Steel Dynamics (STLD) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Steel Dynamics published the results on October 19, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Steel Dynamics' release compares the quarter mainly with the previous quarter (Q2 2026). Segment figures here are external net sales from the release's supplemental table; intersegment sales are excluded.
• Steel Dynamics reports no adjusted EPS. Its main non-GAAP measure is adjusted EBITDA.
• On December 1, 2025 Steel Dynamics bought the remaining 55% of New Process Steel, taking its stake to 100%. New Process Steel is part of the Steel segment's processing operations.

Source: Steel Dynamics Q3 2026 results, October 19, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Steel Dynamics splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Steel Dynamics's Steel revenue was $4.4 billion in Q3 2026, up 23% from $3.5 billion in Q3 2025, 67% of total revenue.
• Steel Dynamics's Steel Fabrication revenue was $466 million in Q3 2026, up 23% from $378 million in Q3 2025, 7% of total revenue.
• Steel Dynamics's Metals Recycling revenue was $615 million in Q3 2026, up 18% from $521 million in Q3 2025, 9% of total revenue.
• Steel Dynamics's Aluminum revenue was $476 million in Q3 2026, up 569% from $71.1 million in Q3 2025, 7% of total revenue.
• Steel Dynamics's Other revenue was $602 million in Q3 2026, up 88% from $320 million in Q3 2025, 9% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Steel Dynamics' release gives a qualitative outlook only, with no revenue or EPS figure.

In its Q3 2026 release, Steel Dynamics said:

“Looking ahead, we expect aluminum volumes and profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and scrap content increases.”

“We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity.”

Source: Steel Dynamics Q3 2026 release, Oct 19, 2026.

This is the company's own guidance as of Oct 19, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the STLD forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and diluted EPS attributable to Steel Dynamics stockholders, each as first reported in that quarter's release.

Steel Dynamics's next report is expected around January 25, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 19, 2026

Steel Dynamics' steel mills and processing operations brought in $4,350 million of external sales in Q3 2026, two-thirds of the $6,509 million total. Metals Recycling added $614 million, Aluminum $475 million, Steel Fabrication (joists and deck) $466 million and other operations $602 million. (Steel Dynamics Q3 2026 release, Oct 19, 2026; Steel Dynamics Form 10-Q, Q3 2026, Oct 23, 2026)

Price drove most of the increase. The average external selling price for Steel Dynamics' steel operations was $1,400 a ton, against $1,119 a year earlier and $1,298 in Q2 2026, while ferrous scrap cost per ton melted was $404, against $381. The 10-Q says the steel metal spread widened 35% from Q3 2025 and steel segment net sales rose 24%, due to higher average selling prices. (Steel Dynamics Q3 2026 release, Oct 19, 2026; Steel Dynamics Form 10-Q, Q3 2026, Oct 23, 2026)

Steel shipments reached a record 3.8 million tons (3,784,484 tons, against 3,613,330). Steel Dynamics said energy, non-residential construction, automotive and industrial customers led demand, supported by low customer inventories and historically low import levels. (Steel Dynamics Q3 2026 release, Oct 19, 2026)

Aluminum is the newest business: a recycled aluminum flat rolled mill in Columbus, Mississippi, rated at 650,000 metric tons and 94.4% owned by Steel Dynamics, which is still ramping up. It shipped 55,000 metric tons of flat rolled sheet in Q3 2026 and made up 7% of consolidated net sales, against 2% a year earlier. Volumes fell short for several weeks because of yield losses that Steel Dynamics traced to the hot strip mill's rolling coolant. (Steel Dynamics Form 10-Q, Q3 2026, Oct 23, 2026; Steel Dynamics Q3 2026 release, Oct 19, 2026)

Steel Dynamics reports only GAAP EPS. Diluted EPS of $5.26 in Q3 2026 compared with $2.74 a year earlier and $3.69 in Q2 2026, on net income of $756 million. Steel operating income was $1.0 billion, 43 percent above Q2, while the aluminum startup lost $26 million at the operating line and was EBITDA breakeven. (Steel Dynamics Q3 2026 release, Oct 19, 2026)

Profit sharing expense, which rises with earnings, was $81.2 million against $42.4 million a year earlier. Net interest expense rose to $32.9 million from $6.8 million. The effective tax rate was 22.8%, against 21.4%. (Steel Dynamics Q3 2026 release, Oct 19, 2026; Steel Dynamics Form 10-Q, Q3 2026, Oct 23, 2026)

Buybacks cut Steel Dynamics' diluted share count to 143,623 thousand from 147,600 thousand. It repurchased $276 million of stock in Q3 2026 and $591 million in the first nine months, and had $215.9 million left under its $1.5 billion program at September 30, 2026. (Steel Dynamics Q3 2026 release, Oct 19, 2026; Steel Dynamics Form 10-Q, Q3 2026, Oct 23, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Steel Dynamics' Q3 2026 release gives no revenue or EPS outlook. It expects aluminum volumes and profitability to improve in Q4 2026 and through 2027 as startup costs subside and yields improve, with the second CASH heat treating line due to become operational early in the first quarter of 2027. (Steel Dynamics Q3 2026 release, Oct 19, 2026)

For steel, Steel Dynamics expects consumption to benefit from investment in infrastructure, manufacturing, energy and data centers, and said its steel fabrication order backlog was 50 percent higher than a year earlier and extends into the second quarter of 2027. (Steel Dynamics Q3 2026 release, Oct 19, 2026)

A consensus figure is the average of the models published by the analysts who cover Steel Dynamics, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Steel Dynamics's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning STLD is on is STLD a buy or a sell?, what analysts expect next is on the STLD forecast, and what the company does is on the Steel Dynamics (STLD) stock page.

Every number on this page can be traced to a document Steel Dynamics published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.