Steel Dynamics, Inc. stock research
FY2025 Q3
Steel Dynamics (STLD) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit grew at a faster pace than cost of revenue, resulting in an improved gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit grew at a faster pace than cost of revenue, resulting in an improved gross margin.
- The most notable change was the increase in gross profit relative to revenue, which outpaced the growth in cost of revenue.
- Compared to the prior quarter, gross margin improved. Compared to the same quarter last year, gross margin also improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
15.7%
Gross profit
$757.9M
Revenue
$4.8B
Cost of revenue
$4.1B
Quarter-over-quarter change
+2.1 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $3.9B | $441.7M | $3.4B | 11.4% |
| Mar 31, 2025 | $4.4B | $486.5M | $3.9B | 11.1% |
| Jun 30, 2025 | $4.6B | $618.5M | $3.9B | 13.5% |
| Sep 30, 2025 | $4.8B | $757.9M | $4.1B | 15.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+2.1 pts
Year-over-year change
Sep 30, 2024
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable change was the increase in gross profit relative to revenue, which outpaced the growth in cost of revenue.
Compared to the prior quarter, gross margin improved. Compared to the same quarter last year, gross margin also improved.
Monitor the relationship between cost of revenue and revenue growth in future quarters.