Filing Flows › Steel Dynamics (STLD) › Q4 2025
Steel Dynamics (STLD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Steel Dynamics (STLD) reported revenue of $4.4B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -9% from the quarter before. Operating margin was 7.0%, net earnings $265M (6.0% of revenue).
Steel Dynamics, Q4 2025: revenue $4.4B (+14% year over year), operating margin 7.0%, net earnings $265M, operating cash flow $273M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.4B | -9% | +14% |
| Gross profit | $529M | -30% | +20% |
| Operating profit | $310M | -39% | +31% |
| Net earnings | $265M | -35% | +26% |
| Operating cash flow | $273M | -62% | -21% |
| Free cash flow | $84.2M | -85% | — |
What changed
Revenue was $4.4B in Q4 2025, up 14% year over year and down 9% from the previous quarter.
Gross margin was 12.0%, up 0.6 points from a year earlier. Operating profit was $0.31B, a 7.0% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, above the 6% margin then. Operating expenses grew 7% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $0.27B, up 28% year over year. The effective tax rate was 14.8%.
Operating cash flow was $0.27B (down 21% year over year), 103% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.19B left free cash flow of $0.08B.
Questions
What was Steel Dynamics' revenue in the fourth quarter 2025?
Steel Dynamics (STLD) reported revenue of $4.4B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -9% from the quarter before.
Was Steel Dynamics profitable in the fourth quarter 2025?
Operating profit was $310M (7.0% of revenue) and net earnings $265M.
Source: Steel Dynamics 10-K on SEC EDGAR.