Filing Flows › Steel Dynamics (STLD) › Q3 2025
Steel Dynamics (STLD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 24, 2025
Steel Dynamics (STLD) reported revenue of $4.8B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before. Operating margin was 10.5%, net earnings $404M (8.4% of revenue).
Steel Dynamics, Q3 2025: revenue $4.8B (+11% year over year), operating margin 10.5%, net earnings $404M, operating cash flow $723M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.8B | +6% | +11% |
| Gross profit | $758M | +23% | +25% |
| Operating profit | $508M | +33% | +28% |
| Net earnings | $404M | +34% | +26% |
| Operating cash flow | $723M | +140% | -5% |
| Free cash flow | $557M | 42× | +302% |
What changed
Revenue was $4.8B in Q3 2025, up 11% year over year and up 6% from the previous quarter.
Gross margin was 15.7%, up 1.8 points from a year earlier. Operating profit was $0.51B, a 10.5% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, above the 9% margin then. Operating expenses grew 19% against revenue growth of 11%. The fastest-growing cost line was SG&A (+20%). Net earnings were $0.40B, up 27% year over year. The effective tax rate was 21.4%.
Operating cash flow was $0.72B (down 5% year over year), 179% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.17B. Capital expenditures of $0.17B left free cash flow of $0.56B.
Questions
What was Steel Dynamics' revenue in the third quarter 2025?
Steel Dynamics (STLD) reported revenue of $4.8B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before.
Was Steel Dynamics profitable in the third quarter 2025?
Operating profit was $508M (10.5% of revenue) and net earnings $404M.
Source: Steel Dynamics 10-Q on SEC EDGAR.