Steel Dynamics, Inc. Earnings Recaps
Q1 2026
Apr 21, 2026
Steel Dynamics delivered a robust first quarter 2026 with record steel shipments, strong earnings, and meaningful progress in aluminum, driven by favorable steel pricing and operational efficiencies.
Key takeaways
- Net income of $403 million ($2.78 per share) and adjusted EBITDA of $700 million, supported by higher steel prices and record volumes.
- Steel shipments reached a record 3.6 million tons, with steel operating income up 73% sequentially, amid improved pricing and strong demand.
- Aluminum operations faced temporary startup costs, posting a $65 million operating loss, but volumes are increasing smoothly after initial delays.
- Metals recycling and steel fabrication delivered solid quarterly results, benefiting from higher scrap prices and strong order activity, respectively.
- Liquidity remains robust at $2 billion, complemented by active capital deployment including $138 million invested and $115 million share repurchases.
Q3 2025
Oct 21, 2025
Steel Dynamics delivered a strong third quarter of 2025 with record steel shipments and robust financial performance, achieving adjusted EBITDA of $664 million and a significant cash flow generation of $723 million.
Key takeaways
- Record steel shipments reached 3.6 million tons, driving revenues to $4.8 billion, a notable increase from the previous quarter.
- Operating income rose to $508 million, supported by a favorable metal spread and lower scrap costs.
- Strong cash flow from operations of $723 million, contributing to liquidity of over $2.2 billion and continued share repurchase activity of $661 million year-to-date.
- Despite interim market headwinds, the company is on track to reach EBITDA breakeven or better in aluminum operations by the fourth quarter.
- Continued investments in growth projects and a commitment to safety and sustainability, evidenced by the launch of Biocarbon products.