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Worthington Steel (WS) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Apr 9, 2026
Worthington Steel (WS) reported revenue of $770M for the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier and -12% from the quarter before. Operating margin was 0.4%, net earnings $10.4M (1.4% of revenue).
Worthington Steel, Q3 FY26: revenue $770M (+12% year over year), operating margin 0.4%, net earnings $10.4M, operating cash flow $63.3M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $770M | -12% | +12% |
| Gross profit | $76.1M | -18% | -6% |
| Operating profit | $3.1M | -86% | -83% |
| Net earnings | $10.4M | -45% | -25% |
| Operating cash flow | $63.3M | -36% | +18% |
| Free cash flow | $33.3M | — | +301% |
What changed
Revenue was $769.8M in Q3 FY26, up 12% year over year and down 12% from the previous quarter.
Gross margin was 9.9%, down 1.9 points from Q3 FY25. Operating profit was $3.1M, a 0.4% margin (down 2.3 points year over year). Operating profit fell $15.2M even though revenue rose $82.4M versus Q3 FY25, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 12%. Net earnings were $10.4M, down 25% year over year. The effective tax rate was 24.5%. Non-operating items added $11.2M, 78% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $63.3M (up 18% year over year), 586% of net income including minority interests. Non-cash charges added back $21.6M of depreciation and amortization and $400K of share-based compensation. Working capital and other items added $30.5M. After investment in property, plant and equipment ($30.0M), free cash flow as the company reports it was $33.3M.
Questions
What was Worthington Steel's revenue in the third quarter fiscal 2026?
Worthington Steel (WS) reported revenue of $770M for the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier and -12% from the quarter before.
Was Worthington Steel profitable in the third quarter fiscal 2026?
Operating profit was $3.1M (0.4% of revenue) and net earnings $10.4M.
Source: Worthington Steel 10-Q on SEC EDGAR.