Steel Dynamics (STLD) Q3 2026 earnings summary

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.