Steel Dynamics (STLD) Q4 2025 earnings summary

Executive summary

• Achieved record annual steel shipments of 13.7 million tons in 2025, with net sales of $18.2 billion and net income of $1.2 billion, alongside strong operational and safety performance.

• Generated $1.4 billion in cash from operations and Adjusted EBITDA of $2.2 billion for 2025, maintaining liquidity over $2.2 billion.

• Completed acquisition of New Process Steel and advanced the Aluminum Dynamics project, with first aluminum shipments and positive EBITDA in December.

• Repurchased $901 million in common stock, over 4% of outstanding shares, and increased cash dividend by 9% in 2025.

• Submitted a joint offer with SGH to acquire BlueScope, aiming to unlock value in North American assets, though the offer was rejected.

Financial highlights

• Full year 2025 revenue reached $18.2 billion, net income $1.2 billion, and adjusted EBITDA $2.2 billion (12% margin); diluted EPS was $7.99.

• Fourth quarter 2025 revenue was $4.4 billion, net income $266 million ($1.82 per diluted share), and adjusted EBITDA $505 million.

• Steel operations generated $1.43 billion in operating income for the year, down from $1.59 billion in 2024, as record shipments were offset by compressed margins.

• Mills recycling operating income rose nearly 30% year-over-year to $97 million.

• Steel fabrication earnings were $407 million for the year, with Q4 operating income of $91 million.

Outlook and guidance

• Aluminum mill expected to reach 90% utilization by end of 2026, ahead of previous expectations, and to add $650–700 million in annual EBITDA through cycle.

• Anticipates continued positive and improving EBITDA for aluminum operations through 2026, with product mix optimization in the second half.

• Capital investments for 2026 projected at $600 million.

• Steel fabrication backlog extends through first half of 2026, with strong demand expected from infrastructure and manufacturing onshoring.

• Growth strategy focused on value-added steel and aluminum products, with major investments in new facilities and decarbonization technology.