Forum Energy Crushes Q2 Estimates and Lifts Full-Year Guidance Across the Board
FET has more than doubled off its 52-week low of $18.12.
Summary
Forum Energy Technologies posted Q2 2026 results that exceeded expectations, with revenue climbing 8% sequentially to $226 million and adjusted EBITDA up 39% to $32 million. Full-year 2026 guidance was raised across all key metrics.
Updates
· SEC 10-Q — 10-Q shows Q2 revenue $226.2M, net income $12.4M, diluted EPS $1.05; six-month revenue $434.9M, net income $16.9M. Credit facility amended Feb 2026: maturity extended to Feb 4, 2031, SOFR margin reduced to 2.00%-2.50%, U.S. LC sublimit raised to $100M.
Key Events · Earnings and Guidance · FET
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Q2 Revenue and Earnings Surge
Strong demand in the Drilling and Completions and Artificial Lift and Downhole segments pushed revenue to $226 million, an 8% sequential increase. Adjusted net income soared 148% to $14 million, or $1.16 per diluted share.
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Adjusted EBITDA Margin Expansion
Adjusted EBITDA jumped 39% sequentially to $32 million, with margins expanding 300 basis points to 14.0%, thanks to improved plant utilization and cost management.
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Full-Year 2026 Guidance Raised
Management lifted its full-year outlook: revenue is now $870-910 million (up 6% from the prior midpoint), adjusted EBITDA $115-125 million (up 17%), adjusted net income $42-52 million (up 57%), and free cash flow $57-77 million (up 3%).
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Balance Sheet Strengthens
The net leverage ratio improved to 1.1x from 1.4x last quarter, supported by free cash flow generation. During the first half of 2026, the company repurchased $8 million in shares.
Analysis · FET · Energy & Transportation
A standout quarter saw revenue, adjusted EBITDA, and adjusted net income all surge sequentially, handily beating the company's own aggressive targets. Confidence in sustained momentum is evident as full-year 2026 guidance was raised for revenue, adjusted EBITDA, adjusted net income, and free cash flow. With net leverage falling to 1.1x and $8 million in share repurchases during the first half, management is clearly committed to returning capital. The magnitude of the beat and the upward revision make this a clear positive for investors, and the stock is likely to react favorably.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 36.9% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FET was trading at $60.80 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $581.4M. The 52-week trading range was $18.12 to $65.43. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.