Jun 2026 (Q2 FY26) — Jul 21, 2026
Steel Dynamics Q2 FY26 — Record Steel Shipments & Aluminum Ramp-Up
Read the full callSteel Dynamics (STLD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Steel Dynamics earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,092 | +33.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.5 | +3.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 534 | +78.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 21 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aluminum third cold mill begins production | third cold mill expected to begin producing in the third quarter of 2026 | Mar 2026 | 2 of the 3 cold mills continue to increase production, while the third and funnel cold mill started this month. | Achieved |
| Aluminum flat-rolled shipments, second quarter 2026 | 60,000 to 70,000 tons of shipments in the second quarter of 2026 | Mar 2026 | Aluminum flat-rolled sheet shipments increased to 53,000 metric tons in the quarter from 22,500 metric tons achieved in the first quarter of this year. | Missed |
| Aluminum operations EBITDA positive throughout 2026 | positive EBITDA profile continuing through 2026 | Dec 2025 | we've been kind of approaching EBITDA positive to EBITDA positive | At Risk |
10 of STEEL DYNAMICS INC's 39 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Achieved record quarterly steel shipments of 3.7 million tons in Q2 FY26.
- Reported adjusted EBITDA of $921 million for Q2 FY26.
- Aluminum flat-rolled sheet shipments increased to 53,000 metric tons in Q2 FY26, up from 22,500 metric tons in Q1 FY26.
- Steel Fabrication order backlog is 45% higher year-over-year, driven by volume.
- Aluminum mill is expected to exit 2026 at a monthly production rate of at least 90% capacity.
Qualified
- A fatality occurred in April involving Elijah Jones from New Process Steel.
- Aluminum Operations incurred operating losses of $33 million in Q2 FY26 during continued start-up and commissioning.
- A noncash impairment charge of $16 million was recorded related to the relocation of the second planned recycled class center.
- Working capital growth of $225 million in Q2 FY26 was primarily associated with increased customer account values.
- Steel Fabrication margins were tightened by higher steel raw material input costs in Q2 FY26.
Price
$245.17 +1.92% · +$4.63
Performance +71.7% 1Y
1Y: $142.75 on 17 Oct 2025 → $245.17. High $282.76 (12 Jun 2026), low $142.75 (17 Oct 2025).
- Previous close
- $240.54
- 52-week range
- $146.28 – $282.76
- One year
- +67.60%
Overview
- Symbol
- STLD
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 21 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aluminum third cold mill begins production | third cold mill expected to begin producing in the third quarter of 2026 | Mar 2026 | 2 of the 3 cold mills continue to increase production, while the third and funnel cold mill started this month. | Achieved |
| Aluminum flat-rolled shipments, second quarter 2026 | 60,000 to 70,000 tons of shipments in the second quarter of 2026 | Mar 2026 | Aluminum flat-rolled sheet shipments increased to 53,000 metric tons in the quarter from 22,500 metric tons achieved in the first quarter of this year. | Missed |
| Aluminum operations EBITDA positive throughout 2026 | positive EBITDA profile continuing through 2026 | Dec 2025 | we've been kind of approaching EBITDA positive to EBITDA positive | At Risk |
Claimed
- Achieved record quarterly steel shipments of 3.7 million tons in Q2 FY26.
- Reported adjusted EBITDA of $921 million for Q2 FY26.
- Aluminum flat-rolled sheet shipments increased to 53,000 metric tons in Q2 FY26, up from 22,500 metric tons in Q1 FY26.
- Steel Fabrication order backlog is 45% higher year-over-year, driven by volume.
- Aluminum mill is expected to exit 2026 at a monthly production rate of at least 90% capacity.
Qualified
- A fatality occurred in April involving Elijah Jones from New Process Steel.
- Aluminum Operations incurred operating losses of $33 million in Q2 FY26 during continued start-up and commissioning.
- A noncash impairment charge of $16 million was recorded related to the relocation of the second planned recycled class center.
- Working capital growth of $225 million in Q2 FY26 was primarily associated with increased customer account values.
- Steel Fabrication margins were tightened by higher steel raw material input costs in Q2 FY26.
The full ledger
Open STEEL DYNAMICS INC’s full ledger
A free account opens 5 company ledgers a month. All 39 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Steel Dynamics Q1 FY26 — Record Steel Shipments and Aluminum Ramp-up
Read the full callDec 2025 (Q4 FY25) — Jan 26, 2026
Steel Dynamics Q4 FY25 — Record Steel Shipments & Aluminum Dynamics Ramp-Up
Read the full callEvery analysed call
Steel Dynamics earnings calls (STLD)
Financials
What the filings say
Net profit, year on year: +79% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,342 | 3,872 | 4,369 | 4,565 | 4,828 | 4,414 | 5,205 | 6,092 |
| Operating profit | 395 | 238 | 275 | 383 | 508 | 310 | 538 | 700 |
| Operating margin | 9.1% | 6.1% | 6.3% | 8.4% | 10.5% | 7.0% | 10.3% | 11.5% |
| Interest | 17 | 15 | 12 | 17 | 14 | 27 | 33 | 39 |
| Profit before tax | 408 | 244 | 281 | 388 | 514 | 311 | 513 | 683 |
| Tax rate | 21.4% | 14.0% | 22.4% | 22.4% | 21.4% | 14.8% | 22.0% | 22.3% |
| Net profit | 318 | 207 | 217 | 299 | 404 | 266 | 403 | 534 |
| EPS ($ per share) | 2.06 | — | 1.45 | 2.01 | 2.75 | — | 2.79 | 3.71 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 3,958 | 4,419 | 4,759 | 7,761 | 11,376 | 13,546 | 14,798 | 15,689 |
| Total liabilities | 3,816 | 4,211 | 4,917 | 6,211 | 6,064 | 6,069 | 5,990 | 7,489 |
| Fixed assets | 2,946 | 3,136 | 4,106 | 4,751 | 5,374 | 6,734 | 8,118 | 8,569 |
| Investments | 229 | 262 | 0 | — | 628 | 721 | 148 | 0 |
| Total assets | 7,704 | 8,276 | 9,266 | 12,531 | 14,160 | 14,908 | 14,935 | 16,420 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,415 | 1,396 | 987 | 2,204 | 4,460 | 3,520 | 1,845 | 1,450 |
| Cash from investing | -895 | -577 | -993 | -999 | -1,879 | -1,970 | -1,303 | -975 |
| Cash from financing | -721 | -267 | -7 | -1,329 | -2,197 | -1,777 | -1,353 | -294 |
| Net cash flow | -201 | 553 | -13 | -125 | 385 | -227 | -811 | 180 |
| Capital expenditure | -239 | -452 | -1,198 | -1,006 | -909 | -1,658 | -1,868 | -948 |
| Free cash flow | 1,176 | 944 | -211 | 1,198 | 3,552 | 1,862 | -24 | 502 |
STLD revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Steel Operations | 139% | 142% | 144% | 148% | 151% | 146% | 141% | 136% | +22.3% |
| Metals Recycling Operations | 50% | 40% | 49% | 51% | 47% | 44% | 43% | 42% | +8.9% |
| Corporate and Other | 19% | 15% | 16% | 16% | 13% | 14% | 19% | 18% | +49.6% |
| Aluminum Operations | <1% | — | 5% | 4% | 4% | 8% | 9% | 17% | +454.6% |
| Steel Fabrication Operations | 21% | 20% | 16% | 15% | 16% | 16% | 14% | 13% | +15.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
STLD operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Shipments Steel | 3.5M tonsHighlights included record steel shipments of 3.5 million tons and adjusted EBITDA of $448 million.Source: earnings call transcript | 3.6M tonsWe had a record steel shipment of 3.6 million tons.Source: earnings call transcript | — | 3.6M tonsSeveral highlights for the quarter included record quarterly steel shipments of 3.6 million tons.Source: earnings call transcript | 3.7M tonsThe quarter highlights included record quarterly steel shipments of 3.7 million tons, adjusted EBITDA of $921 million, and we achieved meaningful milestones across our Aluminum and Sinton platforms.Source: earnings call transcript | +2.8% |
| Shipments Hot band | 1.093M tonsFor modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons.Source: earnings call transcript | 1.097M tonsFor modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons.Source: earnings call transcript | 942K tonsFor those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons.Source: earnings call transcript | 1.017M tonsI'm sorry, I was -- So I think you're specifically looking for the flat-rolled shipments and the first quarter flat-rolled shipments for hot band was 1,017,000 tons.Source: earnings call transcript | — | +8% |
| Shipments Cold-rolled | 116K tonsFor modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons.Source: earnings call transcript | 120K tonsFor modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons.Source: earnings call transcript | 122K tonsFor those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons.Source: earnings call transcript | — | — | +1.7% |
| Shipments Coated | 1.403M tonsFor modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons.Source: earnings call transcript | 1.486M tonsFor modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons.Source: earnings call transcript | 1.395M tonsFor those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons.Source: earnings call transcript | 1.53M tonsHot rolls was 151,000 tons, and coated was 1,530,000 tons.Source: earnings call transcript | — | +9.7% |
| Capacity utilization rate Steel mills | 89%During the first quarter, the domestic steel industry operated at a utilization rate of approximately 75%, while our steel mills operated at 89%.Source: earnings call transcript | 88%In the third quarter of 2025, the domestic steel industry operated at an estimated production utilization rate of 78%, while our steel mills operated at a notably higher rate of 88%.Source: earnings call transcript | — | 89%During the first quarter of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%.Source: earnings call transcript | 90%During the second quarter of 2026, the domestic steel industry operated at an estimated production utilization rate of 81%, while our steel mills operated at 90%.Source: earnings call transcript | +1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Non Us 8%
- Other Segments 0%
As STLD cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
142 filings between Oct 29, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$8.91M
14 sales by 5 insiders
Compensation
not trading decisions- 72
- Award — granted as compensation
- 53
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Anderson James Stanley | — | $2.69M | Jun 5, 2026 |
| Alvarez Miguel | — | $2.43M | Apr 23, 2026 |
| Graham Christopher A | — | $2.13M | May 13, 2026 |
| Cornew Kenneth W. | — | $1.12M | Apr 23, 2026 |
| Poinsatte Richard A | — | $538.5K | May 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Seaman Bradley S Director | Award | 105 | $0 |
| Oct 9, 2026 | Sierra Luis Manuel Director | Award | 7 | $0 |
| Oct 9, 2026 | DOLAN TRACI M Director | Award | 97 | $0 |
| Oct 9, 2026 | Hamann Jennifer L Director | Award | 18 | $0 |
| Oct 9, 2026 | Cornew Kenneth W. Director | Award | 2 | $0 |
| Oct 9, 2026 | BARGABOS SHEREE L Director | Award | 40 | $0 |
| Aug 13, 2026 | Hamann Jennifer L Director | Award | 72 | $0 |
| Jul 28, 2026 | MILLETT MARK D Chairman and CEO | Gift | 300 | $0 |
| Jul 10, 2026 | Seaman Bradley S Director | Award | 109 | $0 |
| Jul 10, 2026 | Hamann Jennifer L Director | Award | 18 | $0 |
| Jul 10, 2026 | BARGABOS SHEREE L Director | Award | 43 | $0 |
| Jul 10, 2026 | DOLAN TRACI M Director | Award | 102 | $0 |
| Jul 10, 2026 | Sierra Luis Manuel Director | Award | 7 | $0 |
| Jul 10, 2026 | Cornew Kenneth W. Director | Award | 2 | $0 |
| Jun 5, 2026 | Anderson James Stanley Senior Vice President | Sale | 1,100 | $294.1K |
| Jun 5, 2026 | Anderson James Stanley Senior Vice President | Sale | 322 | $86.9K |
| Jun 5, 2026 | Anderson James Stanley Senior Vice President | Sale | 4,401 | $1.18M |
| Jun 5, 2026 | Anderson James Stanley Senior Vice President | Sale | 4,177 | $1.12M |
| Jun 1, 2026 | Cornew Kenneth W. Director | Award | 712 | $0 |
| Jun 1, 2026 | BARGABOS SHEREE L Director | Award | 712 | $0 |
| Jun 1, 2026 | Sierra Luis Manuel Director | Award | 712 | $0 |
| Jun 1, 2026 | Seaman Bradley S Director | Award | 712 | $0 |
| Jun 1, 2026 | Hamann Jennifer L Director | Award | 712 | $0 |
| Jun 1, 2026 | DOLAN TRACI M Director | Award | 712 | $0 |
| May 14, 2026 | Poinsatte Richard A Senior Vice President | Gift | 200 | $0 |
| May 13, 2026 | Graham Christopher A Senior Vice President | Sale | 3,001 | $710.9K |
| May 13, 2026 | Graham Christopher A Senior Vice President | Sale | 3,000 | $711.0K |
| May 13, 2026 | Graham Christopher A Senior Vice President | Sale | 2,999 | $709.3K |
| May 12, 2026 | Poinsatte Richard A Senior Vice President | Sale | 2,300 | $538.5K |
| May 6, 2026 | TEETS RICHARD P JR Director | Award | 158 | $0 |
| May 6, 2026 | Hamann Jennifer L Director | Award | 79 | $0 |
| May 6, 2026 | BARGABOS SHEREE L Director | Award | 158 | $0 |
| May 1, 2026 | Bickford Chad Vice President | Tax withheld | 166 | $38.0K |
| Apr 23, 2026 | Alvarez Miguel Senior Vice President | Sale | 300 | $67.9K |
| Apr 23, 2026 | Alvarez Miguel Senior Vice President | Sale | 3,825 | $861.0K |
| Apr 23, 2026 | Cornew Kenneth W. Director | Sale | 200 | $45.1K |
| Apr 23, 2026 | Alvarez Miguel Senior Vice President | Sale | 700 | $159.5K |
| Apr 23, 2026 | Cornew Kenneth W. Director | Sale | 4,800 | $1.08M |
| Apr 10, 2026 | TEETS RICHARD P JR Director | Award | 9 | $0 |
| Apr 10, 2026 | Cornew Kenneth W. Director | Award | 5 | $0 |
| Apr 10, 2026 | BARGABOS SHEREE L Director | Award | 58 | $0 |
| Apr 10, 2026 | Sierra Luis Manuel Director | Award | 12 | $0 |
| Apr 10, 2026 | Shaheen Gabriel Director | Award | 157 | $0 |
| Apr 10, 2026 | Seaman Bradley S Director | Award | 129 | $0 |
| Apr 10, 2026 | Hamann Jennifer L Director | Award | 16 | $0 |
| Apr 10, 2026 | DOLAN TRACI M Director | Award | 120 | $0 |
| Mar 13, 2026 | Alvarez Miguel Senior Vice President | Tax withheld | 7,232 | $1.32M |
| Mar 13, 2026 | Alvarez Miguel Senior Vice President | Award | 16,479 | $0 |
| Mar 13, 2026 | SCHNEIDER BARRY President and COO | Tax withheld | 11,662 | $2.12M |
| Mar 13, 2026 | SCHNEIDER BARRY President and COO | Award | 26,571 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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