Steel Dynamics, Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.18B | $17.54B | $18.80B | $22.26B | $18.41B | $9.60B | $10.46B | $11.82B |
| Cost of Revenue | $15.78B | $14.74B | $14.75B | $16.14B | $13.05B | $8.17B | $8.93B | $9.50B |
| Gross Profit | $2.39B | $2.80B | $4.05B | $6.12B | $5.36B | $1.43B | $1.53B | $2.32B |
| Gross Margin | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% | 14.6% | 19.6% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $765.3M | $664.1M | $588.6M | $545.6M | $644.0M | — | — | $600.4M |
| Operating Income | $1.48B | $1.94B | $3.15B | $5.09B | $4.30B | $847.1M | $986.9M | $1.72B |
| Operating Margin | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% | 8.8% | 9.4% | 14.6% |
| Interest Expense | — | — | $76.5M | $91.5M | $57.2M | $94.9M | $127.1M | $126.6M |
| Pretax Income | $1.49B | $1.98B | $3.22B | $5.02B | $4.21B | $705.5M | $875.3M | $1.62B |
| Income Tax Expense | $305.7M | $432.9M | $751.6M | $1.14B | $962.3M | $134.7M | $197.4M | $364.0M |
| Net Income | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B | $570.8M | $677.9M | $1.26B |
| Net Margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% | 5.9% | 6.5% | 10.6% |
| EPS (Basic) | $8.02 | $9.89 | $14.72 | $21.06 | $15.67 | $2.61 | $3.06 | $5.38 |
| EPS (Diluted) | $7.99 | $9.84 | $14.64 | $20.92 | $15.56 | $2.59 | $3.04 | $5.35 |
| Shares Outstanding (Basic) | 147.8M | 155.4M | 166.6M | 183.4M | 205.1M | 211.1M | 219.6M | 233.9M |
| Shares Outstanding (Diluted) | 148.4M | 156.1M | 167.4M | 184.6M | 206.6M | 212.3M | 220.7M | 235.2M |
| Dividends Per Share | $2.00 | $1.84 | $1.70 | $1.36 | $1.04 | $1.00 | $0.96 | $0.75 |