Steel Dynamics (STLD) Q3 2025 Earnings
Reported Oct 21, 2025 at 10:54 AM ET · SEC Source
Q3 25 EPS
$2.74
BEAT +4.15%
Est. $2.63
Q3 25 Revenue
$4.83B
BEAT +1.39%
Est. $4.76B
vs S&P Since Q3 25
+37.1%
BEATING MARKET
STLD +48.9% vs S&P +11.8%
Market Reaction
Did STLD Beat Earnings? Q3 2025 Results
Steel Dynamics posted a stronger-than-expected third quarter for 2025, with earnings per diluted share of $2.74 beating the Wall Street consensus of $2.63 by 4.15%, while revenue of $4.83 billion came in 1.39% ahead of estimates and grew 11.2% year o… Read more Steel Dynamics posted a stronger-than-expected third quarter for 2025, with earnings per diluted share of $2.74 beating the Wall Street consensus of $2.63 by 4.15%, while revenue of $4.83 billion came in 1.39% ahead of estimates and grew 11.2% year over year. The primary engine behind the beat was a sharp expansion in steel metal spreads, as average ferrous scrap costs fell $27.00 per ton to $381 while realized selling prices declined only $15.00 per ton to $1,119, lifting steel operations operating income 30% sequentially to $497.89 million. Record shipments of 3.6 million tons, aided by easing import pressures, added further momentum, and the aluminum flat rolled mill in Columbus, Mississippi reached customer qualification for industrial, beverage can, and automotive products ahead of schedule, a development that reinforces the company's longer-term diversification story. Management acknowledged near-term friction from imported flat rolled inventory overhang and Q4 maintenance outages expected to trim flat rolled production by up to 85,000 tons, but expressed confidence in improving conditions through 2026 as trade policy stabilizes and manufacturing onshoring accelerates.
Key Takeaways
- • Record steel shipments of 3.6 million tons
- • Metal spread expansion as scrap costs declined more than realized steel selling prices
- • Improved Sinton facility performance
- • Decline in imports from elevated earlier-year levels
- • Strong structural steel and railroad rail demand and pricing
- • Near-record ferrous scrap shipments in metals recycling
- • 12% increase in steel fabrication shipments
STLD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
STLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our teams performed exceptionally well in the third quarter, achieving strong financial performance and hitting several operating milestones, while continuing to prioritize the safety and well-being of one another. Consolidated third quarter 2025 operating income improved 33 percent and adjusted EBITDA increased 24 percent sequentially. Our three-year after-tax return-on-invested capital of 15 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning significant capital to shareholders, while also maintaining strong returns as compared to best-in-class domestic manufacturers.”
— Mark D. Millett, Q3 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% |