Filing Flows › Steel Dynamics (STLD) › Q2 2026 › vs Q1 2026
Steel Dynamics (STLD) Q2 2026 vs Q1 2026 (quarter over quarter)
Steel Dynamics's revenue rose $887M (+17%) from $5.2B in Q1 2026 to $6.1B in Q2 2026. Gross margin 15.7% against 14.7% (+1.1 pts).
Steel Dynamics, Q2 2026: revenue $6.1B (+33% year over year), operating margin 11.5%, net earnings $531M, operating cash flow $428M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 15.7% | 14.7% | +1.1 pts |
| Operating margin | 11.5% | 10.3% | +1.2 pts |
| Net margin | 8.7% | 7.7% | +1.0 pts |
| Free cash flow margin | 5.0% | 0.2% | +4.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $6.1B | $5.2B | $887M | +17% |
| Gross profit | $959M | $763M | $196M | +26% |
| Cost of revenue | $5.1B | $4.4B | $691M | +16% |
| Operating profit | $700M | $538M | $162M | +30% |
| Operating expenses | $258M | $225M | $33.3M | +15% |
| Pre-tax earnings | $683M | $513M | $170M | +33% |
| SG&A | $193M | $175M | $18.2M | +10% |
| Other operating costs | $65.0M | $50.0M | $15.0M | +30% |
| Net earnings | $531M | $400M | $131M | +33% |
| Income tax | $153M | $113M | $39.6M | +35% |
| Depreciation & amortization | $174M | $159M | $14.6M | +9% |
| Share-based compensation | $14.2M | $17.5M | −$3.3M | -19% |
| Working capital & other | $291M | $429M | −$138M | -32% |
| Operating cash flow | $428M | $148M | $280M | +189% |
| Free cash flow (OCF − capex) | $304M | $10.3M | $294M | 29× |
| Capital expenditures | $124M | $138M | −$14.1M | -10% |
Questions
How much did Steel Dynamics's revenue grow quarter over quarter in Q2 2026?
Steel Dynamics's revenue rose $887M (+17%) from $5.2B in Q1 2026 to $6.1B in Q2 2026. Gross margin 15.7% against 14.7% (+1.1 pts).