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Steel Dynamics cash flow statement

In fiscal 2025, Steel Dynamics's operations generated $1.45bn of cash; it spent $948m on capital projects, leaving free cash flow of $502m. It returned $291m in dividends and $901m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations4461694864463126281,0548537391,4151,3969872,2044,4603,5201,8451,4501,695
Depreciation and amortisation221225223225231263295296299317321326348384438479551654
Stock-based pay181517121624303236434856585962676970
Capital spending3301331672241871121151981652394521,1981,0069091,6581,868948600
Free cash flow116363192221255169396555741,176944−2111,1983,5521,862−245021,095
Free cash flow after stock pay98213022101104929096235381,133897−2671,1403,4921,800−904331,025
Dividends paid6965828895105128136146169200209213237271283291298
Share buybacks———————252525243491071,0611,8011,4521,212901831
Shares issued4211413438321110——————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Steel Dynamics's SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Steel Dynamics.