How does Steel Dynamics (STLD) make money?

Steel Dynamics (STLD) generates revenue primarily from Steel Operations, which accounted for 71.1% of total revenue in TTM through Q2 2026. The company reported $20.5B in revenue and converted 7.8% of it into net profit, equivalent to roughly $1.61B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Steel Dynamics (STLD)?

Steel Dynamics (STLD) reported a gross profit margin of 14.6% in TTM through Q2 2026, equivalent to $3B in gross profit on $20.5B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Steel Dynamics (STLD)?

Steel Dynamics (STLD) reported an operating profit margin of 10.6% in TTM through Q2 2026, equivalent to $2.17B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Steel Dynamics (STLD)?

Steel Dynamics (STLD) reported a net profit margin of 7.8% in TTM through Q2 2026, equivalent to $1.61B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Steel Dynamics (STLD) profitable?

Yes. Steel Dynamics (STLD) reported $1.61B in net income for TTM through Q2 2026, with a net profit margin of 7.8%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Steel Dynamics (STLD) spend on capital expenditures?

Steel Dynamics (STLD) spent $616M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 3.0% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Steel Dynamics (STLD) generate?

Steel Dynamics (STLD) generated $956M in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 4.7%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Steel Dynamics (STLD)?

Steel Dynamics (STLD) had an effective tax rate of 26.3% in TTM through Q2 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Steel Dynamics (STLD)?

Steel Dynamics (STLD) reports revenue across 3 reportable product segments, led by Steel Operations at 71.1% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Steel Dynamics Makes Money: 2026 Visual Revenue Map

Steel Dynamics (STLD) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 28, 2026).

Steel Dynamics discloses geographic revenue only in annual filings. to view the full breakdown.

Steel Dynamics (STLD) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Steel Dynamics (STLD), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Steel Operations	$14.6B	71.1%
Metals Recycling and Ferrous Resources Operations	$4.48B	21.8%
Steel Fabrication Operations	$1.47B	7.1%
Total	$20.5B	100%

Steel Operations$14.6B
Metals Recycling and Ferrous Resources Operations$4.48B
Steel Fabrication Operations$1.47B
Total$20.5B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Steel Dynamics (STLD) reports revenue across 3 reportable product segments; the largest segment was Steel Operations at 71.1%, followed by Metals Recycling and Ferrous Resources Operations (21.8%) and Steel Fabrication Operations (7.1%).

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