Forum Energy Technologies (NYSE: FET), an equipment supplier to the oil and gas industry, announced that it reported second-quarter 2026 earnings after market close on Thursday. The company's stock rose almost 22% on Friday following the release.
Revenue for the quarter came in at $226 million, a more than 8% increase year over year. Orders rose 7% year over year to nearly $236 million in Q2 2026.
Q2 2026 revenue, up more than 8% year over year.
The company reported adjusted (non-GAAP) net income of $13.7 million, or $1.16 per share, for the quarter. This flipped from a year-ago loss of $1.2 million.
Analyst consensus estimates had averaged slightly over $210 million for revenue and $0.51 per share for adjusted net profit, so the results exceeded expectations.
Segment performance was mixed: drilling and completions revenue rose 10% to $139 million, while artificial lift and downhole revenue rose 6% to $87 million.
The company also raised its guidance for both Q3 2026 and the full year. The new forecast for full-year 2026 revenue is $870 million to $910 million, and adjusted net income is expected to be $42 million to $52 million. By contrast, the average analyst expectation for full-year revenue had been under $856 million.
