Steel Dynamics (STLD) Q2 2025 Earnings
Reported Jul 22, 2025 at 9:25 AM ET · SEC Source
Q2 25 EPS
$2.01
MISS 3.25%
Est. $2.08
Q2 25 Revenue
$4.57B
MISS 4.13%
Est. $4.76B
vs S&P Since Q2 25
+58.7%
BEATING MARKET
STLD +76.5% vs S&P +17.7%
Market Reaction
Did STLD Beat Earnings? Q2 2025 Results
Steel Dynamics fell short of Wall Street expectations in the second quarter of 2025, delivering earnings per share of $2.01 against a consensus estimate of $2.08, a miss of 3.25%, while revenue of $4.57 billion trailed the $4.76 billion estimate by 4… Read more Steel Dynamics fell short of Wall Street expectations in the second quarter of 2025, delivering earnings per share of $2.01 against a consensus estimate of $2.08, a miss of 3.25%, while revenue of $4.57 billion trailed the $4.76 billion estimate by 4.13% and slipped 1.5% from a year earlier. The most material drag on results was a prolonged oxygen supplier limitation at the company's Sinton, Texas flat roll division that lasted over 65 days, reducing steel volumes by an estimated 55,000 tons and contributing to a $32 million noncash write-off of consumable assets; consolidated operating income fell to $382.86 million from $559.12 million in the year-ago quarter, even as it rose 39% sequentially. Trade policy uncertainty further weighed on customer demand across the steel platform. Looking ahead, management struck a constructive tone, noting that full oxygen supply has been restored at Sinton and that steel fabrication profitability reached an inflection point in Q2, with sequential improvement expected in Q3. The company also shipped its first aluminum flat rolled coils in June, with the Columbus, Mississippi mill targeted to reach 40-50% utilization by year-end.
Key Takeaways
- • Metal spread expansion across steel platform as selling prices increased more than scrap costs
- • Stronger shipments from long products steel operations
- • Flat rolled steel pricing rebounded in March and stabilized at higher levels
- • Energy, non-residential construction, automotive, and industrial sectors led steel demand
- • Steel fabrication order backlog increased 15% year-to-date extending into 2026
- • Record quarterly shipments in metals recycling operations
STLD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
STLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the second quarter 2025, steel pricing stabilized at higher levels, resulting in a significant sequential improvement in consolidated operating income of 39 percent and adjusted EBITDA of 19 percent. The earnings improvement was driven by expanded margins across our steel platform and stronger shipments from our long products steel operations. Our three-year after-tax return-on-invested capital of 17 percent is a testament to our ongoing high-return capital allocation strategy. Across the company, our teams delivered a solid performance in an uncertain trade environment while continuing to prioritize the safety and well-being of one another.”
— Mark D. Millett, Q2 2025 Earnings Press Release
STLD Earnings Trends
STLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
STLD EPS Trend
Earnings per share: estimate vs actual
STLD Revenue Trend
Quarterly revenue: estimate vs actual
STLD Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $2.79 | $2.78 | -0.19% | $5.20B | +2.78% |
| Q4 25 BEAT FY | $1.69 | $1.82 | +7.92% | $4.41B | -2.60% |
| FY Full Year | — | $7.99 | — | $18.18B | — |
| Q3 25 BEAT | $2.63 | $2.74 | +4.15% | $4.83B | +1.39% |
| Q2 25 MISS | $2.08 | $2.01 | -3.25% | $4.57B | -4.13% |