Steel Dynamics, Inc. (STLD) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 148.32M | 272.71M | 722.61M | 301.61M | 152.6M | 346.87M | 759.85M | 382.56M | 355.22M | 864.64M | 1.11B | 807.81M | 733.78M | 1.14B | 1.5B | 1B | 818.97M | 723.9M | 630.82M | 587.23M |
| Operating CF Margin % | 2.85% | 6.18% | 14.97% | 6.61% | 3.49% | 8.96% | 17.5% | 8.26% | 7.57% | 20.42% | 24.28% | 15.9% | 15% | 23.69% | 26.47% | 16.13% | 14.7% | 13.63% | 12.4% | 13.15% |
| Operating CF Growth % | -2.81% | -21.38% | -4.9% | -21.16% | -57.04% | -59.88% | -31.77% | -52.64% | -51.59% | -24.38% | -25.56% | -19.37% | -10.4% | 57.95% | 137.18% | 70.61% | 212.36% | 424.75% | 315.58% | 20.83% |
| Net Income | 400.11M | 266.03M | 403.69M | 301.19M | 217.68M | 207.29M | 320.89M | 431.69M | 587.5M | 424.27M | 579.78M | 816.18M | 644.33M | 639.01M | 918.48M | 1.21B | 1.11B | 1.1B | 1B | 712.2M |
| Depreciation & Amortization | 159.28M | 146.28M | 138.49M | 132.87M | 133.76M | 125.55M | 121.05M | 117.05M | 115.25M | 111.72M | 107.42M | 110.97M | 107.69M | 102.24M | 98.71M | 95.7M | 87.55M | 86.28M | 87.41M | 87.05M |
| Stock-Based Compensation | 17.45M | 0 | 0 | 14.06M | 17.04M | 25.14M | 12.83M | 13.01M | 15.61M | 21.94M | 12.04M | 11.68M | 16.08M | 19.56M | 12.09M | 11.07M | 16.52M | 20.95M | 9.92M | 9.81M |
| Deferred Taxes | 32.67M | -108.55M | 147.57M | 39.13M | 16.25M | -40.97M | 14.83M | 4.58M | -21.02M | -16.35M | 19.63M | 43.38M | 9.01M | 33.2M | 3.99M | -2.64M | 2.63M | 133.53M | 71.01M | 50.72M |
| Other Non-Cash Items | -2.29M | 24.99M | 6.49M | -890K | -4.2M | -4.71M | -10.52M | -6.4M | 18.7M | 912K | -12.16M | 1.54M | -10.01M | 97K | -12.41M | -640K | 11.16M | -325K | -781K | -1.47M |
| Working Capital Changes | -458.9M | -56.04M | 26.37M | -184.75M | -227.93M | 34.57M | 300.77M | -177.37M | -360.83M | 319.37M | 406.99M | -175.94M | -33.32M | 349.32M | 475.29M | -316.29M | -406.24M | -612.24M | -536.89M | -271.08M |
| Change in Receivables | -373.77M | 187.31M | -60.98M | 19.82M | -303.6M | 147.76M | 210.44M | -36.33M | -130.75M | 273.74M | 260.92M | -16.97M | -70.92M | 306.99M | 326.73M | -297.05M | -447.23M | -23.64M | -321.77M | -204.56M |
| Change in Inventory | -174.43M | -338.33M | 64.5M | -163.42M | 13.81M | -69.53M | 28.17M | -46.65M | -133.03M | 43.95M | 102.38M | -55.16M | 141.11M | 258.87M | 270.63M | -130.55M | 14.31M | -633.36M | -412.95M | -264.94M |
| Change in Payables | 156.91M | -31.67M | -4.82M | -5.27M | 248.6M | -55.76M | -13.85M | -27.25M | 29.5M | 24.09M | -57.53M | -114.01M | 117.31M | -136.28M | -264.31M | 187.52M | -75.97M | 85.17M | 48.73M | 63.16M |
| Cash from Investing | -139.07M | -369.97M | -120.53M | -305.7M | -178.76M | 51.16M | -852M | -209.59M | -292.93M | -734.79M | -452.55M | -473.27M | -309.65M | -468.89M | -518.15M | -510.83M | -381.4M | -201M | -213.6M | -275.35M |
| Capital Expenditures | -137.98M | -188.5M | -165.69M | -288.33M | -305.51M | -453.18M | -621.36M | -419.17M | -374.31M | -514.95M | -558.36M | -358.28M | -226.32M | -344.2M | -241.23M | -164.14M | -159.33M | -204.54M | -214.63M | -277.21M |
| CapEx % of Revenue | 2.65% | 4.27% | 3.43% | 6.32% | 6.99% | 11.7% | 14.31% | 9.05% | 7.97% | 12.16% | 12.17% | 7.05% | 4.63% | 7.13% | 4.27% | 2.64% | 2.86% | 3.85% | 4.22% | 6.21% |
| Acquisitions | 0 | -175.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -86.45M | -47.64M | -47.64M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.09M | -5.7M | 5.59M | 2.59M | -1.06M | 7.35M | -4.36M | -25.55M | 14.26M | -140K | -5.89M | -217.91M | 2.34M | 6.5M | 4.11M | 2.66M | 410K | 3.55M | 1.02M | 1.86M |
| Cash from Financing | -222.76M | 96.84M | -289.66M | -724.78M | 623.29M | -823.77M | 277.37M | -382.35M | -423.85M | -494.38M | -371.03M | -464.12M | -447.61M | -466.62M | -564.6M | -673.46M | -491.91M | -374.74M | -435.25M | -443.31M |
| Debt Issued (Net) | -12.89M | 431.06M | -326K | -418.33M | 973.42M | -454.71M | 657.68M | -9.44M | -34.67M | -25.56M | 29.05M | 5.99M | -11.37M | 33.9M | -14.77M | -31.85M | -29.49M | 29.98M | -39.48M | 10.9M |
| Equity Issued (Net) | -115.09M | -240.3M | -210.39M | -200.05M | -250.14M | -295.14M | -309.9M | -309.06M | -298.06M | -386.68M | -331.32M | -380.21M | -354M | -413.01M | -481.68M | -517.02M | -389.19M | -329.82M | -337.62M | -393.2M |
| Dividends Paid | -72.47M | -73.08M | -73.89M | -74.69M | -69.51M | -70.4M | -71.58M | -72.62M | -68.01M | -69.48M | -70.71M | -72.32M | -58.8M | -60.03M | -62.09M | -64.34M | -50.7M | -51.94M | -53.38M | -54.92M |
| Share Repurchases | -115.09M | -240.3M | -210.39M | -200.05M | -250.14M | -295.14M | -309.9M | -309.06M | -298.06M | -386.68M | -331.32M | -380.21M | -354M | -413.01M | -481.68M | -517.02M | -389.19M | -329.82M | -337.62M | -393.2M |
| Other Financing | -22.31M | -20.84M | -5.06M | -31.72M | -30.47M | -3.52M | 1.18M | 8.78M | -23.11M | -12.65M | 1.95M | -17.58M | -23.45M | -27.47M | -6.06M | -60.24M | -22.53M | -22.95M | -4.78M | -6.09M |
| Net Change in Cash | -213.51M | -478K | 312.31M | -728.87M | 597.14M | -425.75M | 185.23M | -209.38M | -361.56M | -364.52M | 290.13M | -129.58M | -23.48M | 207.92M | 413.41M | -182.44M | -54.34M | 148.17M | -18.04M | -131.43M |
| Free Cash Flow | 10.34M | 84.22M | 556.92M | 13.28M | -152.9M | -106.3M | 138.5M | -36.6M | -19.09M | 349.69M | 555.34M | 449.53M | 507.46M | 799.23M | 1.25B | 837.71M | 659.64M | 519.36M | 416.19M | 310.02M |
| FCF Margin % | 0.2% | 1.91% | 11.53% | 0.29% | -3.5% | -2.75% | 3.19% | -0.79% | -0.41% | 8.26% | 12.11% | 8.85% | 10.37% | 16.56% | 22.2% | 13.48% | 11.84% | 9.78% | 8.18% | 6.94% |
| FCF Growth % | 106.76% | 179.22% | 302.11% | 136.28% | -700.83% | -130.4% | -75.06% | -108.14% | -103.76% | -56.25% | -55.75% | -46.34% | -23.07% | 53.89% | 201.53% | 170.21% | 1483.7% | 353.09% | 336.66% | 75.86% |
| FCF per Share | 0.07 | 0.58 | 3.77 | 0.09 | -1.02 | -0.70 | 0.88 | -0.23 | -0.12 | 2.15 | 3.34 | 2.66 | 2.94 | 4.54 | 6.91 | 4.46 | 3.41 | 2.61 | 2.04 | 1.47 |
| FCF Conversion (FCF/Net Income) | 0.37x | 1.03x | 1.79x | 1.01x | 0.70x | 1.67x | 2.39x | 0.89x | 0.61x | 2.04x | 1.93x | 0.99x | 1.15x | 1.80x | 1.64x | 0.83x | 0.74x | 0.66x | 0.64x | 0.84x |
| Interest Paid | 0 | 0 | 25.64M | 34.74M | 28.48M | 41.51M | 9.1M | 41.04M | 9.33M | 41.94M | 9.85M | 41.78M | 9.6M | 41.5M | 9.21M | 41.11M | 9.17M | 41.16M | 9.17M | 41.73M |
| Taxes Paid | 0 | 0 | 22.19M | 124.75M | 3.72M | -383.45M | 81.74M | 273.32M | 28.39M | 169.73M | 160.18M | 308.06M | 4.7M | 196.49M | 276.95M | 580.45M | 9.95M | 366.32M | 222.69M | 146M |