Steel Dynamics, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $18.2B |
| Gross margin | 13.2% |
| Operating income | $1.5B |
| Net income | $1.2B |
| Diluted EPS | $7.99 |
| Cash & equivalents | $769.9M |
| Total assets | $16.4B |
| Long-term debt | $4.2B |
Key takeaway
Steel Dynamics reported $18.18 billion in revenue and $1.19 billion in net income for fiscal 2025, translating to diluted EPS of $7.99.
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Beneath the surface
Net debt is roughly $3.44 billion ($4.29 billion total debt carrying amount minus $769.9 million cash, or $3.51 billion minus total cash of $775.3 million), meaningfully lower than the headline $4.21 billion long-term debt figure suggests when only long-term debt is compared to cash.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for STLD.
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