Filing Flows › Steel Dynamics (STLD) › Q2 2026 › vs Q2 2025
Steel Dynamics (STLD) Q2 2026 vs Q2 2025 (year over year)
Steel Dynamics's revenue rose $1.5B (+33%) from $4.6B in Q2 2025 to $6.1B in Q2 2026. Gross margin 15.7% against 13.5% (+2.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 15.7% | 13.5% | +2.2 pts |
| Operating margin | 11.5% | 8.4% | +3.1 pts |
| Net margin | 8.7% | 6.6% | +2.1 pts |
| Free cash flow margin | 5.0% | 0.3% | +4.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $6.1B | $4.6B | $1.5B | +33% |
| Gross profit | $959M | $618M | $341M | +55% |
| Cost of revenue | $5.1B | $3.9B | $1.2B | +30% |
| Operating profit | $700M | $383M | $318M | +83% |
| Operating expenses | $258M | $236M | $22.9M | +10% |
| Pre-tax earnings | $683M | $388M | $296M | +76% |
| SG&A | $193M | $198M | −$4.6M | -2% |
| Other operating costs | $65.0M | $37.6M | $27.4M | +73% |
| Net earnings | $531M | $301M | $230M | +76% |
| Income tax | $153M | $86.7M | $66.0M | +76% |
| Depreciation & amortization | $174M | $133M | $41.1M | +31% |
| Share-based compensation | $14.2M | $14.1M | $99K | +0.7% |
| Working capital & other | $291M | $147M | $144M | +99% |
| Operating cash flow | $428M | $302M | $126M | +42% |
| Free cash flow (OCF − capex) | $304M | $13.3M | $291M | 23× |
| Capital expenditures | $124M | $288M | −$164M | -57% |
Questions
How much did Steel Dynamics's revenue grow year over year in Q2 2026?
Steel Dynamics's revenue rose $1.5B (+33%) from $4.6B in Q2 2025 to $6.1B in Q2 2026. Gross margin 15.7% against 13.5% (+2.2 pts).