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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.09B | $5.20B | $4.41B | $4.83B | $4.57B | $4.37B | $3.87B | $4.34B |
| Cost of revenue | $5.13B | $4.44B | $3.88B | $4.07B | $3.95B | $3.88B | $3.43B | $3.74B |
| Gross profit | $958.97M | $763.22M | $529.29M | $757.88M | $618.47M | $486.54M | $441.73M | $605.22M |
| Gross margin | 15.7% | 14.7% | 12.0% | 15.7% | 13.5% | 11.1% | 11.4% | 13.9% |
| Selling, general and administrative | $193.45M | $175.22M | $184.65M | $200.84M | $198.01M | $181.81M | $176.90M | $167.69M |
| Operating expenses | $258.50M | $225.22M | $219.06M | $250.12M | $235.61M | $211.40M | $204.23M | $209.78M |
| Operating income | $700.48M | $538.00M | $310.23M | $507.76M | $382.86M | $275.14M | $237.50M | $395.44M |
| Operating margin | 11.5% | 10.3% | 7.0% | 10.5% | 8.4% | 6.3% | 6.1% | 9.1% |
| EBITDA | $874.40M | $697.28M | $456.51M | $646.24M | $515.72M | $408.90M | $363.05M | $516.49M |
| Interest expense | −$39.12M | −$33.24M | −$26.96M | −$13.57M | −$17.38M | −$12.13M | −$14.58M | −$17.07M |
| Income before taxes | $683.46M | $513.21M | $310.61M | $513.85M | $387.87M | $280.65M | $243.96M | $408.03M |
| Income taxes | $152.68M | $113.11M | $46.09M | $109.92M | $86.68M | $62.98M | $34.09M | $87.13M |
| Net income | $530.79M | $400.11M | $264.52M | $403.93M | $301.19M | $217.68M | $209.87M | $320.89M |
| Net margin | 8.7% | 7.7% | 6.0% | 8.4% | 6.6% | 5.0% | 5.4% | 7.4% |
| EPS, basic | $3.71 | $2.79 | $1.83 | $2.75 | $2.01 | $1.45 | $1.36 | $2.06 |
| EPS, diluted | $3.69 | $2.78 | $1.82 | $2.74 | $2.01 | $1.44 | $1.36 | $2.05 |
| Diluted shares | 144.59M | 145.32M | 146.25M | 147.60M | 148.96M | 150.81M | 152.80M | 154.81M |
Figures describe Steel Dynamics shares, not any token. As of Jul 28, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.