What move does the options market price into Steel Dynamics's report?

Implied ±15.0%, either direction · provisional.

How often does Steel Dynamics move more than the options market prices?

0 of the last 8 reports moved at least as far as the implied move.

STLDNasdaqSteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Steel Dynamics Inc (STLD) earnings date, market-implied expected move, and options open interest by expiry

253.67

+0.14 · +0.06%

post 247.90 −2.27%

Closed15:59 ET

Open254.13Volume806,858Mkt cap$35.7BP/E18.23EPS13.60Div yield0.83%

Day246.79 – 254.1315%52-wk148.44 – 287.4072%

STLD

Steel Dynamics Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±15.0%implied · straddle

213.27288.33

spot 250.80exp Feb 19ATM strike 250ATM straddle 44.15IV 40%

Oct 30 closeprovisional

Expected move

Inputs

Next report

Jan 26

before open · in 86 days

est.Q4 FY26

Calendar

Next report

Last report

−0.33%

vs ±8.7% implied · ×0.04

shaded = implied · ▲▼ = realized

Oct 20 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+5.09%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

1,024 managers

Top fund weight

3.73%

STLD weight · XLB

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Steel Dynamics (STLD) is expected to report on Jan 26 before open (estimated date).

Implied vs realized

8 reports

0 of 8≥ implied

avg implied: ±8.0%
avg realized: ±2.5%

Jan 23 '25Jan 23 '25confirmed±7.4%▼−0.42%×0.06

Apr 23 '25Apr 23 '25confirmed±7.9%▲+4.34%×0.55

Jul 22 '25Jul 22 '25confirmed±6.3%▼−1.70%×0.27

Oct 21 '25Oct 21 '25confirmed±8.2%▲+5.15%×0.63

Jan 27 '26Jan 27 '26confirmed±7.1%▲+1.34%×0.19

Q1 FY26Apr 21 '26confirmed±8.2%▲+5.19%×0.63

Q2 FY26Jul 20 '26confirmed±9.9%▲+1.31%×0.13

Q3 FY26Oct 20 '26confirmed±8.7%▼−0.33%×0.04

quarterimplied−10%0+10%realized×

Q3 FY26±8.7%▼−0.33%×0.04

Q2 FY26±9.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 5 expiries · Oct 29 close

0.76OI · 5 expiries · Oct 29 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

3,7310%Nov 2019d0.894,171+1%0.89

2,1020%Dec 1847d0.752,8180%0.75

2,083+1%Jan 1575d0.812,5740%0.81

report · Jan 26 · before open · est.

4340%Feb 19110d5700%

1,4870%Mar 19138d0.275,5600%0.27

ExpiryPutsCallsP/C

Nov 2019d3,7310%4,171+1%0.89

Dec 1847d2,1020%2,8180%0.75

Jan 1575d2,083+1%2,5740%0.81

report · Jan 26 · before open · est.

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±15.0%

Funds 4

XLB±0.6%

RSP±0.0%

VIG±0.0%

VTV±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

11.61%as filednet margin · revenue +6.86% QoQ · +34.82% YoY

Revenue

$6.5B+6.86% QoQ

Gross profit

$1.3B+33.71% QoQ

19.70% margin

Operating income

$1.0B+43.67% QoQ

15.46% margin

Pre-tax income

$979M+43.18% QoQ

Net income

$756M+42.37% QoQ

11.61% margin

Cost of revenue

$5.2B+1.84% QoQ

Operating expenses

$276M+6.74% QoQ

SG&A $187M

Other operating $81M

Other operating $8M

Other expense

$28M

Tax

$223M+45.99% QoQ

Revenue$6.5B+6.86%

Gross profit

$1.3B+33.71%

19.70% margin

Operating income

$1.0B+43.67%

15.46% margin

Pre-tax income

$979M+43.18%

Net income

$756M+42.37%

11.61% margin

Cost of revenue

$5.2B+1.84%

Operating expenses

$276M+6.74%

SG&A $187M

Other operating $81M

Other operating $8M

Other expense

$28M

Tax$223M+45.99%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 15:45 ET

Intraday

Event sensitivity

NFP ×1.08· ±1.8% vs ±1.6% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±1.8%5 of 10×1.08

FOMCrate decision±1.6%9 of 24×0.98

PCEpersonal income & outlays±1.4%11 of 19×0.88

PPIproducer prices±1.4%5 of 10×0.86

CPROFcorporate profits±1.2%7 of 12×0.75

GDPgross domestic product±1.1%11 of 19×0.68

CPIconsumer prices±1.0%5 of 10×0.63

Bar = avg |move| to ±2% · tick = ±1.6% avg day · ×base = |move| ÷ ±1.6% · min 6 releases

Earnings history

EPS 5.26 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 20 '26 · confirmed	5.26	—
Q2 FY26	Jul 20 '26 · confirmed	3.69	—
Q1 FY26	Apr 21 '26 · confirmed	2.78	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod