--- title: "Steel Dynamics | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 6.092 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/293351513.md" datetime: "2026-07-21T13:44:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293351513.md) - [en](https://longbridge.com/en/news/293351513.md) - [zh-HK](https://longbridge.com/zh-HK/news/293351513.md) --- # Steel Dynamics | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 6.092 B Revenue: As of FY2026 Q2, the actual value is USD 6.092 B, beating the estimate of USD 5.465 B. EPS: As of FY2026 Q2, the actual value is USD 3.69, beating the estimate of USD 3.6778. EBIT: As of FY2026 Q2, the actual value is USD 722.58 M. ### Consolidated Financial Performance #### Operating Income - For the second quarter of 2026, Steel Dynamics, Inc. reported an operating income of $700 million . - Consolidated operating income increased by $162 million, or 30 percent, compared to the sequential first quarter of 2026, reaching $700,479 thousand from $538,004 thousand . - The second quarter 2026 operating income of $700,479 thousand increased from $382,855 thousand in the second quarter of 2025 . - Year-to-date June 30, 2026, operating income was $1,238,483 thousand, an 88 percent increase compared to $657,999 thousand for the same period in 2025 . #### Net Income - Net income attributable to Steel Dynamics, Inc. for the second quarter of 2026 was $534 million, which included a -$16 million non-cash asset impairment charge . - Sequential first quarter 2026 net income attributable to Steel Dynamics, Inc. was $403 million . - Prior year second quarter 2025 net income attributable to Steel Dynamics, Inc. was $299 million . - Year-to-date June 30, 2026, net income attributable to Steel Dynamics, Inc. was $938 million . - For the six months ended June 30, 2026, net income attributable to Steel Dynamics, Inc. of $937,523 thousand increased from $515,877 thousand for the same period in 2025 . #### Adjusted EBITDA - Adjusted EBITDA for the second quarter of 2026 was $921 million . - Adjusted EBITDA for the second quarter of 2026 was $920,519 thousand, compared to $533,413 thousand in the second quarter of 2025 . - Year-to-date June 30, 2026, Adjusted EBITDA was $1,620,416 thousand, compared to $981,736 thousand for the same period in 2025 . #### Cash Flow from Operations - Cash flow from operations for the second quarter of 2026 was $428 million . - Cash flow from operations for the second quarter of 2026 was $427,936 thousand, compared to $301,611 thousand in the second quarter of 2025 . - Year-to-date June 30, 2026, cash flow from operations was $576 million . - For the six months ended June 30, 2026, cash flow from operations was $576,252 thousand, compared to $454,214 thousand for the same period in 2025 . #### Capital Investments - The company invested $124 million in capital investments during the second quarter of 2026 . - Year-to-date June 30, 2026, the company invested $262 million in capital investments . #### Share Repurchases - Share repurchases of $200 million of the company’s common stock were made in the second quarter of 2026 . - Year-to-date June 30, 2026, the company repurchased $315 million of its outstanding common stock, representing one percent of its outstanding shares . #### Dividends Paid - Cash dividends of $77 million were paid in the second quarter of 2026 . - Year-to-date June 30, 2026, cash dividends of $149 million were paid . #### Liquidity - As of June 30, 2026, Steel Dynamics, Inc. maintained strong liquidity of $2.0 billion . ### Segment Performance #### Steel Operations - Second quarter 2026 operating income was $721 million, which is 30 percent higher than sequential first quarter results, driven by record shipments and metal spread expansion . - Year-to-date June 30, 2026, operating income was $1.3 billion, compared to $612 million for the same prior year period . - The average external product selling price in the second quarter of 2026 increased $105 sequentially to $1,298 per ton . - The average ferrous scrap cost in the second quarter of 2026 increased $16 sequentially to $412 per ton . - The average external selling price year-to-date 2026 increased $183 to $1,247 per ton compared to the same prior year period . - The average ferrous scrap cost year-to-date 2026 increased $7 to $404 per ton compared to the same prior year period . - Record steel shipments of 3.7 million tons were achieved in the second quarter of 2026, totaling 3,741,340 tons . - Steel mill production in the second quarter of 2026 was 2,974,075 tons . #### Metals Recycling Operations - Second quarter 2026 operating income remained steady at $48 million, supported by higher volumes as pricing decreased . - Year-to-date June 30, 2026, operating income was $95 million, compared to $47 million in the same prior year period, due to improved metal spreads and increased shipments . - Ferrous shipments in the second quarter of 2026 were 1,672,886 gross tons . #### Steel Fabrication Operations - Second quarter 2026 operating income was $85 million, in line with first quarter results of $90 million, as increased shipments and steady pricing were offset by higher steel raw material input costs . - Year-to-date June 30, 2026, operating income was $174 million, compared to $210 million in the same prior year period, due to a decrease in average pricing of $100 per ton combined with higher steel raw material input costs of $95 per ton . - The order backlog was nearly 45 percent higher than a year ago and extends into the first quarter of 2027 . - Shipments in the second quarter of 2026 were 161,010 tons . - The average sales price in the second quarter of 2026 was $2,442 per ton . #### Aluminum Operations - Second quarter 2026 operating losses were -$33 million, representing a 48 percent improvement compared to sequential first quarter results . - An additional non-cash impairment charge of -$16 million was recorded in the second quarter, related to the relocation of the planned second satellite aluminum recycled slab center . - Aluminum flat rolled sheet product shipments in the second quarter of 2026 increased to 53,000 metric tons . - Hot band production in the second quarter of 2026 increased to 84,000 metric tons . ### Outlook / Guidance Steel Dynamics, Inc. anticipates strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027, driven by improving market conditions, customer sentiment, and order entry activity . The company expects volumes and profitability from its aluminum operations to increase sharply in the second half of 2026 and for full year 2027 as startup costs decrease and utilization improves . The third cold mill in the aluminum flat-rolled sheet products mill is expected to transition to commercial operations in August, with automotive sales commencing before the end of 2026 . ### Related Stocks - [STLD.US](https://longbridge.com/en/quote/STLD.US.md) ## Related News & Research - [Should Steel Dynamics’ (STLD) Strong Q2 2026 Earnings Jump Require Action From Investors?](https://longbridge.com/en/news/293847146.md) - [Steel Dynamics FY26 Q2 net income rises 78.6% to $534.09 million](https://longbridge.com/en/news/293252397.md) - [Steel Dynamics, Inc. $STLD Shares Bought by Lombard Odier Asset Management Switzerland SA](https://longbridge.com/en/news/293842853.md) - [Steel Dynamics: Solid Near-Term Beat but Stretched Valuation Keeps Neutral Rating and $260 Price Target Unchanged](https://longbridge.com/en/news/293372955.md) - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md)