Steel Dynamics, Inc. (STLD) Income Statement
STLD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSTLD revenue and net income
Where STLD's revenue goes
2025Each bar shows an amount and its share of revenue. STLD kept 6.5% of revenue as net income.
STLD profit margins
STLD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.6% | −6.5% | +13.6% | +9.1% |
| Gross profit | −15.6% | −27.2% | +10.5% | +12.4% |
| Operating income | −24.0% | −33.8% | +11.7% | — |
| Net income | −22.9% | −32.5% | +16.6% | — |
| EPS (diluted) | −18.3% | −29.2% | +23.1% | +27.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
STLD quarterly EPS vs estimates
Steel Dynamics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 19, 2026 (estimate $5.42).
STLD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.18B | $17.54B | $18.80B | $22.26B | $18.41B | $9.60B | $10.46B | $11.82B | $9.54B | $7.78B |
| Cost of revenue | $15.81B | $14.74B | $14.75B | $16.14B | $13.05B | $8.17B | $8.93B | $9.50B | $7.96B | $6.44B |
| Gross profit | $2.36B | $2.80B | $4.05B | $6.12B | $5.36B | $1.43B | $1.53B | $2.32B | $1.58B | $1.33B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $765.3M | $664.1M | $574.0M | $545.6M | $644.0M | $477.4M | $436.5M | $416.6M | $394.6M | $374.0M |
| Total operating expenses | $888.3M | $859.5M | $588.6M | $1.03B | $1.06B | $587.6M | $544.1M | $600.4M | $515.1M | $606.9M |
| Operating income | $1.48B | $1.94B | $3.15B | $5.09B | $4.30B | $847.1M | $986.9M | $1.72B | $1.07B | $728.0M |
| Interest income | — | — | — | — | — | — | $127.1M | $126.6M | $134.4M | $146.0M |
| Interest expense | $70.0M | $56.3M | $76.5M | $91.5M | $57.2M | $94.9M | $127.1M | $126.6M | $134.4M | $146.0M |
| Income before taxes | $1.49B | $1.98B | $3.22B | $5.02B | $4.21B | $705.5M | $875.3M | $1.62B | $935.2M | $564.1M |
| Income taxes | $305.7M | $432.9M | $751.6M | $1.14B | $962.3M | $134.7M | $197.4M | $364.0M | $129.4M | $204.1M |
| Net income | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B | $550.8M | $671.1M | $1.26B | $812.7M | $382.1M |
| EBITDA | $2.11B | $2.52B | $3.15B | $5.50B | $4.61B | $1.13B | $1.32B | $2.06B | $1.37B | $1.01B |
| EPS (diluted) | $8.01 | $9.80 | $14.90 | $22.58 | $16.24 | $2.83 | $3.09 | $5.49 | $2.65 | $1.92 |
| Gross margin | 13.0% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% | 14.6% | 19.6% | 16.6% | 17.2% |
| Operating margin | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% | 8.8% | 9.4% | 14.6% | 11.2% | 9.4% |
| Net margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% | 5.7% | 6.4% | 10.6% | 8.5% | 4.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.09B | $5.20B | $4.41B | $4.83B | $4.57B | $4.37B | $3.87B | $4.34B | $4.63B | $4.69B | $4.23B | $4.59B |
| Cost of revenue | $5.13B | $4.44B | $3.89B | $4.07B | $3.95B | $3.88B | $3.43B | $3.74B | $3.86B | $3.71B | $3.50B | $3.64B |
| Gross profit | $959.0M | $763.2M | $522.1M | $757.9M | $618.5M | $486.5M | $441.7M | $605.2M | $774.8M | $980.8M | $730.9M | $952.0M |
| Sales, general & admin | $193.5M | $175.2M | $184.6M | $200.8M | $198.0M | $181.8M | $327.7M | $175.4M | $208.1M | $159.5M | $656.4M | $145.9M |
| Total operating expenses | $193.5M | $175.2M | $211.8M | $250.1M | $235.6M | $211.4M | $204.2M | $209.8M | $215.7M | $229.8M | $212.3M | $218.5M |
| Operating income | $765.5M | $588.0M | $310.2M | $507.8M | $382.9M | $275.1M | $237.5M | $395.4M | $559.1M | $751.0M | $518.5M | $733.5M |
| Interest expense | $39.1M | $33.2M | $27.0M | $13.6M | $17.4M | $12.1M | $14.6M | $17.1M | $12.7M | $12.0M | $14.8M | $18.4M |
| Income before taxes | $687.4M | $662.8M | $310.6M | $513.8M | $387.9M | $280.7M | $244.0M | $408.0M | $565.1M | $765.8M | $542.2M | $754.6M |
| Income taxes | $153.3M | $262.7M | $46.1M | $109.9M | $86.7M | $63.0M | $34.1M | $87.1M | $133.4M | $178.3M | $115.2M | $174.8M |
| Net income | $534.1M | $403.4M | $266.0M | $403.7M | $298.7M | $217.2M | $207.3M | $317.8M | $428.0M | $584.0M | $424.3M | $577.2M |
| EBITDA | $978.5M | $855.3M | $483.8M | $665.9M | $538.1M | $426.5M | $384.1M | $546.1M | $694.9M | $893.0M | $668.8M | $880.4M |
| EPS (diluted) | $3.80 | $2.78 | $1.82 | $2.74 | $2.01 | $1.44 | $1.36 | $2.05 | $2.72 | $3.67 | $2.61 | $3.47 |
| Gross margin | 15.7% | 14.7% | 11.8% | 15.7% | 13.5% | 11.1% | 11.4% | 13.9% | 16.7% | 20.9% | 17.3% | 20.8% |
| Operating margin | 12.6% | 11.3% | 7.0% | 10.5% | 8.4% | 6.3% | 6.1% | 9.1% | 12.1% | 16.0% | 12.2% | 16.0% |
| Net margin | 8.8% | 7.8% | 6.0% | 8.4% | 6.5% | 5.0% | 5.4% | 7.3% | 9.2% | 12.4% | 10.0% | 12.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in STLD's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
STLD financial results
In fiscal year 2025 (ended December 31, 2025), Steel Dynamics reported revenue of $18.2 billion, up 3.6% from the year before. It had net income of $1.2 billion (down 22.9%), a net profit margin of 6.5%. Diluted earnings per share came to $8.01. Over five years revenue grew at an average rate of 13.6% a year.
See the STLD stock overview for the latest quote and news, or the STLD chart for price history and technical indicators.
STLD income statement FAQ
What is Steel Dynamics's annual revenue?
Steel Dynamics reported total revenue of $18.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.6% from $17.5 billion the previous year.
Is Steel Dynamics profitable?
Yes. Steel Dynamics reported net income of $1.2 billion in fiscal 2025, a net profit margin of 6.5%; its operating margin was 8.1%.
What is Steel Dynamics's gross margin?
Steel Dynamics's gross margin was 13.0% in fiscal 2025: for every $100 of revenue, Steel Dynamics kept $13 after the direct cost of its products and services.
How fast is Steel Dynamics growing?
Revenue grew 13.6% a year on average over the last five fiscal years, from $9.6 billion to $18.2 billion.
What are Steel Dynamics's earnings per share?
Steel Dynamics earned $8.01 per diluted share in fiscal 2025, compared with $9.80 a year earlier.
When will Steel Dynamics report its next earnings?
Steel Dynamics is expected to report results for the quarter ending September 30, 2026 on October 19, 2026 after the market closes.
When does Steel Dynamics's fiscal year end?
Steel Dynamics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.