Filing Flows › Steel Dynamics (STLD) › Q3 2026
Steel Dynamics (STLD) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 23, 2026
Steel Dynamics (STLD) reported revenue of $6.5B for the third quarter 2026 (Q3 2026), +35% from a year earlier and +7% from the quarter before. Operating margin was 15.5%, net earnings $756M (11.6% of revenue).
Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%, net earnings $756M, operating cash flow $846M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.5B | +7% | +35% |
| Gross profit | $1.3B | +34% | +69% |
| Operating profit | $1.0B | +44% | +98% |
| Net earnings | $756M | +42% | +87% |
| Operating cash flow | $846M | +98% | +17% |
| Free cash flow | $696M | +129% | +25% |
What changed
Revenue was $6.5B in Q3 2026, up 35% year over year and up 7% from the previous quarter.
Gross margin was 19.7%, up 4.0 points from Q3 2025. Operating profit was $1.0B, a 15.5% margin (up 4.9 points year over year). Of the extra revenue versus Q3 2025, 30% reached operating profit, above the 11% margin then. Operating expenses grew 10% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+80%). Net earnings were $0.76B, up 87% year over year. The effective tax rate was 22.8%.
Operating cash flow was $0.85B (up 17% year over year), 112% 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 $0.10B. Capital expenditures of $0.15B left free cash flow of $0.70B.
Questions
What was Steel Dynamics' revenue in the third quarter 2026?
Steel Dynamics (STLD) reported revenue of $6.5B for the third quarter 2026 (Q3 2026), +35% from a year earlier and +7% from the quarter before.
Was Steel Dynamics profitable in the third quarter 2026?
Operating profit was $1.0B (15.5% of revenue) and net earnings $756M.
Source: Steel Dynamics 10-Q on SEC EDGAR.