Filing Flows › Tenaris SA (TS) › Q1 2026
Tenaris SA (TS) Q1 2026 earnings results (first quarter 2026)
6-K filed May 7, 2026
Tenaris SA (TS) reported revenue of $3.1B for the first quarter 2026 (Q1 2026), +6% from a year earlier. Operating margin was 18.8%, net earnings $541M (17.4% of revenue).
Tenaris SA, Q1 2026: revenue $3.1B (+6% year over year), operating margin 18.8%, net earnings $541M, operating cash flow $618M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | — | +6% |
| Gross profit | $1.1B | — | +5% |
| Operating profit | $584M | — | +6% |
| Net earnings | $541M | — | +7% |
| Operating cash flow | $618M | — | -25% |
| Free cash flow | $503M | — | -22% |
What changed
Revenue was $3.1B in Q1 2026, up 6% year over year. North America was the largest line at 49% of revenue. North America added $0.24B year over year (up 19%), 137% of the total change. Asia Pacific, Middle East and Africa declined 7%.
Gross margin was 33.9%, down 0.4 points from a year earlier. Operating profit was $0.58B, a 18.8% margin (unchanged year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 19% margin then. Operating expenses grew 3% against revenue growth of 6%. Net earnings were $0.54B, up 7% year over year. The effective tax rate was -22.5%.
Operating cash flow was $0.62B (down 25% year over year), 109% of net income including minority interests. Non-cash charges added back $0.15B of depreciation and amortization. Working capital and other items used $0.10B. Capital expenditures of $0.11B left free cash flow of $0.50B.
Questions
What was Tenaris SA's revenue in the first quarter 2026?
Tenaris SA (TS) reported revenue of $3.1B for the first quarter 2026 (Q1 2026), +6% from a year earlier.
Was Tenaris SA profitable in the first quarter 2026?
Operating profit was $584M (18.8% of revenue) and net earnings $541M.
Source: Tenaris SA 6-K on SEC EDGAR.