Steel Dynamics income statement

In fiscal 2025, Steel Dynamics reported revenue of $18.18bn, up 3.6% on the year before, operating income of $1.48bn (a 8.1% margin) and net income of $1.19bn, or $7.99 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Steel Dynamics: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	4.0	6.3	8.0	7.3	7.4	8.8	7.6	7.8	9.5	11.8	10.5	9.6	18.4	22.3	18.8	17.5	18.2	22.2
Cost of revenue	—	—	—	—	—	—	—	6.4	8.0	9.5	8.9	8.2	13.0	16.1	14.7	14.7	15.8	18.7
Gross profit	0.4	0.7	0.9	0.7	0.7	1.0	0.7	1.3	1.6	2.3	1.5	1.4	5.4	6.1	4.0	2.8	2.4	3.5
Selling, general and administrative	—	—	—	0.3	0.3	0.4	0.4	0.5	0.5	0.6	—	—	0.6	0.5	0.6	0.7	0.8	0.7
Operating income	0.1	0.4	0.6	0.4	0.4	0.3	−0.1	0.7	1.1	1.7	1.0	0.8	4.3	5.1	3.2	1.9	1.5	2.6
Interest expense	0.1	0.2	0.2	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Income before tax	−0.0	0.2	0.4	0.2	0.3	0.2	−0.2	0.6	0.9	1.6	0.9	0.7	4.2	5.0	3.2	2.0	1.5	2.5
Income tax	−0.0	0.1	0.2	0.1	0.1	0.1	−0.1	0.2	0.1	0.4	0.2	0.1	1.0	1.1	0.8	0.4	0.3	0.5
Net income	−0.0	0.1	0.3	0.2	0.2	0.2	−0.1	0.4	0.8	1.3	0.7	0.6	3.2	3.9	2.5	1.5	1.2	2.0
Diluted EPS	−$0.04	$0.64	$1.22	$0.73	$0.83	$0.67	−$0.54	$1.56	$3.36	$5.35	$3.04	$2.59	$15.56	$20.92	$14.64	$9.84	$7.99	$13.52
Diluted shares (average)	201m	235m	236m	237m	239m	242m	242m	245m	242m	235m	221m	212m	207m	185m	167m	156m	148m	145m
EBITDA	0.3	0.6	0.8	0.6	0.6	0.6	0.2	1.0	1.4	2.0	1.3	1.2	4.6	5.5	3.6	2.4	2.0	3.2

US$ millions unless shown otherwise. Fiscal quarters.

Steel Dynamics: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	3,872	4,369	4,565	4,828	4,414	5,205	6,092	6,509
Cost of revenue	3,430	3,883	3,947	4,070	3,885	4,442	5,133	5,227
Gross profit	442	487	618	758	529	763	959	1,282
Selling, general and administrative	177	182	198	201	185	175	193	187
Operating income	238	275	383	508	310	538	700	1,006
Interest expense	15	12	17	14	27	33	39	39
Income before tax	244	281	388	514	311	513	683	979
Income tax	34	63	87	110	46	113	153	223
Net income	207	217	299	404	266	403	534	756
Diluted EPS	$1.38	$1.44	$2.01	$2.74	$1.82	$2.78	$3.69	$5.26
EBITDA	363	409	516	646	457	697	874	1,181

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.