10-Q · July 28, 2026
Steel Dynamics delivered a strong Q2: $6.092 billion of revenue, $700.5 million of operating income, and $3.69 diluted EPS, with revenue up 17% sequentially and 33% YoY. Steel and recycling spread expansion drove the…
Earnings analysis · 10-Q
STLD earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
Steel Dynamics reported $6.509 billion of Q3 2026 revenue and $5.26 of diluted EPS, representing strong sequential and year-over-year growth, but EPS missed the $5.41 consensus estimate. The filing provides no…
Read full summary
Steel Dynamics reported $6.509 billion of Q3 2026 revenue and $5.26 of diluted EPS, representing strong sequential and year-over-year growth, but EPS missed the $5.41 consensus estimate. The filing provides no quantified revenue or EPS guidance and reports no material changes to the risk factors in the 2025 Form 10-K. The principal disclosed exposures are commodity-price volatility, long-duration take-or-pay commitments and fixed-price metal contracts.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.26
What stood out
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Revenue accelerated sequentially and year over year
Revenue was $6.509 billion, up from $6.09 billion in Q2 2026 (+6.9%) and $4.83 billion in Q3 2025 (+34.8%).
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EPS increased sharply despite consensus miss
Diluted EPS was $5.26, versus $3.69 in Q2 2026 (+42.5%) and $2.74 in Q3 2025 (+92.0%). EPS was $0.15 below the $5.41 consensus estimate.
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Share repurchases continued at a meaningful pace
The company repurchased 1,146,353 shares during Q3 2026 under its $1.5 billion authorization; $215.921 million remained available at September 30, 2026.
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No reported control deficiencies
Disclosure controls were effective as of September 30, 2026, and management reported 0 material changes to internal control over financial reporting during the quarter.
What to watch
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Long-duration commodity commitments
Steel, aluminum and recycling operations remain exposed to commodity-price volatility. Certain take-or-pay commitments extend up to 5 years for physical commodities, 14 years for air products and 26 years for water products, creating volume and cost exposure.
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Fixed-price contract margin exposure
The company has fixed-price customer and supplier contracts for ferrous and nonferrous metals, while substantially all related financial contracts had settlement dates within the next 12 months as of September 30, 2026; adverse price movements could pressure margins.
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Environmental and regulatory exposure
Environmental and regulatory matters remain a potential source of penalties and remediation costs. EPA-related matters have resulted in aggregate fines and penalties of no more than $1 million as of September 30, 2026, although no current litigation was expected to materially affect liquidity or results.
Management's outlook
No quantified revenue or EPS outlook was provided in the filing. Management's reported expectation that aluminum volumes and profitability improve in Q4 2026 and throughout 2027 was not quantified.
Earlier filings 2
10-Q · April 27, 2026
Steel Dynamics reported strong Q1 2026 operating and sales performance with net sales of $5,204,858 (in thousands), up 19% year-over-year, driven by record steel shipments of 3.6 million tons and higher selling prices.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.