Forum Energy Technologies, Inc. Q3 2026 Earnings Recap

FET shares fell 4.3% after earnings, despite management raising its full-year outlook. The transcript doesn’t identify a clear disappointment; the stock’s move suggests the higher outlook and growth narrative may not have been enough to satisfy investors, but no specific shortfall is stated.

Key Takeaways

• FET raised 2026 guidance to revenue of $900–$920 million, adjusted EBITDA of $123–$129 million, adjusted net income of $52–$58 million, and free cash flow of $66–$71 million.
• Management said revenue, EBITDA, net income, and free cash flow grew sequentially and year over year in Q3, but the transcript provides no quarterly figures.
• International revenue was up 31% year over year through the first nine months of 2026; Middle East revenue rose 32% year over year despite some disruption.
• A new hydraulic-fracturing tube product expands the company’s estimated addressable market by approximately $200 million; FET received its first order this month.
• Data-center cooling products are generating several advanced-stage RFQs, while management described the opportunity as still developing.