Company file · STLD

Steel Dynamics

Steel Dynamics' revenue rose 3.6% in FY2025, to $18.2B, and net income fell 22.9% to $1.2B

Revenue rose 3.6% to $18.2B in FY2025, from $17.5B in FY2024. Net income fell 22.9% to $1.2B. United States was the largest region, at 94% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026) · Data pulled Nov 11, 2026

Key facts

Steel Dynamics (Nasdaq: STLD) closed fiscal 2025 on Dec 31, 2025 with revenue of $18.2B, up 3.6% from a year before; net income came to $1.2B, down 22.9%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $6.5B, up 34.8% on the same stretch of the prior year, and net income of $756M. Broken down by region, United States led with 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026).

Revenue$18.2BFY2025 · +3.6% vs FY2024

Net income$1.2BFY2025 · −22.9% vs FY2024

Operating cash flow$1.4BFY2025 · −21.4% vs FY2024

Cash & equivalents$929Mat Sep 30, 2026 · +20.6% vs FY2025 end

Total debt$4.2Bat Sep 30, 2026 · −0.2% vs FY2025 end

Diluted shares148MFY2025 avg · −5.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 27, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 23, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
United States$17.0B94%+5.9%
Non-US$1.2B6%−21.2%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (94%) and Non-US (6%), as shares of total revenue. Total revenue was $18.2B.

By region: three-year mixShare of the total each fiscal year

FY2023

90%10%

FY2024

92%8%

FY2025

94%

United StatesNon-US

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$6.5B Q3 2026

$4.8B Q3 2025

34.8% increase

Net income

$756M Q3 2026

$404M Q3 2025

87.3% increase

Source: Steel Dynamics 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

By region

United States

$6.1B Q3 2026

$4.5B Q3 2025

35.6% increase

Non-US

$399M Q3 2026

$321M Q3 2025

24.3% increase

Source: Steel Dynamics 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

Cash & equivalents $929M at Sep 30, 2026, vs $770M at FY2025 end.
Total debt $4.2B at Sep 30, 2026, vs $4.2B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.4B vs $1.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 3.6% in FY2025 to $18.2B, from $17.5B a year earlier. 10-K, FY2025
Diluted shares fell 5.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $6.5B, up 34.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $756M, up 87.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 22.9% in FY2025 to $1.2B, from $1.5B. 10-K, FY2025
Operating cash flow fell 21.4% in FY2025 to $1.4B. 10-K, FY2025
Total debt rose 30.3% in FY2025 to $4.2B. 10-K, FY2025
Non-US revenue fell 21.2% in FY2025 to $1.2B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Steel Dynamics is in the steel industry, part of the materials sector. The SEC files it under Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens).

The full description of Steel Dynamics' business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the steel industry. They are not a summary of Steel Dynamics’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$18.8B	$17.5B	$18.2B
Net income	$2.5B	$1.5B	$1.2B
Operating cash flow	$3.5B	$1.8B	$1.4B
Cash & equivalents (year end)	$1.4B	$589M	$770M
Total debt (year end)	$3.1B	$3.2B	$4.2B
Diluted shares	167M	156M	148M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 23, 2026	Sep 30, 2026
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 27, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	May 6, 2026
10-K	Feb 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Steel Dynamics

How does Steel Dynamics make money?

Fiscal 2025 revenue: $18.2B. By region in FY2025: United States (94%) and Non-US (6%), as shares of total revenue. Total revenue was $18.2B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What was Steel Dynamics's revenue in fiscal 2025?

$18.2B, up 3.6% from fiscal 2024 ($17.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $18.8B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

Is Steel Dynamics profitable?

Net income was $1.2B in fiscal 2025 (down 22.9%; fiscal 2024 was $1.5B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $756M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What did Steel Dynamics report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $6.5B (up 34.8% from $4.8B) and net income $756M (up 87.3% from $404M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026.

How much cash and debt does Steel Dynamics have?

As of Sep 30, 2026: $929M of cash and cash equivalents, $4.2B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 23, 2026.

What are the main risks Steel Dynamics faces?

Steel Dynamics's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the steel industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Steel Dynamics numbers come from?

The 10-K filed Feb 27, 2026 (fiscal 2025) and the 10-Q filed Oct 23, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Steel Dynamics

Citadel Advisors: 807,597 shares, reported value $185.3M at Jun 30, 2026 (+57.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 378,490 shares, reported value $86.8M at Jun 30, 2026 (−13.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 44,724 shares, reported value $10.3M at Jun 30, 2026 (+725.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 6,355 shares, reported value $1.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in STLD: The editor holds no position in Steel Dynamics (STLD). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell STLD from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold STLD, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Steel DynamicsSTLD	FY2025	$18.2B	+3.6%	$1.2B
NucorNUE	FY2025	$32.5B	+5.7%	$1.7B
LindeLIN	FY2025	$34.0B	+3.0%	$6.9B
NewmontNEM	FY2025	$22.7B	+21.3%	$7.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.