Filing Flows › Steel Dynamics (STLD) › Q3 2026 › vs Q2 2026
Steel Dynamics (STLD) Q3 2026 vs Q2 2026 (quarter over quarter)
Steel Dynamics's revenue rose $418M (+7%) from $6.1B in Q2 2026 to $6.5B in Q3 2026. Gross margin 19.7% against 15.7% (+4.0 pts).
Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%, net earnings $756M, operating cash flow $846M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 19.7% | 15.7% | +4.0 pts |
| Operating margin | 15.5% | 11.5% | +4.0 pts |
| Net margin | 11.6% | 8.7% | +2.9 pts |
| Free cash flow margin | 10.7% | 5.0% | +5.7 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $6.5B | $6.1B | $418M | +7% |
| Gross profit | $1.3B | $959M | $323M | +34% |
| Cost of revenue | $5.2B | $5.1B | $94.5M | +2% |
| Operating profit | $1.0B | $700M | $306M | +44% |
| Operating expenses | $276M | $258M | $17.4M | +7% |
| Pre-tax earnings | $979M | $683M | $295M | +43% |
| Other expense, net | $27.8M | $17.0M | $10.8M | +63% |
| SG&A | $187M | $193M | −$6.5M | -3% |
| Other operating costs | $88.9M | $65.0M | $23.9M | +37% |
| Net earnings | $756M | $531M | $225M | +42% |
| Income tax | $223M | $153M | $70.2M | +46% |
| Depreciation & amortization | $175M | $174M | $923K | +0.5% |
| Share-based compensation | $14.4M | $14.2M | $273K | +2% |
| Working capital & other | $99.2M | $291M | −$192M | -66% |
| Operating cash flow | $846M | $428M | $418M | +98% |
| Free cash flow (OCF − capex) | $696M | $304M | $392M | +129% |
| Capital expenditures | $150M | $124M | $25.8M | +21% |
Questions
How much did Steel Dynamics's revenue grow quarter over quarter in Q3 2026?
Steel Dynamics's revenue rose $418M (+7%) from $6.1B in Q2 2026 to $6.5B in Q3 2026. Gross margin 19.7% against 15.7% (+4.0 pts).