financial statements

The full income statement, balance sheet, and cash-flow statement for Steel Dynamics Inc. (STLD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	18.2B YoY+3.6%	17.5B YoY-6.7%	18.8B YoY-15.6%	22.3B YoY+20.9%	18.4B YoY+92.0%
	2.39B YoY-14.6%	2.80B YoY-30.7%	4.05B YoY-33.9%	6.12B YoY+14.1%	5.36B YoY+273.8%
Cost of revenue	15.8B YoY+7.1%	14.7B YoY-0.1%	14.7B YoY-8.6%	16.1B YoY+23.7%	13.0B YoY+59.8%
Selling, general & administrative	765M YoY+15.2%	664M YoY+12.8%	589M YoY+7.9%	546M YoY-15.3%	644M
Amortization of intangibles	27.9M YoY-8.6%	30.5M YoY-10.3%	34.0M YoY+22.3%	27.8M YoY-4.8%	29.2M YoY+0.8%
Operating income	1.48B YoY-24.0%	1.94B YoY-38.3%	3.15B YoY-38.1%	5.09B YoY+18.4%	4.30B YoY+407.7%
Interest expense	70.0M YoY+24.3%	56.3M YoY-26.3%	76.5M YoY-16.4%	91.5M YoY+60.0%	57.2M YoY-39.7%
Interest & investment income	36.8M YoY-59.2%	90.1M YoY-19.5%	112M YoY+281.9%	29.3M	—
Other non-operating income	87.0M YoY-9.5%	96.2M YoY-33.3%	144M YoY+594.0%	20.8M YoY+159.7%	-34.8M YoY+25.6%
Pre-tax income	1.49B YoY-24.7%	1.98B YoY-38.4%	3.22B YoY-35.9%	5.02B YoY+19.3%	4.21B YoY+496.6%
Income tax	306M YoY-29.4%	433M YoY-42.4%	752M YoY-34.2%	1.14B YoY+18.6%	962M YoY+614.6%
	1.19B YoY-22.9%	1.54B YoY-37.3%	2.45B YoY-36.5%	3.86B YoY+20.2%	3.21B YoY+463.1%
Net income to non-controlling interest	1.72M YoY-86.6%	12.8M YoY-22.1%	16.4M YoY-2.2%	16.8M YoY-48.6%	32.7M YoY+63.7%
Net income to common	1.19B YoY-22.9%	1.54B YoY-37.3%	2.45B YoY-36.5%	3.86B YoY+20.2%	3.21B YoY+483.5%
	$7.99 YoY-18.8%	$9.84 YoY-32.8%	$14.64 YoY-30.0%	$20.92 YoY+34.4%	$15.56 YoY+500.8%
EPS (basic)	$8.02 YoY-18.9%	$9.89 YoY-32.8%	$14.72 YoY-30.1%	$21.06 YoY+34.4%	$15.67 YoY+500.4%
Weighted-avg shares (basic)	148M YoY-4.9%	155M YoY-6.7%	167M YoY-9.2%	183M YoY-10.6%	205M YoY-2.9%
Weighted-avg shares (diluted)	148M YoY-5.0%	156M YoY-6.7%	167M YoY-9.3%	185M YoY-10.6%	207M YoY-2.7%
Dividends per share	$2.00 YoY+8.7%	$1.84 YoY+8.2%	$1.70 YoY+25.0%	$1.36 YoY+30.8%	$1.04 YoY+4.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.48B YoY+19.4%	5.43B YoY-20.0%	6.79B YoY-11.1%	7.64B YoY+10.7%	6.90B YoY+62.1%
Cash & equivalents	770M YoY+30.6%	589M YoY-57.9%	1.40B YoY-14.0%	1.63B YoY+30.9%	1.24B YoY-9.1%
Short-term investments	0.00 YoY-100.0%	148M YoY-79.5%	721M YoY+14.8%	628M	0.00
Accounts receivable	1.68B YoY+18.7%	1.42B YoY-11.9%	1.61B YoY-18.6%	1.98B YoY+3.4%	1.91B YoY+97.5%
Inventory	3.74B YoY+20.1%	3.11B YoY+7.6%	2.89B YoY-7.5%	3.13B YoY-11.4%	3.53B YoY+91.5%
Other current assets	293M YoY+79.7%	163M YoY+0.2%	163M YoY-16.7%	195M YoY-6.8%	210M YoY+181.8%
	16.4B YoY+9.9%	14.9B YoY+0.2%	14.9B YoY+5.3%	14.2B YoY+13.0%	12.5B YoY+35.2%
Property, plant & equipment	8.57B YoY+5.6%	8.12B YoY+20.5%	6.73B YoY+25.3%	5.37B YoY+13.1%	4.75B YoY+15.7%
Operating lease right-of-use	170M YoY+49.9%	114M YoY-11.0%	127M YoY+15.2%	111M YoY+10.5%	100M YoY+10.9%
Goodwill	477M YoY+0.0%	477M YoY+0.0%	477M YoY-4.9%	502M YoY+10.6%	454M YoY-0.7%
Intangible assets	331M YoY+45.8%	227M YoY-11.8%	258M YoY-3.6%	268M YoY-9.4%	295M YoY-9.0%
Other non-current assets	557M YoY-18.2%	681M YoY+4.6%	651M YoY+71.9%	379M YoY+192.2%	130M YoY+8.2%
	2.12B YoY-1.3%	2.15B YoY-7.8%	2.33B YoY+14.8%	2.03B YoY-8.8%	2.23B YoY+76.9%
Accounts payable	1.13B YoY+0.0%	1.13B YoY+0.0%	1.13B YoY+11.9%	1.01B YoY-20.5%	1.27B YoY+66.6%
Accrued liabilities	427M YoY+16.6%	367M YoY+18.5%	309M YoY-9.2%	341M YoY+15.1%	296M YoY+65.8%
Short-term & current debt	34.7M YoY-91.9%	427M YoY-7.2%	460M YoY+702.3%	57.3M YoY-41.0%	97.2M YoY+11.8%
Current lease liability	24.2M YoY+21.3%	19.9M YoY-5.2%	21.0M YoY+11.4%	18.9M YoY+5.8%	17.8M YoY+0.7%
Other current liabilities	394M YoY+0.0%	394M YoY+0.0%	394M YoY+0.0%	394M YoY+0.0%	394M YoY+0.0%
	7.49B YoY+25.0%	5.99B YoY-1.3%	6.07B YoY+0.1%	6.06B YoY-2.4%	6.21B YoY+26.3%
Long-term debt	4.18B YoY+48.9%	2.80B YoY+7.4%	2.61B YoY-13.3%	3.01B YoY+0.2%	3.01B YoY-0.2%
Non-current lease liability	147M YoY+56.2%	94.4M YoY-11.9%	107M YoY+16.7%	91.8M YoY+11.6%	82.3M YoY+13.3%
Deferred tax liabilities	1.00B YoY+11.3%	902M YoY-4.5%	945M YoY+6.3%	889M YoY+4.0%	855M YoY+59.4%
Other non-current liabilities	186M YoY+39.8%	133M YoY-26.3%	181M YoY+39.5%	130M YoY+7.9%	120M YoY+12.8%
	8.96B YoY+0.3%	8.93B YoY+0.8%	8.87B YoY+9.1%	8.13B YoY+29.0%	6.30B YoY+45.1%
Common stock	653K YoY+0.2%	652K YoY+0.2%	651K YoY+0.2%	650K YoY+0.2%	649K YoY+0.2%
Additional paid-in capital	1.25B YoY+1.5%	1.23B YoY+1.0%	1.22B YoY+0.4%	1.21B YoY-0.5%	1.22B YoY+1.0%
Retained earnings	15.7B YoY+6.0%	14.8B YoY+9.2%	13.5B YoY+19.1%	11.4B YoY+46.6%	7.76B YoY+63.1%
Treasury stock	7.98B YoY+12.5%	7.09B YoY+20.3%	5.90B YoY+32.2%	4.46B YoY+66.8%	2.67B YoY+64.7%
Accumulated other comprehensive income	-598K YoY-34.4%	-445K YoY-205.7%	421K YoY-52.6%	889K YoY+142.5%	-2.09M YoY-209.9%
Non-controlling interest	-168M YoY-4.8%	-160M YoY+19.2%	-198M YoY+8.2%	-216M YoY-10.3%	-196M YoY-25.9%
Total equity incl. non-controlling	8.79B YoY+0.2%	8.77B YoY+1.2%	8.67B YoY+9.5%	7.91B YoY+29.6%	6.11B YoY+45.8%
Total liabilities & equity	16.4B YoY+9.9%	14.9B YoY+0.2%	14.9B YoY+5.3%	14.2B YoY+13.0%	12.5B YoY+35.2%
Common shares issued	269M YoY+0.1%	268M YoY+0.1%	268M YoY+0.1%	268M YoY+0.2%	267M YoY+0.2%
Common shares outstanding	145M YoY-4.1%	151M YoY-5.6%	160M YoY-7.5%	173M YoY-11.3%	195M YoY-7.5%
Shares outstanding (cover)	146M YoY-4.1%	152M YoY-5.9%	162M YoY-7.8%	176M YoY-11.5%	198M YoY-5.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.45B YoY-21.4%	1.84B YoY-47.6%	3.52B YoY-21.1%	4.46B YoY+102.4%	2.20B YoY+123.3%
Depreciation & amortization	551M YoY+15.1%	479M YoY+9.4%	438M YoY+14.0%	384M YoY+10.5%	348M YoY+6.7%
Share-based compensation	69.0M YoY+3.6%	66.6M YoY+7.8%	61.7M YoY+4.2%	59.2M YoY+2.6%	57.7M YoY+3.8%
Deferred income taxes	95.3M YoY+323.7%	-42.6M YoY-176.5%	55.7M YoY+62.8%	34.2M YoY-89.3%	319M YoY+596.6%
Change in receivables	157M YoY+182.4%	-191M YoY+57.2%	-447M YoY-504.1%	111M YoY-88.3%	945M YoY+743.9%
Change in inventory	423M YoY+91.6%	221M YoY+195.2%	-232M YoY+43.8%	-413M YoY-124.5%	1.69B YoY+1019.4%
Change in payables	207M YoY+407.1%	-67.4M YoY-123.4%	-30.1M YoY+89.6%	-289M YoY-151.8%	558M YoY+205.6%
Other operating activities	-10.2M YoY-85.4%	-5.51M YoY+72.1%	-19.7M YoY-998.4%	-1.79M YoY+44.6%	-3.24M YoY-110.5%
	-975M YoY+25.2%	-1.30B YoY+33.8%	-1.97B YoY-4.8%	-1.88B YoY-88.0%	-999M YoY-0.6%
Capital expenditure	948M YoY-49.2%	1.87B YoY+12.7%	1.66B YoY+82.4%	909M YoY-9.7%	1.01B YoY-16.0%
Other investing activities	-1.42M YoY-117.1%	8.31M YoY-96.3%	222M YoY+1499.2%	-15.8M YoY-132.2%	-6.82M YoY-158.9%
	-294M YoY+78.2%	-1.35B YoY+23.9%	-1.78B YoY+19.1%	-2.20B YoY-65.2%	-1.33B YoY-18763.1%
Common stock repurchased	901M YoY-25.7%	1.21B YoY-16.5%	1.45B YoY-19.4%	1.80B YoY+69.8%	1.06B YoY+895.6%
Dividends paid	291M YoY+3.0%	283M YoY+4.2%	271M YoY+14.4%	237M YoY+11.4%	213M YoY+1.8%
Other financing activities	-88.1M YoY-428.2%	-16.7M YoY+67.8%	-51.7M YoY+55.5%	-116M YoY-130.6%	-50.4M YoY-35.9%
Net change in cash	180M YoY+122.2%	-811M YoY-256.8%	-227M YoY-159.1%	385M YoY+408.2%	-125M YoY-839.8%
Interest paid	157M YoY+55.2%	101M YoY-2.1%	103M YoY+2.1%	101M YoY-2.3%	103M YoY-7.4%
Income taxes paid	152M YoY-67.2%	464M YoY-27.8%	643M YoY-39.6%	1.06B YoY+44.3%	737M YoY+1362.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	24.7B YoY+42.5%	17.4B YoY-9.1%	19.1B YoY+11.4%	17.2B YoY+39.3%	12.3B YoY+58.8%
P/E	20.9× YoY+84.7%	11.3× YoY+53.5%	7.4× YoY+77.1%	4.2× YoY+8.4%	3.8× YoY-71.8%
P/S	1.4× YoY+37.5%	1.0× YoY+1.3%	1.0× YoY+21.4%	0.8× YoY+20.4%	0.7× YoY-17.2%
P/B	2.8× YoY+42.1%	1.9× YoY-11.6%	2.2× YoY-1.7%	2.2× YoY+14.6%	2.0× YoY+9.5%
P/FCF	49.3×	—	8.5× YoY+55.2%	5.5× YoY-47.0%	10.3×
Earnings yield	4.8% YoY-45.9%	8.9% YoY-34.9%	13.6% YoY-43.5%	24.1% YoY-7.8%	26.1% YoY+254.5%
FCF yield	2.0%	—	11.8% YoY-35.6%	18.3% YoY+88.6%	9.7%
Dividend yield	1.2% YoY-26.8%	1.6% YoY+12.1%	1.4% YoY+3.4%	1.4% YoY-16.9%	1.7% YoY-38.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: STLD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all STLD filings on SEC EDGAR → Not investment advice.

STLD▼ financial statements

About this data

financial statements