Income StatementBalance SheetCash FlowSegments
Steel Dynamics logo

Steel Dynamics Cash Flow Statement

Operating, investing, and financing cash movements

Steel Dynamics generated $1.4B in operating cash flow over the trailing twelve months. After $780.5M in capital expenditures, free cash flow was $664.7M. Free cash flow increased 5.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.4BNet Cash From Investing (TTM)-$935.3MNet Cash From Financing (TTM)-$1.2BCapital Expenditures (TTM)$780.5MDepreciation And Amortization Cf (TTM)$576.9MNet Change In Cash (TTM)-$630.0M
Latest FilingQ1 2026
Report Date2026-04-27
Market Cap$33.8B
P/E Ratio24.67
ROE15.25%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$453.2M$305.5M$288.3M$165.7M$188.5M$138.0M
Net cash from investing activities$0.0-$178.8M-$305.7M-$120.5M-$370.0M-$139.1M
Proceeds from maturities/sales of investments$536.4M$137.8M$9.6M$39.6M$0.0—
Purchases of investments$39.5M$10.0M$29.6M$0.0$0.0—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable-$55.8M$248.6M-$5.3M-$4.8M—$156.9M
Change in accounts receivable-$147.8M$303.6M-$19.8M$61.0M—$373.8M
Change in accrued liabilities$0.0-$197.4M$39.0M$127.3M-$12.1M-$163.0M
Change in income taxes payable/receivable$3.2M$42.8M-$82.7M-$65.1M$157.1M$74.4M
Change in inventories$69.5M-$13.8M$163.4M-$64.5M$338.3M$174.4M
Change in other assets—$32.1M-$7.8M$34.6M$18.4M-$21.0M
Other working capital changes-$7.3M-$4.2M-$890.0K-$8.0M—-$2.3M
Depreciation and amortization$125.6M$133.8M$132.9M$138.5M$146.3M$159.3M
Net cash from operating activities$346.9M$152.6M$301.6M$722.6M$272.7M$148.3M
Net income$209.9M$217.7M$301.2M$403.9M$264.5M$400.1M
Deferred Income Tax Noncash Expense Benefit-$41.0M$16.2M$39.1M$147.6M—$32.7M
Stock-based compensation$25.1M$17.0M$14.1M$14.2M$23.6M$17.5M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$337.4M$1.4B$484.3M$408.0M$1.3B$599.5M
Repayments of debt$792.1M$432.5M$902.6M$408.3M$824.4M$612.4M
Dividends paid$70.4M$69.5M$74.7M$73.9M$73.1M$72.5M
Net cash from financing activities-$823.8M$623.3M-$724.8M-$289.7M—-$222.8M
Other financing activities-$3.5M-$30.5M-$31.7M-$5.1M-$20.8M-$22.3M
Repurchases of common stock$295.1M$250.1M$200.0M$210.4M$240.3M$115.1M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$106.3M-$152.9M$13.3M$556.9M$84.2M$10.3M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$80.3M$3.7M$124.8M$22.2M—$4.5M
Interest paid$41.5M$28.5M$34.7M$25.6M$67.9M$26.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$425.7M$597.1M-$728.9M$312.4M$0.0-$213.5M