Tenaris delivered solid Q3 2025 results with $2.98 billion in revenue and $453 million in net income. While margins remained strong, they did not yet fully reflect the recent tariff changes. Free cash flow declined due to higher working capital needs, and net cash fell following continued share buybacks.

Tenaris reported a strong second quarter in 2025, with net sales increasing by 6% sequentially to $3.086 billion. This growth was primarily fueled by higher OCTG prices in North America and stable volumes. The company also saw increases in operating income, net income, and EBITDA, while maintaining margins in line with the previous quarter despite rising costs of sales.

Tenaris delivered a stable Q1 2025, maintaining earnings per share and net income at prior-quarter levels despite a year-over-year revenue decline. EBITDA improved on a comparable basis, and free cash flow was strong thanks to a reduction in working capital.

Tenaris' Q4 2024 results showed a decline in revenue and net income compared to the previous year. The company's net sales fell by 17%, and net income dropped by 55% year-over-year. Despite challenges in North and South America, sales remained stable in the Middle East and Turkey, while EBITDA was supported by a favorable product mix. The company generated $310 million in free cash flow and ended the quarter with a net cash position of $3.6 billion.