Steel DynamicsSTLDEarnings & Financial Report
Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
Revenue
$4.8B
Gross Profit
$757.9M
Operating Profit
$507.8M
Net Profit
$403.7M
Gross Margin
15.7%
Operating Margin
10.5%
Net Margin
8.4%
YoY Growth
11.2%
EPS
$2.74
Steel Dynamics Q3 FY2025 Financial Summary
Steel Dynamics reported revenue of $4.8B (up 11.2% YoY) for Q3 FY2025, with a net profit of $403.7M (up 27.0% YoY) (8.4% margin). Cost of goods sold was $4.1B, operating expenses totaled $250.1M.
Key Financial Metrics
| Total Revenue | $4.8B |
|---|---|
| Net Profit | $403.7M |
| Gross Margin | 15.7% |
| Operating Margin | 10.5% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
Steel Dynamics Q3 FY2025 revenue of $4.8B breaks down across 6 segments, led by Steel Operations at $3.4B (70.0% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Steel Operations | $3.4B | 70.0% |
| Other | $461.3M | 9.6% |
| Steel Fabrication Operations | $376.9M | 7.8% |
| Metals Recycling Operations | $361.1M | 7.5% |
| Related Party | $176.8M | 3.7% |
| Aluminum Operations | $71.1M | 1.5% |
Steel Dynamics Revenue by Segment — Quarterly Trend
Steel Dynamics revenue by segment across the last 4 reported quarters, showing how each business line (such as Steel Operations and Other) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Steel Operations | — | $3.1B | $3.4B | $3.2B |
| Other | $490.1M | $442.1M | $461.3M | $404.6M |
| Steel Fabrication Operations | — | $347.2M | $376.9M | $340.6M |
| Metals Recycling Operations | — | $321.8M | $361.1M | $375.5M |
| Related Party | — | $93.2M | $176.8M | $224.3M |
Steel Dynamics Annual Revenue by Year
Steel Dynamics annual revenue history includes year-by-year totals (for example, 2025 revenue was $18.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $18.2B |
| 2024 | $17.5B |
| 2023 | $18.8B |
| 2022 | $22.3B |
Steel Dynamics Quarterly Revenue & Net Profit History
Steel Dynamics results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $5.2B | +17.9% | $400.1M | 7.7% |
| Q4 FY2025 | $4.4B | +14.0% | $266.0M | 6.0% |
| Q3 FY2025 | $4.8B | +11.2% | $403.7M | 8.4% |
| Q2 FY2025 | $4.6B | -1.5% | $298.7M | 6.5% |
| Q1 FY2025 | $4.4B | -6.9% | $217.2M | 5.0% |
| Q4 FY2024 | $3.9B | -11.6% | $207.3M | 5.4% |
| Q3 FY2024 | $4.3B | -5.4% | $317.8M | 7.3% |
| Q2 FY2024 | $4.6B | -8.8% | $428.0M | 9.2% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.63B | $4.34B | $3.87B | $4.37B | $4.57B | $4.83B | $4.41B | $5.20B |
| YoY Growth | -8.8% | -5.4% | -11.6% | -6.9% | -1.5% | 11.2% | 14.0% | 17.9% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $15.06B | $15.66B | $14.94B | $15.93B | $15.55B | $15.97B | $16.42B | $16.72B |
| Liabilities | $5.94B | $6.58B | $5.99B | $7.10B | $6.70B | $6.99B | $7.49B | $7.59B |
| Equity | $9.13B | $9.08B | $8.93B | $8.82B | $8.86B | $9.00B | $8.96B | $8.99B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $382.6M | $759.9M | $346.9M | $152.6M | $301.6M | $722.6M | $272.7M | $148.3M |