Filing Flows › Steel Dynamics (STLD) › Q3 2026 › vs Q3 2025
Steel Dynamics (STLD) Q3 2026 vs Q3 2025 (year over year)
Steel Dynamics's revenue rose $1.7B (+35%) from $4.8B in Q3 2025 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.7% | 15.7% | +4.0 pts |
| Operating margin | 15.5% | 10.5% | +4.9 pts |
| Net margin | 11.6% | 8.4% | +3.2 pts |
| Free cash flow margin | 10.7% | 11.5% | -0.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $6.5B | $4.8B | $1.7B | +35% |
| Gross profit | $1.3B | $758M | $524M | +69% |
| Cost of revenue | $5.2B | $4.1B | $1.2B | +28% |
| Operating profit | $1.0B | $508M | $499M | +98% |
| Operating expenses | $276M | $250M | $25.8M | +10% |
| Pre-tax earnings | $979M | $514M | $465M | +90% |
| Other expense, net | $27.8M | −$6.1M | $33.9M | — |
| SG&A | $187M | $201M | −$13.9M | -7% |
| Other operating costs | $88.9M | $49.3M | $39.7M | +80% |
| Net earnings | $756M | $404M | $352M | +87% |
| Income tax | $223M | $110M | $113M | +103% |
| Depreciation & amortization | $175M | $138M | $36.4M | +26% |
| Share-based compensation | $14.4M | $14.2M | $197K | +1% |
| Working capital & other | $99.2M | −$166M | $265M | — |
| Operating cash flow | $846M | $723M | $123M | +17% |
| Free cash flow (OCF − capex) | $696M | $557M | $139M | +25% |
| Capital expenditures | $150M | $166M | −$16.1M | -10% |
Questions
How much did Steel Dynamics's revenue grow year over year in Q3 2026?
Steel Dynamics's revenue rose $1.7B (+35%) from $4.8B in Q3 2025 to $6.5B in Q3 2026. Gross margin 19.7% against 15.7% (+4.0 pts).