Filing Flows › Steel Dynamics (STLD) › Q2 2026
Steel Dynamics (STLD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Steel Dynamics (STLD) reported revenue of $6.1B for the second quarter 2026 (Q2 2026), +33% from a year earlier and +17% from the quarter before. Operating margin was 11.5%, net earnings $531M (8.7% of revenue).
Steel Dynamics, Q2 2026: revenue $6.1B (+33% year over year), operating margin 11.5%, net earnings $531M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | +17% | +33% |
| Gross profit | $959M | +26% | +55% |
| Operating profit | $700M | +30% | +83% |
| Net earnings | $531M | +33% | +76% |
| Operating cash flow | $428M | +189% | +42% |
| Free cash flow | $304M | 29× | 23× |
What changed
Revenue was $6.1B in Q2 2026, up 33% year over year and up 17% from the previous quarter.
Gross margin was 15.7%, up 2.2 points from Q2 2025. Operating profit was $0.70B, a 11.5% margin (up 3.1 points year over year). Of the extra revenue versus Q2 2025, 21% reached operating profit, above the 8% margin then. Operating expenses grew 10% against revenue growth of 33%. The fastest-growing cost line was Other operating costs (+73%). Net earnings were $0.53B, up 79% year over year. The effective tax rate was 22.3%.
Operating cash flow was $0.43B (up 42% year over year), 81% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.29B. Capital expenditures of $0.12B left free cash flow of $0.30B.
Questions
What was Steel Dynamics' revenue in the second quarter 2026?
Steel Dynamics (STLD) reported revenue of $6.1B for the second quarter 2026 (Q2 2026), +33% from a year earlier and +17% from the quarter before.
Was Steel Dynamics profitable in the second quarter 2026?
Operating profit was $700M (11.5% of revenue) and net earnings $531M.
Source: Steel Dynamics 10-Q on SEC EDGAR.