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Steel Dynamics (STLD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · Steel Dynamics (STLD) Q3 2026 earnings results →

Q3 2026 Revenue up 35% year over year to $6.5B · 12¢ of every $1 of revenue kept as net profit · operating margin 15.5%

Steel Dynamics made $6.5B in Q3 2026 (+35% Y/Y). Operating margin 15.5%, net earnings $756M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.

Revenue$6.5B
Year over year+35%
Operating margin15.5%
Net earnings$756M
Operating cash flow$846M

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Steel Dynamics Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Steel Dynamics Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $6.5B in Q3 2026, up 35% year over year and up 7% from the previous quarter.

Gross margin was 19.7%, up 4.0 points from Q3 2025. Operating profit was $1.0B, a 15.5% margin (up 4.9 points year over year). Of the extra revenue versus Q3 2025, 30% reached operating profit, above the 11% margin then. Operating expenses grew 10% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+80%). Net earnings were $0.76B, up 87% year over year. The effective tax rate was 22.8%.

Operating cash flow was $0.85B (up 17% year over year), 112% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.15B left free cash flow of $0.70B.

Quarterly history

Steel Dynamics revenue by quarterSteel Dynamics revenue by quarter$4.4BQ1 2025$4.6BQ2 2025$4.8BQ3 2025$4.4BQ4 2025$5.2BQ1 2026$6.1BQ2 2026$6.5BQ3 2026
Steel Dynamics net earnings by quarterSteel Dynamics net earnings by quarter$218MQ1 2025$301MQ2 2025$404MQ3 2025$265MQ4 2025$400MQ1 2026$531MQ2 2026$756MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 23, 2026$6.5B+35%15.5%$756M$846M
Q2 202610-QJul 28, 2026$6.1B+33%11.5%$531M$428M
Q1 202610-QApr 27, 2026$5.2B+19%10.3%$400M$148M
Q4 202510-KFeb 27, 2026$4.4B+14%7.0%$265M$273M
Q3 202510-QOct 24, 2025$4.8B+11%10.5%$404M$723M
Q2 202510-QAug 11, 2025$4.6B-2%8.4%$301M$302M
Q1 202510-QMay 12, 2025$4.4B-7%6.3%$218M$153M

Charts

Steel Dynamics: revenue growth, year over year and quarter over quarterSteel Dynamics: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q1 2025-2%+4%Q2 2025+11%+6%Q3 2025+14%-9%Q4 2025+19%+18%Q1 2026+33%+17%Q2 2026+35%+7%Q3 2026
Latest (Q3 2026): Y/Y +35%, Q/Q +7%.
Steel Dynamics: where the cash came from (+) and went (−), TTM to Q3 2026Steel Dynamics: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$1.7BBuybacks−$831MCapital spending−$600MNet borrowing (+) / repaid (−)$416MDividends−$298MOther investing−$179MCash drawn (+) / kept (−)−$158MOther financing−$44.6M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Steel Dynamics: profit against cash, quarter by quarterSteel Dynamics: profit against cash, quarter by quarterNet incomeOperating cash flow$210M$347MQ4 2024$218M$153MQ1 2025$301M$302MQ2 2025$404M$723MQ3 2025$265M$273MQ4 2025$400M$148MQ1 2026$531M$428MQ2 2026$756M$846MQ3 2026
Latest (Q3 2026): Net income $756M, Operating cash flow $846M.
Steel Dynamics: diluted shares by fiscal yearSteel Dynamics: diluted shares by fiscal year212MFY2020207MFY2021185MFY2022167MFY2023156MFY2024148MFY2025
-30.1% since FY2020: buybacks shrank the count.
Steel Dynamics: long-term debt falling due (FY2025)Steel Dynamics: long-term debt falling due (FY2025)$34.7M2026$351M2027$650M2028$198K2029$600M2030$2.7BLater
Cash $770M, short-term investments $0, long-term debt $4.2B at 2025-12-31.
Steel Dynamics in its industry: growth against margin (7 companies, SIC 3312)Steel Dynamics in its industry: growth against margin (7 companies, SIC 3312)revenue growth, year over year →↑ operating marginmedian +10%median 10%NUECMCCRSSXCMTUSTWISTLD (+35%, 16%)
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Steel Dynamics

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform.

In its own words, from its 10-K, filed Feb 27, 2026.

Steel Dynamics against its Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +10%. Operating margin: 15.5% against the peers' median 9.6%.

CompanyQuarterRevenueY/YOp. margin
STLD Steel DynamicsQ3 2026$6.5B+35%15.5%
NUE NucorQ3 2026$11.2B+32%15.2%
CMC Commercial MetalsQ4 FY26$2.7B+26%8.6%
CRS Carpenter TechnologyQ1 FY27$798M+9%24.6%
SXC SunCoke EnergyQ3 2026$486M-0.2%8.4%
MTUS MetallusQ3 2026$337M+10%9.6%
TWI Titan InternationalQ3 2026$335M-6%-0.3%

Source: Steel Dynamics 10-Q on SEC EDGAR · CIK 1022671 · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Guidance and outlook

Steel Dynamics: what its forward-looking statements are about (10-Q filed 2026-10-23)Steel Dynamics: what its forward-looking statements are about (10-Q filed 2026-10-23)Demand2Buybacks & dividends2Financing2Costs1Margins1Legal & regulation1The economy1Other1Supply chain1
12 statements; tone +0.58 (−1 all cautious, +1 all confident); 2 hedged.
Steel Dynamics: outlook statements against the filing beforeSteel Dynamics: outlook statements against the filing beforeNew3Updated1Dropped1Confident7

13F: who owns STLD and who is buying

Largest holders of STLD (13F)Largest holders of STLD (13F)Vanguard Group$2.9BBlackRock$2.8BVanguard Capital Management LLC$2.0BFMR LLC$1.8BState Street$1.7BVanguard Portfolio Management LLC$1.6BGeode Capital Management, LLC$864MCapital Research Global Investors$835MMorgan Stanley$768MLife Cycle Investment Partners$528M
Funds' net buying of STLD by quarter (13F)Funds' net buying of STLD by quarter (13F)−$431M2024-09−$34.2M2024-12−$189M2025-03−$424M2025-06−$537M2025-09$412M2025-12−$240M2026-03−$153M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on STLD

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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