Steel Dynamics Q3 2026: Record Shipments, Narrow Miss, Swelling Backlog
As seen on the 24/7 Wall St. homepage on October 20, 2026.
A narrow miss on both lines, but operating income nearly doubled from a year ago to $1.01 billion on record steel shipments. The fabrication backlog sits 50% above year-ago levels and stretches into Q2 2027, with the aluminum mill still a drag.
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Steel Dynamics posted Q3 2026 GAAP earnings per share of $5.26, missing expectations of $5.40, with revenue of $6.51 billion also missing the $6.57 billion estimate.
Operating income of $1.01 billion came in at nearly double the year-ago level, as record steel shipments and wider metal spreads lifted the steel platform.
Revenue grew 34.8% year over year as pricing leverage and efficiency gains carried through to net income and operating cash flow.
The steel fabrication order backlog sits 50% above year-ago levels and stretches into Q2 2027 on reshoring and domestic manufacturing investment. CEO Mark D. Millett cited a three-year after-tax return on invested capital of 13% as evidence the model performs through the cycle.
The aluminum flat-rolled mill posted an operating loss of $26 million while reaching EBITDA breakeven, with all three cold mills operational and the first continuous annealing line running. Management expects aluminum volumes and profitability to improve through 2027 as startup costs subside.
Steel Dynamics repurchased $276 million of its common stock and declared a quarterly dividend of $0.53 per share. The period ended with $929 million in cash, leaving flexibility for the aluminum ramp and the infrastructure spending cycle.
Mentioned: STLD