Steel Dynamics, Inc. (STLD) Cash Flow Statement
Where STLD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.45B −21.4% vs 2024
- Capital expenditures
- $948.0M 5.2% of revenue
- Free cash flow
- $501.5M 2.8% margin
- Returned to shareholders
- $1.19B 238% of free cash flow
- Change in cash
- $180.4M cash at year-end $769.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STLD operating cash flow, capex and free cash flow
STLD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $852.8M2016 | $1.45B2025 | +6.1%/yr | |
| Capital expenditures | $198.2M2016 | $948.0M2025 | +19.0%/yr | |
| Free cash flow | $654.6M2016 | $501.5M2025 | −2.9%/yr | |
| Free cash flow margin | 8.4%2016 | 2.8%2025 | −5.7 pts | |
| Operating cash flow / net income | 2.372016 | 1.222025 | −1.15 | |
| Stock-based compensation | $31.7M2016 | $69.0M2025 | +9.0%/yr | |
| Dividends paid | $135.8M2016 | $291.2M2025 | +8.8%/yr | |
| Share buybacks (net) | $25.0M2016 | $900.9M2025 | +48.9%/yr | |
| Capex / revenue | 2.5%2016 | 5.2%2025 | +2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STLD cash flow by activity
STLD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
STLD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.19B | $1.55B | $2.45B | $3.88B | $3.25B | $570.8M | $677.9M | $1.26B | $805.8M | $360.0M |
| Depreciation & amortization | $551.4M | $478.9M | $437.8M | $384.2M | $347.7M | $325.8M | $321.1M | $317.2M | $299.0M | $296.1M |
| Stock-based compensation | $69.0M | $66.6M | $61.7M | $59.2M | $57.7M | $55.6M | $47.6M | $43.3M | $36.2M | $31.7M |
| Change in working capital | −$442.3M | −$202.9M | $517.1M | $102.1M | −$1.77B | −$63.4M | $296.5M | −$261.4M | −$279.6M | −$42.4M |
| Other non-cash items | $85.9M | −$48.1M | $52.4M | $35.4M | $318.8M | $98.2M | $53.1M | $60.6M | −$121.8M | $207.4M |
| Cash from operating activities | $1.45B | $1.84B | $3.52B | $4.46B | $2.20B | $987.0M | $1.40B | $1.42B | $739.6M | $852.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$948.0M | −$1.87B | −$1.66B | −$908.9M | −$1.01B | −$1.20B | −$451.9M | −$239.4M | −$164.9M | −$198.2M |
| Investments (net) | $147.4M | −$1.30B | −$1.70B | −$1.88B | −$999.4M | $262.2M | −$33.4M | −$228.8M | −$139.1M | −$312.9M |
| Acquisitions & other investing | −$174.4M | $1.87B | $1.39B | $908.9M | $1.01B | −$57.4M | −$91.3M | −$427.1M | $164.9M | $198.2M |
| Cash from investing activities | −$975.0M | −$1.30B | −$1.97B | −$1.88B | −$999.4M | −$993.3M | −$576.7M | −$895.3M | −$139.1M | −$312.9M |
| Financing activities | ||||||||||
| Dividends paid | −$291.2M | −$282.6M | −$271.3M | −$237.2M | −$213.0M | −$209.2M | −$200.3M | −$168.9M | −$145.6M | −$135.8M |
| Share repurchases & issuance (net) | −$900.9M | −$1.21B | −$1.45B | −$1.80B | −$1.06B | −$106.5M | −$348.6M | −$523.6M | −$252.2M | −$25.0M |
| Net borrowing (repayment) | $985.8M | $158.9M | −$1.9M | −$42.2M | −$5.4M | $345.8M | $309.8M | −$9.9M | $10.1M | −$255.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$88.1M | −$16.7M | −$51.7M | −$116.3M | −$50.4M | −$37.1M | −$27.6M | −$18.5M | −$25.7M | −$9.5M |
| Cash from financing activities | −$294.3M | −$1.35B | −$1.78B | −$2.20B | −$1.33B | −$7.0M | −$266.6M | −$720.9M | −$413.3M | −$425.4M |
| Summary | ||||||||||
| Net change in cash | $180.4M | −$811.5M | −$227.5M | $384.6M | −$124.8M | −$13.3M | $553.0M | −$200.7M | $187.2M | $114.5M |
| Cash at end of period | $769.9M | $595.0M | $1.41B | $1.63B | $1.25B | $1.37B | $1.39B | $834.4M | $1.03B | $841.5M |
| Free cash flow | $501.5M | −$23.5M | $1.86B | $3.55B | $1.20B | −$211.0M | $944.3M | $1.18B | $574.7M | $654.6M |
| Free cash flow margin | 2.8% | −0.1% | 9.9% | 16.0% | 6.5% | −2.2% | 9.0% | 9.9% | 6.0% | 8.4% |
| Capex / revenue | 5.2% | 10.6% | 8.8% | 4.1% | 5.5% | 12.5% | 4.3% | 2.0% | 1.7% | 2.5% |
| Operating cash flow / net income | 1.22 | 1.19 | 1.44 | 1.15 | 0.68 | 1.73 | 2.06 | 1.13 | 0.92 | 2.37 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $530.8M | $400.1M | $266.0M | $403.7M | $301.2M | $217.7M | $207.3M | $320.9M | $431.7M | $587.5M | $424.3M | $579.8M |
| Depreciation & amortization | $173.9M | $159.3M | $146.3M | $138.5M | $132.9M | $133.8M | $125.5M | $121.1M | $117.1M | $115.3M | $111.7M | $107.4M |
| Stock-based compensation | $14.2M | $17.5M | $23.6M | $14.2M | $14.1M | $17.0M | $25.1M | $12.8M | $13.0M | $15.6M | $21.9M | $12.0M |
| Change in working capital | −$335.3M | −$458.9M | −$56.0M | $26.4M | −$184.7M | −$227.9M | $34.6M | $300.8M | −$177.4M | −$360.8M | $319.4M | $407.0M |
| Other non-cash items | $44.4M | $30.4M | −$107.2M | $139.8M | $38.2M | $12.1M | −$45.7M | $4.3M | −$1.8M | −$2.3M | −$12.7M | $7.5M |
| Cash from operating activities | $427.9M | $148.3M | $272.7M | $722.6M | $301.6M | $152.6M | $346.9M | $759.9M | $382.6M | $355.2M | $864.6M | $1.11B |
| Investing activities | ||||||||||||
| Capital expenditures | −$123.8M | −$138.0M | −$188.5M | −$165.7M | −$288.3M | −$305.5M | −$453.2M | −$621.4M | −$419.2M | −$374.3M | −$514.9M | −$558.4M |
| Investments (net) | $0 | $0 | $0 | −$120.5M | −$305.7M | −$178.8M | $51.2M | −$852.0M | −$209.6M | −$292.9M | −$734.8M | −$452.5M |
| Acquisitions & other investing | $5.8M | −$1.1M | −$181.5M | $165.7M | $288.3M | $305.5M | $453.2M | $621.4M | $419.2M | $374.3M | $514.9M | $558.4M |
| Cash from investing activities | −$118.0M | −$139.1M | −$370.0M | −$120.5M | −$305.7M | −$178.8M | $51.2M | −$852.0M | −$209.6M | −$292.9M | −$734.8M | −$452.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$76.6M | −$72.5M | −$73.1M | −$73.9M | −$74.7M | −$69.5M | −$70.4M | −$71.6M | −$72.6M | −$68.0M | −$69.5M | −$70.7M |
| Share repurchases & issuance (net) | −$200.3M | −$115.1M | −$240.3M | −$210.4M | −$200.0M | −$250.1M | −$295.1M | −$309.9M | −$309.1M | −$298.1M | −$386.7M | −$331.3M |
| Net borrowing (repayment) | −$21.1M | −$12.9M | $431.1M | −$326,000 | −$418.3M | $973.4M | −$454.7M | $657.7M | — | — | — | $29.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$697,000 | −$22.3M | −$20.8M | −$5.1M | −$31.7M | −$30.5M | −$3.5M | $1.2M | −$662,000 | −$57.8M | −$38.2M | $2.0M |
| Cash from financing activities | −$298.7M | −$222.8M | $96.8M | −$289.7M | −$724.8M | $623.3M | −$823.8M | $277.4M | −$382.4M | −$423.8M | −$494.4M | −$371.0M |
| Summary | ||||||||||||
| Net change in cash | $11.2M | −$213.5M | −$478,000 | $312.3M | −$728.9M | $597.1M | −$425.7M | $185.2M | −$209.4M | −$361.6M | −$364.5M | $290.1M |
| Cash at end of period | $573.0M | $561.8M | $769.9M | $770.4M | $463.3M | $1.19B | $595.0M | $1.02B | $835.5M | $1.04B | $1.41B | $1.77B |
| Free cash flow | $304.1M | $10.3M | $84.2M | $556.9M | $13.3M | −$152.9M | −$106.3M | $138.5M | −$36.6M | −$19.1M | $349.7M | $555.3M |
| Free cash flow margin | 5.0% | 0.2% | 1.9% | 11.5% | 0.3% | −3.5% | −2.7% | 3.2% | −0.8% | −0.4% | 8.3% | 12.1% |
| Capex / revenue | 2.0% | 2.7% | 4.3% | 3.4% | 6.3% | 7.0% | 11.7% | 14.3% | 9.0% | 8.0% | 12.2% | 12.2% |
| Operating cash flow / net income | 0.81 | 0.37 | 1.03 | 1.79 | 1.00 | 0.70 | 1.67 | 2.37 | 0.89 | 0.60 | 2.04 | 1.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
STLD cash generation
In fiscal 2025 (ended December 31, 2025), Steel Dynamics generated $1.4 billion of cash from operations (down 21.4%) and spent $948.0 million on capital expenditures, leaving free cash flow of $501.5 million, 2.8% of revenue. It returned $1.2 billion to shareholders through dividends ($291.2 million) and net share buybacks ($900.9 million). Cash and equivalents rose by $180.4 million over the year.
Related: STLD income statement, STLD balance sheet, STLD dividend history. See the STLD stock overview for the latest quote and news.
STLD cash flow FAQ
What is Steel Dynamics's free cash flow?
Steel Dynamics's free cash flow was $501.5 million in fiscal 2025: $1.4 billion of operating cash flow minus $948.0 million of capital expenditures It was -$23.5 million a year earlier..
How much cash does Steel Dynamics generate from operations?
Steel Dynamics generated $1.4 billion of cash from operating activities in fiscal 2025, 1.22 times its net income of $1.2 billion.
How much does Steel Dynamics spend on capital expenditures?
Steel Dynamics spent $948.0 million on capital expenditures in fiscal 2025, 5.2% of revenue, compared with $1.9 billion the year before.
How much stock does Steel Dynamics buy back?
Steel Dynamics spent $900.9 million on net share repurchases in fiscal 2025.
How much does Steel Dynamics pay in dividends?
Steel Dynamics paid $291.2 million in dividends in fiscal 2025, 58.1% of free cash flow.