Steel Dynamics Inc
STLD- Exchange
- Nasdaq
- Industry
- Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
- SEC CIK
- 0001022671
In the last 90 days, Steel Dynamics Inc insiders filed 0 open-market purchases and 1 sale; 1,026 institutions reported holding it in 13F filings for Q2 2026, worth $27.3B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 24, 2026, 1:06 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 27, 2026 | Jan 23, 2025 | Jan 24, 2024 | Jan 26, 2023 | Jan 26, 2022 |
| Revenue | $18.2B | $17.5B | $18.8B | $22.3B | $18.4B |
| Cost of revenue | $15.8B | $14.7B | $14.7B | $16.1B | $13.0B |
| Gross profit | $2.39B | $2.80B | $4.05B | $6.12B | $5.36B |
| Selling, general and administrative | $765.3M | $664.1M | $588.6M | – | – |
| Operating income | $1.48B | $1.94B | $3.15B | $5.09B | $4.30B |
| Interest expense | – | – | $76.5M | $91.5M | $57.2M |
| Income tax | $305.7M | $432.9M | $751.6M | $1.14B | $962.3M |
| Net income | $1.19B | $1.54B | $2.45B | $3.88B | $3.25B |
| EPS, basic | $8.02 | $9.89 | $14.72 | $21.06 | $15.67 |
| EPS, diluted | $7.99 | $9.84 | $14.64 | $20.92 | $15.56 |
| Weighted shares, basic | 147.8M | 155.4M | 166.6M | 183.4M | 205.1M |
| Weighted shares, diluted | 148.4M | 156.1M | 167.4M | 184.6M | 206.6M |
| Margins and growth | |||||
| Gross margin | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% |
| Operating margin | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% |
| Net margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.6% |
| Revenue growth, year over year | +3.6% | −6.7% | −15.6% | +20.9% | +91.7% |
| Net income growth, year over year | −22.9% | −37.3% | −36.8% | +19.5% | +468.8% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024! | FY2023! | FY2022! | FY2021! |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 27, 2026 | Jan 23, 2025 | Jan 24, 2024 | Jan 26, 2023 | Jan 26, 2022 |
| Cash and equivalents | $769.9M | $589.5M | $1.40B | $1.63B | $1.24B |
| Short-term investments | $0 | $147.8M | $721.2M | $628.2M | – |
| Accounts receivable | $1.68B | $1.42B | $1.61B | $1.98B | $1.91B |
| Inventory | $3.74B | $3.11B | $2.89B | $3.13B | $3.53B |
| Total current assets | $6.48B | $5.43B | $6.79B | $7.64B | $6.90B |
| Property, plant and equipment | $8.57B | $8.12B | $6.73B | $5.37B | $4.75B |
| Goodwill | $477.5M | $477.5M | $477.5M | $502.1M | $453.8M |
| Intangible assets | $331.3M | $227.2M | $257.8M | $267.5M | $295.3M |
| Total assets | $16.4B | $14.9B | $14.9B | $14.2B | $12.5B |
| Accounts payable | – | – | – | $1.01B | $1.27B |
| Short-term debt | $34.7M | $427.0M | $460.0M | $57.3M | $97.2M |
| Total current liabilities | $2.12B | $2.15B | $2.33B | $2.03B | $2.23B |
| Long-term debt | $4.18B | $2.80B | $2.61B | $3.01B | $3.01B |
| Total liabilities | $7.49B | $5.99B | $6.07B | $6.06B | $6.21B |
| Shareholders' equity | $8.79B | $8.77B | $8.67B | $7.91B | $6.11B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 27, 2026 | Jan 23, 2025 | Jan 24, 2024 | Jan 26, 2023 | Jan 26, 2022 |
| Operating cash flow | $1.45B | $1.84B | $3.52B | $4.46B | $2.20B |
| Capital expenditures | $948.0M | $1.87B | $1.66B | $908.9M | $1.01B |
| Free cash flow | $501.5M | -$23.5M | $1.86B | $3.55B | $1.20B |
| Depreciation and amortization | $551.4M | $478.9M | $437.8M | $384.2M | $347.7M |
| Stock-based compensation | $69.0M | $66.6M | $61.7M | $59.2M | $57.7M |
| Dividends paid | $291.2M | $282.6M | $271.3M | $237.2M | $213.0M |
| Share buybacks | $900.9M | $1.21B | $1.45B | $1.80B | $1.06B |
| Investing cash flow | -$975.0M | -$1.30B | -$1.97B | -$1.88B | -$999.4M |
| Financing cash flow | -$294.3M | -$1.35B | -$1.78B | -$2.20B | -$1.33B |
| Net change in cash | $180.3M | -$811.5M | -$227.5M | $384.6M | -$124.8M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 21, 2026 | 142.2M | −2.6% | SEC |
| Jul 23, 2026 | 143.3M | −2.6% | SEC |
| Apr 22, 2026 | 144.2M | −2.9% | SEC |
| Feb 25, 2026 | 144.9M | −3.5% | SEC |
| Oct 22, 2025 | 146.0M | −4.1% | SEC |
| Aug 6, 2025 | 147.2M | −4.6% | SEC |
| May 8, 2025 | 148.5M | −5.5% | SEC |
| Feb 24, 2025 | 150.2M | −5.1% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- A column marked ! failed an accounting identity (gross profit = revenue − cost of revenue, or assets = liabilities + equity, within 1%). Its numbers are shown as filed.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.