Steel Dynamics Inc (STLD) financial statements: income statement, balance sheet and cash flow
Steel Dynamics Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Steel Dynamics Inc reported revenue of $18.2B (+3.6% year on year) and net income of $1.2B (-23.4% year on year).
Income statement
Steel Dynamics Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total net sales
$18.2B
$17.5B
$18.8B
$21.5B
Costs of goods sold
$15.8B
$14.7B
$14.7B
$16.1B
Gross profit
$2.4B
$2.8B
$4.0B
$6.1B
Selling, general and administrative expenses
$765.3M
$664.1M
$588.6M
$545.6M
Profit sharing
$123.0M
$164.9M
$272.0M
$452.6M
Amortization of intangible assets
$27.9M
$30.5M
$34.0M
$27.8M
Operating income
$1.5B
$1.9B
$3.2B
$5.1B
Interest expense, net of capitalized interest
$70.0M
$56.3M
$76.5M
$91.5M
Other (income) expense, net
($87.0M)
($96.2M)
($144.2M)
($20.8M)
Income before income taxes
$1.5B
$2.0B
$3.2B
$5.0B
Income tax expense
$305.7M
$432.9M
$751.6M
$1.1B
Net income
$1.2B
$1.5B
$2.5B
$3.9B
Net income attributable to noncontrolling interests
($1.7M)
($12.8M)
($16.4M)
($16.8M)
Net income attributable to Steel Dynamics, Inc.
$1.2B
$1.5B
$2.5B
$3.9B
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)
$8.02
$9.89
$14.72
$21.06
Weighted average common shares outstanding (in shares)
147.8M
155.4M
166.6M
183.4M
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)
$7.99
$9.84
$14.64
$20.92
Weighted average common shares and share equivalents outstanding (in shares)
148.4M
156.1M
167.4M
184.6M
Dividends declared per share (in dollars per share)
$2.00
$1.84
$1.70
$1.36
Steel Dynamics Inc income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Total net sales
$6.5B
$6.1B
$5.2B
$4.8B
Costs of goods sold
$5.2B
$5.1B
$4.4B
$4.1B
Gross profit
$1.3B
$959.0M
$763.2M
$757.9M
Selling, general and administrative expenses
$187.0M
$193.5M
$175.2M
$200.8M
Profit sharing
$81.3M
$57.3M
$42.2M
$42.4M
Amortization of intangible assets
$7.7M
$7.7M
$7.8M
$6.9M
Operating income
$1.0B
$700.5M
$538.0M
$507.8M
Interest expense, net of capitalized interest
$39.3M
$39.1M
$33.2M
$13.6M
Other income, net
($11.5M)
($22.1M)
($8.4M)
($19.7M)
Income before income taxes
$978.6M
$683.5M
$513.2M
$513.8M
Income tax expense
$222.9M
$152.7M
$113.1M
$109.9M
Net income
$755.7M
$530.8M
$400.1M
$403.9M
Net loss (income) attributable to noncontrolling interests
$312.0K
$3.3M
$3.3M
($241.0K)
Net income attributable to Steel Dynamics, Inc.
$756.0M
$534.1M
$403.4M
$403.7M
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)
$5.29
$3.71
$2.79
$2.75
Weighted average common shares outstanding (in shares)
143.0M
144.0M
144.8M
146.9M
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)
$5.26
$3.69
$2.78
$2.74
Weighted average common shares and share equivalents outstanding (in shares)
143.6M
144.6M
145.3M
147.6M
Dividends declared per share (in dollars per share)
$0.53
$0.53
$0.53
$0.50
Balance sheet
Steel Dynamics Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and equivalents
$769.9M
$589.5M
$1.4B
$1.6B
Short-term investments
$0
$147.8M
$721.2M
$628.2M
Accounts receivable
$1.7B
$1.4B
$1.6B
$2.0B
Inventories
$3.7B
$3.1B
$2.9B
$3.1B
Other current assets
$293.1M
$163.1M
$162.8M
$195.4M
Total current assets
$6.5B
$5.4B
$6.8B
$7.6B
Property, plant and equipment, net
$8.6B
$8.1B
$6.7B
$5.4B
Intangible assets, net
$331.3M
$227.2M
$257.8M
$267.5M
Goodwill
$477.5M
$477.5M
$477.5M
$502.1M
Other assets
$557.4M
$681.2M
$651.1M
$378.7M
Total assets
$16.4B
$14.9B
$14.9B
$14.2B
Accounts payable
$1.2B
$979.9M
$1.1B
$1.0B
Income taxes payable
$67.3M
$3.8M
$5.5M
$6.5M
Accrued payroll and benefits
$361.5M
$373.2M
$469.1M
$610.6M
Accrued expenses
$427.4M
$366.7M
$309.3M
$340.6M
Current maturities of long-term debt
$34.7M
$427.0M
$460.0M
$57.3M
Total current liabilities
$2.1B
$2.2B
$2.3B
$2.0B
Long-term debt
$4.2B
$2.8B
$2.6B
$3.0B
Deferred income taxes
$1.0B
$902.2M
$944.8M
$889.1M
Other liabilities
$186.2M
$133.2M
$180.8M
$129.5M
Total liabilities
$7.5B
$6.0B
$6.1B
$6.1B
Redeemable noncontrolling interests
$141.2M
$171.2M
$171.2M
$181.5M
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153 shares outstanding, as of December 31, 2025 and 2024, respectively
653.0K
652.0K
651.0K
650.0K
Treasury stock, at cost; 123,704,325 and 117,260,012 shares, as of December 31, 2025 and 2024, respectively
-8.0B
-7.1B
-5.9B
-4.5B
Additional paid-in capital
$1.2B
$1.2B
$1.2B
$1.2B
Retained earnings
$15.7B
$14.8B
$13.5B
$11.4B
Accumulated other comprehensive loss
($598.0K)
—
$421.0K
$889.0K
Total Steel Dynamics, Inc. equity
$9.0B
$8.9B
$8.9B
$8.1B
Noncontrolling interests
($168.0M)
($160.3M)
($198.4M)
($216.1M)
Total equity
$8.8B
$8.8B
$8.7B
$7.9B
Total liabilities and equity
$16.4B
$14.9B
$14.9B
$14.2B
Steel Dynamics Inc balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and equivalents
$928.6M
$567.7M
$556.5M
$770.4M
Accounts receivable
$2.4B
$2.4B
$2.1B
$1.8B
Inventories
$4.2B
$4.0B
$3.9B
$3.2B
Other current assets
$390.1M
$314.8M
$274.1M
$351.4M
Total current assets
$8.0B
$7.3B
$6.8B
$6.1B
Property, plant and equipment, net
$8.5B
$8.5B
$8.5B
$8.5B
Intangible assets, net
$303.8M
$315.8M
$323.5M
$206.5M
Goodwill
$477.5M
$477.5M
$477.5M
$477.5M
Other assets
$549.3M
$547.4M
$574.2M
$708.1M
Total assets
$17.8B
$17.1B
$16.7B
$16.0B
Accounts payable
$1.6B
$1.5B
$1.4B
$1.2B
Income taxes payable
$64.2M
$32.3M
$135.2M
$3.1M
Accrued payroll and benefits
$428.0M
$313.1M
$225.7M
$302.2M
Accrued expenses
$430.0M
$456.9M
$408.2M
$435.2M
Current maturities of long-term debt
$20.9M
$1.3M
$22.1M
$1.4M
Total current liabilities
$2.5B
$2.3B
$2.2B
$2.0B
Long-term debt
$4.2B
$4.2B
$4.2B
$3.8B
Deferred income taxes
$1.1B
$1.1B
$1.0B
$1.1B
Other liabilities
$208.9M
$211.4M
$194.4M
$151.8M
Total liabilities
$8.1B
$7.8B
$7.6B
$7.0B
Redeemable noncontrolling interests
$143.3M
$143.3M
$141.2M
$141.2M
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
653.0K
653.0K
653.0K
652.0K
Treasury stock, at cost; 126,241,462 and 123,704,325 shares, as of September 30, 2026 and December 31, 2025, respectively
-8.6B
-8.3B
-8.1B
-7.7B
Additional paid-in capital
$1.2B
$1.2B
$1.2B
$1.2B
Retained earnings
$17.2B
$16.5B
$16.0B
$15.5B
Accumulated other comprehensive income (loss)
$7.9M
$3.2M
($858.0K)
($1.3M)
Total Steel Dynamics, Inc. equity
$9.8B
$9.4B
$9.2B
$9.0B
Noncontrolling interests
($206.2M)
($199.7M)
($172.7M)
($166.0M)
Total equity
$9.6B
$9.2B
$9.0B
$8.8B
Total liabilities and equity
$17.8B
$17.1B
$16.7B
$16.0B
Cash flow statement
Steel Dynamics Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.2B
$1.5B
$2.5B
$3.9B
Depreciation and amortization
$551.4M
$478.9M
$437.8M
$384.2M
Equity-based compensation
$69.0M
$66.6M
$61.7M
$59.2M
Deferred income taxes
$94.4M
($42.6M)
$55.7M
$37.2M
Other adjustments
($10.2M)
($5.5M)
($19.7M)
($1.8M)
Accounts receivable
($157.5M)
$191.1M
$446.8M
($110.6M)
Inventories
($423.4M)
($221.0M)
$232.3M
$413.3M
Other assets
($77.3M)
($13.7M)
($23.8M)
($6.9M)
Accounts payable
$206.8M
($67.4M)
($30.1M)
($289.0M)
Income taxes receivable/payable
$52.2M
$10.2M
$56.8M
$31.6M
Accrued expenses
($43.2M)
($102.0M)
($164.8M)
$63.7M
Net cash provided by operating activities
$1.4B
$1.8B
$3.5B
$4.5B
Purchases of property, plant and equipment
($948.0M)
($1.9B)
($1.7B)
($908.9M)
Purchases of short-term investments
($39.6M)
($739.3M)
($1.1B)
($927.6M)
Proceeds from maturities of short-term investments
$187.0M
$1.3B
$1.1B
$297.9M
Business combinations, net of cash acquired
($175.8M)
—
—
($134.1M)
Other investing activities
$1.4M
($8.3M)
($221.6M)
$15.8M
Net cash used in investing activities
($975.0M)
($1.3B)
($2.0B)
($1.9B)
Issuance of current and long-term debt
$3.6B
$2.5B
$1.4B
$1.5B
Repayment of current and long-term debt
($2.6B)
($2.3B)
($1.4B)
($1.5B)
Dividends paid
($291.2M)
($282.6M)
($271.3M)
($237.2M)
Purchases of treasury stock
($900.9M)
($1.2B)
($1.5B)
($1.8B)
Other financing activities
($88.1M)
($16.7M)
($51.7M)
($116.3M)
Net cash used in financing activities
($294.3M)
($1.4B)
($1.8B)
($2.2B)
Increase (decrease) in cash and equivalents, and restricted cash
$180.3M
($811.5M)
($227.5M)
$384.6M
Cash and equivalents, and restricted cash at beginning of period
$595.0M
$1.4B
$1.6B
$1.2B
Cash and equivalents, and restricted cash at end of period
$775.3M
$595.0M
$1.4B
$1.6B
Cash paid for interest
$156.7M
$101.0M
$103.2M
$101.0M
Steel Dynamics Inc cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$1.7B
$930.9M
$400.1M
$922.8M
Depreciation and amortization
$508.0M
$333.2M
$159.3M
$405.1M
Equity-based compensation
$46.0M
$31.6M
$17.5M
$45.3M
Deferred income taxes
$107.1M
$62.6M
$32.7M
$202.9M
Other adjustments
$10.1M
$12.1M
($2.3M)
($13.1M)
Accounts receivable
($763.8M)
($760.3M)
($373.8M)
($344.8M)
Inventories
($517.4M)
($223.3M)
($174.4M)
($85.1M)
Other assets
($68.2M)
($2.5M)
$21.0M
($58.9M)
Accounts payable
$371.2M
$264.2M
$156.9M
$238.5M
Income taxes receivable/payable
($137.0K)
($35.5M)
$74.4M
($105.0M)
Accrued expenses
$42.4M
($37.0M)
($163.0M)
($31.1M)
Net cash provided by operating activities
$1.4B
$576.3M
$148.3M
$1.2B
Purchases of property, plant and equipment
($411.4M)
($261.8M)
($138.0M)
($759.5M)
Other investing activities
$2.7M
$4.7M
($1.1M)
$7.1M
Net cash used in investing activities
($408.7M)
($257.1M)
($139.1M)
($605.0M)
Issuance of current and long-term debt
$2.0B
$1.3B
$599.5M
$2.3B
Repayment of current and long-term debt
($2.0B)
($1.3B)
($612.4M)
($1.7B)
Dividends paid
($225.1M)
($149.0M)
($72.5M)
($218.1M)
Purchases of treasury stock
($590.9M)
($315.4M)
($115.1M)
($660.6M)
Other financing activities
($23.8M)
($23.0M)
($22.3M)
($67.2M)
Net cash used in financing activities
($854.8M)
($521.4M)
($222.8M)
($391.2M)
Increase in cash, cash equivalents, and restricted cash
$158.6M
($202.3M)
($213.5M)
$180.7M
Cash, cash equivalents, and restricted cash at beginning of period
$775.3M
$775.3M
$775.3M
$595.0M
Cash, cash equivalents, and restricted cash at end of period