How does Steel Dynamics (STLD) make money?

Steel Dynamics (STLD) generates revenue primarily from Steel Operations, which accounted for 70.5% of total revenue in TTM through Q1 2026. The company reported $19.01B in revenue and converted 7.2% of it into net profit, equivalent to roughly $1.37B 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% in TTM through Q1 2026, equivalent to $2.66B in gross profit on $19.01B 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 9.4% in TTM through Q1 2026, equivalent to $1.79B 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 7.2% in TTM through Q1 2026, equivalent to $1.37B 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 $1.37B in net income for TTM through Q1 2026, with a net profit margin of 7.2%. 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 $780.50M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 4.1% 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 $664.75M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 3.5%. 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 27% in TTM through Q1 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 70.5% of total revenue in TTM through Q1 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 Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 27, 2026).

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

Steel Dynamics (STLD) Revenue by Product Segment — TTM through Q1 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) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Steel Operations	$13.40B	70.5%
Metals Recycling and Ferrous Resources Operations	$4.24B	22.3%
Steel Fabrication Operations	$1.37B	7.2%
Total	$19.01B	100%

Steel Operations$13.40B
Metals Recycling and Ferrous Resources Operations$4.24B
Steel Fabrication Operations$1.37B
Total$19.01B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Steel Dynamics (STLD) reports revenue across 3 operating segments; the largest segment was Steel Operations at 70.5%, followed by Metals Recycling and Ferrous Resources Operations (22.3%) and Steel Fabrication Operations (7.2%).

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