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Friedman Industries (FRD) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Friedman Industries (FRD) Q2 FY27 earnings results →

Q2 FY27 Revenue up 88% year over year to $287M · 5¢ of every $1 of revenue kept as net profit · operating margin 12.8%

Friedman Industries made $287M in Q2 FY27 (+88% Y/Y). Operating margin 12.8%, net earnings $15.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$287M
Year over year+88%
Operating margin12.8%
Net earnings$15.6M
Operating cash flow$6.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $286.8M in Q2 FY27, up 88% year over year and up 20% from the previous quarter.

Operating profit was $36.6M, a 12.8% margin (up 10.9 points year over year). Of the extra revenue versus Q2 FY26, 25% reached operating profit, above the 2% margin then. Total costs grew 67% against revenue growth of 88%. The fastest-growing cost line was SG&A (+84%). Net earnings were $15.6M, up 597% year over year. The effective tax rate was 24.3%.

Operating cash flow was $6.1M (up 1315% year over year), 39% of net earnings. Non-cash charges added back $1.1M of depreciation and amortization. Working capital and other items used $10.5M. Capital expenditures of $3.7M left free cash flow of $2.4M.

Quarterly history

Friedman Industries revenue by quarterFriedman Industries revenue by quarter$94.1MQ3 FY25$129MQ4 FY25$135MQ1 FY26$152MQ2 FY26$168MQ3 FY26$240MQ1 FY27$287MQ2 FY27
Friedman Industries net earnings by quarterFriedman Industries net earnings by quarter−$1.2MQ3 FY25$5.3MQ4 FY25$5.0MQ1 FY26$2.2MQ2 FY26$3.0MQ3 FY26$12.8MQ1 FY27$15.6MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$287M+88%12.8%$15.6M$6.1M
Q1 FY2710-QAug 6, 2026$240M+78%8.8%$12.8M$7.3M
Q3 FY2610-QFeb 9, 2026$168M+79%2.3%$3.0M−$4.7M
Q2 FY2610-QNov 10, 2025$152M+43%1.9%$2.2M$437K
Q1 FY2610-QAug 7, 2025$135M+18%5.2%$5.0M$15.5M
Q4 FY2510-KJun 12, 2025$129M-2%4.5%$5.3M−$11.8M
Q3 FY2510-QFeb 7, 2025$94.1M-19%-1.3%−$1.2M$2.7M

Charts

Friedman Industries: revenue growth, year over year and quarter over quarterFriedman Industries: revenue growth, year over year and quarter over quarterY/YQ/Q-19%Q3 FY25-2%+37%Q4 FY25+18%+4%Q1 FY26+43%+13%Q2 FY26+79%+10%Q3 FY26+78%+43%Q1 FY27+88%+20%Q2 FY27
Latest (Q2 FY27): Y/Y +88%, Q/Q +20%.
Friedman Industries: where the cash came from (+) and went (−), FY25Friedman Industries: where the cash came from (+) and went (−), FY25Net borrowing (+) / repaid (−)$7.4MOperating cash flow−$4.4MCapital spending−$4.0MCash drawn (+) / kept (−)$1.7MAsset & business sales$1.6MDividends−$1.1MOther investing−$1.0MBuybacks−$171K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Friedman Industries: profit against cash, quarter by quarterFriedman Industries: profit against cash, quarter by quarterNet incomeOperating cash flow−$675K$10.8MQ2 FY25−$1.2M$2.7MQ3 FY25$5.3M−$11.8MQ4 FY25$5.0M$15.5MQ1 FY26$2.2M$433KQ2 FY26$3.0M−$4.7MQ3 FY26$12.8M$7.3MQ1 FY27$15.6M$6.1MQ2 FY27
Latest (Q2 FY27): Net income $15.6M, Operating cash flow $6.1M.
Friedman Industries: diluted shares by fiscal yearFriedman Industries: diluted shares by fiscal year7MFY207MFY217MFY227MFY237MFY247MFY25
-0.8% since FY20: buybacks shrank the count.
Friedman Industries in its industry: growth against margin (5 companies, SIC 3310)Friedman Industries in its industry: growth against margin (5 companies, SIC 3310)revenue growth, year over year →↑ operating marginmedian +54%median 5%WSROCKWORIIINFRD (+88%, 13%)
Steel Works, Blast Furnaces & Rolling & Finishing Mills; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Friedman Industries

Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of metals and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2026, which financial statements are incorporated herein by reference in Item 8 hereof.

In its own words, from its 10-K, filed Jun 11, 2026.

Friedman Industries against its Steel Works, Blast Furnaces & Rolling & Finishing Mills peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +88% against the peers' median +54%. Operating margin: 12.8% against the peers' median 4.9%.

CompanyQuarterRevenueY/YOp. margin
FRD Friedman IndustriesQ2 FY27$287M+88%12.8%
WS Worthington SteelQ1 FY27$2.7B+212%2.1%
ROCK Gibraltar IndustriesQ3 2026$480M+54%10.3%
WOR Worthington EnterprisesQ1 FY27$344M+13%3.8%
IIIN Insteel IndustriesQ4 FY26$209M+18%4.9%

Source: Friedman Industries 10-Q on SEC EDGAR · CIK 39092 · Steel Works, Blast Furnaces & Rolling & Finishing Mills

Guidance and outlook

Friedman Industries: what its forward-looking statements are about (10-Q filed 2026-11-05)Friedman Industries: what its forward-looking statements are about (10-Q filed 2026-11-05)Margins2Financing1Supply chain1Other1
5 statements; tone +0.40 (−1 all cautious, +1 all confident); 0 hedged.
Friedman Industries: outlook statements against the filing beforeFriedman Industries: outlook statements against the filing beforeConfident2

13F: who owns FRD and who is buying

Largest holders of FRD (13F)Largest holders of FRD (13F)Dimensional Fund Advisors LP$17.5MDe Lisle Partners LLP$12.9MBlackRock$12.7MGendell Jeffrey L$11.4MVanguard Capital Management LLC$9.8MRenaissance Technologies LLC$9.6MVanguard Group$7.6MGeode Capital Management, LLC$5.6MAcadian Asset Management LLC$4.5MTruffle Hound Capital, LLC$3.8M
Funds' net buying of FRD by quarter (13F)Funds' net buying of FRD by quarter (13F)$218K2024-09−$260K2024-12$1.5M2025-03−$14.4M2025-06$238K2025-09$201K2025-12−$22K2026-03$2.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FRD

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：Friedman Industries（FRD）财报

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