Steel Dynamics (STLD) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly steel shipments of 3.7 million tons in Q2 2026, with strong demand, increased customer orders, and robust performance across steel, metals recycling, and fabrication platforms.

• Net income was $534 million ($3.69 per diluted share), with revenues of $6.1 billion and adjusted EBITDA of $921 million, all showing significant year-over-year and sequential growth.

• Aluminum operations ramped up, with shipments reaching 53,000 metric tons, commissioning progress, and expectations for sharp volume and profitability increases in H2 2026 and 2027.

• Share repurchases totaled $200–$350 million in Q2 2026, with $489 million remaining authorized, and cash flow from operations was $428 million.

• Continued focus on safety, with recordable injury rates below industry averages and a commitment to a zero-incident culture.

Financial highlights

• Q2 2026 net sales were $6.1 billion, up 33% year-over-year and 17% sequentially, with adjusted EBITDA of $921 million and operating income of $700 million.

• Steel operations generated $721 million in operating income, up 30% sequentially and 89% year-over-year, with average selling prices up $105/ton.

• Metals recycling delivered $48 million in operating income, and steel fabrication $85 million, both stable sequentially.

• Aluminum operations posted a $33 million operating loss (improved 48% sequentially), with a $16 million non-cash impairment charge for a slab center relocation.

• Cash flow from operations was $428 million, with liquidity of $2 billion at quarter-end.

Outlook and guidance

• Aluminum rolling mill volumes and profitability are forecast to rise sharply in H2 2026 and into 2027 as new mills come online and startup costs subside.

• Steel fabrication volumes expected to remain strong, with pricing improvements likely in the next 6–9 months and into 2027.

• Working capital expected to be a funding source in H2 2026, with liquidity and anticipated cash flow covering capital requirements.

• Growth strategy funded through free cash flow and debt capacity, with a commitment to maintain investment grade credit metrics.

• Continued focus on decarbonization and renewable energy targets aligned with global climate standards.