Tenaris S.A. (TS) quarterly cash flow statement — complete operating, investing & financing history
Tenaris S.A. (TS) cash flow statement — 24-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 546.29M | 619.89M | 787.18M | 318.25M | 726.79M | 821M | 492.23M | 551.81M | 935.2M | 886.98M | 835.74M | 1.3B | 1.34B | 920.77M | 523.94M | 242.13M | 427.75M | -26.6M | 46.03M | 52.9M |
| Operating CF Margin % | 18.41% | 19.92% | 26.28% | 10.73% | 23.55% | 28.1% | 17.3% | 18.93% | 28.15% | 25.77% | 24.47% | 40.06% | 32.92% | 22.23% | 14.47% | 8.14% | 15.27% | -1.12% | 2.24% | 3.02% |
| Operating CF Growth % | -24.84% | -24.5% | 59.92% | -42.33% | -22.29% | -7.44% | -41.1% | -57.45% | -30.29% | -3.67% | 59.51% | 435.64% | 213.65% | 3561.02% | 1038.26% | 357.67% | 949.51% | -137.74% | -66.99% | -87.32% |
| Net Income | 476.48M | 542.67M | 448.87M | 452.65M | 538.02M | 517.86M | 516.21M | 459.19M | 348.23M | 736.98M | 1.13B | 537.31M | 1.12B | 1.13B | 803.17M | 608.07M | 634.03M | 503.43M | 370.03M | 326.24M |
| Depreciation & Amortization | 155.11M | 151.99M | 162.92M | 156.84M | 151.89M | 146.41M | 167.78M | 151.12M | 138.51M | 175.44M | 156.35M | 136.13M | 130.58M | 125.45M | 179.13M | 142.49M | 143.02M | 143.08M | 152.16M | 148.47M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.34M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 26.98M | 0 | -54.13M | -160K | -108.79M | -84.34M | -29.22M | -277.56M | 0 | 0 | 188.86M | 139.06M | 72.64M | 39.04M | 6.92M | 0 | 12.2M |
| Other Non-Cash Items | -85.56M | 9.29M | 155.71M | -5.79M | 5.98M | -12.95M | -155M | 2.28M | 247.74M | 13.32M | -106.45M | 231.05M | -558.12M | -62.19M | 84.69M | 20.17M | -189.86M | -88.21M | 356.12M | -158.37M |
| Working Capital Changes | 259.12K | -84.06M | 19.69M | -312.42M | 30.9M | 223.82M | -36.6M | 48M | 285.07M | -9.55M | -65.7M | 392.44M | 646.14M | -460.56M | -682.12M | -601.24M | -198.47M | -591.82M | -857.62M | -275.62M |
| Change in Receivables | 71.13M | -87.69M | 200.47M | 0 | 0 | 52.09M | 145.78M | 0 | 0 | 106.06M | 153.92M | 422.3M | -65.67M | 0 | -1.21B | 0 | 0 | 0 | -356.07M | 0 |
| Change in Inventory | -112.63M | -11.97M | -247.32M | 0 | 0 | 204.78M | 24.23M | 0 | 0 | 574K | 186.9M | -9.38M | 159.76M | 0 | -1.33B | 0 | 0 | 0 | -1.09B | 0 |
| Change in Payables | 21.49M | -23.59M | 0 | 0 | 0 | -57.17M | -65.87M | 0 | 0 | -61.06M | -228.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -481.44M | 33.97M | 123.82M | 34.19M | -8.08M | -387.02M | 310.54M | -409.48M | -373.46M | -924.75M | 439.84M | -1.11B | -1.02B | -1B | -60.31M | 14.12M | -145.92M | 28.56M | 101.97M | -29.17M |
| Capital Expenditures | -133.11M | -114.9M | -121.59M | 4.94M | -151.87M | -173.84M | -181.87M | -4.97M | -174.78M | -172.1M | -166.82M | -159.36M | -153.67M | -117.09M | -120.75M | -115.39M | -75.7M | -18.57M | -61.51M | 1.31M |
| CapEx % of Revenue | 4.49% | 3.69% | 4.06% | 0.17% | 4.92% | 5.95% | 6.39% | 0.17% | 5.26% | 5% | 4.88% | 4.92% | 3.77% | 2.83% | 3.34% | 3.88% | 2.7% | 0.78% | 2.99% | 0.07% |
| Acquisitions | 10.52M | -4.03M | -17.67M | 0 | 44.38M | 0 | 0 | 5.5M | 25.95M | 9.48M | -162.36M | -100.31M | -4.11M | 0 | 0 | 0 | -4.08M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.37M | 5.47M | 263.07M | 29.25M | 6.18M | -213.18M | 492.4M | -410.01M | -224.62M | -1.12M | 769.02M | -845.59M | -860.42M | -885.81M | 60.44M | 772K | -66.14M | 47.12M | 163.48M | -65.29M |
| Cash from Financing | -655.02M | -78.75M | -880.54M | -367.22M | -906.52M | -333.4M | -809.35M | -318.37M | -1.02B | -250.84M | -505.71M | -67.4M | -420.52M | -131.38M | -351.12M | 119.58M | 56.87M | -3.68M | -342.48M | -92.92M |
| Debt Issued (Net) | -47.57M | 11.1M | -42.71M | -12.76M | -32.35M | -96.21M | -55.68M | -130.77M | -69.99M | 59.1M | -56.84M | -67.9M | -3.44M | -131.38M | -152.56M | 135.14M | 385.83M | -3.68M | -189.01M | -92.78M |
| Equity Issued (Net) | 237.47K | -89.89M | -536.92M | -351.46M | -240.54M | -237.19M | -454.46M | -181.74M | -492.32M | -311.06M | -213.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -606.39M | 0 | -300.04M | 0 | -605.12M | 0 | -299.23M | 0 | -458.56M | 0 | -235.13M | 0 | -401.38M | 0 | -200.66M | 0 | -330.58M | 0 | -153.47M | 0 |
| Share Repurchases | 237.47K | -89.89M | -536.92M | -351.46M | -240.54M | -237.19M | -454.46M | -181.74M | -492.32M | -311.06M | -213.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.31M | 40.35K | -856K | -3M | -28.51M | 0 | 28K | -5.86M | -5K | 1.12M | -213.74M | 503K | -15.7M | 0 | 2.1M | -15.56M | 1.62M | 0 | 0 | -148K |
| Net Change in Cash | -595.07M | 579.48M | 25.48M | -24.53M | -197.92M | 98.15M | -20.51M | -167.39M | -474.36M | -293.54M | 752.59M | 108.74M | -106.14M | -230.02M | 100.63M | 354.88M | 321.61M | -3.75M | -195.6M | -71.57M |
| Free Cash Flow | 425.02M | 504.99M | 665.59M | 137.81M | 574.92M | 647.16M | 310.36M | 368.17M | 760.42M | 714.88M | 668.91M | 1.14B | 1.19B | 803.68M | 403.19M | 126.73M | 352.05M | -112.1M | -15.48M | -21.4M |
| FCF Margin % | 14.33% | 16.23% | 22.22% | 4.65% | 18.63% | 22.15% | 10.91% | 12.63% | 22.89% | 20.77% | 19.59% | 35.13% | 29.15% | 19.41% | 11.14% | 4.26% | 12.57% | -4.74% | -0.75% | -1.22% |
| FCF Growth % | -26.07% | -21.97% | 114.46% | -62.57% | -24.39% | -9.47% | -53.6% | -67.64% | -35.99% | -11.05% | 65.91% | 797.62% | 237.44% | 816.91% | 2704.41% | 692.15% | 437.7% | -607.28% | -114.62% | -105.7% |
| FCF per Share | 0.84 | 0.97 | 1.28 | 0.26 | 1.07 | 1.20 | 0.57 | 0.66 | 1.34 | 1.23 | 1.14 | 1.93 | 2.01 | 1.36 | 0.68 | 0.21 | 0.60 | -0.19 | -0.03 | -0.04 |
| FCF Conversion (FCF/Net Income) | 1.14x | 1.14x | 1.75x | 0.72x | 1.37x | 1.62x | 0.95x | 1.23x | 2.79x | 1.20x | 0.74x | 2.41x | 1.19x | 0.82x | 0.65x | 0.40x | 0.67x | -0.05x | 0.12x | 0.16x |
| Interest Paid | 0 | 6.93M | 0 | 0 | 0 | 7.29M | 0 | 0 | 0 | 17.45M | 0 | 16.4M | 60.96M | 0 | 0 | 0 | 0 | 0 | 21.56M | 0 |
| Taxes Paid | 0 | 102.44M | 0 | 0 | 0 | 135.47M | 0 | 0 | 0 | 114.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |