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Steel Dynamics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$696M in Q3 2026 · $1.1B over twelve months

Operating cash flow$846M
Capital spending−$150M
Free cash flow+$696M
Cash / net income1.1×

Analysis

In Q3 2026, Steel Dynamics generated $846M of operating cash flow and spent $150M on capital projects, leaving free cash flow of $696M. That is $139M more than in Q3 2025 ($557M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were buybacks ($831M), capital spending ($600M), dividends ($298M); besides operations, cash came from net borrowing (+) / repaid (−) ($416M); the cash balance rose by $158M.

Operating cash flow was $846M against net income of $756M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: inventory −$294M, depreciation & amortization +$175M, payables +$107M.

Free cash flow

Steel Dynamics: free cash flow by quarterSteel Dynamics: free cash flow by quarter−$106MQ4 2024−$153MQ1 2025$13.3MQ2 2025$557MQ3 2025$84.2MQ4 2025$10.3MQ1 2026$304MQ2 2026$696MQ3 2026
Operating cash flow less capital spending.
Steel Dynamics: operating cash flow against capital spendingSteel Dynamics: operating cash flow against capital spendingOperating cash flowCapital spending$347M$453MQ4 2024$153M$306MQ1 2025$302M$288MQ2 2025$723M$166MQ3 2025$273M$188MQ4 2025$148M$138MQ1 2026$428M$124MQ2 2026$846M$150MQ3 2026
Latest (Q3 2026): Operating cash flow $846M, Capital spending $150M.

Capital allocation, year by year

Steel Dynamics: where the cash came from (up) and went (down), by fiscal yearSteel Dynamics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$5.4MFY2021: Capital spending −$1.0BFY2021: Buybacks −$1.1BFY2021: Dividends −$213M$2.2BFY2021FY2022: Operating cash flow $4.5BFY2022: Net borrowing −$42.2MFY2022: Capital spending −$909MFY2022: Acquisitions −$134MFY2022: Buybacks −$1.8BFY2022: Dividends −$237M$4.5BFY2022FY2023: Operating cash flow $3.5BFY2023: Net borrowing −$1.9MFY2023: Capital spending −$1.7BFY2023: Buybacks −$1.5BFY2023: Dividends −$271M$3.5BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $159MFY2024: Capital spending −$1.9BFY2024: Buybacks −$1.2BFY2024: Dividends −$283M$2.0BFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing $986MFY2025: Capital spending −$948MFY2025: Acquisitions −$176MFY2025: Buybacks −$901MFY2025: Dividends −$291M$2.4BFY2025
Over these 5 years operating cash flow totalled $13.5B; the largest uses were buybacks ($6.4B) and capital spending ($6.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$929M
Debt$4.2B
Net debt$3.3B
Due within a year$34.7M

Steel Dynamics funds itself: free cash flow was $1.1B over the last twelve months, and $929M of cash and investments stands against $4.2B of debt ($34.7M due within a year, 26.8× covered by cash).

Steel Dynamics: debt maturities by year (FY2025)Steel Dynamics: debt maturities by year (FY2025)$34.7MYear 1$351MYear 2$650MYear 3$198KYear 4$600MYear 5$2.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $929M of cash and investments now.

Where the cash came from and went

Steel Dynamics: sources (+) and uses (−) of cash, Q3 2026Steel Dynamics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$846MCash drawn (+) / kept (−)−$361MBuybacks−$276MCapital spending−$150MDividends−$76.1MNet borrowing (+) / repaid (−)$19.1MOther investing−$2.0MOther financing−$743K
Steel Dynamics: sources (+) and uses (−) of cash, TTM to Q3 2026Steel Dynamics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.7BBuybacks−$831MCapital spending−$600MNet borrowing (+) / repaid (−)$416MDividends−$298MOther investing−$179MCash drawn (+) / kept (−)−$158MOther financing−$44.6M

From profit to cash

Steel Dynamics: net income to operating cash flow, Q3 2026Steel Dynamics: net income to operating cash flow, Q3 2026Net income$756MDepreciation & amortization$175MStock-based pay$14.4MReceivables−$3.5MInventory−$294MPayables$107MAccrued liabilities$79.4MPrepaid and other assets−$65.7MIncome taxes payable$35.3MOperating cash flow$846M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$846M−$150M−$276M−$76.1M$19.1M−$361M$696M
Q2 2026$428M−$124M−$200M−$76.6M−$21.1M−$11.2M$304M
Q1 2026$148M−$138M−$115M−$72.5M−$12.9M$214M$10.3M
Q4 2025$273M−$188M−$240M−$73.1M$431M$425K$84.2M
Q3 2025$723M−$166M−$210M−$73.9M−$326K−$312M$557M
Q2 2025$302M−$288M−$200M−$74.7M−$418M$729M$13.3M
Q1 2025$153M−$306M−$250M−$69.5M$973M−$597M−$153M
Q4 2024$347M−$453M−$295M−$70.4M−$455M$426M−$106M

Steel Dynamics: income statement and cash flow

Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Steel Dynamics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.