01—Abstract
Summary
Summary of the 10-Q filed August 13, 2025. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation's Form 10-Q for the quarter ended July 5, 2025 reports second-quarter 2025 net sales of $8.46 billiona, up from $8.08 billion a year earlier, with net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, versus $645 million, or $2.68 per diluted share, in the second quarter of 2024.
For the first six months, net earnings attributable to Nucor stockholders fell to $759 millionb, or $3.26 per diluted share, from $1.49 billion, or $6.14 per diluted share. The filing attributes the second-quarter results to higher metal margins and increased volumes in the steel mills segment, partially offset by lower average selling prices in the steel products segment, and notes that the steel mills segment improved from the first quarter. Management expects third-quarter 2025 earnings to be nominally lower than the second quarter, citing margin compression in the steel mills segment.
Cash flow and liquidity were weaker in the first half. Cash provided by operating activities was $1.10 billionc, compared with $1.95 billion a year earlier, while capital expenditures rose to $1.81 billion. Cash and cash equivalents and short-term investments totaled $2.48 billion at July 5, 2025, down from $4.14 billion at December 31, 2024.
The company issued $1.00 billiond of notes due 2030 and 2035 and used the proceeds to redeem $1.00 billion of 2025 notes. It also repurchased $500 million of stock in the first half, and about $606 million remained available under its repurchase authorization. Total capital expenditures for 2025 are estimated at about $3.00 billion.
The balance sheet remains conservative. Total assets were $34.22 billion and total equity was $21.49 billion at July 5, 2025.
The company reported a funded debt to total capital ratio of 24.3% against a 60% covenant limit, and it had no borrowings outstanding under its $2.25 billion revolving credit facility. The filing also notes the July 2025 enactment of the One Big Beautiful Bill Act, whose impact on the provision for income taxes was described as immaterial.
02—Key points
Key Highlights
- Second-quarter 2025 net earnings attributable to Nucor stockholders were $603 million ($2.60 per diluted share), down from $645 million ($2.68) in the second quarter of 2024.
- First-half 2025 net earnings attributable to Nucor stockholders were $759 million ($3.26 per diluted share), versus $1.49 billion ($6.14 per diluted share) in the first half of 2024.
- Second-quarter net sales were $8.46 billion, up 5% year over year, with the steel mills segment's net sales up 8% on a 9% increase in tons shipped to external customers.
- Management expects third-quarter 2025 earnings to be nominally lower than the second quarter, with margin compression anticipated in the steel mills segment.
- Operating cash flow fell to $1.10 billion in the first six months of 2025 from $1.95 billion, while capital expenditures increased to $1.81 billion.
- Cash and short-term investments declined to $2.48 billion at July 5, 2025 from $4.14 billion at year-end 2024, and the company repurchased $500 million of stock in the first half.
- The company refinanced $1.00 billion of 2025 notes with $1.00 billion of new 4.650% 2030 and 5.100% 2035 notes, and it increased its revolving credit facility to $2.25 billion.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed August 13, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $8.46B$7.44B | +13.6% |
| Cost of Revenue | $7.23B$6.69B | +8.2% |
| Gross Profit | $1.22B$758.00M | +61.3% |
| SG&A Expenses | $304.00M$244.00M | +24.6% |
| Interest Expense | $49.00M$65.00M | −24.6% |
| Net Income | $603.00M$250.00M | +141.2% |
| EPS (Basic) | $2.60$1.05 | +147.6% |
| EPS (Diluted) | $2.60$1.05 | +147.6% |
| Shares Outstanding (Basic) | 230.60M236.50M | −2.5% |
| Shares Outstanding (Diluted) | 230.80M236.80M | −2.5% |
05—Questions
Frequently Asked Questions
How did Nucor's earnings perform in the second quarter of 2025?
Net earnings attributable to Nucor stockholders were $603 million, or $2.60 per diluted share, compared with $645 million, or $2.68 per diluted share, in the second quarter of 2024. The filing attributes the result mainly to higher metal margins and increased volumes in the steel mills segment, partly offset by lower average selling prices in the steel products segment.
What drove the larger year-to-date earnings decline?
The filing states that the larger decline in first-half 2025 earnings, $759 million versus $1.49 billion, was caused by weaker first-quarter 2025 results compared with the first quarter of 2024. Gross margin for the first six months fell to $1.83 billion (11%) from $2.72 billion (17%).
What does management expect for the third quarter of 2025?
Management expects third-quarter 2025 earnings to be nominally lower than second-quarter 2025 results. It cites decreased steel mills segment earnings and margin compression in that segment, despite resilient backlogs and a stable demand outlook. Steel products and raw materials earnings are expected to be similar to the second quarter.
How strong is Nucor's liquidity and balance sheet?
Cash, cash equivalents and short-term investments totaled $2.48 billion at July 5, 2025, and the current ratio was 2.8. Funded debt to total capital was 24.3% against a 60% covenant limit, and no borrowings were outstanding under the revolving credit facility. Management states that existing sources are expected to be adequate for at least the next 24 months.
How is Nucor using its cash?
In the first six months of 2025, Nucor spent $1.81 billion on capital expenditures, largely for a sheet mill under construction in West Virginia and two NTS manufacturing locations, and repurchased $500 million of stock. Cash dividends totaled $258 million. About $606 million remained under the share repurchase authorization, and 2025 capital expenditures are estimated at about $3.00 billion.
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