FRD earnings analysis
What we found in FRD's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased to $168 million in Q3 2026, up from $129 million in Q4 2025.
- Positive EPS Turnaround
- Diluted EPS reached $0.76 for Q4 2025 and remained positive at $0.71 for Q1 2026.
- Improved Gross Margin
- Gross margin improved to 9.9% in Q1 2026, up from 8.1% in Q4 2025.
- Effective Cash Flow Management
- Free cash flow of $14 million in Q1 2026 after a negative $14 million in Q4 2025.
- Operational Ramp-Up
- Total revenue for Q2 2026 was reported at $152 million, reflecting strong operational performance.
- Long-Term Strategy in Cybersecurity
- The Company has developed a comprehensive cybersecurity program, recognizing the increasing threats, to protect its business.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Volatile Free Cash Flow
- Free cash flow remains inconsistent, oscillating from $9 million in 2025Q2 to -$14 million in 2025Q4.
- Sustained Operational Pressures
- Operating margins are low, with only a 2.3% operating margin in Q3 2026.
- Geopolitical Risks
- Recent China-related tensions could impact supply chains and operations, heightening business risk.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.71
- Gross margin
- 9.9%
- Operating margin
- 5.2%
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing FRD makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever