$STLD

STEEL DYNAMICS INC

CIK:0001022671|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total net sales	$ 6,091,557	$ 4,565,123	$ 11,296,415	$ 8,934,318
Costs of goods sold	5,132,583	3,946,655	9,574,218	7,829,306
Gross profit	958,974	618,468	1,722,197	1,105,012
Selling, general and administrative expenses	193,451	198,010	368,671	379,818
Profit sharing	57,314	30,706	99,512	53,401
Amortization of intangible assets	7,730	6,897	15,531	13,794
Operating income	700,479	382,855	1,238,483	657,999
Interest expense, net of capitalized interest	39,120	17,381	72,361	29,512
Other income, net	(22,105)	(22,392)	(30,555)	(40,033)
Income before income taxes	683,464	387,866	1,196,677	668,520
Income tax expense	152,679	86,675	265,787	149,650
Net income	530,785	301,191	930,890	518,870
Net loss (income) attributable to noncontrolling interests	3,302	(2,465)	6,633	(2,993)
Net income attributable to Steel Dynamics, Inc.	$ 534,087	$ 298,726	$ 937,523	$ 515,877
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 3.71	$ 2.01	$ 6.49	$ 3.45
Weighted average common shares outstanding (in shares)	143,997	148,387	144,397	149,325
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 3.69	$ 2.01	$ 6.47	$ 3.44
Weighted average common shares and share equivalents outstanding (in shares)	144,591	148,960	144,956	149,885
Dividends declared per share (in dollars per share)	$ 0.53	$ 0.5	$ 1.06	$ 1
Unrelated parties
Total net sales	$ 6,069,512	$ 4,340,798	$ 11,254,846	$ 8,582,297
Related parties
Total net sales	$ 22,045	$ 224,325	$ 41,569	$ 352,021

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 530,785	$ 301,191	$ 930,890	$ 518,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	173,922	132,865	333,202	266,621
Equity-based compensation	14,162	14,063	31,613	31,103
Deferred income taxes	29,978	39,129	62,647	55,378
Other adjustments	14,431	(890)	12,138	(5,085)
Changes in certain assets and liabilities:
Accounts receivable	(386,504)	19,825	(760,278)	(283,777)
Inventories	(48,843)	(163,417)	(223,270)	(149,607)
Other assets	(23,468)	7,789	(2,467)	(24,326)
Accounts payable	107,310	(5,267)	264,215	243,333
Income taxes receivable/payable	(109,889)	(82,710)	(35,457)	(39,895)
Accrued expenses	126,052	39,033	(36,981)	(158,401)
Net cash provided by operating activities	427,936	301,611	576,252	454,214
Investing activities:
Purchases of property, plant and equipment	(123,842)	(288,331)	(261,821)	(593,837)
Purchases of short-term investments		(29,571)		(39,571)
Proceeds from maturities of short-term investments		9,614		147,425
Other investing activities	5,805	2,592	4,718	1,528
Net cash used in investing activities	(118,037)	(305,696)	(257,103)	(484,455)
Financing activities:
Issuance of current and long-term debt	695,091	484,278	1,294,560	1,890,221
Repayment of current and long-term debt	(716,223)	(902,605)	(1,328,582)	(1,335,132)
Dividends paid	(76,555)	(74,690)	(149,025)	(144,204)
Purchases of treasury stock	(200,288)	(200,048)	(315,375)	(450,186)
Other financing activities	(697)	(31,718)	(23,009)	(62,187)
Net cash used in by financing activities	(298,672)	(724,783)	(521,431)	(101,488)
Increase (decrease) in cash, cash equivalents, and restricted cash	11,227	(728,868)	(202,282)	(131,729)
Cash, cash equivalents, and restricted cash at beginning of period	561,763	1,192,149	775,272	595,010
Cash, cash equivalents, and restricted cash at end of period	572,990	463,281	572,990	463,281
Supplemental disclosure information:
Cash paid for interest	67,149	34,737	93,149	63,214
Cash paid for income taxes, net	$ 231,062	$ 124,753	$ 235,553	$ 128,470

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and equivalents	$ 567,708	$ 769,878
Inventories	3,955,621	3,738,516
Other current assets	314,768	293,117
Total current assets	7,281,035	6,484,171
Property, plant and equipment, net	8,491,771	8,569,466
Intangible assets, net	315,759	331,290
Goodwill	477,471	477,471
Other assets	547,363	557,382
Total assets	17,113,399	16,419,780
Current liabilities
Income taxes payable	32,345	67,315
Accrued payroll and benefits	313,113	361,494
Accrued expenses	456,950	427,432
Current maturities of long-term debt	1,332	34,655
Total current liabilities	2,287,306	2,122,254
Long-term debt	4,180,810	4,176,508
Deferred income taxes	1,070,817	1,004,375
Other liabilities	211,395	186,232
Total liabilities	7,750,328	7,489,369
Commitments and contingencies
Redeemable noncontrolling interests	143,259	141,226
Equity
Common stock voting, $0.0025 par value; 900,000,000 shares authorized; 268,694,947 and 268,644,427 shares issued; and 143,610,058 and 144,940,102 shares outstanding, as of June 30, 2026 and December 31, 2025, respectively	653	653
Treasury stock, at cost; 125,084,889 and 123,704,325 shares, as of June 30, 2026 and December 31, 2025, respectively	(8,287,758)	(7,980,549)
Additional paid-in capital	1,229,734	1,248,634
Retained earnings	16,473,691	15,689,042
Accumulated other comprehensive income (loss)	3,212	(598)
Total Steel Dynamics, Inc. equity	9,419,532	8,957,182
Noncontrolling interests	(199,720)	(167,997)
Total equity	9,219,812	8,789,185
Total liabilities and equity	17,113,399	16,419,780
Unrelated parties
Current assets
Accounts receivable	2,435,045	1,680,249
Current liabilities
Accounts payable	1,465,868	1,223,776
Related parties
Current assets
Accounts receivable	7,893	2,411
Current liabilities
Accounts payable	$ 17,698	$ 7,582