Revenue growth recovered to 6.5% in 2026Q1, with gross margins rebounding to 33.9% from a 24.6% trough in 2025Q4, signaling improved operational efficiency.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 12.16B | 11.98B | 12.52B | 14.87B | 11.76B | 6.52B | 5.15B | 7.29B | 7.66B | 5.29B | 4.29B | 7.1B | 10.34B | 10.6B | 10.83B | 9.97B | 7.71B | 8.15B | 12.13B | 10.04B | 7.73B | 6.74B | 4.14B | 3.18B | 3.22B |
| Revenue Growth % | 1.27% | -4.33% | -15.77% | 26.41% | 80.37% | 26.71% | -29.44% | -4.76% | 44.82% | 23.17% | -39.53% | -31.31% | -2.44% | -2.19% | 8.64% | 29.32% | -5.37% | -32.83% | 20.81% | 29.95% | 14.72% | 62.87% | 30.08% | -1.23% | - |
| Cost of Goods Sold | 8.27B | 7.86B | 8.14B | 8.67B | 7.09B | 4.61B | 4.09B | 5.11B | 5.28B | 3.69B | 3.17B | 4.89B | 6.29B | 6.46B | 6.64B | 6.23B | 4.7B | 4.86B | 6.8B | 5.52B | 3.88B | 3.94B | 2.78B | 2.21B | 2.17B |
| COGS % of Revenue | - | 65.61% | 64.96% | 58.3% | 60.26% | 70.72% | 79.42% | 70.02% | 68.93% | 69.68% | 73.73% | 68.8% | 60.82% | 60.93% | 61.26% | 62.47% | 60.96% | 59.7% | 56.04% | 54.93% | 50.26% | 58.53% | 67.14% | 69.44% | 67.36% |
| Gross Profit | 3.89B | 4.12B | 4.39B | 6.2B | 4.67B | 1.91B | 1.06B | 2.19B | 2.38B | 1.6B | 1.13B | 2.22B | 4.05B | 4.14B | 4.2B | 3.74B | 3.01B | 3.28B | 5.33B | 4.53B | 3.84B | 2.79B | 1.36B | 971.83M | 1.05B |
| Gross Margin % | 31.99% | 34.39% | 35.04% | 41.7% | 39.74% | 29.28% | 20.58% | 29.98% | 31.07% | 30.32% | 26.27% | 31.2% | 39.18% | 39.07% | 38.74% | 37.53% | 39.04% | 40.3% | 43.96% | 45.07% | 49.74% | 41.47% | 32.86% | 30.56% | 32.64% |
| Gross Profit Growth % | - | -6.11% | -29.22% | 32.63% | 144.8% | 80.25% | -51.55% | -8.1% | 48.39% | 42.16% | -49.09% | -45.3% | -2.16% | -1.35% | 12.12% | 24.32% | -8.33% | -38.41% | 17.82% | 17.76% | 37.59% | 105.53% | 39.85% | -7.51% | - |
| Operating Expenses | 1.57B | 1.84B | 1.97B | 1.88B | 1.71B | 1.2B | 1.72B | 1.35B | 1.5B | 1.26B | 1.19B | 2.02B | 1.94B | 1.94B | 1.82B | 1.85B | 1.52B | 1.47B | 2.3B | 1.57B | 1.05B | 844.99M | 545.61M | 683.63M | 578.91M |
| OpEx % of Revenue | - | 15.33% | 15.73% | 12.67% | 14.55% | 18.43% | 33.47% | 18.57% | 19.6% | 23.9% | 27.64% | 28.45% | 18.76% | 18.28% | 16.81% | 18.53% | 19.66% | 18.05% | 19% | 15.62% | 13.6% | 12.54% | 13.19% | 21.5% | 17.98% |
| Selling, General & Admin | 1.93B | 1.83B | 1.62B | 1.62B | 1.4B | 1B | 912.56M | 1.17B | 1.19B | 994.42M | 852.73M | 1.15B | 1.51B | 1.48B | 1.41B | 1.43B | 1.08B | 1.47B | 1.82B | 1.6B | 1.06B | 842.57M | 672.45M | 566.84M | 568.15M |
| SG&A % of Revenue | - | 15.26% | 12.94% | 10.92% | 11.87% | 15.41% | 17.73% | 16% | 15.54% | 18.8% | 19.86% | 16.21% | 14.6% | 13.99% | 13.03% | 14.29% | 14.03% | 18.08% | 14.99% | 15.91% | 13.77% | 12.51% | 16.26% | 17.83% | 17.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.4M | 63.7M | 68.6M | 89M | 106.9M | 105.6M | 83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.83% | 1.2% | 1.6% | 1.25% | 1.03% | 1% | 0.77% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 8.7M | 349.21M | 259.41M | 315.61M | 197.35M | 809.93M | 187.44M | 4.91M | 4.33M | 4.85M | 6.46M | 4.04M | 3.49M | 2.99M | 427.69M | 757.77M | 0 | 2.3B | 1.57B | 1.05B | 0 | 545.61M | 683.63M | 578.91M |
| Operating Income | 2.32B | 2.28B | 2.42B | 4.32B | 2.96B | 707.51M | -663.07M | 832.39M | 871.81M | 334.59M | -59.06M | 195.43M | 1.9B | 2.18B | 2.36B | 1.89B | 1.49B | 1.81B | 3.03B | 2.96B | 2.79B | 1.95B | 813.52M | 288.19M | 471.88M |
| Operating Margin % | 19.07% | 19.06% | 19.31% | 29.03% | 25.19% | 10.85% | -12.88% | 11.41% | 11.38% | 6.33% | -1.38% | 2.75% | 18.37% | 20.62% | 21.75% | 19% | 19.39% | 22.25% | 24.96% | 29.45% | 36.14% | 28.93% | 19.67% | 9.06% | 14.66% |
| Operating Income Growth % | - | -5.61% | -43.96% | 45.66% | 318.83% | 206.7% | -179.66% | -4.52% | 160.56% | 666.55% | -130.22% | -89.71% | -13.09% | -7.29% | 24.38% | 26.75% | -17.57% | -40.1% | 2.39% | 5.9% | 43.32% | 139.51% | 182.29% | -38.93% | - |
| EBITDA | 2.99B | 2.9B | 3.05B | 4.86B | 3.57B | 1.3B | 15.73M | 1.37B | 1.54B | 943.23M | 603.36M | 854.21M | 2.51B | 2.79B | 2.92B | 2.45B | 2B | 2.32B | 3.56B | 3.47B | 3.05B | 2.16B | 1.02B | 487.99M | 648.19M |
| EBITDA Margin % | 24.57% | 24.2% | 24.37% | 32.72% | 30.36% | 19.97% | 0.31% | 18.81% | 20.06% | 17.84% | 14.05% | 12.03% | 24.32% | 26.37% | 26.99% | 24.56% | 25.96% | 28.45% | 29.35% | 34.58% | 39.44% | 32.11% | 24.7% | 15.35% | 20.13% |
| EBITDA Growth % | 8.19% | -4.99% | -37.27% | 36.23% | 174.22% | 8176.01% | -98.85% | -10.69% | 62.86% | 56.33% | -29.37% | -66.03% | -10.03% | -4.42% | 19.4% | 22.34% | -13.66% | -34.89% | 2.56% | 13.93% | 40.91% | 111.69% | 109.36% | -24.72% | - |
| D&A (Non-Cash Add-back) | 667.97M | 616.17M | 632.85M | 548.51M | 607.72M | 594.72M | 678.81M | 539.52M | 664.36M | 608.64M | 662.41M | 658.78M | 615.63M | 610.05M | 567.65M | 554.35M | 506.9M | 504.86M | 532.93M | 514.82M | 255M | 214.23M | 208.12M | 199.8M | 176.31M |
| EBIT | 2.49B | 2.28B | 2.53B | 4.74B | 3.21B | 1.27B | -592.25M | 977.09M | 1.14B | 454.78M | 56.76M | 163.89M | 1.79B | 2.27B | 2.3B | 1.95B | 1.6B | 1.87B | 3.16B | 2.96B | 2.79B | 1.95B | 805.66M | 288.19M | 471.88M |
| Net Interest Income | 192.35M | 205.94M | 168.62M | -54K | 40.17M | 14.37M | -5.39M | 3.1M | 4.27M | 20.53M | 43.87M | 11.52M | -4.81M | -37.36M | -22.05M | -26.32M | -33.16M | -151.7M | -231.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 239.31M | 253.02M | 229.84M | 106.81M | 86.11M | 38.05M | 21.63M | 48.06M | 42.24M | 47.6M | 66.2M | 34.57M | 39.57M | 33.09M | 33.46M | 30.84M | 32.85M | 30.83M | 48.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.96M | 47.08M | 61.21M | 106.86M | 45.94M | 23.68M | 27.01M | 44.97M | 37.98M | 27.07M | 22.33M | 23.06M | 44.39M | 70.45M | 55.51M | 52.41M | 64.1M | 118.3M | 185.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 225.79M | 190.68M | 137.6M | 316.38M | 202.66M | 535.26M | 43.8M | 101.32M | 231.29M | 93.12M | 93.49M | -24.97M | -131.22M | 17.42M | -63.37M | 1.82M | 72M | -64.66M | -141.6M | -91.73M | 89.72M | 8.79M | 212.52M | -29.42M | -27.4M |
| Pretax Income | 2.54B | 2.47B | 2.56B | 4.63B | 3.17B | 1.24B | -619.27M | 933.71M | 1.1B | 427.71M | 34.43M | 170.08M | 1.95B | 2.2B | 2.24B | 1.95B | 1.59B | 1.75B | 2.88B | 2.87B | 2.88B | 1.96B | 819.32M | 258.77M | 444.48M |
| Pretax Margin % | 20.93% | 20.65% | 20.41% | 31.16% | 26.92% | 19.06% | -12.03% | 12.8% | 14.4% | 8.09% | 0.8% | 2.4% | 18.88% | 20.78% | 20.7% | 19.51% | 20.63% | 21.46% | 23.71% | 28.54% | 37.3% | 29.04% | 19.81% | 8.14% | 13.81% |
| Income Tax | 523.13M | 500.62M | 479.68M | 674.96M | 617.24M | 189.45M | 23.15M | 202.45M | 229.21M | -17.14M | 17.1M | 244.5M | 586.06M | 627.88M | 541.56M | 525.25M | 450M | 513.21M | 1.01B | 823.92M | 869.98M | 568.75M | 220.38M | 63.92M | 207.77M |
| Effective Tax Rate % | 20.56% | 20.24% | 18.76% | 14.57% | 19.5% | 15.24% | -3.74% | 21.68% | 20.78% | -4.01% | 49.67% | 143.76% | 30.02% | 28.51% | 24.14% | 26.99% | 28.28% | 29.34% | 35.17% | 28.75% | 30.18% | 29.08% | 26.9% | 24.7% | 46.74% |
| Net Income | 1.97B | 1.93B | 2.04B | 3.92B | 2.55B | 1.1B | -634.42M | 742.69M | 876.06M | 544.74M | 55.3M | -80.16M | 1.34B | 1.55B | 1.7B | 1.33B | 1.13B | 1.16B | 2.28B | 1.92B | 1.95B | 1.28B | 784.7M | 210.31M | 94.3M |
| Net Margin % | 16.18% | 16.13% | 16.26% | 26.35% | 21.71% | 16.87% | -12.33% | 10.18% | 11.44% | 10.3% | 1.29% | -1.13% | 12.99% | 14.64% | 15.68% | 13.35% | 14.62% | 14.25% | 18.76% | 19.16% | 25.17% | 18.97% | 18.97% | 6.61% | 2.93% |
| Net Income Growth % | 8.87% | -5.09% | -48.02% | 53.45% | 132.08% | 273.42% | -185.42% | -15.22% | 60.82% | 885.09% | 168.98% | -105.97% | -13.41% | -8.69% | 27.64% | 18.08% | -2.94% | -48.96% | 18.29% | -1.11% | 52.27% | 62.81% | 273.12% | 123.01% | - |
| Net Income (Continuing) | 2.02B | 1.97B | 2.08B | 3.96B | 2.55B | 1.05B | -642.42M | 731.26M | 873.9M | 444.85M | 17.33M | -93.56M | 1.17B | 1.57B | 1.7B | 1.42B | 1.14B | 1.24B | 1.97B | 1.89B | 1.9B | 1.28B | 780.67M | 210.31M | 94.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91.54M | 41.41M | 0 | 12.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 253.03M | 229.88M | 220.58M | 187.47M | 128.73M | 145.12M | 183.59M | 197.41M | 92.61M | 98.78M | 125.66M | 152.71M | 152.2M | 179.45M | 172.31M | 666.72M | 648.22M | 628.67M | 525.32M | 523.57M | 363.01M | 268.07M | 165.27M | 119.98M | 186.78M |
| EPS (Diluted) | 7.86 | 3.72 | 7.24 | 6.66 | 4.32 | 1.86 | -1.08 | 1.26 | 1.48 | 0.92 | 0.10 | -0.14 | 1.96 | 2.62 | 2.88 | 2.26 | 1.90 | 1.96 | 3.60 | 3.26 | 3.30 | 2.16 | 1.32 | 0.36 | 0.26 |
| EPS Growth % | 48.47% | -48.62% | 8.71% | 54.17% | 132.26% | 272.22% | -185.71% | -14.86% | 60.87% | 820% | 171.43% | -107.14% | -25.19% | -9.03% | 27.43% | 18.95% | -3.06% | -45.56% | 10.43% | -1.21% | 52.78% | 63.64% | 266.67% | 38.46% | - |
| EPS (Basic) | - | 3.72 | 7.24 | 6.66 | 4.32 | 1.86 | -1.08 | 1.26 | 1.48 | 0.92 | 0.10 | -0.14 | 1.96 | 2.62 | 2.88 | 2.26 | 1.90 | 1.96 | 3.60 | 3.26 | 3.30 | 2.16 | 1.32 | 0.36 | 0.26 |
| Diluted Shares Outstanding | 250.33M | 519.8M | 562.55M | 589.17M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.25M | 583.62M | 366.47M |
| Basic Shares Outstanding | 250.33M | 519.8M | 562.55M | 589.17M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.27M | 590.25M | 583.62M | 366.47M |
| Dividend Payout Ratio | - | 46.58% | 37.21% | 16.25% | 20.81% | 28.97% | - | 65.17% | 55.25% | 88.85% | 917.99% | - | 39.55% | 32.72% | 26.4% | 30.15% | 35.6% | 43.7% | 19.71% | 29.52% | 10.5% | 28.47% | 17.21% | 61.37% | 85.65% |
Cyclical demand and pricing
According to recent financial filings, Tenaris experienced a 6.5% revenue growth in 2026Q1, marking a recovery from the persistent double-digit declines observed throughout 2024, which suggests that the company's top-line performance remains highly sensitive to the fluctuating rig counts and broader energy sector capital expenditure cycles.
The return to positive year-over-year growth in early 2026 indicates a potential stabilization in demand for tubular goods, though the preceding quarters of contraction highlight the inherent volatility of the business. Investors should monitor whether this growth is driven by sustainable volume increases or merely temporary pricing adjustments in the OCTG market.
As reported in financial statements, Tenaris maintained a gross margin of 33.9% in 2026Q1, demonstrating a notable recovery from the 24.6% trough in 2025Q4 and suggesting that the company retains significant pricing power despite the challenging competitive landscape for seamless pipe products in North America.
The ability to rebound margin levels so quickly implies that the company's 'Rig Direct' model provides a structural buffer against commodity-like pricing pressures. However, the fluctuation in gross margins warrants further investigation into the impact of raw material cost volatility and the company's ability to pass these costs through to customers.
Based on Tenaris's reported figures, operating income reached $585.7 million in 2026Q1, reflecting an operating margin of 18.8% that appears to scale effectively with revenue, indicating that management has successfully maintained expense discipline even as the company navigates a complex global manufacturing and logistics footprint.
The alignment between gross profit expansion and operating income growth suggests that the company is not suffering from excessive overhead bloat during periods of fluctuating demand. This operational efficiency appears to be a core component of the company's ability to preserve profitability during cyclical downturns.
Analysis of the income statement reveals that net income reached $542.7 million in 2026Q1, though historical data shows significant volatility in net margins, such as the 33.1% peak in 2023Q4, which suggests that reported earnings are frequently impacted by non-operating items and jurisdictional tax fluctuations.
The disparity between operating income and net income in certain periods warrants caution, as it may indicate the influence of hyperinflationary accounting or one-off financial adjustments. Investors should focus on the underlying operating performance rather than the headline net income figure to gauge the true health of the business.
While current margins appear robust, the historical data indicates that Tenaris is susceptible to rapid margin compression, as evidenced by the sharp decline in gross margins during late 2025, which suggests that the company's premium positioning may not fully insulate it from severe industry-wide downturns.
Short-term margin volatility may be exacerbated by the company's high fixed-cost structure, which forces the absorption of overhead during periods of lower capacity utilization. Any sustained decline in global offshore rig activity or a shift in trade policy could threaten the company's ability to maintain its current profitability levels.
Quick answers to the most common questions about buying TS stock.
For fiscal year 2025, Tenaris S.A. (TS) reported total revenue of $11.98B. This represents a 272.2% increase compared to $3.22B in 2002.
Tenaris S.A. (TS) is profitable, generating $1.93B in net income for the fiscal year ending 2025 with a net profit margin of 16.1%.
Tenaris S.A. (TS) reported an operating income of $2.28B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Tenaris S.A. (TS) generated $4.12B in gross profit for the year, representing a gross profit margin of 34.4%. This demonstrates the company's core pricing power and production efficiency.