Tenaris reported its third‑quarter 2025 results on Wednesday, October 29, 2025. Revenue reached $2.98 billion, up 3 % year‑over‑year, while earnings per share were $0.85, surpassing the consensus estimate of $0.76. Net operating margin stood at 17.02 % and return on equity was 11.71 %.
EBITDA for the quarter was $733 million, including a $34 million gain from the return of U.S. antidumping deposits on OCTG imports from Argentina. The adjusted EBITDA margin was 24.1 % of sales. Operating cash flow was $318 million, and after $185 million in capital expenditures the company generated $133 million in free cash flow. Net cash fell to $3.483 billion after spending $351 million on its share‑buyback program.
The board approved an interim dividend of $0.29 per share ($0.58 per ADS), amounting to roughly $300 million. The share‑buyback program continued with $351 million of purchases in the quarter, reinforcing Tenaris’s commitment to returning capital to shareholders.
Despite a temporary slowdown in Argentine fracking activity and the impact of higher U.S. tariff costs, Tenaris maintained stable volumes in North America and achieved a 3 % year‑over‑year revenue growth. The company’s Rig Direct service model and integrated operations helped preserve margins, positioning Tenaris to navigate current market volatility and support future growth.
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