Steel Dynamics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,186	1,537	2,451	3,863	3,214
Depreciation & Amortization	551.39	478.91	437.8	384.2	347.65
Stock-Based Compensation	68.98	66.59	61.74	59.24	57.72
Other Operating Activities	85.91	-35.27	52.4	52.21	351.52
Change in Accounts Receivable	-157.46	191.11	446.77	-110.56	-944.52
Change in Inventory	-423.44	-221.04	232.28	413.26	-1,686
Change in Accounts Payable	206.84	-67.36	-30.15	-289.04	557.74
Change in Income Taxes	52.18	10.18	56.76	31.62	-105.92
Change in Other Net Operating Assets	-120.47	-115.75	-188.56	56.8	411.72
Operating Cash Flow	1,450	1,845	3,520	4,460	2,204
Operating Cash Flow Growth	-21.41%	-47.60%	-21.09%	102.36%	123.31%
Capital Expenditures	-948.03	-1,868	-1,658	-908.9	-1,006
Cash Acquisitions	-175.77	-	-	-134.09	-
Investment in Securities	147.43	572.95	-90.75	-852.11	-
Other Investing Activities	1.42	-8.31	-221.59	15.84	6.82
Investing Cash Flow	-974.96	-1,303	-1,970	-1,879	-999.42
Long-Term Debt Issued	3,554	2,483	1,366	1,465	1,517
Long-Term Debt Repaid	-2,568	-2,324	-1,368	-1,507	-1,522
Net Debt Issued (Repaid)	985.82	158.86	-1.89	-42.22	-5.45
Repurchase of Common Stock	-900.87	-1,212	-1,452	-1,801	-1,061
Common Dividends Paid	-291.18	-282.62	-271.32	-237.16	-212.97
Other Financing Activities	-88.09	-16.68	-51.73	-116.3	-50.42
Financing Cash Flow	-294.32	-1,353	-1,777	-2,197	-1,329
Net Cash Flow	180.26	-811.45	-227.46	384.55	-124.75
Free Cash Flow	501.51	-23.5	1,862	3,552	1,198
Free Cash Flow Growth	-	-	-47.57%	196.48%	-
Free Cash Flow Margin	2.76%	-0.13%	9.91%	15.95%	6.51%
Free Cash Flow Per Share	3.38	-0.15	11.12	19.24	5.80
Cash Interest Paid	156.75	100.98	103.17	100.99	103.37
Cash Income Tax Paid	152	463.76	642.67	1,064	737.16
Levered Free Cash Flow	-85.25	-319.29	1,374	2,789	264.91
Unlevered Free Cash Flow	-41.47	-284.07	1,422	2,846	300.66
Change in Working Capital	-442.34	-202.86	517.1	102.08	-1,767

Source: S&P Global Market Intelligence. Standard template. Financial Sources.