EarningsQ2 2026 Earnings Report
DE:SD5 Q2 2026 EPS Results
Actual EPS€3.29
Consensus EPS€3.23
Beat/MissBeat by +€0.06
One Year Ago EPS€1.79
DE:SD5 Q2 2026 Revenue Results
Actual Revenue€5.43B
Expected Revenue€4.96B
Beat/MissBeat by +€474.57M
YoY Revenue Growth+33.44%
Earnings Announcement Details
QuarterQ2 2026
Date07/20/2026
TimeAfter Close
Conference CallMonday, July 20, 2026
DE:SD5 Upcoming Earnings
Steel Dynamics's next earnings date is estimated for October 19, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:SD5 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive operational and financial picture: record steel shipments, strong adjusted EBITDA, improving steel pricing and spreads, robust fabrication demand and backlog growth, meaningful progress on the aluminum ramp with large long-term EBITDA potential, and strong liquidity and capital return activity. Notable near-term headwinds include a tragic safety incident, aluminum startup issues (including a $16 million impairment and lower-than-expected shipments in Q2), working capital drag, and trade/import uncertainties. Management provided confident forward commentary on aluminum ramp-up, expected H2 improvement, and a disciplined capital allocation approach.Company Guidance
Record Steel Shipments and Strong Profitability
Record quarterly steel shipments of 3.7 million tons; adjusted EBITDA of $921 million; net income of $534 million ($3.69 per diluted share); revenues of $6.1 billion and operating income of $700 million (sequentially higher).
Steel Operating Income and Pricing Improvement
Steel operations generated operating income of $721 million, a 30% sequential increase driven by average selling prices per ton rising by $105 and improved value-added spreads to hot band (+$70 per ton vs Q4 2025 lows).
Aluminum Ramp and Volume Acceleration
Aluminum flat-rolled sheet shipments increased to 53,000 metric tons in Q2 from 22,500 in Q1 (approx. +136% sequential). The mill produced 84,000 metric tons in Q2 (~50% of nameplate) with expectation to exit 2026 at a monthly rate of at least 90% capacity and full volume in 2027.
Aluminum Long-Term Through-Cycle EBITDA Target
Management re-affirms aluminum flat roll through-cycle EBITDA expectation of $650 million-$700 million (plus $40 million-$50 million incremental for metals recycling) and estimates recent growth projects will provide over $1.4 billion of through-cycle annual EBITDA capability.
Improved Aluminum Startup Loss Trend
Operating losses associated with aluminum startup were $33 million in Q2, a 48% improvement sequentially, indicating progress in commissioning and cost reduction.
Fabrication Demand and Backlog Growth
Steel fabrication operating income of $85 million (comparable to Q1) with order backlog up 45% year-over-year; robust demand led by commercial, institutional, industrial and infrastructure projects.
Cash Flow, Liquidity and Capital Returns
Generated $428 million of cash flow from operations in Q2; liquidity of $2.0 billion (cash & investments $800 million and $1.2 billion revolver); repurchased $350 million of common stock YTD with $489 million remaining authorization; raised dividend in H1 2026.
Operational Advantage and Utilization
Company steel mills operated at ~90% utilization vs estimated industry production utilization of 81%, reflecting higher through-cycle utilization and supporting cash generation and margins.
DE:SD5 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