Steel Dynamics Inc 10-Q for FY2026 Q3

Steel Dynamics Inc (STLD)

10-Q 2026-10-23 For: 2026-09-30

Added on October 28, 2026

About this 10-Q

Steel Dynamics Inc filed this 10-Q on October 23, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Steel Dynamics, Inc. reported third-quarter 2026 operating income of $1.0 billion, up 98%, and net income of $756.0 million, up 87%, while record total steel shipments reached 3.8 million tons. AI summary

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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 September 30, 2026 (unaudited) and December 31, 2025	1

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

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

	Consolidated Statements of Cash Flows for the three and nine-month periods ended September 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	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24

Item 4.	Controls and Procedures	24



	PART II. Other Information

Item 1.	Legal Proceedings	25

Item 1A.	Risk Factors	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3.	Defaults Upon Senior Securities	25

Item 4.	Mine Safety Disclosures	25

Item 5.	Other Information	25

Item 6.	Exhibits	26

Exhibit Index		26

Signature		27


	September 30,		December 31,
	2026		2025
Assets	(unaudited)
Current assets
Cash and equivalents	$	928,558	$	769,878
Accounts receivable, net		2,440,985		1,680,249
Accounts receivable-related parties		5,458		2,411
Inventories		4,249,059		3,738,516
Other current assets		390,108		293,117
Total current assets		8,014,168		6,484,171

Property, plant and equipment, net		8,491,088		8,569,466
Intangible assets, net		303,815		331,290
Goodwill		477,471		477,471
Other assets		549,302		557,382
Total assets	$	17,835,844	$	16,419,780
Liabilities and Equity
Current liabilities
Accounts payable	$	1,597,786	$	1,223,776
Accounts payable-related parties		7,442		7,582
Income taxes payable		64,227		67,315
Accrued payroll and benefits		427,993		361,494
Accrued expenses		429,974		427,432
Current maturities of long-term debt		20,854		34,655
Total current liabilities		2,548,276		2,122,254

Long-term debt		4,183,039		4,176,508
Deferred income taxes		1,116,084		1,004,375
Other liabilities		208,934		186,232
Total liabilities		8,056,333		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 142,453,485 and 144,940,102
shares outstanding, as of September 30, 2026 and December 31, 2025, respectively		653		653
Treasury stock, at cost; 126,241,462 and 123,704,325 shares,
as of September 30, 2026 and December 31, 2025, respectively		(8,563,301)		(7,980,549)
Additional paid-in capital		1,243,105		1,248,634
Retained earnings		17,154,093		15,689,042
Accumulated other comprehensive income (loss)		7,878		(598)
Total Steel Dynamics, Inc. equity		9,842,428		8,957,182
Noncontrolling interests		(206,176)		(167,997)
Total equity		9,636,252		8,789,185
Total liabilities and equity	$	17,835,844	$	16,419,780



	Three-Month Periods Ended				Nine-Month Periods Ended
	September 30,				September 30,
	2026		2025		2026		2025

Net sales
Unrelated parties	$	6,501,423	$	4,651,398	$	17,756,269	$	13,233,695
Related parties		7,996		176,817		49,565		528,838
Total net sales		6,509,419		4,828,215		17,805,834		13,762,533

Costs of goods sold		5,227,132		4,070,335		14,801,350		11,899,641
Gross profit		1,282,287		757,880		3,004,484		1,862,892

Selling, general and administrative expenses		186,974		200,844		555,645		580,662
Profit sharing		81,250		42,389		180,762		95,790
Amortization of intangible assets		7,696		6,890		23,227		20,684
Operating income		1,006,367		507,757		2,244,850		1,165,756

Interest expense, net of capitalized interest		39,331		13,573		111,692		43,085
Other income, net		(11,548)		(19,662)		(42,103)		(59,695)
Income before income taxes		978,584		513,846		2,175,261		1,182,366

Income tax expense		222,896		109,920		488,683		259,570
Net income		755,688		403,926		1,686,578		922,796

Net loss (income) attributable to noncontrolling interests		312		(241)		6,945		(3,234)
Net income attributable to Steel Dynamics, Inc.	$	756,000	$	403,685	$	1,693,523	$	919,562



Basic earnings per share attributable to Steel
Dynamics, Inc. stockholders	$	5.29	$	2.75	$	11.77	$	6.19

Weighted average common shares outstanding		142,990		146,947		143,928		148,532

Diluted earnings per share attributable to Steel
Dynamics, Inc. stockholders, including the effect
of assumed conversions when dilutive	$	5.26	$	2.74	$	11.72	$	6.17

Weighted average common shares and share equivalents outstanding		143,623		147,600		144,512		149,123

Dividends declared per share	$	0.53	$	0.50	$	1.59	$	1.50



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-month period ended		Nine-month period ended
	September 30, 2025		September 30, 2025
Net sales	$	4,877,755	$	14,141,259
Net income attributable to Steel Dynamics, Inc.		407,041		925,297



	Three-Month Periods Ended September 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	$	756,000		142,990	$	5.29	$	403,685		146,947	$	2.75
Dilutive common share equivalents		-		633				-		653
Diluted earnings per share	$	756,000		143,623	$	5.26	$	403,685		147,600	$	2.74



	Nine-Month Periods Ended September 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	$	1,693,523		143,928	$	11.77	$	919,562		148,532	$	6.19
Dilutive common share equivalents		-		584				-		591
Diluted earnings per share	$	1,693,523		144,512	$	11.72	$	919,562		149,123	$	6.17



	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
Dividends declared		-		-		-		(75,501)		-		-		(75,501)		-
Noncontrolling investors, net		-		-		-		-		-		(6,144)		(6,144)		-
Share repurchases		-		(275,563)		-		-		-		-		(275,563)		-
Equity-based compensation		-		20		13,371		(97)		-		-		13,294		-
Net income (loss)		-		-		-		756,000		-		(312)		755,688		-
Other comprehensive income, net of tax		-		-		-		-		4,666		-		4,666		-
Balances at September 30, 2026	$	653	$	(8,563,301)	$	1,243,105	$	17,154,093	$	7,878	$	(206,176)	$	9,636,252	$	143,259



			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
September 30, 2026
Commodity futures – financial assets	$	48,192	$	-	$	48,192	$	-
Commodity futures – financial liabilities		13,937		-		13,937		-

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
September 30, 2026	Operations		Operations		Operations		Operations		Other ^(a)			Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	4,142,467	$	436,221	$	466,282	$	474,926	$	590,227		$	-	$	6,110,123
External Non-United States		207,905		178,561		-		771		12,059			-		399,296
Intersegment		170,978		640,944		2,424		17,827		-			(832,173)		-
Net sales		4,521,350		1,255,726		468,706		493,524		602,286			(832,173)		6,509,419
Less:
Cost of goods sold		3,416,341		1,193,374		349,951		505,580		588,616			(826,730)		5,227,132
Other segment items ^(b)		73,491		29,388		28,167		14,169		131,077			(372)		275,920
Operating income (loss)		1,031,518		32,964		90,588		(26,225)		(117,407)			(5,071)		1,006,367
Interest expense, net of capitalized interest															39,331
Other income, net															(11,548)
Income before income taxes														$	978,584

Depreciation and amortization	$	109,067	$	17,342	$	3,715	$	33,094	$	12,626		$	(999)	$	174,845
Capital expenditures		53,976		17,012		1,766		70,528		10,861			(4,535)		149,608
Total Assets		9,545,021		1,634,259		793,762		4,671,624		5,733,664	^(c)		(4,542,486)		17,835,844



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

Net sales - disaggregated revenue
External	$	11,291,514	$	1,289,110	$	1,215,341	$	1,199,968	$	1,613,466	$	-	$	16,609,399
External Non-United States		603,111		572,619		180		989		19,536		-		1,196,435
Intersegment		421,585		1,784,443		2,500		53,583		763		(2,262,874)		-
Net sales		12,316,210		3,646,172		1,218,021		1,254,540		1,633,765		(2,262,874)		17,805,834
Less:
Cost of goods sold		9,794,902		3,431,241		869,996		1,346,002		1,604,129		(2,244,920)		14,801,350
Other segment items ^(b)		214,458		86,684		83,330		49,213		327,061		(1,112)		759,634
Operating income (loss)		2,306,850		128,247		264,695		(140,675)		(297,425)		(16,842)		2,244,850
Interest expense, net of capitalized interest														111,692
Other income, net														(42,103)
Income before income taxes													$	2,175,261

Depreciation and amortization	$	323,488	$	51,037	$	11,046	$	83,398	$	41,797	$	(2,719)	$	508,047
Capital expenditures		152,104		52,106		5,384		205,031		24,078		(27,274)		411,429



	Three Months Ended September 30,					Nine Months Ended September 30,
	2026		% Change		2025	2026		% Change	2025
Net sales:
Steel Operations Segment	$	4,521,350	24%	$	3,650,856	$	12,316,210	21%	$	10,189,415
Metals Recycling Operations Segment		1,255,726	11%		1,134,127		3,646,172	8%		3,368,787
Steel Fabrication Operations Segment		468,706	24%		378,259		1,218,021	14%		1,071,394
Aluminum Operations Segment		493,524	373%		104,444		1,254,540	320%		298,658
Other		602,286	88%		320,763		1,633,765	59%		1,030,600
		7,341,592			5,588,449		20,068,708			15,958,854
Intra-company		(832,173)			(760,234)		(2,262,874)			(2,196,321)
	$	6,509,419	35%	$	4,828,215	$	17,805,834	29%	$	13,762,533

Operating income (loss):
Steel Operations Segment	$	1,031,518	108%	$	496,792	$	2,306,850	108%	$	1,106,748
Metals Recycling Operations Segment		32,964	5%		31,533		128,247	63%		78,533
Steel Fabrication Operations Segment		90,588	(15)%		107,020		264,695	(16)%		316,880
Aluminum Operations Segment		(26,225)	54%		(56,510)		(140,675)	(12)%		(125,872)
Other		(117,407)	(63)%		(72,051)		(297,425)	(46)%		(204,143)
		1,011,438			506,784		2,261,692			1,172,146
Intra-company		(5,071)			973		(16,842)			(6,390)
	$	1,006,367	98%	$	507,757	$	2,244,850	93%	$	1,165,756



	Three-Month Periods Ended				Nine-Month Periods Ended
	September 30,				September 30,
	2026		2025		2026		2025

Operating activities:
Net income	$	755,688	$	403,926	$	1,686,578	$	922,796

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		174,845		138,487		508,047		405,108
Equity-based compensation		14,435		14,238		46,048		45,341
Deferred income taxes		44,489		147,570		107,136		202,948
Other adjustments		(2,040)		(7,986)		10,098		(13,071)
Changes in certain assets and liabilities:
Accounts receivable		(3,505)		(60,985)		(763,783)		(344,762)
Inventories		(294,124)		64,501		(517,394)		(85,106)
Other assets		(65,738)		(34,551)		(68,205)		(58,877)
Accounts payable		107,023		(4,817)		371,238		238,516
Income taxes receivable/payable		35,320		(65,070)		(137)		(104,965)
Accrued expenses		79,401		127,295		42,420		(31,106)
Net cash provided by operating activities		845,794		722,608		1,422,046		1,176,822

Investing activities:
Purchases of property, plant and equipment		(149,608)		(165,692)		(411,429)		(759,529)
Purchases of short-term investments		-		-		-		(39,571)
Proceeds from maturities of short-term investments		-		39,571		-		186,996
Other investing activities		(1,993)		5,593		2,725		7,121
Net cash used in investing activities		(151,601)		(120,528)		(408,704)		(604,983)

Financing activities:
Issuance of current and long-term debt		671,649		407,965		1,966,209		2,298,186
Repayment of current and long-term debt		(652,573)		(408,291)		(1,981,155)		(1,743,423)
Dividends paid		(76,113)		(73,894)		(225,138)		(218,098)
Purchases of treasury stock		(275,563)		(210,388)		(590,938)		(660,574)
Other financing activities		(743)		(5,056)		(23,752)		(67,243)
Net cash used in financing activities		(333,343)		(289,664)		(854,774)		(391,152)

Increase in cash, cash equivalents, and restricted cash		360,850		312,416		158,568		180,687


	September 30,		December 31,
	2026		2025
Raw materials	$	1,779,489	$	1,741,873
Supplies		861,812		815,895
Work in progress		843,186		414,492
Finished goods		764,572		766,256
Total inventories	$	4,249,059	$	3,738,516



	Three Months Ended September 30,			Nine Months Ended September 30,
	2026	% Change	2025	2026	% Change	2025
Ferrous metal (gross tons)
Total	1,702,125	7%	1,590,153	4,848,468	5%	4,639,168
Inter-company	(1,135,143)		(1,052,133)	(3,139,213)		(2,998,508)
External shipments	566,982	5%	538,020	1,709,255	4%	1,640,660

Nonferrous metals (thousands of pounds)
Total	201,696	(17)%	242,842	610,131	(15)%	721,499
Inter-company	(34,445)		(53,799)	(96,411)		(142,780)
External shipments	167,251	(12)%	189,043	513,720	(11)%	578,719



Cash and equivalents	$	928,558
Other investments		255,219
Revolver availability		1,185,667
Total liquidity	$	2,369,444


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 September 30, 2026

July 1 - 31	263,614		$	229.88		263,614		$	428,746
August 1 - 31	797,041			244.36		797,041			235,915
September 1 - 30	85,698			235.67		85,698			215,921
	1,146,353					1,146,353


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.

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101.SCH*	Inline XBRL Taxonomy Extension Schema Document

101.CAL*	Inline XBRL Taxonomy Extension Calculation Document

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October 23, 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)
October 23, 2026