Filing Flows › Steel Dynamics (STLD) › Q1 2025
Steel Dynamics (STLD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Steel Dynamics (STLD) reported revenue of $4.4B for the first quarter 2025 (Q1 2025), -7% from a year earlier and +13% from the quarter before. Operating margin was 6.3%, net earnings $218M (5.0% of revenue).
Steel Dynamics, Q1 2025: revenue $4.4B (-7% year over year), operating margin 6.3%, net earnings $218M, operating cash flow $153M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.4B | +13% | -7% |
| Gross profit | $487M | +10% | -50% |
| Operating profit | $275M | +16% | -63% |
| Net earnings | $218M | +4% | -63% |
| Operating cash flow | $153M | -56% | -57% |
What changed
Revenue was $4.4B in Q1 2025, down 7% year over year and up 13% from the previous quarter.
Gross margin was 11.1%, down 9.8 points from a year earlier. Operating profit was $0.28B, a 6.3% margin (down 9.7 points year over year). Operating expenses fell 8% while revenue fell 7%. The fastest-growing cost line was SG&A (+14%). Net earnings were $0.22B, down 63% year over year. The effective tax rate was 22.4%.
Operating cash flow was $0.15B (down 57% year over year), 70% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.22B. Capital expenditures of $0.31B exceeded it, leaving free cash flow of −$0.15B.
Questions
What was Steel Dynamics' revenue in the first quarter 2025?
Steel Dynamics (STLD) reported revenue of $4.4B for the first quarter 2025 (Q1 2025), -7% from a year earlier and +13% from the quarter before.
Was Steel Dynamics profitable in the first quarter 2025?
Operating profit was $275M (6.3% of revenue) and net earnings $218M.
Source: Steel Dynamics 10-Q on SEC EDGAR.