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STLD

Latest: Q3 FY26 · Thesis page →
Revenue$6.5B+34.8% YoY
Net income$756.0M+87.3% YoY
Free cash flow$696.2M+25.0% YoY
Gross margin19.7%+4.0 pts vs a year ago

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$2.3B$4.7B$7.0BQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
3%9%16%22%Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+14%+19%+33%+35%Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue$3.9B$4.4B$4.6B$4.8B$4.4B$5.2B$6.1B$6.5B
YoY————+14.0%+19.1%+33.4%+34.8%
Cost of goods sold$3.4B$3.9B$3.9B$4.1B$3.9B$4.4B$5.1B$5.2B
YoY————+13.2%+14.4%+30.0%+28.4%
Gross profit$441.7M$486.5M$618.5M$757.9M$529.3M$763.2M$959.0M$1.3B
YoY————+19.8%+56.9%+55.1%+69.2%
Research & development————————
YoY————————
Selling, general & administrative$176.9M$181.8M$198.0M$200.8M$184.6M$175.2M$193.5M$187.0M
YoY————+4.4%-3.6%-2.3%-6.9%
Operating income$237.5M$275.1M$382.9M$507.8M$310.2M$538.0M$700.5M$1.0B
YoY————+30.6%+95.6%+82.9%+98.2%
Pretax income$244.0M$280.7M$387.9M$513.8M$310.6M$513.2M$683.5M$978.6M
YoY————+27.3%+82.8%+76.2%+90.5%
Income tax$34.1M$63.0M$86.7M$109.9M$46.1M$113.1M$152.7M$222.9M
YoY————+35.2%+79.5%+76.1%+102.8%
Net income$207.3M$217.2M$298.7M$403.7M$266.0M$403.4M$534.1M$756.0M
YoY————+28.3%+85.7%+78.8%+87.3%
EPS — basic—$1.45$2.01$2.75—$2.79$3.71$5.29
YoY—————+92.4%+84.6%+92.4%
EPS — diluted—$1.44$2.01$2.74—$2.78$3.69$5.26
YoY—————+93.1%+83.6%+92.0%
Weighted shares — basic—150.3M148.4M146.9M—144.8M144.0M143.0M
Weighted shares — diluted—150.8M149.0M147.6M—145.3M144.6M143.6M

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cash & equivalents$589.5M$1.2B$458.0M$770.4M$769.9M$556.5M$567.7M$928.6M
YoY————+30.6%-53.1%+24.0%+20.5%
Marketable securities (current)————————
YoY————————
Accounts receivable$1.4B$1.7B$1.7B$1.8B$1.7B$2.1B$2.4B$2.4B
YoY————+18.7%+19.5%+43.6%+38.8%
Inventory$3.1B$3.1B$3.3B$3.2B$3.7B$3.9B$4.0B$4.2B
YoY————+20.1%+26.1%+21.3%+33.0%
Total current assets$5.4B$6.2B$5.7B$6.1B$6.5B$6.8B$7.3B$8.0B
YoY————+19.4%+9.3%+27.9%+31.8%
Total assets$14.9B$15.9B$15.5B$16.0B$16.4B$16.7B$17.1B$17.8B
YoY————+9.9%+5.0%+10.1%+11.7%
Total current liabilities$2.2B$2.3B$1.8B$2.0B$2.1B$2.2B$2.3B$2.5B
YoY————-1.3%-4.2%+25.7%+30.2%
Total liabilities$6.0B$7.1B$6.7B$7.0B$7.5B$7.6B$7.8B$8.1B
YoY————+25.0%+6.9%+15.6%+15.2%
Total equity$8.9B$8.8B$8.9B$9.0B$9.0B$9.2B$9.4B$9.8B
YoY————+0.3%+3.9%+6.3%+9.4%
Shares outstanding151.1M149.4M147.8M146.2M144.9M144.4M143.6M142.5M
YoY————-4.1%-3.3%-2.8%-2.5%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Operating cash flow$346.9M$152.6M$301.6M$722.6M$272.7M$148.3M$427.9M$845.8M
YoY————-21.4%-2.8%+41.9%+17.0%
Capital expenditures$453.2M$305.5M$288.3M$165.7M$188.5M$138.0M$123.8M$149.6M
YoY————-58.4%-54.8%-57.1%-9.7%
Free cash flow$-106.3M$-152.9M$13.3M$556.9M$84.2M$10.3M$304.1M$696.2M
YoY————+179.2%+106.7%+2186.5%+25.0%
Dividends paid————————
YoY————————
Share repurchases$295.1M$250.1M$200.0M$210.4M$240.3M$115.1M$200.3M$275.6M
YoY————-18.6%-54.0%+0.1%+31.0%

Margins & ratios

Derived from the reported dollars above — no separate source.

Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Gross margin11.4%11.1%13.5%15.7%12.0%14.7%15.7%19.7%
Operating margin6.1%6.3%8.4%10.5%7.0%10.3%11.5%15.5%
Net margin5.4%5.0%6.5%8.4%6.0%7.8%8.8%11.6%
Free cash flow margin-2.7%-3.5%0.3%11.5%1.9%0.2%5.0%10.7%
Effective tax rate14.0%22.4%22.4%21.4%14.8%22.0%22.3%22.8%
Current ratio2.53x2.74x3.13x3.11x3.06x3.13x3.18x3.14x
Total liabilities / equity0.67x0.80x0.76x0.78x0.84x0.83x0.82x0.82x

Peer comparison — latest full year

Same sector (Materials), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
STLD FY25 · this stock$18.2B+3.6%13.2%8.1%6.5%2.8%
DOW FY25$40.0B-7.0%————
LIN FY25$34.0B+3.0%—26.3%20.3%15.0%
NUE FY25$32.5B+5.7%——5.4%-0.6%
FCX FY25$25.9B+1.8%—25.2%——
SHW FY25$23.6B+2.1%48.8%—10.9%—
NEM FY25$22.7B+21.3%——31.3%—
CTVA FY25$17.4B+2.9%——6.3%—
ECL FY25$16.1B+2.2%—17.0%12.9%11.8%
PPG FY25$15.9B+0.2%——9.9%7.3%
MOS FY25$12.1B+8.4%15.8%6.8%4.5%-4.4%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.