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Tenaris SA ADR (TS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS EQUIPMENT & SERVICES · DATA UPDATED 2026-09-11

Tenaris SA ADR (TS) operates in the OIL & GAS EQUIPMENT & SERVICES industry and is headquartered in Luxembourg, Luxembourg with about 26,000 employees. Its market capitalization is roughly $28 billion. In the fiscal year ended 2025-12-31, TS reported $12.0B in revenue and $1.9B in net income.

Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Interactive charts & full statements → Open the TS valuation workbench →

TS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$12.0B	$12.0B	$12.5B	$14.9B	$11.8B	$6.5B	$5.1B	$7.3B	$7.7B	$5.3B	$4.3B	$7.1B	$10.3B	$10.6B	$10.8B	$10.0B	$7.7B	$8.1B	$12.1B	$10.0B	$7.7B
Gross Profit	$4.1B	$4.1B	$4.4B	$6.2B	$4.7B	$1.9B	$1.1B	$2.2B	$2.4B	$1.6B	$1.1B	$2.2B	$4.1B	$4.1B	$4.2B	$3.7B	$3.0B	$3.3B	$5.3B	$4.5B	$3.8B
Gross Margin %	33.9%	34.4%	35.0%	41.7%	39.7%	29.3%	20.6%	30.0%	31.1%	30.3%	26.3%	31.2%	39.2%	39.1%	38.7%	37.5%	39.0%	40.3%	44.0%	45.1%	49.7%
Operating Income (EBIT)	$2.2B	$2.3B	$2.4B	$4.3B	$3.0B	$708M	($663M)	$832M	$872M	$335M	($59M)	$195M	$1.9B	$2.2B	$2.4B	$1.9B	$1.5B	$1.8B	$3.0B	$3.0B	$2.8B
Operating Margin %	18.6%	19.1%	19.3%	29.0%	25.2%	10.8%	-12.9%	11.4%	11.4%	6.3%	-1.4%	2.8%	18.4%	20.6%	21.8%	19.0%	19.4%	22.2%	25.0%	29.4%	36.1%
Net Income	$1.9B	$1.9B	$2.0B	$3.9B	$2.6B	$1.1B	($634M)	$743M	$876M	$545M	$55M	($80M)	$1.3B	$1.6B	$1.7B	$1.3B	$1.1B	$1.2B	$2.3B	$1.9B	$1.9B
Net Margin %	15.9%	16.1%	16.3%	26.4%	21.7%	16.9%	-12.3%	10.2%	11.4%	10.3%	1.3%	-1.1%	13.0%	14.6%	15.7%	13.4%	14.6%	14.2%	18.8%	19.2%	25.2%
EBITDA	$3.1B	$3.1B	$3.2B	$5.3B	$3.8B	$1.9B	$87M	$1.5B	$1.8B	$943M	$719M	$823M	$2.4B	$2.8B	$3.0B	$2.5B	$2.1B	$2.4B	$3.6B	$3.5B	$3.0B
Earnings Per Share (EPS)	$3.68	$3.72	$3.62	$6.65	$4.33	$1.86	$-1.07	$1.26	$1.48	$0.92	$0.09	$-0.14	$2.28	$2.63	$2.88	$2.26	$1.91	$1.97	$3.86	$3.26	$3.30
Shares Outstanding (M)	505M	520M	563M	589M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M	590M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$3.0B	$3.1B	$3.0B	$3.0B	$3.1B	$2.9B	$2.8B	$2.9B
Gross Profit	$985M	$1.1B	$1.0B	$1.0B	$1.1B	$1.0B	$923M	$980M
Gross Margin %	33.2%	33.9%	33.9%	34.6%	34.7%	34.3%	32.4%	33.6%
Operating Income (EBIT)	$494M	$586M	$557M	$597M	$583M	$550M	$558M	$537M
Operating Margin %	16.7%	18.8%	18.6%	20.1%	18.9%	18.8%	19.6%	18.4%
Net Income	$477M	$543M	$449M	$444M	$531M	$507M	$516M	$448M
Net Margin %	16.1%	17.4%	15.0%	15.0%	17.2%	17.3%	18.1%	15.4%
EBITDA	$882M	$834M	$641M	$787M	$807M	$757M	$659M	$760M
Earnings Per Share (EPS)	$0.95	$1.04	$0.86	$0.82	$0.99	$0.94	$0.47	$0.81
Shares Outstanding (M)	505M	520M	520M	538M	538M	538M	1,098M	556M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TS Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.3B	$2.6B	$2.9B	$4.4B	$1.2B	$119M	$1.5B	$1.5B	$611M	($22M)	$864M	$2.2B	$2.0B	$2.4B	$1.9B	$1.3B	$871M	$3.1B	$1.5B	$2.0B	$1.8B
Capital Expenditures (CapEx)	$538M	$617M	$704M	$619M	$397M	$245M	$194M	$348M	$343M	$553M	$763M	$1.1B	$1.1B	$720M	$782M	$863M	$847M	$461M	$443M	$448M	$441M
Free Cash Flow (FCF)	$1.7B	$2.0B	$2.2B	$3.8B	$770M	($126M)	$1.3B	$1.2B	$267M	($575M)	$100M	$1.1B	$902M	$1.6B	$1.1B	$421M	$24M	$2.6B	$1.0B	$1.6B	$1.4B
FCF Margin %	14.4%	16.6%	17.3%	25.4%	6.6%	-1.9%	25.8%	16.2%	3.5%	-10.9%	2.3%	15.4%	8.7%	15.4%	10.0%	4.2%	0.3%	31.9%	8.4%	15.7%	17.7%
Dividends Paid	—	$900M	$758M	$637M	$531M	$319M	$83M	$484M	$484M	$484M	$508M	$531M	$531M	$508M	$449M	$401M	$401M	$554M	$536M	$568M	$204M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$546M	$620M	$787M	$318M	$727M	$821M	$492M	$552M
Capital Expenditures (CapEx)	$121M	$115M	$122M	$180M	$152M	$174M	$182M	$184M
Free Cash Flow (FCF)	$425M	$505M	$666M	$138M	$575M	$647M	$310M	$368M
FCF Margin %	14.3%	16.2%	22.2%	4.7%	18.6%	22.1%	10.9%	12.6%
Dividends Paid	$606M	—	$300M	$2M	$605M	$299M	$299M	$459M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TS Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$20.3B	$20.1B	$20.4B	$21.1B	$17.6B	$14.4B	$13.7B	$14.8B	$14.3B	$14.4B	$14.0B	$14.9B	$16.7B	$15.9B	$16.0B	$14.9B	$14.4B	$13.5B	$15.1B	$15.2B	$12.6B
Cash & Cash Equivalents	$557M	$573M	$675M	$1.6B	$1.1B	$318M	$585M	$1.6B	$428M	$330M	$400M	$287M	$418M	$615M	$828M	$824M	$844M	$1.5B	$1.5B	$962M	$1.4B
Total Liabilities	$3.1B	$3.2B	$3.6B	$4.1B	$3.5B	$2.3B	$2.3B	$2.7B	$2.4B	$2.8B	$2.6B	$3.0B	$3.7B	$3.5B	$4.4B	$3.7B	$3.8B	$3.8B	$6.4B	$7.7B	$6.9B
Total Debt (Short + Long-Term)	$349M	$354M	$482M	$621M	$757M	$366M	$706M	$79M	$31M	$966M	$840M	$971M	$999M	$931M	$589M	$159M	$1.2B	$1.5B	$3.0B	$4.0B	$3.7B
Total Shareholders' Equity	$17.0B	$16.6B	$16.6B	$16.8B	$13.9B	$12.0B	$11.3B	$12.0B	$11.8B	$11.5B	$11.3B	$11.7B	$12.8B	$12.3B	$11.4B	$10.5B	$9.9B	$9.1B	$8.2B	$7.0B	$5.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive TS viewer.

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