Steel Dynamics Q3 2026 Earnings Beat on Revenue but Miss on EPS and EBITDA as Profits Surge Year Over Year

Steel Dynamics posted third-quarter 2026 revenue of $6.51 billion, topping the $6.43 billion consensus estimate, but fell short on the bottom line. EPS came in at $5.26, missing the $5.41 estimate by $0.13, while net income of $755.7 million trailed the $790 million forecast. Adjusted EBITDA of $1.19 billion also came in below the $1.23-1.24 billion estimate, and operating income of $1.01 billion missed the $1.06 billion expectation.

Despite the misses, the results represented a sharp year-over-year improvement. EPS rose 92% and net income climbed 87% compared to the same quarter a year earlier. Steel shipments reached a record 3.8 million tons at an average realized price of $1,400 per ton, with average scrap costs of $404 per ton. Operating cash flow was $845.8 million, and the company deployed $276 million in share repurchases and $76 million in dividends during the quarter, against $150 million in capital investments.

Segment results showed the steel division generating $1.03 billion in operating income, while steel fabrication contributed $90.6 million and metals recycling added $33 million. The newer aluminum segment posted an operating loss of $26.2 million, though the company noted all three cold mills are now operational and the first of two Continuous Annealing and Solution Heat lines is running, with finished automotive product shipments expected before year end. Aluminum flat-rolled product shipments totaled 55,000 metric tons in the quarter.

Management highlighted strengthening customer demand, with the order backlog now 50% higher than a year ago and extending into the second quarter of 2027. The company held liquidity of $2.4 billion as of September 30, 2026.