Steel Dynamics (STLD) Q3 2025 earnings summary

Executive summary

• Achieved record steel shipments of 3.6 million tons and revenue of $4.8 billion in Q3 2025, with adjusted EBITDA of $664 million and strong cash flow from operations of $723 million.

• Net income was $404 million, up 35% sequentially and 27% year-over-year, with adjusted EBITDA margin at 13.8%.

• Operational milestones included significant progress at Sinton, ramp-up of aluminum operations, and first biocarbon shipments supporting decarbonization.

• Announced acquisition of the remaining 55% of New Process Steel, expanding operational capabilities.

• Safety and team culture remain a top priority, with ongoing improvements in safety programs and operational execution.

Financial highlights

• Q3 2025 EPS was $2.74; operating income reached $508 million, up 33% sequentially, driven by record steel shipments and metal spread expansion.

• Q3 2025 net sales were $4.83 billion, up 11% year-over-year; gross profit was $757.9 million.

• Cash flow from operations totaled $723 million; liquidity at quarter-end exceeded $2.2 billion.

• Share repurchases totaled $210 million in Q3 and $661 million YTD; $1 billion remains authorized.

• Startup losses in aluminum operations were $57 million in Q3, expected to be $40 million in Q4, with EBITDA break-even targeted for Q4.

Outlook and guidance

• Aluminum operations expected to reach 75% utilization by end of 2026, with monthly EBITDA break-even in Q4 2025.

• Capex for Q4 2025 projected at $200 million; 2026 full-year estimate is $500–$600 million.

• Steel prices and demand expected to improve in 2026 as inventory overhang dissipates and trade actions support domestic producers.

• Free cash flow profile has increased to $3 billion (excluding major projects), supporting continued shareholder returns and growth investments.

• Management expects to remain in compliance with debt covenants and maintain strong liquidity for the next twelve months.