STEEL DYNAMICS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STEEL DYNAMICS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,777	9,539	11,822	10,465	9,601	18,409	22,261	18,795	17,540	18,177
Cost of revenue	6,442	7,957	9,499	8,934	8,167	13,046	16,143	14,749	14,738	15,784
Gross profit	1,335	1,582	2,323	1,531	1,435	5,362	6,118	4,046	2,803	2,392
Selling, general and administrative	474	515	600			644	546	589	664	765
Operating income	728	1,067	1,722	987	847	4,301	5,092	3,151	1,943	1,476
Interest expense	146	134	127	127	94.9	57.2	91.5	76.5	56.3	70
Interest income							29.3	112	90.1	36.8
Other non-operating income	-17.8	2.75	24	15.6	-46.8	-34.8	20.8	144	96.2	87
Pre-tax income	564	935	1,620	875	705	4,209	5,021	3,219	1,983	1,493
Income tax	204	129	364	197	135	962	1,142	752	433	306
Net income to minority interests	-22.1	-6.95	-2.57	6.8	20	32.7	16.8	16.5	12.8	1.72
Net income	382	813	1,258	671	551	3,214	3,863	2,451	1,537	1,186
EBITDA	1,024	1,366	2,040	1,308	1,173	4,649	5,476	3,589	2,422	2,027
EPS, basic	1.57	3.38	5.38	3.06	2.61	15.67	21.06	14.72	9.89	8.02
EPS, diluted	1.56	3.36	5.35	3.04	2.59	15.56	20.92	14.64	9.84	7.99
Shares, basic (weighted)	244	240	234	220	211	205	183	167	155	148
Shares, diluted (weighted)	245	242	235	221	212	207	185	167	156	148
Dividend per share	0.56	0.62	0.75	0.96	1.00	1.04	1.36	1.70	1.84	2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	841	1,029	828	1,381	1,369	1,244	1,628	1,401	589	770
Short-term investments			229	262	0		628	721	148	0
Receivables	704	846	1,040	841	968	1,911	1,976	1,608	1,417	1,683
Inventory	1,275	1,519	1,859	1,689	1,844	3,531	3,130	2,895	3,114	3,739
Other current assets	83.2	91.5	72.7	76	74.4	210	195	163	163	293
Total current assets	2,930	3,508	4,033	4,253	4,258	6,901	7,638	6,788	5,431	6,484
Property, plant and equipment	2,787	2,676	2,946	3,136	4,106	4,751	5,374	6,734	8,118	8,569
Lease right-of-use assets				75.2	90.3	100	111	127	114	170
Goodwill	393	387	430	453	457	454	502	477	477	477
Intangible assets	284	257	270	328	325	295	268	258	227	331
Other non-current assets	11.5	27.7	25.2	106	120	130	379	651	681	557
Total assets	6,424	6,856	7,704	8,276	9,266	12,531	14,160	14,908	14,935	16,420
Accounts payable	382	474	537	510	761	1,267	1,007
Accrued liabilities	114	125	147	175	179	296	341	309	367	427
Short-term debt	3.63	28.8	24.2	89.4	86.9	97.2	57.3	460	427	34.7
Total current liabilities	713	869	1,019	1,007	1,259	2,227	2,032	2,332	2,151	2,122
Long-term debt	2,353	2,353	2,352	2,645	3,016	3,009	3,013	2,611	2,804	4,177
Lease liabilities				57.9	72.6	82.3	91.8	107	94.4	147
Other non-current liabilities	20.6	21.8	8.87	75.1	106	120	130	181	133	186
Total liabilities	3,535	3,549	3,816	4,211	4,917	6,211	6,064	6,069	5,990	7,489
Total debt	2,357	2,382	2,377	2,734	3,103	3,106	3,071	3,071	3,231	4,200
Paid-in capital	1,133	1,142	1,160	1,181	1,207	1,219	1,213	1,218	1,230	1,249
Retained earnings	2,210	2,875	3,958	4,419	4,759	7,761	11,376	13,546	14,798	15,689
Treasury stock	-417	-665	-1,184	-1,525	-1,624	-2,674	-4,460	-5,898	-7,094	-7,981
Other comprehensive income			0.3	-0.01	1.9	-2.09	0.89	0.42		-0.6
Shareholders' equity	2,927	3,352	3,935	4,076	4,345	6,305	8,130	8,867	8,934	8,957
Minority interests	-150	-157	-159	-155	-156	-196	-216	-198	-160	-168
Total equity	2,777	3,195	3,776	3,921	4,190	6,109	7,914	8,668	8,774	8,789
Total liabilities and equity	6,424	6,856	7,704	8,276	9,266	12,531	14,160	14,908	14,935	16,420
Shares outstanding	244	237	225	215	211	195	173	160	151	145

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	360	806	1,256	678	571	3,247	3,879	2,467	1,550	1,187
Depreciation and amortization	296	299	317	321	326	348	384	438	479	551
Stock-based compensation	31.7	36.2	43.3	47.6	55.6	57.7	59.2	61.7	66.6	69
Deferred income tax	51	-140	59.2	48.3	45.7	319	34.2	55.7	-42.6	95.3
Change in receivables	-107	-139	-146	238	-112	-945	-111	447	191	-157
Change in inventory	-116	-243	-246	218	-151	-1,686	413	232	-221	-423
Change in payables	107	96.1	37.9	-86.4	183	558	-289	-30.1	-67.4	207
Cash from operations	853	739	1,415	1,396	987	2,204	4,460	3,520	1,845	1,450
Capital expenditures	-198	-165	-239	-452	-1,198	-1,006	-909	-1,658	-1,868	-948
Acquisitions	-123	-6.19	-434	-97.1	-60		-134			-176
Purchases of investments			-269	-396	-149		-928	-1,145	-739	-39.6
Cash from investing	-313	-139	-895	-577	-993	-999	-1,879	-1,970	-1,303	-975
Debt issued	474	620	446	1,574	2,523	1,517	1,465	1,366	2,483	3,554
Debt repaid	-729	-610	-455	-1,264	-2,178	-1,522	-1,507	-1,368	-2,324	-2,568
Share buybacks	-25	-252	-524	-349	-107	-1,061	-1,801	-1,452	-1,212	-901
Dividends paid	-136	-146	-169	-200	-209	-213	-237	-271	-283	-291
Cash from financing	-425	-413	-721	-267	-7.05	-1,329	-2,197	-1,777	-1,353	-294
Net change in cash	114	187	-201	553	-13.3	-125	385	-227	-811	180
Free cash flow	655	574	1,176	944	-211	1,198	3,552	1,862	-23.5	502
Interest paid	151	135	124	135	112	103	101	103	101	157
Income taxes paid	160	296	288	156	50.4	737	1,064	643	464	152

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $233.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.7%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	13.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.7%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-26.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-33.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-32.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	16.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-18.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-27.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-47.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.18x	Current assets / current liabilities.
Quick ratio	1.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.5%	Total debt / total assets.
Liabilities / assets	45.3%	Total liabilities / total assets.
Net debt	$3.63B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.2x	Operating income / interest expense.
Working capital	$4.99B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.63B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	2.42x	Revenue / average property, plant and equipment.
Inventory turnover	4.43x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Receivables turnover	8.41x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
FCF conversion	59.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$142.05	Revenue / diluted weighted shares.
FCF per share	$6.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.87	Cash from operations / diluted weighted shares.
Book value per share	$65.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$60.07	Tangible book value / shares outstanding.
Cash per share	$3.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	80.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$33.49B	Share price x shares outstanding.
Enterprise value	$37.12B	Market cap + total debt - cash - short-term investments.
P/E	20.8x	Market cap / net income. Only when net income is positive.
P/S	1.63x	Market cap / revenue.
P/B	3.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.88x	Market cap / tangible book value, when positive.
P/FCF	35.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.3x	Market cap / cash from operations, when positive.
EV/Sales	1.81x	Enterprise value / revenue.
EV/EBIT	18.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	38.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was STEEL DYNAMICS INC's revenue in fiscal 2025?

STEEL DYNAMICS INC reported revenue of $18.18B for fiscal 2025, 3.6% higher than the year before.

Was STEEL DYNAMICS INC profitable in fiscal 2025?

Yes. Net income was $1.19B, a net margin of 6.5%.

How much free cash flow did STEEL DYNAMICS INC generate in fiscal 2025?

Cash from operations of $1.45B minus capital expenditures of $948.0M left free cash flow of $501.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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