FORUM ENERGY TECHNOLOGIES, INC.FET
FORUM ENERGY TECHNOLOGIES, INC. Segments Disclosure
Business Segments
The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. This segmentation is representative of the manner in which our Chief Operating Decision Maker (“CODM”) and our board of directors make decisions on how to allocate resources and assess performance. We consider the CODM to be the Chief Executive Officer.
The CODM evaluates segment performance based on operating income through monitoring actual results compared to strategic plans and forecasts on a quarterly basis. This analysis guides our CODM's decision-making processes, particularly in evaluating segment profitability, optimizing resource allocation, and managing costs effectively.
Summary financial data by reportable segment follows (in thousands):
| Year ended December 31, 2025 | Drilling and Completions | Artificial Lift and Downhole | Total | |||||||||||||||||
| Revenue from external customers | $ | 476,689 | $ | 314,785 | $ | 791,474 | ||||||||||||||
| Intersegment revenue | 502 | — | 502 | |||||||||||||||||
| Segment revenue | 477,191 | 314,785 | 791,976 | |||||||||||||||||
| Elimination of intersegment revenue | (502) | |||||||||||||||||||
| Total consolidated revenue | 791,474 | |||||||||||||||||||
Less: | ||||||||||||||||||||
| Cost of sales | 375,633 | 197,307 | 572,940 | |||||||||||||||||
| Selling, general and administrative expenses | 88,723 | 76,304 | 165,027 | |||||||||||||||||
Segment operating income | $ | 12,835 | $ | 41,174 | $ | 54,009 | ||||||||||||||
| Reconciliation to income (loss) before income taxes | ||||||||||||||||||||
| Segment operating income | $ | 54,009 | ||||||||||||||||||
| Less: | ||||||||||||||||||||
| Other corporate expenses | 34,878 | |||||||||||||||||||
| Transaction expenses | 546 | |||||||||||||||||||
| Gain on sale-leaseback transactions | (11,182) | |||||||||||||||||||
| Loss (gain) on disposal of assets and other | (378) | |||||||||||||||||||
| Interest expense | 18,312 | |||||||||||||||||||
| Foreign exchange losses (gains) and other, net | (4,754) | |||||||||||||||||||
| Income (loss) before income taxes | $ | 16,587 | ||||||||||||||||||
| Year ended December 31, 2024 | Drilling and Completions | Artificial Lift and Downhole | Total | |||||||||||||||||
| Revenue from external customers | $ | 470,767 | $ | 345,680 | $ | 816,447 | ||||||||||||||
| Intersegment revenue | (22) | — | (22) | |||||||||||||||||
| Total revenue | 470,745 | 345,680 | 816,425 | |||||||||||||||||
| Less: | ||||||||||||||||||||
| Cost of sales | 348,878 | 212,536 | 561,414 | |||||||||||||||||
| Selling, general and administrative expenses | 104,123 | 84,250 | 188,373 | |||||||||||||||||
| Segment operating income | 17,744 | 48,894 | 66,638 | |||||||||||||||||
| Reconciliation to income (loss) before income taxes | ||||||||||||||||||||
| Elimination of intersegment expenses | (22) | |||||||||||||||||||
| Other corporate expenses | 30,952 | |||||||||||||||||||
| Transaction expenses | 7,728 | |||||||||||||||||||
| Impairment of intangible assets | 119,123 | |||||||||||||||||||
| Gain on sale-leaseback transactions | (4,860) | |||||||||||||||||||
| Loss (gain) on disposal of assets and other | 484 | |||||||||||||||||||
| Interest expense | 31,490 | |||||||||||||||||||
| Foreign exchange losses (gains) and other, net | 7,315 | |||||||||||||||||||
| Loss on extinguishment of debt | 2,854 | |||||||||||||||||||
| Income (loss) before income taxes | $ | (128,426) | ||||||||||||||||||
A summary of depreciation and amortization by reportable segment is as follows (in thousands):
| Year ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Depreciation and amortization | ||||||||||||||
| Drilling and Completions | $ | 11,668 | $ | 28,181 | ||||||||||
| Artificial Lift and Downhole | 22,025 | 25,349 | ||||||||||||
| Corporate | 62 | 187 | ||||||||||||
| Total depreciation and amortization | $ | 33,755 | $ | 53,717 | ||||||||||
A summary of capital expenditures by reportable segment is as follows (in thousands):
| Year ended December 31, | ||||||||||||||
| Capital expenditures | 2025 | 2024 | ||||||||||||
| Drilling and Completions | $ | 4,117 | $ | 5,974 | ||||||||||
| Artificial Lift and Downhole | 1,773 | 1,413 | ||||||||||||
| Corporate | 125 | 758 | ||||||||||||
| Total capital expenditures | $ | 6,015 | $ | 8,145 | ||||||||||
A summary of consolidated assets by reportable segment is as follows (in thousands):
| Year ended December 31, | ||||||||||||||
| Assets | 2025 | 2024 | ||||||||||||
| Drilling and Completions | $ | 385,401 | $ | 418,583 | ||||||||||
| Artificial Lift and Downhole | 353,505 | 371,178 | ||||||||||||
| Corporate | 13,549 | 26,193 | ||||||||||||
| Total assets | $ | 752,455 | $ | 815,954 | ||||||||||
Corporate assets primarily include cash, certain prepaid expenses and deferred loan costs.
A summary of long-lived assets by geography is as follows (in thousands):
| December 31, | ||||||||||||||
| Long-lived assets | 2025 | 2024 | ||||||||||||
| United States | $ | 123,407 | $ | 125,373 | ||||||||||
| Canada | 149,144 | 172,740 | ||||||||||||
| Europe & Africa | 26,150 | 19,196 | ||||||||||||
| Middle East | 4,833 | 2,951 | ||||||||||||
| Asia-Pacific | 33 | 53 | ||||||||||||
| Latin America | 4 | 4 | ||||||||||||
| Total long-lived assets | $ | 303,571 | $ | 320,317 | ||||||||||
The following table presents our revenues disaggregated by product line (in thousands):
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Revenue | $ | % | $ | % | ||||||||||||||||
| United States | $ | 402,011 | 50.8 | % | $ | 415,132 | 50.9 | % | ||||||||||||
| Canada | 135,129 | 17.1 | % | 152,168 | 18.6 | % | ||||||||||||||
| Middle East | 86,460 | 10.9 | % | 91,500 | 11.2 | % | ||||||||||||||
| Europe & Africa | 84,768 | 10.7 | % | 76,712 | 9.4 | % | ||||||||||||||
| Asia-Pacific | 47,753 | 6.0 | % | 43,971 | 5.4 | % | ||||||||||||||
| Latin America | 35,353 | 4.5 | % | 36,942 | 4.5 | % | ||||||||||||||
| Total revenue | $ | 791,474 | 100.0 | % | $ | 816,425 | 100.0 | % | ||||||||||||
The following table presents our revenues disaggregated by product line (in thousands):
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Revenue | $ | % | $ | % | ||||||||||||||||
| Drilling | $ | 132,906 | 16.9 | % | $ | 143,269 | 17.6 | % | ||||||||||||
| Subsea | 97,624 | 12.3 | % | 78,118 | 9.6 | % | ||||||||||||||
| Stimulation and Intervention | 135,409 | 17.1 | % | 144,879 | 17.7 | % | ||||||||||||||
| Coiled Tubing | 111,252 | 14.1 | % | 104,501 | 12.8 | % | ||||||||||||||
| Downhole | 194,825 | 24.6 | % | 207,430 | 25.4 | % | ||||||||||||||
| Production Equipment | 73,942 | 9.3 | % | 76,251 | 9.3 | % | ||||||||||||||
| Valve Solutions | 46,018 | 5.8 | % | 61,999 | 7.6 | % | ||||||||||||||
| Eliminations | (502) | (0.1) | % | (22) | — | % | ||||||||||||||
| Total revenue | $ | 791,474 | 100.0 | % | $ | 816,425 | 100.0 | % | ||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 4, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.