Steel Dynamics, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B | $570.8M | $677.9M | $1.26B |
| Depreciation & Amortization | $551.4M | $478.9M | $437.8M | $384.2M | $347.7M | $325.8M | $321.1M | $317.2M |
| Depreciation | $515.0M | $441.2M | $397.0M | $349.4M | $311.4M | $290.5M | $285.6M | $283.3M |
| Amortization | $27.9M | $30.5M | $34.0M | $27.8M | $29.2M | $29.0M | $29.6M | $27.8M |
| Stock-Based Compensation | $69.0M | $66.6M | $61.7M | $59.2M | $57.7M | $55.6M | $47.6M | $43.3M |
| Net Cash from Operating Activities | $1.45B | $1.84B | $3.52B | $4.46B | $2.20B | $987.0M | $1.40B | $1.42B |
| Investing Activities | ||||||||
| Capital Expenditures | $948.0M | $1.87B | $1.66B | $908.9M | $1.01B | $1.20B | $451.9M | $239.4M |
| Business Acquisitions | $175.8M | — | — | $134.1M | — | $60.0M | $97.1M | $434.0M |
| Net Cash from Investing Activities | $-975.0M | $-1.30B | $-1.97B | $-1.88B | $-999.4M | $-993.3M | $-576.7M | $-895.3M |
| Financing Activities | ||||||||
| Dividends Paid | $291.2M | $282.6M | $271.3M | $237.2M | $213.0M | $209.2M | $200.3M | $168.9M |
| Stock Repurchases | $900.9M | $1.21B | $1.45B | $1.80B | $1.06B | $106.5M | $348.6M | $523.6M |
| Net Cash from Financing Activities | $-294.3M | $-1.35B | $-1.78B | $-2.20B | $-1.33B | $-7.0M | $-266.6M | $-720.9M |
| Net Change in Cash | $180.3M | $-811.5M | $-227.5M | $384.6M | $-124.8M | $-13.3M | $553.0M | $-200.7M |
| Free Cash Flow | $501.5M | $-23.5M | $1.86B | $3.55B | $1.20B | $-211.0M | $944.3M | $1.18B |