10-Q · February 9, 2026
Friedman Industries reported a strong quarter: net sales of $167,974,000 (up from $94,074,000 a year earlier) and operating income of $3,899,000 versus an operating loss of $(1,187,000) in the prior‑year quarter. Net…
Earnings analysis · 10-K
FRD earnings analysis
Filed June 11, 2026 · Our reading of the company's report
The latest report
Friedman Industries demonstrated a significant recovery in financial performance in fiscal year 2026, marked by an increase in revenue to $152 million in Q2 2026 and positive diluted EPS of $0.71 in Q1. However, the…
Read full summary
Friedman Industries demonstrated a significant recovery in financial performance in fiscal year 2026, marked by an increase in revenue to $152 million in Q2 2026 and positive diluted EPS of $0.71 in Q1. However, the company continues to face challenges with free cash flow dips and moderate operating margins, reflecting ongoing operational pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.71
What stood out
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Strong Revenue Growth
Revenue increased to $168 million in Q3 2026, up from $129 million in Q4 2025.
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Positive EPS Turnaround
Diluted EPS reached $0.76 for Q4 2025 and remained positive at $0.71 for Q1 2026.
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Improved Gross Margin
Gross margin improved to 9.9% in Q1 2026, up from 8.1% in Q4 2025.
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Effective Cash Flow Management
Free cash flow of $14 million in Q1 2026 after a negative $14 million in Q4 2025.
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Operational Ramp-Up
Total revenue for Q2 2026 was reported at $152 million, reflecting strong operational performance.
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Long-Term Strategy in Cybersecurity
The Company has developed a comprehensive cybersecurity program, recognizing the increasing threats, to protect its business.
What to watch
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Volatile Free Cash Flow
Free cash flow remains inconsistent, oscillating from $9 million in 2025Q2 to -$14 million in 2025Q4.
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Sustained Operational Pressures
Operating margins are low, with only a 2.3% operating margin in Q3 2026.
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Geopolitical Risks
Recent China-related tensions could impact supply chains and operations, heightening business risk.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 10, 2025
Friedman Industries reported a strong quarter: net sales of $152,383,000 for the three months ended September 30, 2025 (up from $106,759,000 a year earlier) and operating income of $2,879,000 versus an operating loss of…
10-Q · August 7, 2025
Friedman Industries reported a strong quarter: net sales rose to $134,777,000 and operating income turned positive at $7,043,000, producing net earnings of $5,028,000 and diluted EPS of $0.71. Operating cash flow was…
10-K · June 12, 2025
The 10-K for Friedman Industries (filed June 12, 2025) incorporates MD&A and full financial statements by reference and discloses operational details (property footprint, cybersecurity program) and several…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.