Steel Dynamics (STLD): financials, SEC filings and peers
Steel Dynamics (STLD) is a steel company in the Materials sector of the S&P 500, headquartered in Fort Wayne, Indiana.
It was founded in 1993 and joined the S&P 500 on December 22, 2022.
Its fiscal year ends in December, and its shares trade on the Nasdaq.
In its SEC filings it is classified as “Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)”.
Steel Dynamics at a glance
- Revenue (12 months)
- $22.2B
- Revenue growth
- +26.0%
- Operating margin
- 11.5%
- Net income (12 months)
- $2.0B
- Free cash flow (12 months)
- $1.1B
- Cash
- $929M
- Debt
- $4.2B
- Diluted EPS (12 months)
- $13.55
Twelve months to September 30, 2026, from the 10-Q filed October 23, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Steel Dynamics reported revenue of $22.2 billion, up a strong 26.0% from $17.6 billion a year earlier.
Its operating margin was 11.5%, up 3.5 percentage points from a year earlier: for every $100 of sales, about $11 was left as operating profit.
Net income was $2.0 billion (8.8% of revenue), 73.9% higher than a year earlier.
Operating cash flow was $1.7 billion and capital spending $600 million, leaving free cash flow of $1.1 billion (4.9% of revenue).
At the end of the period it held $929 million in cash and $4.2 billion in debt, a net debt position of $3.3 billion.
The diluted share count fell 2.7% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $9.6 billion in fiscal 2020 to $18.2 billion in fiscal 2025, about 13.6% a year.
- Operating margin has been steady, around 8.1%.
- Free cash flow was negative in 2 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $22.3B | $18.8B | $17.5B | $18.2B |
| Revenue growth | 91.7% | 20.9% | -15.6% | -6.7% | 3.6% |
| Operating margin | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% |
| Net income | $3.2B | $3.9B | $2.5B | $1.5B | $1.2B |
| Free cash flow | $1.2B | $3.6B | $1.9B | −$24M | $502M |
| Diluted EPS | $15.56 | $20.92 | $14.64 | $9.84 | $7.99 |
Fiscal years as reported in Steel Dynamics’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed November 10, 2026 — Other event
- 10-Q filed October 23, 2026 — quarterly report
- 8-K filed October 20, 2026 — Earnings results
- 8-K filed October 19, 2026 — Other event
- 8-K filed September 18, 2026 — Regulation FD disclosure
- 8-K/A filed August 18, 2026 — Executive or director change
- 8-K filed August 14, 2026 — Other event
- 8-K filed August 4, 2026 — Executive or director change; Regulation FD disclosure
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Questions about Steel Dynamics
Is Steel Dynamics's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $22.2 billion, up 26.0% from a year earlier, according to its SEC filings.
Is Steel Dynamics profitable?
Yes. It earned $2.0 billion in net income over the twelve months to September 30, 2026, a net margin of 8.8%.
Does Steel Dynamics have more cash or more debt?
At September 30, 2026 it had $929 million in cash and $4.2 billion in debt, so more debt than cash.
When did Steel Dynamics last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 23, 2026.
Which companies are similar to Steel Dynamics?
In the S&P 500, Steel Dynamics is grouped in Steel within the Materials sector. Nucor (NUE) are in the same group.
Understand the numbers
Source: Steel Dynamics’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.