Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance

About this update from Forum Energy Technologies, Inc.

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 Flow 2 $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. 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 . 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. 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. 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. 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. 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 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 ) 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. 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. 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. 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. 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. 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. 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. 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. 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 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260730243910/en/

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