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Worthington Steel
Worthington Steel (WS) investor relations material
Worthington Steel Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Dec, 2025
Executive summary
Net sales for Q2 FY2026 rose 18% year-over-year to $871.9 million, driven by higher direct volumes and prices, with automotive remaining the largest end market and notable contributions from the Sitem Group acquisition.
Adjusted net earnings per diluted share grew to $0.38 from $0.19, and net earnings attributable to controlling interest increased to $18.8 million from $12.8 million.
Strong execution in safety, customer service, and transformation, with market share gains in automotive and cold rolled strip, and all-time high shipments to a key D3 automotive customer.
Sitem Group acquisition expanded European presence and contributed to growth, with $52.6 million in net sales and a net loss of $0.7 million for the quarter.
Recognition for supply chain excellence and workplace culture, including Supplier of the Year and Military Friendly Employer Gold designations.
Financial highlights
Adjusted EBIT for the quarter was $26.6 million, up from $14.3 million year-over-year, with gross margin increasing $13.2 million to $93.2 million.
Free cash flow reached $74.6 million, more than doubling from $33.2 million in the prior year quarter; operating cash flow for the quarter was $99.3 million.
Net earnings margin improved to 2.2%, and adjusted EBIT margin to 3.1%; adjusted EBITDA margin increased to 5.5% from 4.1%.
Cash and cash equivalents stood at $89.8 million, with net debt at $92.3 million as of November 30, 2025.
Dividend of $0.16 per share declared for the quarter, payable March 27, 2026.
Outlook and guidance
Management remains focused on higher-value solutions, disciplined product mix, and inventory management to build resilience amid mixed market conditions.
Cautious optimism for early 2026 and a positive outlook for the second half of the calendar year as macro conditions improve.
Inventory holding gains/losses for Q3 expected to range from a pre-tax gain of $3 million to a pre-tax loss of $3 million.
Fiscal 2026 CapEx expected to be approximately $110 million, focused on growth priorities.
Strategic investments in electrical steel capacity in Mexico and Canada to meet growing demand for xEV and transformer cores, with production ramping up in early 2026.
Quantify direct/toll mix impact on gross margin
Impact of softening mill demand on toll segment
What drove the free cash flow improvement?
Breakdown non-recurring SG&A components
Outlook for galvanized spread normalization
Onshoring's impact on automotive share gains
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Next Worthington Steel earnings date
Q3 202619 Mar, 2026
Worthington Steel
Next Worthington Steel earnings date
Q3 202619 Mar, 2026
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Frequently asked questions
Worthington Steel Inc. is a steel processor in North America. The company specializes in carbon flat-rolled steel and tailor welded blanks, including electrical steel laminations and aluminum tailor welded blanks. These products cater to a diverse range of industries such as automotive, heavy truck, agriculture, construction, and energy sectors. The company is headquartered in Columbus, Ohio, and its shares are listed on the New York Stock Exchange.
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