$TS · TENARIS SA
Tenaris reported Q3 2026 results: net sales of $3,102M (up 5% sequentially, 4% YoY), operating income of $598M (up 21% sequentially), net income of $521M (up 6% sequentially, 15% YoY), and EPS per ADS of $1.01. EBITDA was $756M with a 24.4% margin. Free cash flow was $268M for the quarter and $1.2B for the first nine months, with net cash position of $3.8B at September 30, 2026.
- Q3 net sales $3,102M, up 5% sequentially and 4% year over year.
- Net income $521M, up 6% sequentially and 15% year over year.
- EPS per ADS $1.01, up 6% sequentially and 19% year over year.
- EBITDA $756M with 24.4% margin, up from 21.9% in Q2.
- Net cash position $3.8B; 9M free cash flow $1.2B.
Extended-hours last trade $57.42, up 1.57% vs regular close of $56.53, a modestly positive reaction to the sequential sales and margin recovery.
Sequential sales and margin recovery plus a $3.8B net cash position position Tenaris for a stronger Q4 baseline into 2027.
North America OCTG demand and prices are recovering as US drilling activity rises, supporting Tenaris's largest segment (North America sales up 12% sequentially).
Higher raw material, energy, and logistic costs pressured margins; US tariff costs impacted 9M operating results. Middle East conflict continues to disrupt shipping through the Strait of Hormuz.