Filing Flows › Steel Dynamics (STLD) › Q1 2026
Steel Dynamics (STLD) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 27, 2026
Steel Dynamics (STLD) reported revenue of $5.2B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +18% from the quarter before. Operating margin was 10.3%, net earnings $400M (7.7% of revenue).
Steel Dynamics, Q1 2026: revenue $5.2B (+19% year over year), operating margin 10.3%, net earnings $400M, operating cash flow $148M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.2B | +18% | +19% |
| Gross profit | $763M | +44% | +57% |
| Operating profit | $538M | +73% | +96% |
| Net earnings | $400M | +51% | +84% |
| Operating cash flow | $148M | -46% | -3% |
| Free cash flow | $10.3M | -88% | — |
What changed
Revenue was $5.2B in Q1 2026, up 19% year over year and up 18% from the previous quarter.
Gross margin was 14.7%, up 3.5 points from Q1 2025. Operating profit was $0.54B, a 10.3% margin (up 4.0 points year over year). Of the extra revenue versus Q1 2025, 31% reached operating profit, above the 6% margin then. Operating expenses grew 7% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+69%). Net earnings were $0.40B, up 86% year over year. The effective tax rate was 22.0%.
Operating cash flow was $0.15B (down 3% year over year), 37% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.43B. Capital expenditures of $0.14B left free cash flow of $0.01B.
Questions
What was Steel Dynamics' revenue in the first quarter 2026?
Steel Dynamics (STLD) reported revenue of $5.2B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +18% from the quarter before.
Was Steel Dynamics profitable in the first quarter 2026?
Operating profit was $538M (10.3% of revenue) and net earnings $400M.
Source: Steel Dynamics 10-Q on SEC EDGAR.