Filing Flows › Steel Dynamics (STLD) › How it makes money
How Steel Dynamics (STLD) makes money
Steel Dynamics (STLD) made $6.5B of revenue in the third quarter 2026 (Q3 2026), +35% from a year earlier. Of every dollar of revenue, 20¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $6.5B | 100.0% |
| Cost of revenue | $5.2B | 80.3% |
| Gross profit | $1.3B | 19.7% |
| Operating expenses | $276M | 4.2% |
| Operating profit | $1.0B | 15.5% |
| Income tax | $223M | 3.4% |
| Net earnings | $756M | 11.6% |
| Operating cash flow | $846M | 13.0% |
| Free cash flow | $696M | 10.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $6.5B | +35% |
| Q2 2026 | $6.1B | +33% |
| Q1 2026 | $5.2B | +19% |
| Q4 2025 | $4.4B | +14% |
| Q3 2025 | $4.8B | +11% |
| Q2 2025 | $4.6B | -2% |
| Q1 2025 | $4.4B | -7% |
From Steel Dynamics' 10-Q filed Oct 23, 2026 (on EDGAR).
Questions
How does Steel Dynamics make money?
Steel Dynamics (STLD) made $6.5B of revenue in the third quarter 2026 (Q3 2026), +35% from a year earlier. Of every dollar of revenue, 20¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
What is Steel Dynamics' profit margin?
Net earnings were $756M, 11.6% of revenue, in the third quarter 2026; the operating margin was 15.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.