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Sentiment · FY2026 Q2
Steel Dynamics delivered a strong start to 2026 with record steel shipments, revenue up 19.1% to $5.2 billion, and EPS surging 93.1% to $2.78 as higher realized pricing and record volumes converged. EBITDA reached $700 million as value-add coated lines ran at full capacity and long products and fabrication demand strengthened. An aluminum startup setback in January was resolved while certifications accelerated and the CASH coating line became operational, positioning the diversification thesis to deliver through-cycle earnings.
Margin | Product Launch | Demand | Capital Allocation | Supply Chain | Capex Investment | Trade Tariffs | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 5 | 1 | 3 | 2 | 2 | 1 | |
| 2025Q1 | 4 | 1 | 3 | 3 | 2 | 1 | 3 | 1 |
| 2025Q2 | 7 | 5 | 5 | 3 | 4 | 2 | ||
| 2025Q3 | 4 | 4 | 6 | 3 | 2 | 5 | 1 | 3 |
| 2025Q4 | 3 | 5 | 1 | 4 | 2 | 1 | 1 | |
| 2026Q1 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 3 | 4 | 7 | 4 | 3 | 2 |
| Product Launch | 5 | 1 | 5 | 4 | 5 | 2 |
| Demand | 1 | 3 | 5 | 6 | 1 | 2 |
| Capital Allocation | 3 | 3 | 3 | 4 | 2 | |
| Supply Chain | 2 | 2 | 3 | 2 | 2 | 1 |
| Capex Investment | 2 | 1 | 5 | 1 | 2 | |
| Trade Tariffs | 1 | 3 | 4 | 1 | 2 | |
| Competitive Dynamics | 1 | 2 | 3 | 1 | 4 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tristan Gresser | BNP Paribas | 15 (0%) |
| Bill Peterson | JPMorgan | 11 (0%) |
| Lawson Winder | Bank of America | 10 (0%) |
| Timna Tanners | Wells Fargo | 9 (11%) |
| Carlos De Alba | Morgan Stanley | 8 (0%) |
| Phil Gibbs | KeyBanc Capital Markets | 7 (0%) |
| Katja Jancic | BMO Capital Markets | 7 (0%) |
| John Tumazos | Very Independent Research | 7 (0%) |
| Andrew Jones | UBS | 6 (0%) |
| Alex Hacking | Citigroup | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| BNP Paribas | 1 | 15 (0%) |
| JPMorgan | 1 | 11 (0%) |
| Bank of America | 1 | 10 (0%) |
| KeyBanc Capital Markets | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.87B | -8.5% | $1.36 | -47.9% | 11.4% | 6.1% | 5.4% | $-106M |
| FY2025 Q1 | $4.37B | -6.9% | $1.44 | -60.8% | 11.1% | 6.3% | 5.0% | $-153M |
| FY2025 Q2 | $4.57B | -1.5% | $2.00 |
| 10 (10%) |
| Wells Fargo | 1 | 9 (11%) |
| Morgan Stanley | 1 | 8 (0%) |
| BMO Capital Markets | 1 | 7 (0%) |
| Very Independent Research | 1 | 7 (0%) |
| -26.5% |
| 13.5% |
| 8.4% |
| 6.5% |
| $13M |
| FY2025 Q3 | $4.83B | +11.2% | $2.74 | +33.7% | 15.7% | 10.5% | 8.4% | $557M |
| FY2025 Q4 | $4.41B | +14.0% | $1.82 | +33.8% | 11.8% | 7.0% | 6.0% | $84M |
| FY2026 Q1 | $5.20B | +19.1% | $2.78 | +93.1% | 14.7% | 11.3% | 7.8% | $10M |
| FY2026 Q2 | $6.09B | +33.4% | $3.69 | +84.5% | 15.7% | 12.6% | 8.8% | $304M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What STLD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Second, regarding BlueScope—what is the situation at the moment? Are discussions ongoing?”
STLD made a joint best-and-final offer for BlueScope that was rejected, with no constructive engagement from the company since February.
“With Nucor’s entry there, the plate market is well served.”
Steel Dynamics notes Nucor's entry into steel plate means that market is already well served, so STLD is not pursuing plate.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
STLD Steel Dynamics | 9 | +19.1% | |
| NUE Nucor | 9 | +21.3% |