v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The majority of our revenue is from long-term contracts associated with designing and manufacturing products and systems and providing services to customers involved in the exploration and production of oil and natural gas.
Disaggregation of Revenue
Revenues are disaggregated by geographic location and contract types.
The following tables present total revenue by geography for each reportable segment for the three and six months ended June 30, 2025 and 2024:
Reportable Segments
Three Months Ended
June 30, 2025June 30, 2024
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$854.7 $25.1 $583.6 $28.3 
Europe and Central Asia671.3 30.6 626.3 27.5 
North America250.1 109.8 449.2 123.7 
Africa247.7 14.0 221.0 14.9 
Asia Pacific115.2 21.0 123.9 20.4 
Middle East77.3 117.9 5.1 101.7 
Total revenue$2,216.3 $318.4 $2,009.1 $316.5 
Reportable segments
Six Months Ended
June 30, 2025June 30, 2024
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$1,483.0 $45.7 $1,260.4 $53.6 
Europe and Central Asia1,153.0 58.9 985.2 64.2 
North America541.4 226.1 766.2 248.8 
Africa499.7 21.5 516.7 27.7 
Asia Pacific365.7 43.7 214.9 43.6 
Middle East109.7 219.9 0.5 185.8 
Total revenue$4,152.5 $615.8 $3,743.9 $623.7 
The following tables present total revenue by contract type for each reportable segment for the three and six months ended June 30, 2025 and 2024:
Reportable Segments
Three Months Ended
June 30, 2025June 30, 2024
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$1,393.1 $66.8 $1,355.3 $50.4 
Products794.8 206.6 635.7 224.5 
Lease28.4 45.0 18.1 41.6 
Total revenue$2,216.3 $318.4 $2,009.1 $316.5 
Reportable segments
Six Months Ended
June 30, 2025June 30, 2024
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$2,633.0 $130.9 $2,472.8 $98.7 
Products1,473.3 396.3 1,233.3 440.8 
Lease46.2 88.6 37.8 84.2 
Total revenue$4,152.5 $615.8 $3,743.9 $623.7 
Contract Balances
The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, costs, and estimated earnings in excess of billings on uncompleted contracts (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in the condensed consolidated balance sheets. Any expected contract losses are recorded in the period in which they become probable.
Contract Assets - Contract assets include unbilled amounts typically resulting from sales under long-term contracts when revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs and estimated earnings in excess of billings on uncompleted contracts are generally classified as current.
Contract Liabilities - We sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities.
The following table provides information about net contract liabilities as of June 30, 2025 and December 31, 2024:
(In millions)June 30,
2025		December 31,
2024
Contract assets$1,112.3 $967.7 
Contract liabilities(2,060.3)(1,786.6)
Net contract liabilities$(948.0)$(818.9)
The increase in our contract assets from December 31, 2024 to June 30, 2025 was primarily due to the timing of project milestones.
The increase in our contract liabilities was primarily driven from an overall portfolio and client mix enabling an acceleration of client cash payments in advance.
In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases the contract asset balance. Revenue recognized for the
three months ended June 30, 2025 and 2024 that was included in the contract liabilities balance as of December 31, 2024 and 2023 was $340.8 million and $368.6 million, respectively, and $950.0 million and $848.2 million for the six months ended June 30, 2025 and 2024, respectively.
Net revenue recognized from our performance obligations satisfied or partially satisfied in previous periods had a favorable impact of $51.7 million and $16.2 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024 we had a favorable impact of $71.1 million and $16.8 million, respectively.
For the three and six months ended June 30, 2025, there were no projects with individually material impacts. One project was materially and favorably impacted for the three and six months ended June 30, 2024 by $62.8 million and $86.3 million, respectively, as a result of improved performance in the delivery and was offset by individually immaterial net negative impacts of $46.6 million and $69.5 million, respectively.
Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations
Remaining unsatisfied performance obligations (or “order backlog”) represent the transaction price for products and services for which we have a material right, but work has not been performed. The transaction price of the order backlog includes the base transaction price, variable consideration, and changes in transaction price. The order backlog table does not include contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of June 30, 2025, the aggregate amount of the transaction price allocated to order backlog was $16.6 billion. TechnipFMC expects to recognize revenue on approximately 22.7% of the order backlog through 2025 and 77.3% thereafter.
The following table details the order backlog for each business segment as of June 30, 2025:
(In millions)20252026ThereafterTotal
Subsea$3,470.7 $4,803.4 $7,535.9 $15,810.0 
Surface Technologies310.2 263.2 262.5 835.9 
Total order backlog$3,780.9 $5,066.6 $7,798.4 $16,645.9