Steel Dynamics Inc 10-Q for FY2026 Q2

Steel Dynamics Inc (STLD)

10-Q 2026-07-28 For: 2026-06-30

Added on July 28, 2026

About this 10-Q

Steel Dynamics Inc filed this 10-Q on July 28, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.09B; up 33.4% from $4.57B a year earlier
Net income: $534.09M; up 78.8% from net income of $298.73M a year earlier
Diluted EPS: $3.69; up 83.6% from $2.01 a year earlier

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Indiana		35-1929476
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7575 West Jefferson Blvd, Fort Wayne, IN		46804
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock voting, $0.0025 par value	STLD	NASDAQ Global Select Market

Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻

Smaller reporting company ☐	Emerging growth company ☐


PART I. Financial Information

Item 1.	Financial Statements:	Page

	Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025	1

	Consolidated Statements of Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	2

	Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the three and six-month periods ended June, 30 2026 and 2025 (unaudited)	4

	Notes to Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23

Item 4.	Controls and Procedures	23



	PART II. Other Information

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	25

Exhibit Index		25

Signature		26


	June 30,		December 31,
	2026		2025
Assets	(unaudited)
Current assets
Cash and equivalents	$	567,708	$	769,878
Accounts receivable, net		2,435,045		1,680,249
Accounts receivable-related parties		7,893		2,411
Inventories		3,955,621		3,738,516
Other current assets		314,768		293,117
Total current assets		7,281,035		6,484,171

Property, plant and equipment, net		8,491,771		8,569,466
Intangible assets, net		315,759		331,290
Goodwill		477,471		477,471
Other assets		547,363		557,382
Total assets	$	17,113,399	$	16,419,780
Liabilities and Equity
Current liabilities
Accounts payable	$	1,465,868	$	1,223,776
Accounts payable-related parties		17,698		7,582
Income taxes payable		32,345		67,315
Accrued payroll and benefits		313,113		361,494
Accrued expenses		456,950		427,432
Current maturities of long-term debt		1,332		34,655
Total current liabilities		2,287,306		2,122,254

Long-term debt		4,180,810		4,176,508
Deferred income taxes		1,070,817		1,004,375
Other liabilities		211,395		186,232
Total liabilities		7,750,328		7,489,369

Commitments and contingencies

Redeemable noncontrolling interests		143,259		141,226

Equity
Common stock voting, $0.0025 par value; 900,000,000 shares authorized;
268,694,947 and 268,644,427 shares issued; and 143,610,058 and 144,940,102
shares outstanding, as of June 30, 2026 and December 31, 2025, respectively		653		653
Treasury stock, at cost; 125,084,889 and 123,704,325 shares,
as of June 30, 2026 and December 31, 2025, respectively		(8,287,758)		(7,980,549)
Additional paid-in capital		1,229,734		1,248,634
Retained earnings		16,473,691		15,689,042
Accumulated other comprehensive income (loss)		3,212		(598)
Total Steel Dynamics, Inc. equity		9,419,532		8,957,182
Noncontrolling interests		(199,720)		(167,997)
Total equity		9,219,812		8,789,185
Total liabilities and equity	$	17,113,399	$	16,419,780



	Three-Month Periods Ended				Six-Month Periods Ended
	June 30,				June 30,
	2026		2025		2026		2025

Net sales
Unrelated parties	$	6,069,512	$	4,340,798	$	11,254,846	$	8,582,297
Related parties		22,045		224,325		41,569		352,021
Total net sales		6,091,557		4,565,123		11,296,415		8,934,318

Costs of goods sold		5,132,583		3,946,655		9,574,218		7,829,306
Gross profit		958,974		618,468		1,722,197		1,105,012

Selling, general and administrative expenses		193,451		198,010		368,671		379,818
Profit sharing		57,314		30,706		99,512		53,401
Amortization of intangible assets		7,730		6,897		15,531		13,794
Operating income		700,479		382,855		1,238,483		657,999

Interest expense, net of capitalized interest		39,120		17,381		72,361		29,512
Other income, net		(22,105)		(22,392)		(30,555)		(40,033)
Income before income taxes		683,464		387,866		1,196,677		668,520

Income tax expense		152,679		86,675		265,787		149,650
Net income		530,785		301,191		930,890		518,870

Net loss (income) attributable to noncontrolling interests		3,302		(2,465)		6,633		(2,993)
Net income attributable to Steel Dynamics, Inc.	$	534,087	$	298,726	$	937,523	$	515,877



Basic earnings per share attributable to Steel
Dynamics, Inc. stockholders	$	3.71	$	2.01	$	6.49	$	3.45

Weighted average common shares outstanding		143,997		148,387		144,397		149,325

Diluted earnings per share attributable to Steel
Dynamics, Inc. stockholders, including the effect
of assumed conversions when dilutive	$	3.69	$	2.01	$	6.47	$	3.44

Weighted average common shares and share equivalents outstanding		144,591		148,960		144,956		149,885

Dividends declared per share	$	0.53	$	0.50	$	1.06	$	1.00



Steel Operations Segment	$	272,133
Aluminum Operations Segment		14,000
Metals Recycling Operations Segment		189,413
Steel Fabrication Operations Segment		1,925
	$	477,471


	Three-months ended		Six-months ended
	June 30, 2025		June 30, 2025
Net sales	$	4,736,764	$	9,263,504
Net income attributable to Steel Dynamics, Inc.		300,397		518,256



	Three-Month Periods Ended June 30,
	2026						2025
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	534,087		143,997	$	3.71	$	298,726		148,387	$	2.01
Dilutive common share equivalents		-		594				-		573
Diluted earnings per share	$	534,087		144,591	$	3.69	$	298,726		148,960	$	2.01



	Six-Month Periods Ended June 30,
	2026						2025
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	937,523		144,397	$	6.49	$	515,877		149,325	$	3.45
Dilutive common share equivalents		-		559				-		560
Diluted earnings per share	$	937,523		144,956	$	6.47	$	515,877		149,885	$	3.44



	Stockholders of Steel Dynamics, Inc.
									Accumulated
					Additional				Other						Redeemable
	Common		Treasury		Paid-In		Retained		Comprehensive		Noncontrolling		Total		Noncontrolling
	Stock		Stock		Capital		Earnings		Income (Loss)		Interests		Equity		Interests
Balances at December 31, 2025	$	653	$	(7,980,549)	$	1,248,634	$	15,689,042	$	(598)	$	(167,997)	$	8,789,185	$	141,226
Dividends declared		-		-		-		(76,555)		-		-		(76,555)		-
Noncontrolling investors, net		-		-		-		-		-		(1,354)		(1,354)		-
Share repurchases		-		(115,087)		-		-		-		-		(115,087)		-
Equity-based compensation		-		6,937		(10,695)		(100)		-		-		(3,858)		-
Net income (loss)		-		-		-		403,436		-		(3,331)		400,105		-
Other comprehensive loss, net of tax		-		-		-		-		(260)		-		(260)		-
Balances at March 31, 2026		653		(8,088,699)		1,237,939		16,015,823		(858)		(172,682)		8,992,176		141,226
Dividends declared		-		-		-		(76,113)		-		-		(76,113)		-
Noncontrolling investors, net		-		-		(20,806)		-		-		(23,736)		(44,542)		2,033
Share repurchases		-		(200,288)		-		-		-		-		(200,288)		-
Equity-based compensation		-		1,229		12,601		(106)		-		-		13,724		-
Net income (loss)		-		-		-		534,087		-		(3,302)		530,785		-
Other comprehensive income, net of tax		-		-		-		-		4,070		-		4,070		-
Balances at June 30, 2026	$	653	$	(8,287,758)	$	1,229,734	$	16,473,691	$	3,212	$	(199,720)	$	9,219,812	$	143,259



			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
June 30, 2026
Commodity futures – financial assets	$	130,910	$	-	$	130,910	$	-
Commodity futures – financial liabilities		67,063		-		67,063		-

December 31, 2025
Commodity futures – financial assets		8,925		-		8,925		-
Commodity futures – financial liabilities		64,896		-		64,896		-



			Metals		Steel
For the three-month period ended	Steel		Recycling		Fabrication		Aluminum
June 30, 2026	Operations		Operations		Operations		Operations		Other ^(a)			Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	3,744,196	$	445,811	$	393,629	$	497,733	$	537,532		$	-	$	5,618,901
External Non-United States		261,314		207,953		177		134		3,078			-		472,656
Intersegment		132,586		611,250		55		21,050		271			(765,212)		-
Net sales		4,138,096		1,265,014		393,861		518,917		540,881			(765,212)		6,091,557
Less:
Cost of goods sold		3,348,457		1,186,826		280,638		542,690		534,444			(760,472)		5,132,583
Other segment items ^(b)		69,797		30,372		28,630		26,085		103,982			(371)		258,495
Operating income (loss)		719,842		47,816		84,593		(49,858)		(97,545)			(4,369)		700,479
Interest expense, net of capitalized interest															39,120
Other income, net															(22,105)
Income before income taxes														$	683,464

Depreciation and amortization	$	108,357	$	16,814	$	3,680	$	31,198	$	14,902		$	(1,029)	$	173,922
Capital expenditures		49,674		13,922		2,078		58,249		6,068			(6,149)		123,842
Total Assets		9,560,891		1,622,448		746,885		4,438,726		4,974,660	^(c)		(4,230,211)		17,113,399



			Metals		Steel
For the six-month period ended	Steel		Recycling		Fabrication		Aluminum
June 30, 2026	Operations		Operations		Operations		Operations		Other ^(a)		Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	7,149,047	$	852,889	$	749,059	$	725,042	$	1,023,239	$	-	$	10,499,276
External Non-United States		395,206		394,058		180		218		7,477		-		797,139
Intersegment		250,607		1,143,499		76		35,756		763		(1,430,701)		-
Net sales		7,794,860		2,390,446		749,315		761,016		1,031,479		(1,430,701)		11,296,415
Less:
Cost of goods sold		6,378,561		2,237,867		520,045		840,422		1,015,513		(1,418,190)		9,574,218
Other segment items ^(b)		140,967		57,296		55,163		35,044		195,984		(740)		483,714
Operating income (loss)		1,275,332		95,283		174,107		(114,450)		(180,018)		(11,771)		1,238,483
Interest expense, net of capitalized interest														72,361
Other income, net														(30,555)
Income before income taxes													$	1,196,677

Depreciation and amortization	$	214,421	$	33,695	$	7,331	$	50,304	$	29,171	$	(1,720)	$	333,202
Capital expenditures		98,128		35,094		3,618		134,503		13,217		(22,739)		261,821



	Three Months Ended June 30,					Six Months Ended June 30,
	2026		% Change		2025	2026		% Change	2025
Net sales:
Steel Operations Segment	$	4,138,096	22%	$	3,384,129	$	7,794,860	19%	$	6,538,559
Metals Recycling Operations Segment		1,265,014	9%		1,162,153		2,390,446	7%		2,234,660
Steel Fabrication Operations Segment		393,861	16%		340,672		749,315	8%		693,135
Aluminum Operations Segment		518,917	455%		93,567		761,016	292%		194,214
Other		540,881	50%		361,436		1,031,479	45%		709,837
		6,856,769			5,341,957		12,727,116			10,370,405
Intra-company		(765,212)			(776,834)		(1,430,701)			(1,436,087)
	$	6,091,557	33%	$	4,565,123	$	11,296,415	26%	$	8,934,318

Operating income (loss):
Steel Operations Segment	$	719,842	89%	$	381,094	$	1,275,332	109%	$	609,956
Metals Recycling Operations Segment		47,816	125%		21,290		95,283	103%		47,000
Steel Fabrication Operations Segment		84,593	(9)%		93,114		174,107	(17)%		209,860
Aluminum Operations Segment		(49,858)	(23)%		(40,627)		(114,450)	(65)%		(69,362)
Other		(97,545)	(49)%		(65,659)		(180,018)	(36)%		(132,092)
		704,848			389,212		1,250,254			665,362
Intra-company		(4,369)			(6,357)		(11,771)			(7,363)
	$	700,479	83%	$	382,855	$	1,238,483	88%	$	657,999



	Three-Month Periods Ended				Six-Month Periods Ended
	June 30,				June 30,
	2026		2025		2026		2025

Operating activities:
Net income	$	530,785	$	301,191	$	930,890	$	518,870

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		173,922		132,865		333,202		266,621
Equity-based compensation		14,162		14,063		31,613		31,103
Deferred income taxes		29,978		39,129		62,647		55,378
Other adjustments		14,431		(890)		12,138		(5,085)
Changes in certain assets and liabilities:
Accounts receivable		(386,504)		19,825		(760,278)		(283,777)
Inventories		(48,843)		(163,417)		(223,270)		(149,607)
Other assets		(23,468)		7,789		(2,467)		(24,326)
Accounts payable		107,310		(5,267)		264,215		243,333
Income taxes receivable/payable		(109,889)		(82,710)		(35,457)		(39,895)
Accrued expenses		126,052		39,033		(36,981)		(158,401)
Net cash provided by operating activities		427,936		301,611		576,252		454,214

Investing activities:
Purchases of property, plant and equipment		(123,842)		(288,331)		(261,821)		(593,837)
Purchases of short-term investments		-		(29,571)		-		(39,571)
Proceeds from maturities of short-term investments		-		9,614		-		147,425
Other investing activities		5,805		2,592		4,718		1,528
Net cash used in investing activities		(118,037)		(305,696)		(257,103)		(484,455)

Financing activities:
Issuance of current and long-term debt		695,091		484,278		1,294,560		1,890,221
Repayment of current and long-term debt		(716,223)		(902,605)		(1,328,582)		(1,335,132)
Dividends paid		(76,555)		(74,690)		(149,025)		(144,204)
Purchases of treasury stock		(200,288)		(200,048)		(315,375)		(450,186)
Other financing activities		(697)		(31,718)		(23,009)		(62,187)
Net cash used in by financing activities		(298,672)		(724,783)		(521,431)		(101,488)

Increase (decrease) in cash, cash equivalents, and restricted cash		11,227		(728,868)		(202,282)		(131,729)


	June 30,		December 31,
	2026		2025
Raw materials	$	1,678,908	$	1,741,873
Supplies		840,403		815,895
Work in progress		706,554		414,492
Finished goods		729,756		766,256
Total inventories	$	3,955,621	$	3,738,516



	Three Months Ended June 30,			Six Months Ended June 30,
	2026	% Change	2025	2026	% Change	2025
Ferrous metal (gross tons)
Total	1,672,886	5%	1,596,583	3,146,343	3%	3,049,015
Inter-company	(1,083,980)		(1,051,561)	(2,004,070)		(1,946,375)
External shipments	588,906	8%	545,022	1,142,273	4%	1,102,640

Nonferrous metals (thousands of pounds)
Total	211,050	(14)%	245,577	408,435	(15)%	478,657
Inter-company	(33,994)		(51,574)	(61,966)		(88,981)
External shipments	177,056	(9)%	194,003	346,469	(11)%	389,676



Cash and equivalents	$	567,708
Other investments		252,558
Revolver availability		1,185,641
Total liquidity	$	2,005,907


Period	Total Number of Shares Purchased	Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Programs ⁽¹⁾		Maximum Dollar Value of Shares That May Yet be Purchased Under the Programs (in thousands)⁽¹⁾
Quarter ended June 30, 2026

April 1 - 30	407,544		$	209.47		407,544		$	602,513
May 1 - 31	212,392			237.06		212,392			552,667
June 1 - 30	239,505			269.60		239,505			488,741
	859,441					859,441


Articles of Incorporation

3.1	Amended and Restated Articles of Incorporation of Steel Dynamics, Inc., reflecting all amendments thereto through May 11, 2023, incorporated herein by reference from Exhibit 3.1 to our Form 10-Q filed August 8, 2023 (File No.: 000-21719).

3.2	Amended and Restated Bylaws of Steel Dynamics, Inc., reflecting all amendments thereto through January 31, 2024, incorporated herein by reference from Exhibit 3.2 to our Form 10-K filed February 29, 2024 (File No.: 000-21719).

Executive Officer Certifications

31.1*	Certification of Chief Executive Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*	Certification of Chief Financial Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*	Certification of Chief Executive Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*	Certification of Chief Financial Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XBRL Documents

101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*	Inline XBRL Taxonomy Extension Schema Document

101.CAL*	Inline XBRL Taxonomy Extension Calculation Document

101.DEF*	Inline XBRL Taxonomy Definition Document

101.LAB*	Inline XBRL Taxonomy Extension Label Document

101.PRE*	Inline XBRL Taxonomy Presentation Document

104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

July 28, 2026

		STEEL DYNAMICS, INC.

	By:	/s/ Theresa E. Wagler
		Theresa E. Wagler
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)


/s/ Mark D. Millett
Mark D. Millett
Chairman and Chief Executive Officer
(Principal Executive Officer)
July 28, 2026