Steel Dynamics (STLD)
NASDAQ:STLD
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Earnings Data
Report Date
Jul 22, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
4Last Year’s EPS
2.01Same Quarter Last Year
Moderate Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong overall operational and financial performance driven by record steel shipments, robust pricing, high mill utilization, and excellent recycling and fabrication results. The primary challenge is the aluminum startup, which produced a Q1 operating loss, a temporary production pause and inventory write-down, and increased working capital needs. Management reports that aluminum quality/process issues have been resolved, ramping continues with improving certifications and volume guidance, and the broader business remains highly cash generative with active capital allocation (dividends, buybacks, growth investments). Given the breadth and scale of positive results across steel, recycling, fabrication, and cash generation, and management’s confidence in resolving aluminum startup issues and achieving targeted aluminum through-cycle earnings, the positives materially outweigh the lowlights.Company Guidance
Record Steel Shipments
Achieved record quarterly steel shipments of 3.6 million tons, driven by strong demand across flat rolled and long product segments and higher throughput across mills.
Strong Profitability and EBITDA
Reported adjusted EBITDA of $700 million and net income of $403 million ($2.78 per diluted share) for Q1 2026, with operating income of $538 million—improvements driven by higher realized steel pricing and record steel volumes.
Significant Sequential Improvement in Steel Operating Income
Steel operations generated operating income of $557 million in Q1, a 73% sequential increase, helped by an average selling price increase of $86/ton and HRC index pricing rising from $850/ton in Q4 to $975/ton in Q1 (≈+14.7%).
Metals Recycling Performance
Metals recycling operating income was $47 million, up 155% sequentially due to higher ferrous and nonferrous scrap pricing; scrap flows are expected to seasonally increase in Q2–Q3.
Fabrication & Long Product Strength
Steel fabrication delivered operating income of $90 million (in-line with Q4) with very strong joist and deck order activity; long product markets (structural, rail, SBQ) remain robust and supported record months at Columbia City and Roanoke mills.
Higher-than-Industry Utilization
Company steel mills operated at ~89% utilization in 2026 versus an estimated North American industry production utilization rate of 77%, providing a competitive advantage and supporting cash generation.
Aluminum Ramp Progress & Certifications
Aluminum operations progressed from construction/commissioning to production: hot side fully operational, two of three cold mills producing prime product, first CASH line operational, multiple customer certifications secured (industrial, can sheet, automotive hot band), and expectation to reach optimized product mix by 2027.
Cash Generation & Capital Allocation
Generated operating cash flow of $148 million in Q1, ended the quarter with $2.0 billion liquidity ($800 million cash/investments + $1.2 billion revolver), repurchased $115 million of stock (with $687 million remaining authorization), increased the cash dividend, and expect full-year 2026 CapEx of ~$600 million (Q1 CapEx $138 million).
Long-Term Cash Flow and Investment Outcomes
Free cash flow profile improved materially (historical average $540M to recent five-year average $2.4B; excluding large growth projects average $3.2B). Over $5 billion invested in three organic growth initiatives with estimated through-cycle annual EBITDA contribution of ~$1.4 billion; aluminum through-cycle EBITDA target $650–700M (+$40–50M recycling).
Operational Safety
Strong safety performance: across ~135 locations, 94% operated in Q1 without a lost-time injury, reflecting continued emphasis on safety culture and controlled safety philosophy.
STLD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
STLD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 20, 2026 | $209.35 | $220.21 | +5.19% |
Jan 26, 2026 | $180.76 | $172.78 | -4.41% |
Oct 20, 2025 | $145.40 | $152.90 | +5.15% |
Jul 21, 2025 | $133.24 | $130.97 | -1.70% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Steel Dynamics (STLD) report earnings?
Steel Dynamics (STLD) is schdueled to report earning on Jul 22, 2026, After Close (Confirmed).
What is Steel Dynamics (STLD) earnings time?
Steel Dynamics (STLD) earnings time is at Jul 22, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is STLD EPS forecast?
STLD EPS forecast for the fiscal quarter 2026 (Q2) is 4.
