Steel Dynamics (STLD) financial statements
Steel Dynamics reported revenue of $18.2B in fiscal 2025, up 10.2% a year over 9 years.
Net income was $1.2B and the operating margin 8.1%, against 9.6% in 2016.
Free cash flow was $502M, and the company returned $291M in dividends and $901M in net buybacks.
The diluted share count fell 40% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Steel Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.6B | $9.4B | $11.8B | $10.5B | $9.6B | $18.4B | $22.3B | $18.8B | $17.5B | $18.2B |
| Cost of revenue | $6.4B | $8.0B | $9.5B | $8.9B | $8.2B | $13.0B | $16.1B | $14.7B | $14.7B | $15.8B |
| Gross profit | $1.3B | $1.6B | $2.3B | $1.5B | $1.4B | $5.4B | $6.1B | $4.0B | $2.8B | $2.4B |
| Selling, general and admin | $474M | $515M | $600M | — | — | $644M | $546M | $589M | $664M | $765M |
| Operating income | $728M | $1.1B | $1.7B | $987M | $847M | $4.3B | $5.1B | $3.2B | $1.9B | $1.5B |
| Interest expense | $146M | $134M | $127M | $127M | $95M | $57M | $92M | $76M | $56M | $70M |
| Pre-tax income | $564M | $935M | $1.6B | $875M | $705M | $4.2B | $5.0B | $3.2B | $2.0B | $1.5B |
| Income tax | $204M | $129M | $364M | $197M | $135M | $962M | $1.1B | $752M | $433M | $306M |
| Net income | $382M | $813M | $1.3B | $671M | $551M | $3.2B | $3.9B | $2.5B | $1.5B | $1.2B |
| EPS (diluted) | $1.56 | $3.36 | $5.35 | $3.04 | $2.59 | $15.56 | $20.92 | $14.64 | $9.84 | $7.99 |
| Diluted shares | 245M | 242M | 235M | 221M | 212M | 207M | 185M | 167M | 156M | 148M |
| Gross margin | 17.5% | 16.9% | 19.7% | 14.6% | 15.0% | 29.1% | 27.5% | 21.5% | 16.0% | 13.2% |
| Operating margin | 9.6% | 11.4% | 14.6% | 9.4% | 8.8% | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% |
| Net margin | 5.0% | 8.7% | 10.7% | 6.4% | 5.7% | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% |
Balance sheet
Fiscal years, from Steel Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $841M | $1.0B | $1.1B | $1.6B | $1.4B | $1.2B | $2.3B | $2.1B | $737M | $770M |
| Receivables | $704M | $846M | $1.0B | $841M | $968M | $1.9B | $2.0B | $1.6B | $1.4B | $1.7B |
| Inventory | $1.3B | $1.5B | $1.9B | $1.7B | $1.8B | $3.5B | $3.1B | $2.9B | $3.1B | $3.7B |
| Total current assets | $2.9B | $3.5B | $4.0B | $4.3B | $4.3B | $6.9B | $7.6B | $6.8B | $5.4B | $6.5B |
| Property, plant and equipment | $2.8B | $2.7B | $2.9B | $3.1B | $4.1B | $4.8B | $5.4B | $6.7B | $8.1B | $8.6B |
| Goodwill | $393M | $387M | $430M | $453M | $457M | $454M | $502M | $477M | $477M | $477M |
| Total assets | $6.4B | $6.9B | $7.7B | $8.3B | $9.3B | $12.5B | $14.2B | $14.9B | $14.9B | $16.4B |
| Total current liabilities | $713M | $869M | $1.0B | $1.0B | $1.3B | $2.2B | $2.0B | $2.3B | $2.2B | $2.1B |
| Long-term debt | $2.4B | $2.4B | $2.4B | $2.6B | $3.0B | $3.0B | $3.0B | $2.6B | $2.8B | $4.2B |
| Total liabilities | $3.5B | $3.5B | $3.8B | $4.2B | $4.9B | $6.2B | $6.1B | $6.1B | $6.0B | $7.5B |
| Shareholders' equity | $2.9B | $3.4B | $3.9B | $4.1B | $4.3B | $6.3B | $8.1B | $8.9B | $8.9B | $9.0B |
| Net debt | $1.5B | $1.4B | $1.5B | $1.4B | $1.7B | $1.9B | $1.4B | $1.7B | $2.6B | $3.4B |
Cash flow
Fiscal years, from Steel Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $853M | $739M | $1.4B | $1.4B | $987M | $2.2B | $4.5B | $3.5B | $1.8B | $1.4B |
| Capital spending | $198M | $165M | $239M | $452M | $1.2B | $1.0B | $909M | $1.7B | $1.9B | $948M |
| Free cash flow | $655M | $574M | $1.2B | $944M | -$211M | $1.2B | $3.6B | $1.9B | -$24M | $502M |
| Stock-based compensation | $32M | $36M | $43M | $48M | $56M | $58M | $59M | $62M | $67M | $69M |
| Dividends paid | $136M | $146M | $169M | $200M | $209M | $213M | $237M | $271M | $283M | $291M |
| Share buybacks (net) | -$25M | -$252M | -$524M | -$349M | -$107M | -$1.1B | -$1.8B | -$1.5B | -$1.2B | -$901M |
| Net borrowing | -$255M | $10M | -$10M | $310M | $346M | -$5M | -$42M | -$2M | $159M | $986M |
| Free cash flow margin | 8.6% | 6.1% | 10.0% | 9.0% | -2.2% | 6.5% | 16.0% | 9.9% | -0.1% | 2.8% |
| Dividends per share | $0.55 | $0.60 | $0.72 | $0.91 | $0.99 | $1.03 | $1.28 | $1.62 | $1.81 | $1.96 |
Questions
What was Steel Dynamics's revenue in 2025?
$18.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Steel Dynamics generate?
$502M in fiscal 2025 (operating cash flow minus capital spending).
From Steel Dynamics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.