01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation, a Delaware corporation and North America's largest recycler, manufactures steel and steel products through three segments: steel mills, steel products and raw materials.
Net earnings attributable to Nucor stockholders fell to $1.74 billiona, or $7.52 per diluted share, in 2025 from $2.03 billion, or $8.46 per diluted share, in 2024, on net sales of $32.49 billion, up from $30.73 billion. Management attributes the earnings decline primarily to lower profitability in the steel products segment, where average selling prices and margins fell at its joist and deck, building systems and rebar fabrication businesses. The steel mills segment earned more in 2025 on higher volumes and metal margins, and backlogs for that segment ended the year at $3.35 billion, up from $2.13 billion.
Cash flow from operations declined to $3.23 billionb from $3.98 billion, while capital expenditures rose to $3.42 billion. Cash and short-term investments totaled $2.70 billion at year-end, down from $4.14 billion, and the funded debt to total capital ratio was 24.4%. The company repurchased $700 million of stock in 2025 and paid $2.20 per share in dividends.
On February 20, 2026, the Board authorized a new $4.00 billionc share repurchase program and raised the quarterly base dividend to $0.56 per share in December 2025. Management expects first-quarter 2026 earnings to rise across all three segments and projects 2026 capital expenditures of about $2.50 billion.
02—Key points
Key Highlights
- Net earnings attributable to Nucor stockholders were $1.74 billion ($7.52 per diluted share) in 2025, down from $2.03 billion ($8.46 per diluted share) in 2024.
- Net sales rose to $32.49 billion from $30.73 billion, with total tons shipped to outside customers up 7% to 26,615,000 tons.
- Steel products segment earnings fell to $1.23 billion from $1.60 billion, driven by lower average selling prices and margin compression in joist and deck, building systems and rebar fabrication.
- Steel mills backlog reached approximately $3.35 billion at December 31, 2025, versus $2.13 billion a year earlier.
- Cash and short-term investments declined to $2.70 billion from $4.14 billion, and capital expenditures increased to $3.42 billion; 2026 capital expenditures are expected to be about $2.50 billion.
- The Board approved a new $4.00 billion share repurchase program on February 20, 2026, and the quarterly base dividend was increased to $0.56 per share.
- Credit ratings are A-/A3/A- (S&P, Moody's, Fitch), and the revolving credit facility was increased to $2.25 billion and extended to March 2030.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $32.49B$30.73B | +5.7% |
| Cost of Revenue | $28.62B$26.63B | +7.4% |
| Gross Profit | $3.88B$4.10B | −5.5% |
| SG&A Expenses | $1.22B$1.12B | +8.5% |
| Interest Expense | $170.00M$228.00M | −25.4% |
| Net Income | $1.74B$2.03B | −14.0% |
| EPS (Basic) | $7.53$8.47 | −11.1% |
| EPS (Diluted) | $7.52$8.46 | −11.1% |
| Shares Outstanding (Basic) | 230.70M238.30M | −3.2% |
| Shares Outstanding (Diluted) | 231.00M238.50M | −3.1% |
05—Questions
Frequently Asked Questions
Why did Nucor's earnings decline in 2025?
The filing identifies the decreased profitability of the steel products segment as the primary driver. Its earnings fell on decreased average selling prices and margin compression, particularly at the joist and deck businesses, along with lower earnings at the metal buildings systems and rebar fabrication businesses. The steel mills segment and raw materials segment both improved.
How much cash did Nucor generate and how did it use it?
Cash provided by operating activities was $3.23 billion in 2025, versus $3.98 billion in 2024. Investing activities used $3.23 billion, mainly for capital expenditures of $3.42 billion. Financing activities used $1.32 billion, including $700 million of share repurchases, $512 million of cash dividends and $1.02 billion of debt repayments, partly offset by $1.22 billion of new long-term debt proceeds.
What are Nucor's capital return commitments?
Nucor states it intends to return at least 40% of net earnings to stockholders over time through dividends and share repurchases. It paid $2.20 per share in dividends in 2025, declared a $0.56 quarterly dividend in February 2026, and authorized up to $4.00 billion in new share repurchases on February 20, 2026.
What is the outlook for Nucor in 2026?
Management expects earnings to increase in the first quarter of 2026 across all three operating segments, with the largest increase in the steel mills segment, driven by higher volumes and realized prices. Capital expenditures are expected to decrease to approximately $2.5 billion in 2026, with the West Virginia sheet mill, the NTS facility expansion and a South Carolina galvanizing line as the largest projects.
06—Continue