The strong Q1 results and solid cash position support bullish sentiment, but watch Q2 guidance for Middle East impact on shipments and margins. Also monitor the Strait of Hormuz reopening for recovery timing.
Price Chart
Executive Summary
Tenaris reported strong Q1 2026 results with net sales up 6% YoY to $3.1B, operating income up 6% to $584M, and EPS up 14% to $0.54. Free cash flow was $503M, and net cash stood at $3.8B. Management warned of lower Q2 shipments due to Middle East disruptions, but the overall quarterly performance was solid.
Key Facts
- Net sales: $3.1B in Q1 2026 vs $2.922B in Q1 2025 (+6% YoY)
- Operating income: $584M vs $550M (+6% YoY)
- Net income: $564M vs $518M (+9% YoY)
- Earnings per ADS: $1.07 vs $0.94 (+14% YoY)
- EBITDA: $735M vs $696M (+6% YoY)
- Free cash flow: $503M in Q1 2026
- Net cash position: $3.8B at March 31, 2026
Financial Impact
Revenue growth of $178M (+6%) and EPS increase of $0.07 (+14%) YoY
Risk Factors
- Middle East geopolitical disruption reducing Q2 shipments
- Higher logistics costs and lower fixed-cost absorption impacting margins
- Dependence on reopening of Strait of Hormuz for H2 recovery
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003150 |
| Document: 0001171843-26-003150-index-headers.html | 0001171843-26-003150 |
| Document: 0001171843-26-003150-index.html | 0001171843-26-003150 |
| Document: 0001171843-26-003150.txt | 0001171843-26-003150 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 6-K | $28.45 $26.95 | ▼ −5.27% | ▼ −9.71% | $28.12 (−1.16%) |
May 13, 2026 23w ago | 6-K | $28.45 $26.95 | ▼ −5.27% | ▼ −9.71% | $28.12 (−1.16%) |
May 7, 2026 24w ago | 6-K | $28.45 $27.56 | ▼ −3.12% | ▼ −6.95% | $28.12 (−1.16%) |
May 7, 2026 24w ago | 6-K | $28.45 $27.56 | ▼ −3.12% | ▼ −6.95% | $28.12 (−1.16%) |
Apr 13, 2026 28w ago | 6-K | $28.45 $27.13 | ▼ −4.63% | ▼ −13.55% | $28.12 (−1.16%) |
Apr 10, 2026 28w ago | 6-K | $28.45 $27.13 | ▼ −4.63% | ▼ −13.55% | $28.12 (−1.16%) |
Mar 31, 2026 30w ago | 6-K | $28.45 $28.45 | · 0.00% | ▼ −12.38% | $28.12 (−1.16%) |
US Market Status
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