Tenaris S.A. (TS) Income Statement
TS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTS revenue and net income
Where TS's revenue goes
2025Each bar shows an amount and its share of revenue. TS kept 16.1% of revenue as net income.
TS profit margins
TS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.3% | +0.6% | +18.4% | +5.4% |
| Gross profit | −6.1% | −4.1% | +31.2% | +6.4% |
| Operating income | −5.2% | −8.2% | — | +27.9% |
| Net income | −5.1% | −8.9% | — | — |
| EPS (diluted) | +1.1% | −5.8% | +135.9% | +15.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TS quarterly EPS vs estimates
Tenaris beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.80).
TS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.98B | $12.52B | $14.87B | $11.76B | $6.52B | $5.15B | $7.29B | $7.66B | $5.29B | $4.29B |
| Cost of revenue | $7.86B | $8.14B | $8.67B | $7.09B | $4.61B | $4.09B | $5.11B | $5.28B | $3.69B | $3.17B |
| Gross profit | $4.12B | $4.39B | $6.20B | $4.67B | $1.91B | $1.06B | $2.19B | $2.38B | $1.60B | $1.13B |
| Research & development | — | — | $60.0M | $50.7M | $45.3M | $41.8M | $61.1M | $63.4M | $63.7M | $68.6M |
| Sales, general & admin | $1.59B | $1.62B | $1.62B | $1.40B | $1.00B | $912.6M | $1.17B | $1.19B | $994.4M | $852.7M |
| Total operating expenses | $1.83B | $1.97B | $1.88B | $1.71B | $1.20B | $1.72B | $1.35B | $1.50B | $1.26B | $1.19B |
| Operating income | $2.29B | $2.42B | $4.32B | $2.96B | $707.5M | −$663.1M | $832.4M | $871.8M | $334.6M | −$59.1M |
| Interest income | $263.3M | $229.8M | $173.3M | $86.1M | $536.3M | $21.6M | $102.9M | $232.3M | $78.7M | $82.0M |
| Interest expense | $46.9M | $61.2M | $106.9M | $45.9M | $23.7M | $27.0M | $45.0M | $38.0M | $27.1M | $22.3M |
| Income before taxes | $2.47B | $2.56B | $4.63B | $3.17B | $1.24B | −$619.3M | $933.7M | $1.10B | $427.7M | $34.4M |
| Income taxes | $500.6M | $479.7M | $675.0M | $617.2M | $189.4M | $23.1M | $202.5M | $229.2M | −$17.1M | $17.1M |
| Net income | $1.93B | $2.04B | $3.92B | $2.55B | $1.10B | −$634.4M | $742.7M | $876.1M | $544.7M | $55.3M |
| EBITDA | $3.14B | $3.16B | $5.29B | $3.82B | $1.86B | $86.6M | $1.52B | $1.80B | $943.2M | $719.2M |
| EPS (diluted) | $3.65 | $3.61 | $6.89 | $4.36 | $1.86 | $0.05 | $1.26 | $1.49 | $0.70 | $0.13 |
| Gross margin | 34.4% | 35.0% | 41.7% | 39.7% | 29.3% | 20.6% | 30.0% | 31.1% | 30.3% | 26.3% |
| Operating margin | 19.1% | 19.3% | 29.0% | 25.2% | 10.8% | −12.9% | 11.4% | 11.4% | 6.3% | −1.4% |
| Net margin | 16.1% | 16.3% | 26.4% | 21.7% | 16.9% | −12.3% | 10.2% | 11.4% | 10.3% | 1.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.97B | $3.11B | $3.00B | $2.96B | $3.09B | $2.92B | $2.85B | $2.92B | $3.32B | $3.44B | $3.41B | $3.24B |
| Cost of revenue | $1.98B | $2.06B | $1.98B | $1.94B | $2.01B | $1.92B | $1.92B | $1.94B | $2.14B | $2.13B | $2.12B | $1.97B |
| Gross profit | $984.7M | $1.05B | $1.02B | $1.03B | $1.07B | $1.00B | $923.0M | $979.9M | $1.18B | $1.31B | $1.29B | $1.26B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $60.0M | — |
| Sales, general & admin | $484.1M | $403.4M | $381.6M | $435.0M | $457.8M | $403.4M | $383.7M | $454.0M | $496.7M | $417.1M | $410.7M | $281.4M |
| Total operating expenses | $490.7M | $468.3M | $458.2M | $433.0M | $489.3M | $451.4M | $364.6M | $442.8M | $666.4M | $496.9M | $475.4M | $396.6M |
| Operating income | $494.0M | $585.7M | $556.8M | $596.6M | $582.7M | $549.9M | $558.4M | $537.1M | $511.7M | $811.7M | $819.0M | $867.9M |
| Interest income | $53.0M | $64.9M | $58.4M | $56.2M | $64.4M | $72.5M | $51.2M | $65.8M | $68.9M | $60.6M | $58.6M | $42.8M |
| Interest expense | $11.9M | $11.7M | $15.8M | $9.6M | $9.8M | $11.7M | $8.8M | $16.0M | $11.7M | $20.6M | $19.8M | $19.2M |
| Income before taxes | $574.1M | $670.1M | $603.3M | $624.3M | $647.0M | $599.2M | $641.8M | $593.2M | $486.4M | $835.1M | $968.9M | $825.0M |
| Income taxes | $81.9M | $103.9M | $142.2M | $171.7M | $105.3M | $81.3M | $122.7M | $134.0M | $138.1M | $84.9M | −$176.8M | $278.2M |
| Net income | $477.1M | $542.7M | $448.9M | $443.7M | $531.3M | $506.9M | $516.2M | $448.1M | $335.2M | $737.0M | $1.13B | $537.3M |
| EBITDA | $741.3M | $833.8M | $782.1M | $788.0M | $806.8M | $757.4M | $659.2M | $760.3M | $640.6M | $1.03B | $1.15B | $980.3M |
| EPS (diluted) | $0.95 | $1.07 | $0.87 | $0.85 | $0.99 | $0.94 | $0.94 | $0.81 | $0.59 | $1.27 | $1.92 | $1.16 |
| Gross margin | 33.2% | 33.9% | 33.9% | 34.7% | 34.7% | 34.3% | 32.4% | 33.6% | 35.5% | 38.0% | 37.9% | 39.1% |
| Operating margin | 16.7% | 18.8% | 18.6% | 20.1% | 18.9% | 18.8% | 19.6% | 18.4% | 15.4% | 23.6% | 24.0% | 26.8% |
| Net margin | 16.1% | 17.4% | 15.0% | 15.0% | 17.2% | 17.3% | 18.1% | 15.4% | 10.1% | 21.4% | 33.1% | 16.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TS's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TS financial results
In fiscal year 2025 (ended December 31, 2025), Tenaris reported revenue of $12.0 billion, down 4.3% from the year before. It had net income of $1.9 billion (down 5.1%), a net profit margin of 16.1%. Diluted earnings per share came to $3.65. Over five years revenue grew at an average rate of 18.4% a year.
See the TS stock overview for the latest quote and news, or the TS chart for price history and technical indicators.
TS income statement FAQ
What is Tenaris's annual revenue?
Tenaris reported total revenue of $12.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 4.3% from $12.5 billion the previous year.
Is Tenaris profitable?
Yes. Tenaris reported net income of $1.9 billion in fiscal 2025, a net profit margin of 16.1%; its operating margin was 19.1%.
What is Tenaris's gross margin?
Tenaris's gross margin was 34.4% in fiscal 2025: for every $100 of revenue, Tenaris kept $34 after the direct cost of its products and services.
How fast is Tenaris growing?
Revenue grew 18.4% a year on average over the last five fiscal years, from $5.1 billion to $12.0 billion.
What are Tenaris's earnings per share?
Tenaris earned $3.65 per diluted share in fiscal 2025, compared with $3.61 a year earlier.
When will Tenaris report its next earnings?
Tenaris is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Tenaris's fiscal year end?
Tenaris's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.