Filing Flows › Tenaris SA (TS) › FY2025
Tenaris SA (TS) FY2025 earnings results (fiscal 2025)
20-F filed Mar 31, 2026
Tenaris SA (TS) reported revenue of $12.0B for the fiscal 2025 (FY2025), -4% from a year earlier. Operating margin was 19.1%, net earnings $1.9B (16.1% of revenue).
Tenaris SA, FY2025: revenue $12.0B (-4% year over year), operating margin 19.1%, net earnings $1.9B, operating cash flow $2.6B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.0B | — | -4% |
| Gross profit | $4.1B | — | -6% |
| Operating profit | $2.3B | — | -6% |
| Net earnings | $1.9B | — | -5% |
| Operating cash flow | $2.6B | — | -9% |
What changed
Revenue was $12.0B in FY2025, down 4% year over year.
Gross margin was 34.4%, down 0.6 points from FY2024. Operating profit was $2.3B, a 19.1% margin (down 0.3 points year over year). Operating expenses fell 7% while revenue fell 4%. Net earnings were $1.9B, down 5% year over year. The effective tax rate was 20.2%.
Operating cash flow was $2.6B (down 9% year over year), 132% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization.
Questions
What was Tenaris SA's revenue in the fiscal 2025?
Tenaris SA (TS) reported revenue of $12.0B for the fiscal 2025 (FY2025), -4% from a year earlier.
Was Tenaris SA profitable in the fiscal 2025?
Operating profit was $2.3B (19.1% of revenue) and net earnings $1.9B.
Source: Tenaris SA 20-F on SEC EDGAR.