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Steel Dynamics, Inc. (STLD) Q3 FY2026 Financial Statements: Net sales $6.51B, Net income $756.00M

CIK 0001022671 · Nasdaq · Latest period: Q3 FY2026 (ended 2026-09-30, 10-Q accession 0001104659-26-118461) · Annual report: FY2025 10-K (filed 2026-02-27, accession 0001104659-26-021395) · Next expected filing: 10-K ~2027-02-26

More for Steel Dynamics: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ3 FY2026

Published

Steel Dynamics reported net income attributable to the company of $756 million, or $5.26 per diluted share, for Q3 FY2026, the quarter ended September 30, 2026, up 87.3% from $403.69 million a year earlier. Net sales were $6.51 billion, up 34.8%, and operating income was $1.01 billion, up 98.2%, as steel selling prices rose much faster than the cost of scrap and other metallic inputs. Steel operations, the largest segment, earned $1.03 billion in operating income, up 107.6% from a year earlier.

MetricAmountvs. year ago
Net sales$6,509,419,000up 34.8%
Net income$756,000,000up 87.3%
Diluted EPS$5.26up 92.0%
Operating income$1,006,367,000up 98.2%
Steel operations operating income$1,031,518,000up 107.6%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerSTLD
CIK0001022671
CompanySteel Dynamics, Inc.
Business typeindustrial
Schema templatestandard industrial: income statement, balance sheet, cash flow, plus net sales and operating income for the four reportable segments (steel, metals recycling, steel fabrication, aluminum)
Reporting currencyUSD
Converted to USDno
Unitsactual US dollars (the statements print thousands; every money figure here is scaled to whole dollars); share counts in actual shares; per-share amounts in dollars

STLD annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Net sales unrelated parties17,554,583,00016,819,648,00018,115,312,000
Net sales related parties621,998,000720,742,000680,004,000
Total net sales18,176,581,00017,540,390,00018,795,316,000
Cost of goods sold15,784,398,00014,737,804,00014,749,433,000
Gross profit2,392,183,0002,802,586,0004,045,883,000
Selling general and administrative expenses765,308,000664,119,000588,621,000
Profit sharing122,986,000164,904,000272,033,000
Amortization of intangible assets27,903,00030,526,00034,048,000
Operating income1,475,986,0001,943,037,0003,151,181,000
Interest expense net of capitalized interest70,043,00056,347,00076,484,000
Other expense income net-87,028,000-96,191,000-144,246,000
Income before income taxes1,492,971,0001,982,881,0003,218,943,000
Income tax expense305,660,000432,925,000751,611,000
Net income1,187,311,0001,549,956,0002,467,332,000
Noncontrolling interests adjustment-1,716,000-12,822,000-16,450,000
Net income attributable to steel dynamics1,185,595,0001,537,134,0002,450,882,000
Basic EPS8.029.8914.72
Basic shares147,806,000155,420,000166,552,000
Diluted EPS7.999.8414.64
Diluted shares148,404,000156,136,000167,431,000
Dividends declared per share2.001.841.70
Balance sheet
Cash and equivalents769,878,000589,464,000
Short term investments0147,811,000
Accounts receivable net1,680,249,0001,362,969,000
Accounts receivable related parties2,411,00054,230,000
Inventories3,738,516,0003,113,733,000
Other current assets293,117,000163,131,000
Total current assets6,484,171,0005,431,338,000
Property plant and equipment net8,569,466,0008,117,988,000
Intangible assets net331,290,000227,234,000
Goodwill477,471,000477,471,000
Other assets557,382,000681,202,000
Total assets16,419,780,00014,935,233,000
Accounts payable1,223,776,000972,645,000
Accounts payable related parties7,582,0007,267,000
Income taxes payable67,315,0003,783,000
Accrued payroll and benefits361,494,000373,216,000
Accrued expenses427,432,000366,682,000
Current maturities of long term debt34,655,000426,990,000
Total current liabilities2,122,254,0002,150,583,000
Long term debt4,176,508,0002,804,017,000
Deferred income taxes1,004,375,000902,186,000
Other liabilities186,232,000133,201,000
Total liabilities7,489,369,0005,989,987,000
Redeemable noncontrolling interests141,226,000171,212,000
Treasury stock at cost-7,980,549,000-7,094,266,000
Additional paid in capital1,248,634,0001,229,819,000
Retained earnings15,689,042,00014,798,082,000
Accumulated other comprehensive income loss-598,0000
Total steel dynamics inc equity8,957,182,0008,934,287,000
Noncontrolling interests-167,997,000-160,253,000
Total equity8,789,185,0008,774,034,000
Total liabilities and equity16,419,780,00014,935,233,000
Total debt4,211,163,0003,231,007,000
Common shares outstanding144,940,102151,117,153
Cash flow
Depreciation and amortization551,390,000478,907,000437,804,000
Equity based compensation68,983,00066,589,00061,744,000
Net cash provided by operating activities1,449,534,0001,844,503,0003,519,928,000
Capital expenditures-948,025,000-1,868,006,000-1,657,905,000
Purchases of short term investments-39,571,000-739,340,000-1,145,493,000
Proceeds from maturities of short term investments186,996,0001,312,294,0001,054,742,000
Business combinations net of cash acquired-175,774,00000
Other investing activities1,417,000-8,308,000-221,593,000
Net cash used in investing activities-974,957,000-1,303,360,000-1,970,249,000
Issuance of current and long term debt3,553,683,0002,482,919,0001,365,664,000
Repayment of current and long term debt-2,567,864,000-2,324,058,000-1,367,553,000
Dividends paid-291,176,000-282,616,000-271,317,000
Purchases of treasury stock-900,870,000-1,212,164,000-1,452,203,000
Other financing activities-88,088,000-16,678,000-51,725,000
Net cash used in financing activities-294,315,000-1,352,597,000-1,777,134,000
Cash and equivalents and restricted cash end of period775,272,000595,010,0001,406,464,000
Cash paid for interest156,749,000100,978,000103,165,000
Free cash flow501,509,000-23,503,0001,862,023,000
Segments
Steel operations
Net sales13,412,773,00012,527,066,00013,067,622,000
Operating income1,427,544,0001,582,374,0001,881,600,000
Metals recycling operations
Net sales4,346,074,0004,136,913,0004,158,588,000
Operating income97,176,00076,807,00047,735,000
Steel fabrication operations
Net sales1,418,665,0001,771,795,0002,806,777,000
Operating income407,425,000666,984,0001,593,261,000
Aluminum operations
Net sales473,881,000318,689,000285,907,000
Operating income-172,970,000-72,331,00017,146,000
Other
Net sales1,335,454,0001,451,723,0001,171,901,000
Operating income-281,851,000-317,408,000-394,577,000
Eliminations
Net sales-2,810,266,000-2,665,796,000-2,695,479,000
Operating income-1,338,0006,611,0006,016,000

STLD quarterly income statement, balance sheet and cash flow

Q3 FY2026Q3 FY2025
Fiscal quarter33
Period start2026-07-012025-07-01
Period end2026-09-302025-09-30
Period typethree monthsthree months
Source accession10-Q10-Q
Income statement
Net sales unrelated parties6,501,423,0004,651,398,000
Net sales related parties7,996,000176,817,000
Total net sales6,509,419,0004,828,215,000
Cost of goods sold5,227,132,0004,070,335,000
Gross profit1,282,287,000757,880,000
Selling general and administrative expenses186,974,000200,844,000
Profit sharing81,250,00042,389,000
Amortization of intangible assets7,696,0006,890,000
Operating income1,006,367,000507,757,000
Interest expense net of capitalized interest39,331,00013,573,000
Other expense income net-11,548,000-19,662,000
Income before income taxes978,584,000513,846,000
Income tax expense222,896,000109,920,000
Net income755,688,000403,926,000
Noncontrolling interests adjustment312,000-241,000
Net income attributable to steel dynamics756,000,000403,685,000
Basic EPS5.292.75
Basic shares142,990,000146,947,000
Diluted EPS5.262.74
Diluted shares143,623,000147,600,000
Dividends declared per share0.530.50
Balance sheet
Cash and equivalents928,558,000
Accounts receivable net2,440,985,000
Accounts receivable related parties5,458,000
Inventories4,249,059,000
Other current assets390,108,000
Total current assets8,014,168,000
Property plant and equipment net8,491,088,000
Intangible assets net303,815,000
Goodwill477,471,000
Other assets549,302,000
Total assets17,835,844,000
Accounts payable1,597,786,000
Accounts payable related parties7,442,000
Income taxes payable64,227,000
Accrued payroll and benefits427,993,000
Accrued expenses429,974,000
Current maturities of long term debt20,854,000
Total current liabilities2,548,276,000
Long term debt4,183,039,000
Deferred income taxes1,116,084,000
Other liabilities208,934,000
Total liabilities8,056,333,000
Redeemable noncontrolling interests143,259,000
Treasury stock at cost-8,563,301,000
Additional paid in capital1,243,105,000
Retained earnings17,154,093,000
Accumulated other comprehensive income loss7,878,000
Total steel dynamics inc equity9,842,428,000
Noncontrolling interests-206,176,000
Total equity9,636,252,000
Total liabilities and equity17,835,844,000
Total debt4,203,893,000
Common shares outstanding142,453,485
Cash flow
Depreciation and amortization174,845,000138,487,000
Equity based compensation14,435,00014,238,000
Net cash provided by operating activities845,794,000722,608,000
Capital expenditures-149,608,000-165,692,000
Purchases of short term investments00
Proceeds from maturities of short term investments039,571,000
Other investing activities-1,993,0005,593,000
Net cash used in investing activities-151,601,000-120,528,000
Issuance of current and long term debt671,649,000407,965,000
Repayment of current and long term debt-652,573,000-408,291,000
Dividends paid-76,113,000-73,894,000
Purchases of treasury stock-275,563,000-210,388,000
Other financing activities-743,000-5,056,000
Net cash used in financing activities-333,343,000-289,664,000
Cash and equivalents and restricted cash end of period933,840,000775,697,000
Cash paid for interest25,808,00025,645,000
Cash paid for income taxes net143,107,00022,192,000
Free cash flow696,186,000556,916,000
Segments
Steel operations
Net sales4,521,350,0003,650,856,000
Operating income1,031,518,000496,792,000
Metals recycling operations
Net sales1,255,726,0001,134,127,000
Operating income32,964,00031,533,000
Steel fabrication operations
Net sales468,706,000378,259,000
Operating income90,588,000107,020,000
Aluminum operations
Net sales493,524,000104,444,000
Operating income-26,225,000-56,510,000
Other
Net sales602,286,000320,763,000
Operating income-117,407,000-72,051,000
Eliminations
Net sales-832,173,000-760,234,000
Operating income-5,071,000973,000

STLD year-to-date income statement and cash flow

Nine months ended September 30, 2026Nine months ended September 30, 2025
Period start2026-01-012025-01-01
Period end2026-09-302025-09-30
Period typenine monthsnine months
Source accession10-Q10-Q
Income statement
Net sales unrelated parties17,756,269,00013,233,695,000
Net sales related parties49,565,000528,838,000
Total net sales17,805,834,00013,762,533,000
Cost of goods sold14,801,350,00011,899,641,000
Gross profit3,004,484,0001,862,892,000
Selling general and administrative expenses555,645,000580,662,000
Profit sharing180,762,00095,790,000
Amortization of intangible assets23,227,00020,684,000
Operating income2,244,850,0001,165,756,000
Interest expense net of capitalized interest111,692,00043,085,000
Other expense income net-42,103,000-59,695,000
Income before income taxes2,175,261,0001,182,366,000
Income tax expense488,683,000259,570,000
Net income1,686,578,000922,796,000
Noncontrolling interests adjustment6,945,000-3,234,000
Net income attributable to steel dynamics1,693,523,000919,562,000
Basic EPS11.776.19
Basic shares143,928,000148,532,000
Diluted EPS11.726.17
Diluted shares144,512,000149,123,000
Dividends declared per share1.591.50
Cash flow
Depreciation and amortization508,047,000405,108,000
Equity based compensation46,048,00045,341,000
Net cash provided by operating activities1,422,046,0001,176,822,000
Capital expenditures-411,429,000-759,529,000
Purchases of short term investments0-39,571,000
Proceeds from maturities of short term investments0186,996,000
Other investing activities2,725,0007,121,000
Net cash used in investing activities-408,704,000-604,983,000
Issuance of current and long term debt1,966,209,0002,298,186,000
Repayment of current and long term debt-1,981,155,000-1,743,423,000
Dividends paid-225,138,000-218,098,000
Purchases of treasury stock-590,938,000-660,574,000
Other financing activities-23,752,000-67,243,000
Net cash used in financing activities-854,774,000-391,152,000
Cash and equivalents and restricted cash end of period933,840,000775,697,000
Cash paid for interest118,957,00088,859,000
Cash paid for income taxes net378,660,000150,662,000
Free cash flow1,010,617,000417,293,000
Segments
Steel operations
Net sales12,316,210,00010,189,415,000
Operating income2,306,850,0001,106,748,000
Metals recycling operations
Net sales3,646,172,0003,368,787,000
Operating income128,247,00078,533,000
Steel fabrication operations
Net sales1,218,021,0001,071,394,000
Operating income264,695,000316,880,000
Aluminum operations
Net sales1,254,540,000298,658,000
Operating income-140,675,000-125,872,000
Other
Net sales1,633,765,0001,030,600,000
Operating income-297,425,000-204,143,000
Eliminations
Net sales-2,262,874,000-2,196,321,000
Operating income-16,842,000-6,390,000

STLD trailing twelve month income statement and cash flow

Twelve months ended September 30, 2026
Period start2025-10-01
Period end2026-09-30
Period typetrailing twelve months
Source accession10-Q
Derived from accessions10-K, 10-Q
Income statement
Total net sales22,219,882,000
Cost of goods sold18,686,107,000
Gross profit3,533,775,000
Selling general and administrative expenses740,291,000
Profit sharing207,958,000
Operating income2,555,080,000
Income before income taxes2,485,866,000
Income tax expense534,773,000
Net income1,951,093,000
Net income attributable to steel dynamics1,959,556,000
Cash flow
Net cash provided by operating activities1,694,758,000
Capital expenditures-599,925,000
Free cash flow1,094,833,000
Dividends paid-298,216,000
Purchases of treasury stock-831,234,000
  • Method. FY2025 (10-K) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (both from the Q3 2026 10-Q)

Adjustments

Splits appliednone
ADR ration/a
FXnone; Steel Dynamics reports in US dollars

Notes

  • Annual figures for 2025, 2024 and 2023 are taken from the consolidated statements in Steel Dynamics' FY2025 Form 10-K (accession 0001104659-26-021395). The three-month periods ended September 30, 2026 and 2025, the nine-month periods, and the September 30, 2026 balance sheet are taken from the Q3 2026 Form 10-Q (accession 0001104659-26-118461). The company prints its statements in thousands of US dollars; every money figure here is scaled to whole dollars and share counts to actual shares.
  • Balance sheets appear only where the filings print them: December 31, 2025 and 2024 (10-K) and September 30, 2026 (10-Q). FY2023 and the quarter ended September 30, 2025 therefore carry no balance sheet.
  • Both three-month periods are printed by the company in the 10-Q for every statement used here, including cash flows; no quarter was derived by differencing cumulative figures.
  • Cash flow figures keep the sign the statement prints: inflows positive, outflows negative. capital_expenditures is the line 'Purchases of property, plant and equipment'.
  • free_cash_flow is not a figure Steel Dynamics reports. It is calculated here as net cash provided by operating activities less purchases of property, plant and equipment.
  • total_debt is calculated here as current maturities of long-term debt plus long-term debt, both as printed on the balance sheet.
  • common_shares_outstanding is the number of shares outstanding stated in the common stock caption of each balance sheet (142,453,485 at September 30, 2026; 144,940,102 at December 31, 2025; 151,117,153 at December 31, 2024).
  • other_expense_income_net follows the income statement's presentation: a negative value is net other income (the 10-K line is 'Other (income) expense, net'; the 10-Q line is 'Other income, net').
  • noncontrolling_interests_adjustment is the amount the income statement adds to consolidated net income to arrive at net income attributable to Steel Dynamics, Inc.: negative where noncontrolling owners shared in income, positive where they absorbed losses. Earnings per share are attributable to Steel Dynamics, Inc. stockholders.
  • total_equity includes noncontrolling interests, which are a deficit on these balance sheets. Redeemable noncontrolling interests are presented between liabilities and equity, so total assets equal total liabilities plus redeemable noncontrolling interests plus total equity.
  • Where a statement prints a dash, the figure is recorded as zero: short-term investments at December 31, 2025; accumulated other comprehensive loss at December 31, 2024; business combinations in 2024 and 2023; and the short-term investment purchase and maturity lines in the periods where the 10-Q shows none.
  • Segment figures are from the segment notes (Note 12 of the 10-K, Note 8 of the 10-Q). Segment net sales include sales to other segments, which the eliminations column removes; 'other' covers operations below the reportable-segment thresholds plus unallocated corporate items, including certain profit sharing expense. In every period the segment columns sum to consolidated net sales and operating income.
  • The trailing twelve months ended September 30, 2026 are calculated as fiscal 2025 plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025.
  • No adjustment for stock splits, currency translation or depositary shares was made: Steel Dynamics reports in US dollars, its common stock is listed directly on Nasdaq, and every per-share figure is as the filings print it.

Uncertainties

  • No trailing-twelve-month earnings per share is shown: it cannot be calculated exactly from the weighted-average share counts the filings print.

Company details

NameSteel Dynamics Inc
TickerSTLD
CIK0001022671
ExchangeNasdaq
StateIndiana
IncorporationIndiana
SIC3312
OfficeManufacturing
IndustrySteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Fiscal period

Fiscal year2026
Fiscal periodQ3
TagFY26Q3
Period end2026-09-30
Form10-Q
Accession0001104659-26-118461
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-270001104659-26-021395reported
quarterlyyes10-Q2026Q3FY26Q32026-09-302026-10-230001104659-26-118461facts

FAQ · Steel Dynamics financial statements

How much revenue did Steel Dynamics report in Q3 FY2026?

Steel Dynamics reported net sales of $6.51 billion for Q3 FY2026, the quarter ended September 30, 2026. That is up 34.8% from $4.83 billion in the same quarter a year earlier.

How much did Steel Dynamics earn in Q3 FY2026?

Steel Dynamics reported net income attributable to the company of $756 million for Q3 FY2026, the quarter ended September 30, 2026, up 87.3% from $403.69 million a year earlier.

What was Steel Dynamics' diluted EPS in Q3 FY2026?

Steel Dynamics earned $5.26 per diluted share in Q3 FY2026, the quarter ended September 30, 2026, compared with $2.74 in the same quarter a year earlier.

Why did Steel Dynamics' profit rise in Q3 FY2026?

Steel Dynamics' operating income rose to $1.01 billion in Q3 FY2026, up 98.2% from a year earlier, led by its steel operations segment, which earned $1.03 billion in operating income as average steel selling prices rose much faster than the cost of scrap and other metallic inputs.

Where can I get Steel Dynamics, Inc. (STLD) financial data in machine-readable form?

Ticker Scout publishes Steel Dynamics, Inc.'s financial statements as JSON at https://tickerscout.ai/stld/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/stld/narrative.md and https://tickerscout.ai/stld/events.md. Steel Dynamics, Inc.'s SEC CIK is 0001022671. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Steel Dynamics, Inc. (STLD) next file with the SEC?

Steel Dynamics, Inc. (STLD) is expected to file its next Form 10-K with the SEC on or around February 26, 2027. That date is a projection rather than a company-announced date: it is derived from Steel Dynamics, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0001104659-26-118461.

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How this page was built

This page was built from two of Steel Dynamics, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names one such gap.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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