Steel Dynamics Net Income Surges 86% to $403.4M in Q1 2026

Steel Dynamics, Inc. (NASDAQ: STLD), a steel production and metals recycling company, reported net income of $403.4 million for the three months ending March 31, 2026, an 86% increase from $217.2 million in the first quarter of 2025. Diluted earnings per share rose to $2.78 from $1.44 a year earlier. Read more earnings reports.

Revenue for the quarter reached $5.20 billion, up 19% from $4.37 billion in the prior-year period. The company posted gross profit of $763.2 million compared to $486.5 million a year ago, a 57% improvement.

Operating income nearly doubled to $538.0 million from $275.1 million in the first quarter of 2025. Cost of goods sold rose to $4.44 billion from $3.88 billion, while selling, general and administrative expenses declined to $175.2 million from $181.8 million.

The company's cash position tightened during the quarter. Cash and cash equivalents fell to $556.5 million as of March 31, 2026, down from $769.9 million at the end of 2025. Cash from operations totaled $148.3 million for the quarter, slightly below the $152.6 million generated in the same period last year.

Steel Dynamics deployed $139.1 million in investing activities during the quarter, compared to $178.8 million in the prior-year period. Financing activities consumed $222.8 million, a reversal from the $623.3 million inflow recorded in the first quarter of 2025.

Total assets stood at $16.72 billion as of March 31, 2026, up from $16.42 billion at year-end 2025. Inventory increased to $3.91 billion from $3.74 billion over the same period. Long-term debt remained relatively flat at $4.18 billion.

Stockholders' equity rose to $9.16 billion from $8.96 billion at the end of 2025. Retained earnings climbed to $16.02 billion from $15.69 billion. The company had 144.4 million shares outstanding as of March 31, 2026, down from 144.9 million three months earlier.