Steel Dynamics (STLD) Q4 FY2025 earnings: revenue $4.4 billion, up 14.0% on the year

Steel Dynamics Inc. (STLD) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.0% on the same quarter a year earlier. Net income was $266 million, up 28.3% on the year, and diluted earnings per share $1.82. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$4.4 billion

+14.0% on the year · -8.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

7.0%

6.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$266 million

+28.3% on the year · -34.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.82

+33.8% on the year · -33.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Fourth quarter earnings fell sequentially: Fourth quarter net income attributable to Steel Dynamics was $266 million, or $1.82 per diluted share, against $404 million, or $2.74, in the third quarter. Net sales were $4.4 billion.
Annual earnings and EPS declined: Annual net sales rose 3.6 percent to $18.2 billion. Operating income fell 24 percent to $1.5 billion, and diluted EPS was $7.99 against $9.84 in 2024.
Steel operating income fell 35 percent: Steel operating income was $322 million, about 35 percent below the third quarter, on lower average selling values and lower volumes from seasonal demand and maintenance outages.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,414	4,828	3,872	-8.6%	+14.0%
Cost of revenue	3,885	4,070	3,430	-4.6%	+13.2%
Gross profit	529	758	442	-30.2%	+19.8%
Gross margin	12.0%	15.7%	11.4%
Selling, general and administrative	185	201	177	-8.1%	+4.4%
Operating income	310	508	238	-38.9%	+30.6%
Operating margin	7.0%	10.5%	6.1%
Interest expense	27.0	13.6	14.6	+98.6%	+84.9%
Pre-tax income	311	514	244	-39.6%	+27.3%
Income tax	46.1	110	34.1	-58.1%	+35.2%
Effective tax rate	14.8%	21.4%	14.0%
Net income	266	404	207	-34.1%	+28.3%
Net margin	6.0%	8.4%	5.4%
Diluted EPS	$1.82	$2.74	$1.36	-33.6%	+33.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	273	723	347	-62.3%	-21.4%
Capital expenditure	188	166	453	+13.8%	-58.4%
Free cash flow	84.2	557	-106	-84.9%
Free cash flow margin	1.9%	11.5%	-2.7%
Cash from investing	-370	-121	51.2
Cash from financing	96.8	-290	-824
Depreciation and amortisation	146	138	126	+5.6%	+16.5%
Share-based compensation	23.6	14.2	25.1	+66.0%	-5.9%
Buybacks	240	210	295	+14.2%	-18.6%
Dividends paid	73.1	73.9	70.4	-1.1%	+3.8%
Dividend per share	n/a	$0.50	n/a
Diluted shares, weighted	148m	148m	156m	+0.5%	-5.0%
Shares outstanding at period end	145m	146m	151m	-0.8%	-4.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,957	8,995	8,934	-0.4%	+0.3%
Non-controlling interest	-168	-166	-160
Redeemable equity	141	141	171	0.0%	-17.5%
Debt	4,211	3,800	3,231	+10.8%	+30.3%
Operating lease liabilities	147	n/a	94.4		+56.2%
Other liabilities	3,131	3,195	2,665	-2.0%	+17.5%
Total liabilities and equity	16,420	15,965	14,935	+2.8%	+9.9%
Fixed assets	8,569	8,494	8,118	+0.9%	+5.6%
Goodwill	477	477	477	0.0%	0.0%
Intangible assets	331	207	227	+60.4%	+45.8%
Investments	0.0	n/a	148
Cash and equivalents	770	770	589	-0.1%	+30.6%
Receivables	1,683	1,762	1,417	-4.5%	+18.7%
Inventory	3,739	3,196	3,114	+17.0%	+20.1%
Other assets	850	1,059	844	-19.7%	+0.7%
Total assets	16,420	15,965	14,935	+2.8%	+9.9%

Questions

What was Steel Dynamics' revenue in Q4 FY2025?

Steel Dynamics (STLD) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.0% on the same quarter a year earlier.

How much did Steel Dynamics earn in Q4 FY2025?

Net income for Q4 FY2025 was $266 million, up 28.3% on the year, and diluted earnings per share $1.82.

When did Steel Dynamics report Q4 FY2025 results?

Steel Dynamics filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,311	5,570	6,213	5,652	4,826	4,893	5,082	4,587	4,233	4,694	4,633	4,342	3,872	4,369	4,565	4,828	4,414	5,205	6,092	6,509
Cost of revenue	3,549	3,787	4,330	4,187	3,839	3,837	3,775	3,635	3,503	3,713	3,858	3,736	3,430	3,883	3,947	4,070	3,885	4,442	5,133	5,227
Gross profit	1,762	1,783	1,883	1,464	988	1,056	1,307	952	731	981	775	605	442	487	618	758	529	763	959	1,282
Gross margin	33%	32%	30%	26%	20%	22%	26%	21%	17%	21%	17%	14%	11%	11%	14%	16%	12%	15%	16%	20%
SG&A	n/a	n/a	n/a	n/a	n/a	144	141	146	157	160	160	168	177	182	198	201	185	175	193	187
Operating income	1,429	1,495	1,618	1,220	759	835	1,064	734	519	751	559	395	238	275	383	508	310	538	700	1,006
Operating margin	27%	27%	26%	22%	16%	17%	21%	16%	12%	16%	12%	9%	6%	6%	8%	11%	7%	10%	11%	15%
Interest expense	12.3	16.7	25.7	25.3	23.9	22.5	20.8	18.4	14.8	12.0	12.7	17.1	14.6	12.1	17.4	13.6	27.0	33.2	39.1	39.3
Pre-tax income	1,409	1,458	1,596	1,208	758	848	1,074	755	542	766	565	408	244	281	388	514	311	513	683	979
Tax rate	22%	24%	24%	24%	16%	24%	24%	23%	21%	23%	24%	21%	14%	22%	22%	21%	15%	22%	22%	23%
Net income	1,091	1,104	1,210	914	635	637	812	577	424	584	428	318	207	217	299	404	266	403	534	756
Net margin	21%	20%	19%	16%	13%	13%	16%	13%	10%	12%	9%	7%	5%	5%	7%	8%	6%	8%	9%	12%
Diluted EPS	$5.36	$5.71	$6.44	$5.03	$3.74	$3.70	$4.81	$3.47	$2.61	$3.67	$2.72	$2.05	$1.36	$1.44	$2.01	$2.74	$1.82	$2.78	$3.69	$5.26
Operating cash flow	724	819	1,002	1,496	1,143	734	808	1,114	865	355	383	760	347	153	302	723	273	148	428	846
Capital expenditure	205	159	164	241	344	226	358	558	515	374	419	621	453	306	288	166	188	138	124	150
Free cash flow	519	660	838	1,255	799	507	450	555	350	-19.1	-36.6	138	-106	-153	13.3	557	84.2	10.3	304	696
Buybacks	n/a	389	517	482	413	354	380	331	387	298	309	310	295	250	200	210	240	115	200	276
Dividends paid	51.9	50.7	64.3	62.1	60.0	58.8	72.3	70.7	69.5	68.0	72.6	71.6	70.4	69.5	74.7	73.9	73.1	72.5	76.6	76.1
Shares outstanding	195m	189m	183m	177m	173m	170m	166m	163m	160m	158m	156m	153m	151m	149m	148m	146m	145m	144m	144m	142m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.