Friedman Industries (FRD) Q2 FY2027 earnings: revenue $287 million, up 88.2% on the year

Friedman Industries Inc. (FRD) reported revenue of $287 million for Q2 FY2027, the quarter ended 30 September 2026, up 88.2% on the same quarter a year earlier. Net income was $16 million, up 597.1% on the year, and diluted earnings per share $2.19. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$287 million

+88.2% on the year · +19.5% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

12.8%

1.9% a year earlier

Q3 FY2025Q2 FY2027

Net income

$16 million

+597.1% on the year · +22.1% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$2.19

+584.4% on the year · +22.3% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Record net earnings and EBITDA: Net earnings were $15.6 million, or $2.19 diluted EPS, against $2.2 million, or $0.32, a year earlier; EBITDA was $23.0 million against $4.7 million.
Flat-roll sales and earnings rose: Flat-roll sales were $266.6 million against $143.3 million; operating earnings were $40.7 million against $5.7 million.
Legacy flat-roll volume up 15%: Taylor said legacy flat-roll volume rose 15% over the prior-year quarter, a rate he described as outpacing industry peers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	287	240	152	+19.5%	+88.2%
Cost of revenue	250	219	150	+14.3%	+67.4%
Gross profit	36.6	21.0	2.9	+73.9%	+1,170.4%
Gross margin	12.8%	8.8%	1.9%
Selling, general and administrative	11.5	10.8	6.3	+6.5%	+83.6%
Operating income	36.6	21.0	2.9	+73.9%	+1,170.4%
Operating margin	12.8%	8.8%	1.9%
Interest expense	1.3	1.2	0.8	+6.4%	+72.7%
Pre-tax income	20.6	17.0	3.0	+21.6%	+593.2%
Income tax	5.0	4.2	0.7	+19.8%	+581.5%
Effective tax rate	24.3%	24.7%	24.8%
Net income	15.6	12.8	2.2	+22.1%	+597.1%
Net margin	5.4%	5.3%	1.5%
Diluted EPS	$2.19	$1.79	$0.32	+22.3%	+584.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	6.1	7.3	0.4	-16.2%	+1,311.5%
Capital expenditure	3.7	2.2	2.5	+71.1%	+51.3%
Free cash flow	2.4	5.1	-2.0	-53.1%
Free cash flow margin	0.8%	2.1%	-1.3%
Cash from investing	-3.7	-1.1	-48.1
Cash from financing	9.9	-1.4	49.8		-80.1%
Depreciation and amortisation	1.1	1.1	0.9	-1.1%	+12.8%
Buybacks	0.0	0.1	-0.0
Dividends paid	0.3	0.3	0.3	+1.8%	+2.1%
Dividend per share	$0.04	$0.04	$0.04	0.0%	0.0%
Diluted shares, weighted	7m	7m	7m	0.0%	+0.2%
Shares outstanding at period end	7m	7m	7m	-0.1%	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	180	164	139	+9.7%	+29.3%
Debt	105	95.0	87.0	+10.7%	+20.8%
Operating lease liabilities	4.8	5.1	4.5	-6.1%	+7.3%
Other liabilities	136	109	80.5	+24.1%	+68.3%
Total liabilities and equity	426	373	311	+14.0%	+36.7%
Fixed assets	77.4	74.8	73.2	+3.6%	+5.8%
Cash and equivalents	5.6	5.0	4.6	+12.2%	+23.0%
Receivables	117	90.7	62.3	+28.9%	+87.7%
Inventory	202	191	162	+5.9%	+25.2%
Other assets	23.2	11.9	9.7	+95.6%	+139.6%
Total assets	426	373	311	+14.0%	+36.7%

Questions

What was Friedman Industries' revenue in Q2 FY2027?

Friedman Industries (FRD) reported revenue of $287 million for Q2 FY2027, the quarter ended 30 September 2026, up 88.2% on the same quarter a year earlier.

How much did Friedman Industries earn in Q2 FY2027?

Net income for Q2 FY2027 was $16 million, up 597.1% on the year, and diluted earnings per share $2.19.

When did Friedman Industries report Q2 FY2027 results?

Friedman Industries filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	51.7	75.1	162	150	112	124	137	131	116	132	115	107	94.1	129	135	152	168	192	240	287
Cost of revenue	55.3	77.5	143	145	106	111	121	125	106	140	116	107	2.2	n/a	128	150	164	180	219	250
Gross profit	-3.6	-2.4	18.7	4.7	6.1	13.6	16.3	5.8	10.4	-8.1	-1.4	-0.2	91.9	n/a	7.0	2.9	3.9	11.8	21.0	36.6
Gross margin	-7%	-3%	12%	3%	5%	11%	12%	4%	9%	-6%	-1%	-0%	98%	n/a	5%	2%	2%	6%	9%	13%
SG&A	2.0	1.8	6.4	4.6	4.7	6.3	5.9	4.7	4.2	6.1	4.5	3.9	3.9	3.8	5.5	6.3	7.2	9.7	10.8	11.5
Operating income	-5.6	-4.4	12.3	0.1	1.4	7.3	10.4	1.1	6.2	6.9	-1.4	-0.2	-1.2	5.9	7.0	2.9	3.9	11.8	21.0	36.6
Operating margin	-11%	-6%	8%	0%	1%	6%	8%	1%	5%	5%	-1%	-0%	-1%	5%	5%	2%	2%	6%	9%	13%
Interest expense	0.1	0.1	0.4	0.6	0.4	0.7	0.5	-0.8	-0.8	4.1	0.7	0.9	0.6	0.8	0.7	0.8	1.3	1.4	1.2	1.3
Pre-tax income	-3.9	-9.5	14.7	3.2	1.8	8.5	10.3	4.7	1.3	7.1	3.3	-0.9	-1.6	6.8	6.6	3.0	4.0	12.7	17.0	20.6
Tax rate	n/a	n/a	24%	23%	24%	26%	25%	25%	6%	31%	22%	n/a	n/a	22%	24%	25%	24%	28%	25%	24%
Net income	-3.0	-7.5	11.2	2.5	1.4	6.3	7.7	3.5	1.2	5.0	2.6	-0.7	-1.2	5.3	5.0	2.2	3.0	9.2	12.8	15.6
Net margin	-6%	-10%	7%	2%	1%	5%	6%	3%	1%	4%	2%	-1%	-1%	4%	4%	1%	2%	5%	5%	5%
Diluted EPS	-$0.43	-$1.08	$1.55	$0.34	$0.19	$0.86	$1.04	$0.48	$0.16	$0.71	$0.37	-$0.10	-$0.17	$0.76	$0.71	$0.32	$0.43	$1.30	$1.79	$2.19
Operating cash flow	1.7	9.5	-21.3	76.0	-10.6	19.8	-4.6	-15.7	21.3	4.0	-6.1	10.8	2.7	-11.8	15.5	0.4	-4.7	-2.6	7.3	6.1
Capital expenditure	4.4	0.7	2.8	4.4	1.1	8.2	0.5	2.4	1.9	1.0	1.1	0.8	1.1	1.0	1.8	2.5	1.6	1.3	2.2	3.7
Free cash flow	-2.8	8.8	-24.2	71.6	-11.6	11.6	-5.0	-18.1	19.4	2.9	-7.1	9.9	1.6	-12.8	13.7	-2.0	-6.3	-4.0	5.1	2.4
Buybacks	0.1	0.4	0.0	0.0	0.0	0.0	0.0	0.0	5.1	0.0	0.1	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.1	0.0
Dividends paid	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Shares outstanding	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m	7m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.