TechnipFMC plcFTI
TechnipFMC plc Segments Disclosure
BUSINESS SEGMENTS
Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide, which corresponds to the manner in which our Chair and Chief Executive Officer, as our chief operating decision maker, reviews and evaluates operating performance, and allocates resources. We operate under two reporting segments, Subsea and Surface Technologies.
•Subsea - designs and manufactures products and systems, performs engineering, procurement, and project management, and provides services used by oil and natural gas companies involved in offshore exploration and production of oil and natural gas.
•Surface Technologies - designs, manufactures, and supplies technologically advanced wellhead systems and pressure control products used in well completion and stimulation activities for oilfield service companies. We also provide installation, flowback and other services for exploration and production companies.
Segment operating profit is defined as total segment revenue less segment operating expenses. Income (loss) from equity method investments is included in segment operating profit. The following items have been excluded in computing segment operating profit: corporate staff expense, foreign exchange gains (losses), net interest income (expense) associated with corporate debt facilities, income taxes, a non-recurring legal settlement charge and a gain on disposal of MSB.
Our customers are the major integrated oil companies, national oil companies, and independent exploration and production companies that are active in the geographic areas in which we operate. Two customers in our Subsea segment, accounted for 15.5%, and 14.0% of our 2025 consolidated revenue, respectively. Three customers in our Subsea segment accounted for 18%, 13% and 11% of our 2024 consolidated revenue, respectively. One customer in our Subsea segment accounted for more than 16% of our 2023 consolidated revenue.
Information by business segment
The following presents financial information on our business segments:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsea | Surface Technologies | Total | Subsea | Surface Technologies | Total | Subsea | Surface Technologies | Total | |||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 8,665.9 | $ | 1,266.7 | $ | 9,932.6 | $ | 7,819.9 | $ | 1,263.4 | $ | 9,083.3 | $ | 6,434.8 | $ | 1,389.4 | $ | 7,824.2 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales(a) | 6,770.2 | 986.1 | 6,361.5 | 1,000.3 | 5,417.8 | 1,123.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Other segment items(b)(c) | 596.3 | 143.9 | 505.3 | 58.9 | 473.4 | 151.4 | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating profit | $ | 1,299.4 | $ | 136.7 | $ | 953.1 | $ | 204.2 | $ | 543.6 | $ | 114.6 | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Subsea | $ | 1,299.4 | $ | 953.1 | $ | 543.6 | ||||||||||||||
Surface Technologies(c) | 136.7 | 204.2 | 114.6 | |||||||||||||||||
| Total segment operating profit | 1,436.1 | 1157.3 | 658.2 | |||||||||||||||||
| Corporate items | ||||||||||||||||||||
Corporate expense(d) | (114.9) | (124.9) | (243.9) | |||||||||||||||||
| Net interest expense | (39.5) | (63.5) | (88.7) | |||||||||||||||||
| Foreign exchange gain (losses), net | (11.7) | (28.5) | (119.0) | |||||||||||||||||
| Total corporate items | (166.1) | (216.9) | (451.6) | |||||||||||||||||
Income before income taxes(e) | $ | 1,270.0 | $ | 940.4 | $ | 206.6 | ||||||||||||||
(a)These significant expenses are easily computable from profit measures that are regularly provided to the chief operating decision maker.
(b)Other segment items include selling, general and administrative expense, research and development expense, income from equity affiliates and restructuring, impairment and other expenses.
(c)Includes the gain on disposal of MSB for the year ended December 31, 2024, see Note 23 for additional details.
(d)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. For the year ended December 31, 2023, corporate expense includes a non-recurring legal settlement charge of $126.5 million.
(e)Includes amounts attributable to non-controlling interests.
Segment assets were as follows:
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Segment assets | |||||||||||
| Subsea | $ | 6,900.3 | $ | 6,894.0 | |||||||
| Surface Technologies | 1,145.6 | 1,208.3 | |||||||||
| Total segment assets | 8,045.9 | 8,102.3 | |||||||||
Corporate (a) | 2,072.3 | 1,766.9 | |||||||||
| Total assets | $ | 10,118.2 | $ | 9,869.2 | |||||||
(a)Corporate includes cash, deferred income tax balances, property, plant and equipment, assets not associated with a specific segment, and the fair value of derivative financial instruments.
Other business segment information is as follows:
| Capital Expenditures | Depreciation and Amortization | Research and Development Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Subsea | $ | 267.2 | $ | 233.5 | $ | 193.0 | $ | 387.2 | $ | 342.5 | $ | 310.5 | $ | 77.7 | $ | 67.9 | $ | 65.0 | |||||||||||||||||||||||||||||||||||
| Surface Technologies | 47.6 | 38.0 | 29.8 | 54.2 | 49.0 | 65.2 | 5.4 | 5.5 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Subtotal | 314.8 | 271.5 | 222.8 | 441.4 | 391.5 | 375.7 | 83.1 | 73.4 | 69.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate | 2.4 | 10.1 | 2.4 | 0.4 | 1.2 | 2.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 317.2 | $ | 281.6 | $ | 225.2 | $ | 441.8 | $ | 392.7 | $ | 377.8 | $ | 83.1 | $ | 73.4 | $ | 69.0 | |||||||||||||||||||||||||||||||||||
Information by geography
Revenue by geography was identified based on the country where our products and services were delivered, and is as follows:
| Year Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenue | |||||||||||||||||
| Brazil | $ | 2,158.3 | $ | 1,710.6 | $ | 1,687.6 | |||||||||||
| United States | 1,435.9 | 1,766.0 | 1,569.5 | ||||||||||||||
| Norway | 1,375.5 | 1,151.4 | 1,134.1 | ||||||||||||||
| United Kingdom | 840.2 | 863.0 | 867.2 | ||||||||||||||
| Guyana | 748.9 | 795.7 | 500.4 | ||||||||||||||
| Angola | 535.6 | 829.6 | 400.8 | ||||||||||||||
| Australia | 390.8 | 350.0 | 174.6 | ||||||||||||||
| Nigeria | 326.9 | 113.5 | 54.4 | ||||||||||||||
| Indonesia | 325.7 | 168.8 | 50.0 | ||||||||||||||
| Israel | 268.0 | 90.3 | 8.8 | ||||||||||||||
| Mozambique | 216.7 | 97.7 | 153.6 | ||||||||||||||
| United Arab Emirates | 214.3 | 195.0 | 161.4 | ||||||||||||||
| Saudi Arabia | 196.1 | 188.2 | 148.9 | ||||||||||||||
| Suriname | 131.5 | 7.4 | — | ||||||||||||||
| All other countries | 768.2 | 756.1 | 912.9 | ||||||||||||||
| Total revenue | $ | 9,932.6 | $ | 9,083.3 | $ | 7,824.2 | |||||||||||
Long-lived assets by geography represent property, plant and equipment, net, and are as follows:
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Long-lived assets | |||||||||||
| United Kingdom | $ | 746.3 | $ | 724.9 | |||||||
| Netherlands | 375.6 | 380.9 | |||||||||
| Brazil | 279.4 | 242.7 | |||||||||
| United States | 247.4 | 244.3 | |||||||||
| Norway | 208.7 | 199.1 | |||||||||
| All other countries | 427.9 | 341.9 | |||||||||
| Total long-lived assets | $ | 2,285.3 | $ | 2,133.8 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 11, 2019 | |
| 2017 | Apr 2, 2018 | |
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.