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Steel Dynamics STLD Q4 2025 Annual earnings

Reported January 26, 2026 · Before market open

Revenue$4.4BMiss by $137.3MDiluted EPS$1.82Beat by $0.12
Revenue estimate$4.6B
EPS estimate$1.70

Next report

Jul 20, 2026 (In 1 week)
Revenue estimate$5.6B
EPS estimate$3.66

Financials

Q4 2025

Income statement

See full
Revenue$4.4B+14.0%
Gross profit$529.3M+19.8%
Operating income$310.2M+30.6%
Net income$266.0M+28.3%
EPS (diluted)$1.82+31.9%

Balance sheet

See full
Cash & equivalents$769.9M+30.6%
Total debt$4.4B+31.0%
Total equity$9.0B+0.3%
Total assets$16.4B+9.9%

Cash flow

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Operating cash flow$272.7M-21.4%
CapEx$188.5M-58.4%
Free cash flow$84.2M+179%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$24.75B+42.5%
Enterprise value$28.36B+40.9%
P/E20.9×+9.6×
P/S1.4×+0.4×

Profitability

See full
Gross margin13.2%-2.8pp
Operating margin8.1%-3.0pp
Net margin6.5%-2.2pp
FCF margin2.8%+2.6pp

Returns & leverage

See full
Return on equity13.3%-4.0pp
Debt / equity0.5×+0.1×
Current ratio3.1×+0.5×

Segments

By segment

See full
Steel Operations$3.2B+17.6%
Metals Recycling Operations$977.3M+2.2%
Steel Fabrication Operations$347.3M-12.4%
Corporate And Other$304.9M+5.9%
Aluminum Operations$175.2M+115%

By geography

See full
Non Us$233.2M-24.1%

Versus estimates

Revenue

Q1 2026$5.2BBeat by $106.1M
Q4 2025$4.4BMiss by $137.3M
Q3 2025$4.8BBeat by $63.7MQ2 2025$4.6BMiss by $150.8MQ4 2024$3.9BMiss by $97.1MQ3 2024$4.3BBeat by $164.5M

Diluted EPS

Q1 2026$2.78Miss by $0.05
Q4 2025$1.82Beat by $0.12
Q3 2025$2.74Beat by $0.11Q2 2025$2.01Miss by $0.23Q4 2024$1.36Miss by $0.33Q3 2024$2.05Beat by $0.08

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Questions, answered.

When did Steel Dynamics report Q4 2025 earnings?
Steel Dynamics (STLD) reported Q4 2025 earnings on January 26, 2026 before market open.
What were Steel Dynamics's Q4 2025 revenue and EPS?
Steel Dynamics reported revenue of $4.4B and diluted EPS of $1.82 for Q4 2025.
Did Steel Dynamics beat estimates in Q4 2025?
Revenue missed the consensus estimate of $4.6B by $137.3M. EPS beat the consensus estimate of $1.70 by $0.12.
How did Steel Dynamics's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 14.0% from $3.9B a year earlier and diluted EPS grew 33.8% from $1.36.
Where can I find Steel Dynamics's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-006889) and the 10-K periodic report (0001104659-26-021395) directly on SEC EDGAR. The filing index links above go to sec.gov.