked, “At the beginning of the quarter, we guided a substantial increase in financial performance, and our team exceeded expectations. Sequentially, we grew market share 13%, increased revenue 8%, expanded gross and adjusted EBITDA margins 230 and 300 basis points, and improved adjusted net income 148%. Importantly, free cash flow enabled us to repurchase shares while reducing net leverage to 1.1 times. By executing our 'Beat the Market' strategy and delivering solid operational performance, we achieved a stellar quarter.
“With the strength of our first half performance, market share gains, and backlog, we are raising all guidance metrics for full year 2026. This expected growth puts us on the path to deliver our FET 2030 strategic vision.”
Third Quarter 2026 Guidance Full Year 2026 Guidance
Range ($ millions) YoY Change % Range ($ millions) Prior Change % YoY Change %
Revenue $225 to $245 20% $870 to $910 6% 13%
Adjusted EBITDA
 $31 to $37 48% $115 to $125 17% 40%
Adjusted Net Income
 $12 to $18 400% $42 to $52 57% 571%
Free Cash Flow2 $15 to $25 (9)% $57 to $77 3% 3%

1 See Tables 1-8 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.
2 For comparative purposes, free cash flow for the third quarter and full year 2025 excludes approximately $7 million and $15 million, respectively, of proceeds from sale-leaseback transactions.

1

Segment Results (unless otherwise noted, comparisons are second quarter 2026 versus first quarter 2026)
Drilling and Completions segment revenue was $139 million, a 10% increase due to higher demand for coiled tubing, wireline cables, and capital equipment, particularly iron roughnecks and radiators. Adjusted EBITDA of $16 million increased 29%, benefiting from cost management and improved plant utilization related to facility consolidation. Book-to-bill was 104% with strong Subsea product line orders for aftermarket upgrades to ROVs. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole segment revenue was $87 million, a 6% increase, due to higher demand for sand and flow control solutions, artificial lift products, and casing equipment. Partially offsetting the increase was delayed production equipment deliveries. Adjusted EBITDA of $22 million increased 30% from higher sales volumes and favorable product mix. Book-to-bill was 105% with strong Downhole product line orders. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.
Earnings Conference Call
FET will host its second quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, July 31, 2026. The call will be webcast through the Investor Relations link on FET’s website at https://ir.f-e-t.com.
Participants may also join the call by registering at:
https://register-conf.media-server.com/register/BI77d80ed1ed354dd8bd90f7b88c154c16
A replay of the call will be available on the Investor Relations website after the completion of the call at approximately 5:00 p.m. Central Time.
FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com.


2

Non-GAAP Financial Measures
The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission.

3

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com

4

Forum Energy Technologies, Inc.
 Condensed consolidated statements of income
(Unaudited)
Three months ended
June 30, March 31,
(in thousands, except per share information) 2026 2025 2026
Revenue $ 226,217  $ 199,764  $ 208,700 
Cost of sales 154,865  140,408  147,709 
Gross profit 71,352  59,356  60,991 
Operating expenses
Selling, general and administrative expenses 50,260  51,185  50,008 
Transaction expenses 125  184  148 
Loss (gain) on disposal of assets and other 460  (6,696) (170)
Total operating expenses 50,845  44,673  49,986 
Operating income 20,507  14,683  11,005 
Other expense (income)
Interest expense 4,272  4,706  4,141 
Foreign exchange losses (gains) and other, net 226  (3,942) (523)
Total other expense 4,498  764  3,618 
Income before taxes 16,009  13,919  7,387 
Income tax expense 3,602  6,219  2,895 
Net income (1)
$ 12,407  $ 7,700  $ 4,492 
Weighted average shares outstanding
Basic 11,290  12,350  11,214 
Diluted 11,773  12,554  11,641 
Earnings per share
Basic $ 1.10  $ 0.62  $ 0.40 
Diluted $ 1.05  $ 0.61  $ 0.39 
(1) Refer to Table 1 for schedule of adjusting items.

5

Forum Energy Technologies, Inc.
 Condensed consolidated statements of income
(Unaudited)
Six months ended
June 30,
(in thousands, except per share information) 2026 2025
Revenue $ 434,917  $ 393,043 
Cost of sales 302,574  275,326 
Gross profit 132,343  117,717 
Operating expenses
Selling, general and administrative expenses 100,268  100,568 
Transaction expenses 273  235 
Loss (gain) on disposal of assets and other 290  (6,573)
Total operating expenses 100,831  94,230 
Operating income 31,512  23,487 
Other expense (income)
Interest expense 8,413  9,689 
Foreign exchange gains and other, net (297) (5,010)
Total other expense 8,116  4,679 
Income before taxes 23,396  18,808 
Income tax expense 6,497  9,986 
Net income (1)
$ 16,899  $ 8,822 
Weighted average shares outstanding
Basic 11,252  12,327 
Diluted 11,707  12,542 
Earnings per share
Basic $ 1.50  $ 0.72 
Diluted $ 1.44  $ 0.70 
(1) Refer to Table 2 for schedule of adjusting items.


6

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
June 30, December 31,
(in thousands of dollars) 2026 2025
Assets
Current assets
Cash and cash equivalents $ 33,716  $ 34,661 
Accounts receivable—trade, net 173,963  142,396 
Inventories, net 233,473  239,420 
Other current assets 42,370  32,407 
Total current assets 483,522  448,884 
Property and equipment, net of accumulated depreciation 47,962  51,905 
Operating lease assets 80,798  80,733 
Goodwill and other intangible assets, net 144,605  158,304 
Other long-term assets 13,823  12,629 
Total assets $ 770,710  $ 752,455 
Liabilities and equity
Current liabilities
Current portion of long-term debt $ 1,273  $ 1,407 
Other current liabilities 219,288  205,127 
Total current liabilities 220,561  206,534 
Long-term debt, net of current portion 142,435  134,521 
Other long-term liabilities 117,932  120,257 
Total liabilities 480,928  461,312 
Total equity 289,782  291,143 
Total liabilities and equity $ 770,710  $ 752,455 


7

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Six months ended June 30,
(in thousands of dollars) 2026 2025
Cash flows from operating activities
Net income $ 16,899  $ 8,822 
Depreciation and amortization 15,334  18,051 
Inventory write-down 5,897  760 
Gain on sale-leaseback transactions —  (6,903)
Other noncash items and changes in working capital (24,074) 4,369 
Net cash provided by operating activities 14,056  25,099 
Cash flows from investing activities
Capital expenditures for property and equipment (3,189) (3,061)
Proceeds from sale of property and equipment 159  57 
Proceeds from sale-leaseback transactions —  8,028 
Net cash provided by (used in) investing activities (3,030) 5,024 
Cash flows from financing activities
Borrowings of debt 265,195  271,326 
Repayments of debt (258,266) (300,092)
Repurchases of stock (7,567) (6,295)
Payment of withheld taxes on stock-based compensation plans (9,274) (1,321)
Deferred financing costs (1,659) (914)
Net cash used in financing activities (11,571) (37,296)
Effect of exchange rate changes on cash (400) 1,479 
Net decrease in cash and cash equivalents $ (945) $ (5,694)


8

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended Three months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026
Revenue
Drilling and Completions $ 139,004  $ 117,237  $ 126,739  $ 139,004  $ 117,237  $ 126,739 
Artificial Lift and Downhole 87,422  82,547  82,098  87,422  82,547  82,098 
Eliminations (209) (20) (137) (209) (20) (137)
Total revenue $ 226,217  $ 199,764  $ 208,700  $ 226,217  $ 199,764  $ 208,700 
Operating income (loss)
Drilling and Completions $ 13,715  $ 7,271  $ 8,909  $ 14,328  $ 8,408  $ 10,081 
Operating Margin % 9.9  % 6.2  % 7.0  % 10.3  % 7.2  % 8.0  %
Artificial Lift and Downhole 16,350  10,391  11,584  16,449  10,533  11,593 
Operating Margin % 18.7  % 12.6  % 14.1  % 18.8  % 12.8  % 14.1  %
Corporate (8,973) (9,491) (9,510) (9,246) (9,299) (9,055)
Total segment operating income 21,092  8,171  10,983  21,531  9,642  12,619 
Other items not in segment operating income (1)
(585) 6,512  22  (423) (18) (64)
Total operating income $ 20,507  $ 14,683  $ 11,005  $ 21,108  $ 9,624  $ 12,555 
Operating Margin % 9.1  % 7.4  % 5.3  % 9.3  % 4.8  % 6.0  %
EBITDA (2)
Drilling and Completions $ 14,933  $ 14,674  $ 12,170  $ 16,494  $ 11,412  $ 12,807 
EBITDA Margin % 10.7  % 12.5  % 9.6  % 11.9  % 9.7  % 10.1  %
Artificial Lift and Downhole 20,823  22,626  15,943  21,659  16,687  16,619 
EBITDA Margin % 23.8  % 27.4  % 19.4  % 24.8  % 20.2  % 20.2  %
Corporate (7,943) (9,600) (8,783) (6,423) (7,578) (6,540)
Total EBITDA $ 27,813  $ 27,700  $ 19,330  $ 31,730  $ 20,521  $ 22,886 
EBITDA Margin % 12.3  % 13.9  % 9.3  % 14.0  % 10.3  % 11.0  %
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of adjusting items.

9

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Six months ended Six months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Revenue
Drilling and Completions
 $ 265,743  $ 232,806  $ 265,743  $ 232,806 
Artificial Lift and Downhole 169,520  160,343  169,520  160,343 
Eliminations (346) (106) (346) (106)
Total revenue $ 434,917  $ 393,043  $ 434,917  $ 393,043 
Operating income (loss)
Drilling and Completions
 $ 22,624  $ 16,650  $ 24,409  $ 18,209 
Operating Margin % 8.5  % 7.2  % 9.2  % 7.8  %
Artificial Lift and Downhole 27,934  17,688  28,042  17,991 
Operating Margin % 16.5  % 11.0  % 16.5  % 11.2  %
Corporate (18,483) (17,189) (18,301) (16,869)
Total segment operating income 32,075  17,149  34,150  19,331 
Other items not in segment operating income(1)
(563) 6,338  (487) (141)
Total operating income $ 31,512  $ 23,487  $ 33,663  $ 19,190 
Operating Margin % 7.2  % 6.0  % 7.7  % 4.9  %
EBITDA (2)
Drilling and Completions
 $ 27,103  $ 27,978  $ 29,301  $ 23,821 
EBITDA Margin % 10.2  % 12.0  % 11.0  % 10.2  %
Artificial Lift and Downhole 36,766  35,351  38,278  30,179 
EBITDA Margin % 21.7  % 22.0  % 22.6  % 18.8  %
Corporate (16,726) (16,781) (12,963) (13,421)
Total EBITDA $ 47,143  $ 46,548  $ 54,616  $ 40,579 
EBITDA Margin % 10.8  % 11.8  % 12.6  % 10.3  %
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 2 for schedule of adjusting items.

10

Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026
Orders
Drilling and Completions $ 144,308  $ 177,792  $ 135,458 
Artificial Lift and Downhole 91,631  85,338  85,710 
Total orders $ 235,939  $ 263,130  $ 221,168 
Revenue
Drilling and Completions $ 139,004  $ 117,237  $ 126,739 
Artificial Lift and Downhole 87,422  82,547  82,098 
Eliminations (209) (20) (137)
Total revenue $ 226,217  $ 199,764  $ 208,700 
Book to bill ratio (1)
Drilling and Completions 1.04  1.52  1.07 
Artificial Lift and Downhole 1.05  1.03  1.04 
Total book to bill ratio 1.04  1.32  1.06 
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.


11

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
June 30, 2026 June 30, 2025 March 31, 2026
(in thousands, except per share information) Operating income
EBITDA (1)
Net income (loss) Operating income
EBITDA (1)
Net income (loss) Operating income
EBITDA (1)
Net income (loss)
As reported $ 20,507  $ 27,813  $ 12,407  $ 14,683  $ 27,700  $ 7,700  $ 11,005  $ 19,330  $ 4,492 
% of revenue 9.1  % 12.3  % 5.5  % 7.4  % 13.9  % 3.9  % 5.3  % 9.3  % 2.2  %
Restructuring and other costs 865  865  865  1,663  1,663  1,663  1,488  1,488  1,488 
Transaction expenses 125  125  125  184  184  184  148  148  148 
Inventory and other assets impairment adjustments (389) (389) (389) (3) (3) (3) (86) (86) (86)
Stock-based compensation expense —  2,616  —  —  1,749  —  —  2,520  — 
Gain on sale-leaseback transactions —  —  —  (6,903) (6,903) (6,903) —  —  — 
Foreign exchange losses (gains) and other, net (2)
—  700  700  —  (3,869) (3,869) —  (514) (514)
As adjusted (1)
$ 21,108  $ 31,730  $ 13,708  $ 9,624  $ 20,521  $ (1,228) $ 12,555  $ 22,886  $ 5,528 
% of revenue 9.3  % 14.0  % 6.1  % 4.8  % 10.3  % N/A 6.0  % 11.0  % 2.6  %
Diluted shares outstanding as reported 11,773  12,554  11,641 
Diluted shares outstanding as adjusted 11,773  12,554  11,641 
Diluted EPS - as reported $ 1.05  $ 0.61  $ 0.39 
Diluted EPS - as adjusted $ 1.16  $ (0.10) $ 0.47 
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.


12


Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting items
Six months ended
June 30, 2026 June 30, 2025
(in thousands, except per share information) Operating income
EBITDA (1)
Net income (loss) Operating income
EBITDA (1)
Net income (loss)
As reported $ 31,512  $ 47,143  $ 16,899  $ 23,487  $ 46,548  $ 8,822 
% of revenue 7.2  % 10.8  % 3.9  % 6.0  % 11.8  % 2.2  %
Restructuring and other costs 2,353  2,353  2,353  2,459  2,459  2,459 
Transaction expenses 273  273  273  235  235  235 
Inventory and other assets impairment adjustments (475) (475) (475) (88) (88) (88)
Stock-based compensation expense —  5,136  —  —  3,567  — 
Gain on sale-leaseback transactions —  —  —  (6,903) (6,903) (6,903)
Foreign exchange losses (gains) and other, net (2)
—  186  186  —  (5,239) (5,239)
As adjusted (1)
$ 33,663  $ 54,616  $ 19,236  $ 19,190  $ 40,579  $ (714)
% of revenue 7.7  % 12.6  % 4.4  % 4.9  % 10.3  % N/A
Diluted shares outstanding as reported 11,707  12,542 
Diluted shares outstanding as adjusted 11,707  12,542 
Diluted EPS - as reported $ 1.44  $ 0.70 
Diluted EPS - as adjusted $ 1.64  $ (0.06)
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.


13

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 3 - Adjusting Items
Three months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026
EBITDA reconciliation (1)
Net income $ 12,407  $ 7,700  $ 4,492 
Interest expense 4,272  4,706  4,141 
Depreciation and amortization 7,532  9,075  7,802 
Income tax expense 3,602  6,219  2,895 
     EBITDA $ 27,813  $ 27,700  $ 19,330 
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.



Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 4 - Adjusting Items
Six months ended
(in thousands of dollars) June 30, 2026 June 30, 2025
EBITDA reconciliation (1)
Net income $ 16,899  $ 8,822 
Interest expense 8,413  9,689 
Depreciation and amortization 15,334  18,051 
Income tax expense 6,497  9,986 
     EBITDA $ 47,143  $ 46,548 
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.



14

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 5 - Adjusting items
Three months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities $ 12,429  $ 15,773  $ 1,627 
Capital expenditures for property and equipment (2,933) (951) (256)
Proceeds from sale of property and equipment 156  43  3 
Proceeds from sale-leaseback transactions —  8,028  — 
Free cash flow, before acquisitions $ 9,652  $ 22,893  $ 1,374 
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.


Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 6 - Adjusting items
Six months ended
(in thousands of dollars) June 30, 2026 June 30, 2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities $ 14,056  $ 25,099 
Capital expenditures for property and equipment (3,189) (3,061)
Proceeds from sale of property and equipment 159  57 
Proceeds from sale-leaseback transactions —  8,028 
Free cash flow, before acquisitions $ 11,026  $ 30,123 
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.



15

Forum Energy Technologies, Inc.
Table 7 - Net Leverage Ratio (1)
(Unaudited)
(in thousands of dollars) June 30, 2026 March 31, 2026 December 31, 2025
2029 Bonds $ 100,000  $ 100,000  $ 100,000 
Credit Facility 45,030  55,053  37,282 
Other debt 3,475  3,751  4,008 
Long-term debt, principal amount 148,505  158,804  141,290 
Less: Cash and cash equivalents 33,716  37,488  34,661 
Net debt 114,789  121,316  106,629 
Trailing Twelve Months Adjusted EBITDA 100,440  89,230  86,403 
Net leverage ratio 1.1 1.4 1.2
(1) The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligations.

Forum Energy Technologies, Inc.
Table 8 - Revenue Per Rig
(Unaudited)
Three months ended Six months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025
Revenue $ 226,217  $ 199,764  $ 208,700  $ 434,917  $ 393,043 
Average global rig count (1)
1,759  1,777  1,832  1,796  1,839 
Revenue per rig $ 129  $ 112  $ 114  $ 242  $ 214 
(1) The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024.



16

Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars) June 30, 2026 June 30, 2025 March 31, 2026
Revenue $ % $ % $ %
Drilling $ 35,535  15.7  % $ 32,846  16.5  % $ 32,730  15.7  %
Subsea 33,516  14.8  % 22,389  11.2  % 35,495  17.0  %
Stimulation and Intervention 38,181  16.9  % 32,856  16.4  % 33,047  15.8  %
Coiled Tubing 31,772  14.0  % 29,146  14.6  % 25,467  12.2  %
Drilling and Completions 139,004  61.4  % 117,237  58.7  % 126,739  60.7  %
Downhole 61,040  27.0  % 51,284  25.7  % 50,559  24.2  %
Production Equipment 13,444  5.9  % 20,662  10.3  % 18,750  9.0  %
Valve Solutions 12,938  5.7  % 10,601  5.3  % 12,789  6.1  %
Artificial Lift and Downhole 87,422  38.6  % 82,547  41.3  % 82,098  39.3  %
Eliminations (209) —  % (20) —  % (137) —  %
Total revenue $ 226,217  100.0  % $ 199,764  100.0  % $ 208,700  100.0  %


17