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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 reached $871.9 million for the quarter, up 18% year-over-year, driven by higher direct volumes and selling prices, with adjusted EBITDA of $48.3 million and adjusted EPS of $0.38 in a mixed market with compressed galvanized spreads.
Strong execution in safety, shareholder value, customer service, and transformation, with notable market share gains, especially in automotive and cold rolled strip, and all-time high shipments to a key D3 automotive customer.
Progress on long-term strategy, including electrical steel growth, new product development, and business optimization through transformation and AI integration.
Well-positioned to benefit from rising electricity demand, data center growth, vehicle electrification, and grid modernization, supported by long-standing customer relationships and a strong balance sheet.
Recognition for supply chain excellence and workplace culture, including Supplier of the Year and Military Friendly Employer Gold designations.
Financial highlights
Adjusted EBIT was $26.6 million for the quarter, up $12.3 million year-over-year, with net earnings of $18.8 million ($0.37 per share) and adjusted EPS of $0.38, up from $0.19.
Free cash flow for the quarter was $74.6 million, more than doubling from the prior year, and operating cash flow was $99.3 million.
Total shipments were 902,000 tons, with direct sale volume up 13% and making up 65% of the mix, compared to 55% last year.
Net earnings margin improved to 2.2%, and adjusted EBIT margin to 3.1%; adjusted EBITDA margin increased to 5.5% from 4.1% year-over-year.
Cash and cash equivalents stood at $89.8 million, with net debt at $92.3 million as of November 30, 2025.
Outlook and guidance
Cautious optimism for early 2026 and a positive outlook for the second half of the calendar year as macro conditions improve.
North American light vehicle output expected to remain flat at 15.2 million units in 2025.
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.
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.
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
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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