Steel Dynamics (STLD) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $6.509B, operating income $1.006B, net income $756M ($5.26 diluted EPS), and adjusted EBITDA $1.190B at an 18% margin.

• Consolidated operating income rose $306M, or 44% sequentially, as record steel shipments and expanding metal spreads drove improvement.

• Cash flow from operations was $846M; liquidity was $2.370B at September 30, 2026.

Financial highlights

• Net sales rose 7% sequentially and 35% YoY; operating income increased 43% sequentially and 98% YoY to $1.006B.

• Net income rose 42% sequentially and 87% YoY to $756M; diluted EPS was $5.26, up 43% sequentially and 92% YoY.

• Adjusted EBITDA increased 29% sequentially and 79% YoY to $1.190B.

• 9M net sales were $17.806B, up 29% YoY; net income was $1.694B, up 84%, and adjusted EBITDA was $2.811B, up 71%.

Outlook and guidance

• Recycled aluminum mill expected annual output is 650,000 tonnes; estimated investment is $2.5B plus ~$400M for two slab centers, with through-cycle consolidated annual EBITDA of $650M–$700M expected.

• All three aluminum cold mills are operational; the first CASH line was expected to ship finished automotive products before year-end 2026, and the second line is expected to become operational early in Q1 2027.

• Aluminum volumes and profitability are expected to improve in Q4 2026 and throughout 2027 as startup costs subside and utilization, yields, and scrap content improve.

• Renewable biocarbon facility planned capacity is 228,000 metric tons annually, with investment above $300M and potential steelmaking Scope 1 emissions reduction of up to 35%.

• Steel mills’ 2030 renewable electricity goal is 30%; renewable electricity reached 11% in 2025, meeting the 2025 goal.