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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Steel Dynamics
Steel Dynamics (STLD) investor relations material
Steel Dynamics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Oct, 2026
Executive summary
Q3 net sales were $6.509B, net income was $756M, or $5.26 per diluted share, and adjusted EBITDA was $1.190B.
Record steel shipments of 3.784M tons and expanding metal spreads drove sharply higher earnings; operating income rose 98% YoY to $1.006B.
Results finished slightly below prior guidance after late-quarter FX and aluminum-hedging unrealized mark-to-market adjustments just under $30M.
Theresa Wagler is set to become CEO at year-end; Mark Millett plans to step back from the role and remain available in an advisory capacity.
Financial highlights
Q3 net sales rose 35% YoY to $6.509B; operating income was $1.006B versus $508M, and attributable net income was $756M versus $403.7M.
Diluted EPS was $5.26 versus $2.74 YoY and $3.69 in Q2; Q3 dividends declared were $0.53 per share.
Adjusted EBITDA increased 79% YoY to $1.190B, with an 18% margin; Q3 cash flow from operations was $846M.
9M net sales rose 29% YoY to $17.806B, operating income rose 93% to $2.245B, and adjusted EBITDA rose 71% to $2.811B.
9M attributable net income was $1.694B, or $11.72 per diluted share, versus $919.6M and $6.17 a year earlier.
Outlook and guidance
Aluminum volumes and profitability are expected to improve in Q4 2026 and through 2027 as startup costs subside and utilization, yields, and recycled scrap content rise.
Favorable flat-rolled pricing and value-added spreads are expected to support Q4 results and continue into 2027; ~80% of flat-rolled volume is contract-priced and generally lags market changes by two months.
Fabrication backlog was 50% higher YoY, extending into Q2 2027, with higher pricing in backlog for early-2027 deliveries.
Aluminum through-cycle EBITDA potential is $650M–$700M at nameplate capacity and expected mix, plus $40M–$50M from metals recycling under normalized market conditions.
Preliminary 2027 capital spending may exceed $600M; organic growth priorities and project details are expected at a capital markets day in H1 2027.
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Latest events from Steel Dynamics
- Q2 2026 net income hit $534M on record steel shipments and strong aluminum ramp-up.STLD
Q2 2026 - Record Q1 2026 steel shipments and strong pricing drove net income and EBITDA growth.STLDQ1 2026
- Board recommends voting for all directors and proposals except the political spending measure.STLDProxy filing
- Record financials, strategic growth, and strong ESG initiatives mark 2025; board opposes political spending proposal.STLDProxy filing
- Record Q3 steel shipments, strong earnings, and robust liquidity support a positive 2026 outlook.STLDQ3 2025
- Q3 2024 net income was $318M on $4.3B sales; strong cash flow supports growth and returns.STLDQ3 2024
- Q2 2024 net income was $428M on $4.6B sales, with strong liquidity and positive demand outlook.STLDQ2 2024
- Q1 2025 saw record steel shipments but net income fell 63% to $217M on lower prices.STLDQ1 2025
- 2024 delivered strong results and investments, positioning for growth in steel and aluminum.STLDQ4 2024
Next Steel Dynamics earnings date
Q4 202625 Jan, 2027
Steel Dynamics
Next Steel Dynamics earnings date
Q4 202625 Jan, 2027
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Frequently asked questions
Headquartered in Fort Wayne, Indiana, Steel Dynamics, Inc. is the largest American steel producer and metal recycler with strategic geographic locations throughout the United States. The Company recycles ferrous and non-ferrous metal-bearing commodities that include scrap metal, plate, tin plate, corrugated and alloy sheet metal products and other materials. Steel Dynamics primarily serves automotive, furniture, appliance and building construction manufacturing industries.