Cash Flow Statement

Operating Cash Flow

-68%

+47%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	0	16	43	78	92	80	60	47	63	125	230	295	324	308	239	222	237	283	357	397	423	420	402	395	435	552	644	463	233	4	(120)	(11)	140	205	152	130	170	219	244	266	203	147	113	142	142	126	171	164	156	199	236	92	85	44	15	(145)	(111)	4	100	360	497	510	506	806	833	1 042	1 289	1 256	1 235	1 069	824	678	664	546	498	571	819	1 452	2 348	3 247	3 915	4 418	4 336	3 879	3 416	3 018	2 679	2 467	2 410	2 026	1 767	1 550	1 180	1 050	1 133	1 187
Depreciation & Amortization	49	51	55	59	62	64	66	69	72	79	83	85	88	86	89	92	95	105	111	115	119	120	124	138	162	177	198	209	213	223	219	221	221	218	224	225	223	224	223	223	223	223	226	225	227	228	227	231	231	233	241	263	279	294	303	295	296	296	296	296	297	296	297	299	300	305	312	317	321	323	321	321	321	319	321	326	332	341	346	348	348	357	368	384	404	420	428	438	445	451	465	479	497	513	531	551
Change in Deffered Taxes	(4)	6	15	25	32	30	32	29	35	50	75	107	109	89	54	22	9	2	(0)	(0)	(1)	4	7	13	12	6	4	31	40	53	63	93	93	98	92	46	51	49	54	34	31	32	60	55	56	56	32	31	16	5	(9)	(25)	(4)	12	29	(99)	(99)	(97)	(92)	54	44	33	18	(136)	(134)	(129)	(108)	62	64	64	51	52	46	49	48	48	109	145	205	322	258	205	138	37	44	90	105	56	26	(13)	(18)	(43)	(5)	29	162	94
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9	2	4	6	8	10	6	8	14	19	23	23	18	12	12	13	15	16	16	16	17	20	18	15	12	11	11	13	16	17	19	21	24	27	28	29	30	32	33	34	32	32	32	33	36	38	39	41	43	46	47	48	48	50	51	51	56	55	55	56	58	57	58	61	59	59	59	59	62	61	63	63	67	68	69	70	69
Other Non-Cash Items	8	7	9	(0)	(4)	(4)	(4)	(15)	(13)	(13)	(12)	3	2	0	(1)	(1)	1	5	6	9	9	5	6	5	7	12	10	6	8	9	12	18	16	15	16	29	29	29	33	13	15	14	15	21	19	20	15	17	22	27	27	280	285	284	285	479	473	477	477	185	188	184	193	50	52	53	47	42	45	46	45	49	51	56	75	106	105	99	81	54	66	68	58	57	36	39	39	42	70	64	66	61	40	46	50	59
Cash Taxes Paid	4	5	7	23	23	26	23	8	7	12	26	79	79	122	143	110	111	151	176	226	226	263	254	208	209	238	340	342	285	126	(28)	5	47	4	4	(66)	(52)	51	63	76	73	54	45	47	59	45	44	72	63	79	117	121	100	64	24	(10)	9	30	105	160	161	285	303	296	294	222	248	288	291	296	206	156	154	71	85	50	52	197	375	737	745	1 179	1 234	1 064	1 059	786	669	643	666	632	553	464	439	291	231	152
Cash Interest Paid	34	31	38	36	45	46	45	35	34	33	34	48	48	45	45	35	35	34	34	32	35	34	24	56	51	107	110	152	153	163	159	156	148	153	164	162	174	173	173	172	175	167	195	154	185	140	138	129	119	123	123	114	115	142	129	160	146	143	142	151	137	146	133	135	131	131	126	124	124	125	125	135	135	140	140	112	114	96	97	103	101	101	101	101	101	102	103	103	103	102	101	101	120	114	130	157
Change in Working Capital	28	29	1	(48)	(75)	(62)	(51)	(3)	(43)	(118)	(138)	(242)	(230)	(215)	(122)	(24)	51	3	(79)	(115)	(134)	(208)	(87)	(132)	(133)	(157)	(441)	61	278	499	673	124	(166)	(285)	(280)	(260)	(372)	(274)	(173)	(50)	31	23	(80)	2	10	(44)	7	(130)	(170)	(165)	(130)	8	236	478	396	525	548	278	209	(42)	(223)	(298)	(259)	(280)	(374)	(350)	(423)	(261)	(247)	(48)	237	297	345	581	316	(63)	(327)	(897)	(1 363)	(1 767)	(1 826)	(1 872)	(859)	102	475	615	547	517	190	188	82	(203)	(70)	(77)	(352)	(442)
Cash from Operating Activities	82 N/A	110 +34%	123 +13%	115 -7%	107 -7%	108 +0%	104 -4%	128 +23%	114 -11%	123 +9%	237 +92%	248 +5%	292 +18%	268 -8%	260 -3%	311 +20%	393 +27%	398 +1%	394 -1%	405 +3%	416 +3%	342 -18%	451 +32%	418 -7%	483 +16%	589 +22%	416 -29%	770 +85%	771 +0%	788 +2%	847 +8%	446 -47%	304 -32%	251 -17%	204 -19%	169 -17%	101 -41%	247 +146%	380 +54%	486 +28%	504 +4%	438 -13%	333 -24%	446 +34%	454 +2%	386 -15%	452 +17%	312 -31%	255 -18%	299 +17%	364 +22%	618 +69%	880 +42%	1 113 +27%	1 028 -8%	1 054 +3%	1 108 +5%	959 -13%	991 +3%	853 -14%	804 -6%	725 -10%	755 +4%	739 -2%	677 -8%	922 +36%	1 117 +21%	1 415 +27%	1 419 +0%	1 455 +2%	1 478 +2%	1 396 -6%	1 426 +2%	1 551 +9%	1 258 -19%	987 -22%	1 038 +5%	1 139 +10%	1 618 +42%	2 204 +36%	2 761 +25%	3 176 +15%	4 041 +27%	4 460 +10%	4 375 -2%	4 181 -4%	3 799 -9%	3 520 -7%	3 141 -11%	2 716 -14%	2 362 -13%	1 845 -22%	1 642 -11%	1 561 -5%	1 524 -2%	1 450 -5%
Investing Cash Flow
Capital Expenditures	(114)	(125)	(164)	(143)	(146)	(145)	(108)	(137)	(124)	(131)	(120)	(102)	(97)	(84)	(75)	(63)	(59)	(76)	(102)	(129)	(168)	(236)	(300)	(395)	(435)	(434)	(450)	(412)	(393)	(365)	(345)	(330)	(286)	(254)	(183)	(133)	(121)	(115)	(129)	(167)	(194)	(214)	(234)	(224)	(223)	(218)	(212)	(187)	(166)	(151)	(123)	(112)	(120)	(110)	(115)	(115)	(109)	(122)	(151)	(198)	(212)	(220)	(203)	(165)	(174)	(186)	(214)	(239)	(243)	(273)	(357)	(452)	(615)	(840)	(1 013)	(1 198)	(1 290)	(1 258)	(1 145)	(1 006)	(856)	(743)	(769)	(909)	(976)	(1 170)	(1 487)	(1 658)	(1 806)	(1 867)	(1 930)	(1 868)	(1 799)	(1 668)	(1 213)	(948)
Other Items	0	0	0	9	1	1	1	(8)	0	0	0	0	0	0	1	1	(3)	(88)	(89)	(89)	(84)	(38)	(412)	(851)	(870)	(1 100)	(696)	(257)	(241)	20	(41)	(44)	(40)	(32)	(0)	(16)	(17)	(16)	(16)	(69)	(70)	(16)	(6)	32	68	13	3	34	29	30	(1 615)	(1 635)	(1 663)	(1 664)	(61)	(28)	(27)	(26)	(93)	(115)	(91)	(90)	13	26	(41)	(489)	(547)	(656)	(654)	(148)	(42)	(125)	(43)	47	14	205	162	13	3	7	(216)	(564)	(842)	(970)	(832)	(600)	(217)	(312)	(148)	177	(160)	565	610	383	659	(27)
Cash from Investing Activities	(114) N/A	(125) -10%	(164) -31%	(134) +18%	(146) -9%	(144) +1%	(107) +26%	(145) -36%	(124) +15%	(131) -6%	(120) +8%	(102) +15%	(97) +5%	(84) +14%	(73) +12%	(62) +15%	(62) 0%	(163) -163%	(191) -17%	(217) -14%	(252) -16%	(274) -9%	(712) -160%	(1 247) -75%	(1 305) -5%	(1 535) -18%	(1 146) +25%	(669) +42%	(634) +5%	(345) +46%	(387) -12%	(374) +3%	(327) +13%	(286) +12%	(183) +36%	(149) +18%	(139) +7%	(132) +5%	(145) -11%	(236) -62%	(263) -12%	(230) +13%	(240) -5%	(192) +20%	(156) +19%	(205) -32%	(208) -2%	(153) +27%	(137) +10%	(120) +12%	(1 738) -1 345%	(1 747) -1%	(1 783) -2%	(1 774) +1%	(176) +90%	(143) +19%	(136) +5%	(148) -9%	(244) -65%	(313) -28%	(303) +3%	(309) -2%	(189) +39%	(139) +27%	(215) -54%	(675) -214%	(760) -13%	(895) -18%	(897) 0%	(421) +53%	(399) +5%	(577) -45%	(658) -14%	(793) -20%	(999) -26%	(993) +1%	(1 129) -14%	(1 245) -10%	(1 142) +8%	(999) +12%	(1 071) -7%	(1 307) -22%	(1 611) -23%	(1 879) -17%	(1 808) +4%	(1 770) +2%	(1 704) +4%	(1 970) -16%	(1 954) +1%	(1 690) +13%	(2 089) -24%	(1 303) +38%	(1 189) +9%	(1 285) -8%	(554) +57%	(975) -76%
Financing Cash Flow
Net Issuance of Common Stock	3	5	5	5	5	2	4	16	25	28	33	(27)	(101)	(209)	(222)	(171)	(84)	21	(132)	(219)	(338)	(463)	(498)	(504)	(447)	(314)	(557)	(483)	(446)	(44)	400	421	426	17	12	14	19	20	19	13	6	2	2	4	10	13	20	38	33	38	42	32	31	28	17	11	12	4	4	(25)	(80)	(154)	(253)	(252)	(260)	(233)	(208)	(524)	(539)	(583)	(623)	(349)	(371)	(278)	(163)	(107)	0	(393)	(731)	(1 061)	(1 450)	(1 574)	(1 718)	(1 801)	(1 766)	(1 629)	(1 479)	(1 452)	(1 396)	(1 325)	(1 304)	(1 212)	(1 164)	(1 055)	(956)	(901)
Net Issuance of Debt	70	55	59	(22)	10	2	1	48	44	10	(4)	(159)	(135)	5	(74)	(8)	(35)	(180)	(53)	33	54	415	816	1 395	1 365	1 430	1 370	444	337	(418)	(800)	(422)	(107)	260	296	210	14	16	2	2	11	(10)	(208)	(209)	(112)	(292)	(100)	(94)	(210)	(21)	1 230	1 187	822	835	(427)	(418)	(24)	(42)	(34)	(255)	(273)	(239)	(87)	10	(8)	(18)	(178)	(10)	16	1	14	310	284	289	271	346	358	373	344	(5)	(28)	(71)	(46)	(42)	(24)	14	58	(2)	(25)	(41)	588	159	1 167	758	100	986
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	(4)	(7)	(12)	(17)	(18)	(18)	(18)	(22)	(28)	(38)	(48)	(53)	(57)	(56)	(55)	(60)	(66)	(71)	(75)	(75)	(71)	(69)	(67)	(65)	(65)	(65)	(65)	(71)	(76)	(82)	(87)	(88)	(88)	(88)	(88)	(90)	(92)	(95)	(97)	(99)	(102)	(105)	(109)	(116)	(122)	(128)	(133)	(134)	(135)	(136)	(136)	(140)	(143)	(146)	(148)	(155)	(162)	(169)	(174)	(184)	(192)	(200)	(210)	(209)	(208)	(209)	(210)	(213)	(214)	(213)	(211)	(220)	(229)	(237)	(245)	(253)	(262)	(271)	(281)	(281)	(282)	(283)	(284)	(286)	(288)	(291)
Other	(14)	(14)	(15)	(18)	(5)	(5)	(5)	(4)	(3)	(5)	(4)	(1)	(1)	0	(2)	(2)	0	(2)	0	0	0	(8)	(11)	(8)	(10)	(7)	(5)	(3)	4	(4)	(4)	(9)	(20)	(4)	(2)	(1)	6	5	7	20	27	30	31	24	11	11	12	11	22	16	(7)	(18)	(23)	(23)	(5)	(11)	(11)	(5)	(4)	(10)	(23)	(27)	(33)	(26)	(27)	(30)	(26)	(19)	(19)	(16)	(17)	(28)	(28)	(37)	(37)	(37)	(48)	(45)	(48)	(50)	(56)	(110)	(112)	(116)	(117)	(75)	(67)	(52)	(51)	(25)	(26)	(17)	(24)	(65)	(71)	(88)
Cash from Financing Activities	59 N/A	46 -22%	50 +8%	(35) N/A	9 N/A	(1) N/A	1 N/A	59 +8 262%	65 +10%	34 -48%	21 -38%	(195) N/A	(250) -28%	(221) +11%	(315) -43%	(200) +37%	(139) +30%	(182) -31%	(213) -17%	(224) -5%	(331) -48%	(109) +67%	250 N/A	828 +230%	852 +3%	1 049 +23%	742 -29%	(113) N/A	(180) -59%	(540) -200%	(475) +12%	(79) +83%	232 N/A	208 -10%	241 +16%	157 -35%	(26) N/A	(29) -11%	(48) -63%	(46) +4%	(43) +6%	(65) -51%	(263) -301%	(269) -2%	(178) +34%	(358) -101%	(161) +55%	(140) +13%	(253) -80%	(65) +74%	1 163 N/A	1 096 -6%	722 -34%	723 +0%	(537) N/A	(545) -1%	(156) +71%	(177) -14%	(169) +5%	(425) -151%	(511) -20%	(560) -9%	(515) +8%	(413) +20%	(444) -7%	(436) +2%	(574) -32%	(721) -25%	(716) +1%	(781) -9%	(818) -5%	(267) +67%	(324) -22%	(234) +28%	(137) +41%	(7) +95%	100 N/A	(277) N/A	(648) -134%	(1 329) -105%	(1 745) -31%	(1 975) -13%	(2 105) -7%	(2 197) -4%	(2 152) +2%	(1 943) +10%	(1 749) +10%	(1 777) -2%	(1 753) +1%	(1 672) +5%	(1 023) +39%	(1 353) -32%	(305) +77%	(648) -112%	(1 215) -88%	(294) +76%
Change in Cash
Net Change in Cash	27 N/A	31 +14%	9 -69%	(54) N/A	(29) +46%	(37) -27%	(3) +93%	41 N/A	55 +34%	27 -52%	138 +421%	(49) N/A	(55) -11%	(37) +33%	(129) -251%	49 N/A	192 +290%	52 -73%	(10) N/A	(36) -270%	(167) -363%	(42) +75%	(10) +76%	(1) +91%	31 N/A	103 +238%	11 -89%	(12) N/A	(43) -249%	(97) -127%	(14) +86%	(7) +49%	209 N/A	173 -17%	262 +51%	178 -32%	(65) N/A	86 N/A	187 +117%	204 +9%	197 -4%	143 -27%	(170) N/A	(15) +91%	120 N/A	(177) N/A	83 N/A	19 -77%	(135) N/A	114 N/A	(210) N/A	(34) +84%	(182) -438%	62 N/A	314 +408%	366 +16%	816 +123%	633 -22%	578 -9%	114 -80%	(10) N/A	(144) -1 318%	50 N/A	187 +273%	18 -90%	(189) N/A	(218) -15%	(201) +8%	(194) +3%	252 N/A	261 +4%	553 +112%	444 -20%	524 +18%	122 -77%	(13) N/A	10 N/A	(383) N/A	(172) +55%	(125) +27%	(56) +55%	(107) -92%	325 N/A	385 +18%	415 +8%	468 +13%	345 -26%	(227) N/A	(566) -149%	(645) -14%	(750) -16%	(811) -8%	147 N/A	(372) N/A	(245) +34%	180 N/A
Free Cash Flow
Free Cash Flow	(32) N/A	(16) +52%	(40) -160%	(28) +32%	(39) -42%	(37) +6%	(4) +90%	(10) -153%	(10) -5%	(7) +26%	117 N/A	146 +25%	195 +34%	184 -5%	185 +0%	247 +34%	334 +35%	322 -4%	292 -9%	276 -5%	248 -10%	106 -57%	151 +43%	23 -85%	48 +110%	155 +220%	(34) N/A	358 N/A	378 +6%	423 +12%	502 +19%	116 -77%	17 -85%	(3) N/A	21 N/A	36 +69%	(21) N/A	132 N/A	251 +90%	319 +27%	310 -3%	225 -27%	99 -56%	222 +123%	231 +4%	168 -27%	240 +43%	125 -48%	89 -29%	148 +66%	241 +63%	506 +109%	759 +50%	1 003 +32%	913 -9%	939 +3%	999 +6%	837 -16%	839 +0%	655 -22%	592 -10%	505 -15%	552 +9%	574 +4%	503 -12%	736 +46%	903 +23%	1 176 +30%	1 176 0%	1 181 +0%	1 122 -5%	944 -16%	811 -14%	711 -12%	245 -66%	(211) N/A	(252) -20%	(119) +53%	473 N/A	1 198 +153%	1 905 +59%	2 433 +28%	3 272 +34%	3 552 +9%	3 399 -4%	3 011 -11%	2 312 -23%	1 862 -19%	1 335 -28%	849 -36%	432 -49%	(24) N/A	(157) -569%	(107) +32%	311 N/A	502 +61%

Income Statement Balance Sheet Cash Flow Statement

Steel Dynamics Inc
NASDAQ:STLD

Cash Flow Statement

Cash Flow Statement
Steel Dynamics Inc

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Steel Dynamics Inc NASDAQ:STLD

Cash Flow Statement

Cash Flow Statement Steel Dynamics Inc

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Steel Dynamics Inc
NASDAQ:STLD

Cash Flow Statement
Steel Dynamics Inc