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REVENUE
 6 Months Ended
Jun. 30, 2026
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. Revenue by geography for the three and six months ended June 30, 2026 and 2025 was as follows:

Reportable Segments
Three Months Ended
June 30, 2026June 30, 2025
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$979.1 $20.6 $854.7 $25.1 
Europe and Central Asia
638.1 32.4 671.3 30.6 
Africa314.9 17.3 247.7 14.0 
North America220.5 105.9 250.1 109.8 
Asia Pacific201.4 22.2 115.2 21.0 
Middle East132.9 77.8 77.3 117.9 
Total revenue$2,486.9 $276.2 $2,216.3 $318.4 

Reportable Segments
Six Months Ended
June 30, 2026June 30, 2025
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$1,859.9 $39.4 $1,483.0 $45.7 
Europe and Central Asia1,085.8 62.0 1,153.0 58.9 
Africa717.7 27.9 499.7 21.5 
North America500.9 220.8 541.4 226.1 
Asia Pacific338.6 42.3 365.7 43.7 
Middle East192.4 168.1 109.7 219.9 
Total revenue$4,695.3 $560.5 $4,152.5 $615.8 
Revenue by contract type for the three and six months ended June 30, 2026 and 2025 was as follows:
Reportable Segments
Three Months Ended
June 30, 2026June 30, 2025
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$1,671.1 $104.9 $1,421.5 $111.8 
Products815.8 171.3 794.8 206.6 
Total revenue$2,486.9 $276.2 $2,216.3 $318.4 
Reportable Segments
Six Months Ended
June 30, 2026June 30, 2025
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$2,846.5 $215.0 $2,679.2 $219.5 
Products1,848.8 345.5 1,473.3 396.3 
Total revenue$4,695.3 $560.5 $4,152.5 $615.8 
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.
The following table provides information about net contract liabilities as of June 30, 2026 and December 31, 2025:
(In millions)June 30,
2026		December 31,
2025
Contract assets$1,295.5 $1,065.5 
Contract liabilities(2,358.9)(2,148.9)
Net contract liabilities$(1,063.4)$(1,083.4)
The increase in our contract assets from December 31, 2025 to June 30, 2026 was primarily due to the timing of project milestones.
The increase in our contract liabilities was primarily driven from an overall portfolio mix enabling 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, 2026 and 2025 that was included in the contract liabilities balance as of December 31, 2025 and 2024 was $383.3 million and $340.8 million, respectively, and for the six months ended June 30, 2026 and 2025 was $839.7 million and $950.0 million, respectively.
Net revenue recognized from our performance obligations satisfied or partially satisfied in previous periods had a favorable impact of $36.9 million and $51.7 million for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025 we had a favorable impact of $95.1 million and $71.1 million, respectively. For the three and six months ended June 30, 2026 and 2025, there were no projects with an individually material impact.
The net impact of changes in contract estimates on gross profit was unfavorable by $17.2 million and favorable by $39.4 million for the three and six months ended June 30, 2026, respectively and favorable by $123.3 million and $137.7 million, for the comparable prior year periods, respectively.
For the three months ended June 30, 2026, cost estimate revisions on certain projects resulted in an unfavorable impact on gross profit of $73.3 million, which was partially offset by favorable updates across the project portfolio totaling $56.1 million. For the three and six months ended June 30, 2025, certain projects had changes in cost estimates resulting in favorable impacts of $115.5 million and $118.7 million, respectively.
Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations
Remaining unsatisfied performance obligations (“RUPO”) represent the portion of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied as of the reporting date and reflect only the contract term for which the Company has present enforceable rights and obligations. As of June 30, 2026, RUPO was $16.4 billion. TechnipFMC expects to recognize revenue on approximately 24.6% of this amount during the remainder of 2026 and 75.4% thereafter.
The following table details the RUPO for each business segment as of June 30, 2026:
(In millions)20262027ThereafterTotal
Subsea$3,778.8 $5,248.8 $6,805.6 $15,833.2 
Surface Technologies264.2 157.0 185.6 606.8 
Total remaining unsatisfied performance obligations$4,043.0 $5,405.8 $6,991.2 $16,440.0