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Worthington Steel (WS) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Oct 10, 2025
Worthington Steel (WS) reported revenue of $873M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +5% from the quarter before. Operating margin was 5.5%, net earnings $36.8M (4.2% of revenue).
Worthington Steel, Q1 FY26: revenue $873M (+5% year over year), operating margin 5.5%, net earnings $36.8M, operating cash flow −$6.3M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $873M | +5% | +5% |
| Gross profit | $115M | -9% | +15% |
| Operating profit | $48.3M | -27% | +11% |
| Net earnings | $36.8M | -34% | +30% |
| Operating cash flow | −$6.3M | -112% | — |
What changed
Revenue was $872.9M in Q1 FY26, up 5% year over year and up 5% from the previous quarter.
Gross margin was 13.2%, up 1.2 points from a year earlier. Operating profit was $48.3M, a 5.5% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, above the 5% margin then. Operating expenses grew 17% against revenue growth of 5%. Net earnings were $36.8M, up 30% year over year. The effective tax rate was 25.8%.
Operating cash flow was −$6.3M. Non-cash charges added back $20.3M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $72.6M. Capital expenditures of $29.4M exceeded it, leaving free cash flow of −$35.7M.
Questions
What was Worthington Steel's revenue in the first quarter fiscal 2026?
Worthington Steel (WS) reported revenue of $873M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +5% from the quarter before.
Was Worthington Steel profitable in the first quarter fiscal 2026?
Operating profit was $48.3M (5.5% of revenue) and net earnings $36.8M.
Source: Worthington Steel 10-Q on SEC EDGAR.