Worthington Steel (WS) financial statements
Worthington Steel reported revenue of $3.4B in fiscal 2026, down 4.1% a year over 4 years.
Net income was $8M and the operating margin -0.0%, against 5.6% in 2022.
Free cash flow was $80M, and the company returned $33M in dividends.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Worthington Steel's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $4.1B | $3.6B | $3.4B | $3.1B | $3.4B |
| Cost of revenue | $3.7B | $3.3B | $3.0B | $2.7B | $3.0B |
| Gross profit | $396M | $336M | $440M | $389M | $403M |
| Selling, general and admin | $180M | $201M | $224M | $232M | $297M |
| Operating income | $227M | $120M | $194M | $147M | -$1M |
| Interest expense | $3M | $3M | $6M | $7M | $28M |
| Pre-tax income | $254M | $129M | $216M | $148M | $7M |
| Income tax | $54M | $29M | $46M | $29M | $20M |
| Net income | $180M | $87M | $155M | $111M | $8M |
| EPS (diluted) | $3.66 | $1.77 | $3.11 | $2.19 | $0.17 |
| Diluted shares | 49M | 49M | 50M | 50M | 51M |
| Gross margin | 9.7% | 9.3% | 12.8% | 12.6% | 11.7% |
| Operating margin | 5.6% | 3.3% | 5.7% | 4.8% | -0.0% |
| Net margin | 4.4% | 2.4% | 4.5% | 3.6% | 0.2% |
Balance sheet
Fiscal years, from Worthington Steel's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash and short-term investments | $20M | $33M | $40M | $38M | $85M |
| Receivables | — | $468M | $473M | $439M | $496M |
| Inventory | — | $415M | $405M | $422M | $416M |
| Total current assets | — | $981M | $1.0B | $1.0B | $1.1B |
| Property, plant and equipment | — | $414M | $475M | $548M | $649M |
| Goodwill | $80M | $79M | $80M | $80M | $44M |
| Total assets | — | $1.8B | $1.9B | $2.0B | $2.3B |
| Total current liabilities | — | $478M | $618M | $632M | $776M |
| Long-term debt | — | $0 | $0 | $2M | $44M |
| Total liabilities | — | $610M | $749M | $764M | $990M |
| Shareholders' equity | $1.3B | $1.0B | $985M | $1.1B | $1.1B |
| Net debt | -$20M | -$13M | -$40M | -$36M | -$13M |
Cash flow
Fiscal years, from Worthington Steel's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $40M | $315M | $200M | $230M | $201M |
| Capital spending | $36M | $46M | $103M | $130M | $121M |
| Free cash flow | $3M | $270M | $96M | $100M | $80M |
| Stock-based compensation | $9M | $10M | $10M | $11M | $14M |
| Dividends paid | $0 | $0 | $8M | $32M | $33M |
| Net borrowing | $27M | -$60M | $127M | $17M | $41M |
| Free cash flow margin | 0.1% | 7.5% | 2.8% | 3.2% | 2.3% |
| Dividends per share | — | — | $0.16 | $0.63 | $0.64 |
Questions
What was Worthington Steel's revenue in 2026?
$3.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Worthington Steel generate?
$80M in fiscal 2026 (operating cash flow minus capital spending).
From Worthington Steel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.