Filing Flows › Tenaris SA (TS) › Q1 2026 › vs Q1 2025
Tenaris SA (TS) Q1 2026 vs Q1 2025 (year over year)
Tenaris SA's revenue rose $178M (+6%) from $2.9B in Q1 2025 to $3.1B in Q1 2026. The biggest changes: North America +$245M (+19%); Asia Pacific, Middle East and Africa −$51.0M (-7%); South America −$21.1M (-3%). Gross margin 33.9% against 34.3% (-0.4 pts).
Tenaris SA, Q1 2026: revenue $3.1B (+6% year over year), operating margin 18.8%, net earnings $541M, operating cash flow $618M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 33.9% | 34.3% | -0.4 pts |
| Operating margin | 18.8% | 18.8% | +0.0 pts |
| Net margin | 17.4% | 17.3% | +0.1 pts |
| Free cash flow margin | 16.2% | 22.1% | -5.9 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| North America | $1.5B | $1.3B | $245M | +19% |
| Asia Pacific, Middle East and Africa | $719M | $770M | −$51.0M | -7% |
| South America | $616M | $638M | −$21.1M | -3% |
| Europe | $240M | $235M | $5.4M | +2% |
| Revenue | $3.1B | $2.9B | $178M | +6% |
| Gross profit | $1.1B | $1.0B | $48.8M | +5% |
| Cost of revenue | $2.1B | $1.9B | $129M | +7% |
| Operating profit | $584M | $550M | $34.0M | +6% |
| Operating expenses | $466M | $451M | $14.8M | +3% |
| Pre-tax earnings | $461M | $437M | $24.2M | +6% |
| Other expense, net | $123M | $113M | $9.8M | +9% |
| Income tax benefit | $103M | $81.3M | $22.1M | +27% |
| Net earnings | $541M | $507M | $33.8M | +7% |
| Minority interests | $23.5M | $10.9M | $12.5M | +115% |
| Depreciation & amortization | $151M | $146M | $5.0M | +3% |
| Working capital & other | $74.5M | −$168M | $242M | — |
| Operating cash flow | $618M | $821M | −$203M | -25% |
| Free cash flow (OCF − capex) | $503M | $647M | −$144M | -22% |
| Capital expenditures | $114M | $174M | −$59.4M | -34% |
Questions
How much did Tenaris SA's revenue grow year over year in Q1 2026?
Tenaris SA's revenue rose $178M (+6%) from $2.9B in Q1 2025 to $3.1B in Q1 2026.
What drove Tenaris SA's revenue change in Q1 2026?
North America +$245M (+19%); Asia Pacific, Middle East and Africa −$51.0M (-7%); South America −$21.1M (-3%).