Why Forum Energy Technologies Stock Blasted Nearly 22% Higher on Friday

Forum Energy Technologies (FET) jumped nearly 22% Friday after second-quarter earnings crushed analyst expectations. The company posted $226 million in revenue, up 8% year-over-year, and adjusted net income of $13.7 million.

Management raised full-year 2026 guidance to $870 million to $910 million in revenue, with adjusted net income projected between $42 million and $52 million. The upgrade reflects sustained momentum in oil and gas activity driving demand for Forum's drilling and production equipment.

The Q2 beat and raised outlook mark a sharp reversal for the Houston-based oilfield services provider, which has battled margin pressure through recent commodity cycles. The 8% top-line growth signals operators are opening capital budgets for offshore and land drilling projects where Forum supplies downhole tools, pressure control systems, and subsea technologies.