Filing Flows › Steel Dynamics (STLD) › Q2 2025
Steel Dynamics (STLD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Steel Dynamics (STLD) reported revenue of $4.6B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +4% from the quarter before. Operating margin was 8.4%, net earnings $301M (6.6% of revenue).
Steel Dynamics, Q2 2025: revenue $4.6B (-2% year over year), operating margin 8.4%, net earnings $301M, operating cash flow $302M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | +4% | -1% |
| Gross profit | $618M | +27% | -20% |
| Operating profit | $383M | +39% | -32% |
| Net earnings | $301M | +38% | -30% |
| Operating cash flow | $302M | +98% | -21% |
| Free cash flow | $13.3M | — | — |
What changed
Revenue was $4.6B in Q2 2025, down 1% year over year and up 4% from the previous quarter.
Gross margin was 13.5%, down 3.2 points from a year earlier. Operating profit was $0.38B, a 8.4% margin (down 3.7 points year over year). Operating expenses grew 9% against a revenue fall of 1%. The fastest-growing cost line was SG&A (+24%). Net earnings were $0.30B, down 30% year over year. The effective tax rate was 22.3%.
Operating cash flow was $0.30B (down 21% year over year), 100% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.15B. Capital expenditures of $0.29B left free cash flow of $0.01B.
Questions
What was Steel Dynamics' revenue in the second quarter 2025?
Steel Dynamics (STLD) reported revenue of $4.6B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +4% from the quarter before.
Was Steel Dynamics profitable in the second quarter 2025?
Operating profit was $383M (8.4% of revenue) and net earnings $301M.
Source: Steel Dynamics 10-Q on SEC EDGAR.