01—Abstract
Summary
Summary of the 10-Q filed May 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation's Form 10-Q for the quarter ended April 4, 2026 reports net sales of $9.50 billiona, up from $7.83 billion in the first quarter of 2025, and net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, compared with $156 million, or $0.67 per diluted share, a year earlier.
The company attributes the increase primarily to steel mills segment earnings, driven by record quarterly shipments, higher average selling prices and metal margins. Steel mills segment earnings before income taxes and noncontrolling interests rose to $1.13 billionb from $231 million, while steel products segment earnings were roughly flat at $285 million versus $288 million, reflecting margin compression from higher steel input costs. Cash provided by operating activities was $886 million, compared with $364 million a year earlier, and capital expenditures were $661 million.
Management expects higher consolidated earnings in the second quarter of 2026 across all three segments. Liquidity remained strong, with cash, cash equivalents and short-term investments totaling $2.48 billionc at April 4, 2026, and no borrowings outstanding under the $2.25 billion revolving credit facility. The Board approved a new share repurchase program of up to $4.00 billion, with approximately $3.97 billion available at quarter end, and the company repurchased $125 million of stock in the quarter.
The quarterly dividend was $0.56d per share. Management estimates 2026 capital expenditures of approximately $2.50 billion, down from $3.42 billion in 2025, and the company reports A-/A-/A3 long-term credit ratings.
02—Key points
Key Highlights
- Net earnings attributable to Nucor stockholders rose to $743 million ($3.23 per diluted share) from $156 million ($0.67 per diluted share) in the first quarter of 2025.
- Net sales increased 21% to $9.50 billion, with average sales price per ton up 12% to $1,279 and tons shipped to outside customers up about 9%.
- Steel mills segment earnings before income taxes and noncontrolling interests increased to $1.13 billion from $231 million, driven by record quarterly shipments and higher metal margins.
- Steel products segment earnings were $285 million versus $288 million a year earlier, as margin compression from higher steel input costs offset higher volumes and prices.
- Operating cash flow was $886 million versus $364 million, and cash and short-term investments totaled $2.48 billion at April 4, 2026.
- A new $4.00 billion share repurchase authorization was approved February 20, 2026, with approximately $3.97 billion remaining; $125 million of stock was repurchased in the quarter.
- Management expects higher consolidated earnings in the second quarter of 2026 across all three segments and estimates 2026 capital expenditures of about $2.50 billion.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed May 13, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $9.50B$7.83B | +21.3% |
| Cost of Revenue | $8.00B$7.22B | +10.7% |
| Gross Profit | $1.50B$605.00M | +148.1% |
| SG&A Expenses | $378.00M$281.00M | +34.5% |
| Interest Expense | $39.00M$51.00M | −23.5% |
| Net Income | $743.00M$156.00M | +376.3% |
| EPS (Basic) | $3.23$0.67 | +382.1% |
| EPS (Diluted) | $3.23$0.67 | +382.1% |
| Shares Outstanding (Basic) | 228.90M232.70M | −1.6% |
| Shares Outstanding (Diluted) | 229.30M232.90M | −1.5% |
05—Questions
Frequently Asked Questions
What drove the increase in Nucor's first-quarter 2026 earnings?
The primary driver was the steel mills segment, where earnings increased due to record quarterly shipments, higher average selling prices and metal margins, with the largest increase at the sheet mills. Lower conversion costs per ton from higher utilization also contributed to higher gross margins, which rose to $1.50 billion (16% of sales) from $605 million (8%).
How did the steel products and raw materials segments perform?
Steel products segment earnings were $285 million, slightly below $288 million a year earlier, due to margin compression from increased steel input costs even though volumes and average selling prices rose. Raw materials segment earnings increased to $45 million from $29 million, primarily due to higher profitability at scrap processing operations, and included $15 million of impairment charges.
What is Nucor's liquidity and capital allocation position?
Cash, cash equivalents and short-term investments totaled $2.48 billion at April 4, 2026, and the $2.25 billion revolving credit facility had no borrowings outstanding. The company paid $129 million in cash dividends and repurchased $125 million of common stock in the quarter, and it has approximately $3.97 billion remaining under its new $4.00 billion repurchase authorization.
What are management's expectations and capital spending plans?
Management expects higher consolidated earnings in the second quarter of 2026, with improved results in the steel mills (higher realized selling prices), steel products (higher volumes) and raw materials (higher realized pricing) segments. Capital expenditures for 2026 are estimated at approximately $2.50 billion, versus $3.42 billion in 2025, with the largest projects being the sheet mill under construction in West Virginia, two manufacturing locations to expand Nucor Towers & Structures, and a galvanizing line at the sheet mill in South Carolina.
Did the company report any material legal or accounting changes?
The company reports no material changes to its risk factors from the 2025 Form 10-K. Legal proceedings include a Clean Air Act matter at Nucor Steel Louisiana, for which a combined settlement is being negotiated with federal and state agencies, and Nucor does not believe any aggregate settlement will be material. Management also concluded its disclosure controls were effective and reported no changes in internal control over financial reporting during the quarter.
06—Continue