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STLD · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 33.4% y/y to $6.09B, operating margin 11.5% vs 8.4%, net income $534M (+78.8% y/y).
Net income attributable to Steel Dynamics, Inc.
$534M
up 78.8% y/y
Net sales
$6,092M
up 33.4% y/y
Operating income
$700M
up 83.0% y/y
Gross profit
$959M
up 55.1% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $6,092 · +33.4% |
| Costs of goods sold | $5,133 · +30.0% |
| Gross profit | $959 · +55.1% · 15.7% margin |
| Selling, general and administrative expenses | $193 · −2.3% |
| Profit sharing | $57.3 · +86.7% |
| Amortization of intangible assets | $7.7 · +12.1% |
| Operating income | $700 · +83.0% · 11.5% margin |
| Interest expense, net of capitalized interest | $39.1 · +125% |
| Other income, net | $22.1 · −1.3% |
| Income before income taxes | $683 · +76.2% |
| Income tax expense | $153 · +76.2% · 22.3% effective rate |
| Net loss (income) attributable to noncontrolling interests | $3.3 · vs −$2.5 |
| Net income attributable to Steel Dynamics, Inc. | $534 · +78.8% · 8.8% margin |
Verdict: revenue grew 33.4% y/y to $6.09B, operating margin 11.5% vs 8.4%, net income $534M (+78.8% y/y).
Adjusted EBITDA was $921 million and cash flow from operations was $428 million.
Source and notation
Source: Steel Dynamics press release, 8-K EX-99.1 of 07/21/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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- Record steel shipments were 3.7 million tons, and net income was reduced by a $16 million non-cash asset impairment charge.
- Gross margin was 15.7% vs 13.5% a year earlier.
- Operating income was $700M, a 11.5% margin vs 8.4% a year earlier.
- The effective tax rate was 22.3% vs 22.3% a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
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