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Sep 30
Tenaris Q3 2025 Earnings Report
Tenaris reported steady Q3 2025 results with resilient sales in North America and early shipments to the Middle East, while net income declined from the prior quarter.
Key Takeaways
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.
Revenue reached $2.98 billion, slightly down from Q2 but up year-over-year.
Net income totaled $453 million, impacted by higher tax and equity losses.
EBITDA margin rose to 25.3%, boosted by a $34 million gain from U.S. antidumping deposit returns.
Free cash flow dropped to $133 million due to a $312 million rise in working capital.
Tenaris
Tenaris
Tenaris Revenue by Segment
Tenaris Revenue by Geographic Location
Revenue by Segment
Tubes Revenue
CapyFin.comOthers Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comSouth America Revenue
CapyFin.comEurope Revenue
CapyFin.comAPMEA Revenue
CapyFin.com Forward Guidance
Tenaris expects Q4 2025 sales to remain steady, but margins to be pressured by full tariff cost impact.
Positive Outlook
- Sales expected to remain stable quarter-over-quarter.
- Continued demand from Rig Direct® customers in US and Canada.
- Positive momentum from early shipments to the Middle East.
- Strong net cash position of $3.48 billion provides flexibility.
- Dividend and buyback programs continue to return capital to shareholders.
Challenges Ahead
- Full impact of higher U.S. tariffs to affect Q4 costs and margins.
- OCTG inventories remain high in the U.S. market.
- Lower sales from oilfield services in Argentina.
- Softened oil prices amidst global uncertainty.
- Temporary decline in activity in Argentina fracking operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income