Filing Flows › Friedman Industries (FRD) › Q2 FY26
Friedman Industries (FRD) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 10, 2025
Friedman Industries (FRD) reported revenue of $152M for the second quarter fiscal 2026 (Q2 FY26), +43% from a year earlier and +13% from the quarter before. Operating margin was 1.9%, net earnings $2.2M (1.5% of revenue).
Friedman Industries, Q2 FY26: revenue $152M (+43% year over year), operating margin 1.9%, net earnings $2.2M, operating cash flow $437K. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $152M | +13% | +43% |
| Operating profit | $2.9M | -59% | — |
| Net earnings | $2.2M | -55% | — |
| Operating cash flow | $437K | -97% | -96% |
What changed
Revenue was $152.4M in Q2 FY26, up 43% year over year and up 13% from the previous quarter. Flat-roll was the largest line at 94% of revenue. Flat-roll added $46.0M year over year (up 47%), 101% of the total change. Tubular declined 4%.
Operating profit was $2.9M, a 1.9% margin (up 2.1 points year over year). Total costs grew 40% against revenue growth of 43%. The fastest-growing cost line was SG&A (+60%). Net earnings were $2.2M. The effective tax rate was 24.8%.
Operating cash flow was $437K (down 96% year over year), 20% of net earnings. Non-cash charges added back $937K of depreciation and amortization. Working capital and other items used $2.7M. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$2.0M.
Questions
What was Friedman Industries' revenue in the second quarter fiscal 2026?
Friedman Industries (FRD) reported revenue of $152M for the second quarter fiscal 2026 (Q2 FY26), +43% from a year earlier and +13% from the quarter before.
Was Friedman Industries profitable in the second quarter fiscal 2026?
Operating profit was $2.9M (1.9% of revenue) and net earnings $2.2M.