01—Abstract
Summary
Summary of the 10-Q filed August 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation's Form 10-Q for the quarter ended July 4, 2026 shows a sharp improvement in profitability.
Net sales for the second quarter rose to $10.40 billiona from $8.46 billion a year earlier, and net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, versus $603 million, or $2.60 per diluted share, in the second quarter of 2025. For the first six months, net earnings attributable to Nucor stockholders were $1.90 billion, or $8.27 per diluted share, compared with $759 million, or $3.26 per diluted share. Results were driven mainly by the steel mills segment, which benefited from higher average selling prices, higher volumes and higher metal margins.
The second quarter also included a $130 millionb reduction in cost of products sold from cash refunds on prior-period raw materials costs, and a non-cash $61 million gain on the company's Helion investment. Cash flow and liquidity strengthened over the period. Cash provided by operating activities was $2.29 billion in the first six months of 2026, compared with $1.10 billion a year earlier, and cash and short-term investments totaled $2.69 billion.
Capital expenditures were $1.23 billionc year to date, and the company estimates 2026 capital expenditures of approximately $2.50 billion, down from $3.42 billion in 2025. Nucor repurchased $475 million of stock in the first six months and has $3.62 billion remaining under a new $4.00 billion authorization approved in February 2026. The current ratio fell to 2.5 from 2.9, mainly because a $500 million note due 2027 was reclassified to current debt.
Management expects higher consolidated earnings in the third quarter of 2026, with higher realized pricing in the steel mills segment and higher volumes and pricing in steel products, while raw materials earnings are expected to decline on lower margins. Management also noted that backlogs at the end of the second quarter were higher than at the end of the first quarter in both the steel mills and steel products segments.
02—Key points
Key Highlights
- Second-quarter 2026 net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, up from $603 million, or $2.60 per diluted share, in the second quarter of 2025.
- Net sales for the second quarter of 2026 were $10.40 billion, up 23% from $8.46 billion, with average sales price per ton rising 10% to $1,367.
- Steel mills segment earnings before taxes were $1.56 billion in the second quarter of 2026, versus $843 million a year earlier, helped by a $130 million cash refund reducing cost of products sold.
- A non-cash $61 million benefit from the increased value of the Helion fusion energy investment was recorded in the second quarter of 2026.
- Cash provided by operating activities was $2.29 billion in the first six months of 2026, up from $1.10 billion, and cash plus short-term investments totaled $2.69 billion at July 4, 2026.
- Capital expenditures for 2026 are estimated at approximately $2.50 billion, compared with $3.42 billion in 2025, with the largest projects being a sheet mill in West Virginia and two Nucor Towers & Structures manufacturing locations.
- The company had $3.62 billion remaining under its $4.00 billion share repurchase authorization, and it declared a $0.56 per share quarterly dividend, its 213th consecutive quarterly dividend.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed August 12, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $10.40B$8.46B | +23.0% |
| Cost of Revenue | $8.36B$7.23B | +15.6% |
| Gross Profit | $2.03B$1.22B | +66.3% |
| SG&A Expenses | $405.00M$304.00M | +33.2% |
| Interest Expense | $36.00M$49.00M | −26.5% |
| Net Income | $1.16B$603.00M | +91.7% |
| EPS (Basic) | $5.05$2.60 | +94.2% |
| EPS (Diluted) | $5.04$2.60 | +93.8% |
| Shares Outstanding (Basic) | 228.20M230.60M | −1.0% |
| Shares Outstanding (Diluted) | 228.50M230.80M | −1.0% |
05—Questions
Frequently Asked Questions
How much did Nucor's earnings grow in the second quarter of 2026?
Net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, compared with $603 million, or $2.60 per diluted share, in the second quarter of 2025. The filing attributes the increase mainly to higher earnings in the steel mills segment, driven by higher average selling prices, increased volumes and higher metal margins.
What drove the improvement in the steel mills segment?
The filing cites higher average selling prices, increased volumes and higher metal margins, defined as the difference between steel selling prices and scrap and scrap substitute costs. Segment earnings also included a $130 million reduction in cost of products sold from cash refunds related to prior periods' raw materials procurement costs.
What is Nucor's outlook for the third quarter of 2026?
Management expects higher consolidated reported earnings in the third quarter of 2026. It expects steel mills earnings to rise on higher realized pricing across major product categories with stable volumes, steel products earnings to increase on higher volumes and pricing, and raw materials earnings to decline due to lower margins.
Is Nucor's balance sheet and liquidity position still strong?
Cash and cash equivalents plus short-term investments were $2.69 billion at July 4, 2026, and the company had no borrowings under its $2.25 billion revolving credit facility. The funded debt to total capital ratio was 23.4%, and the company held A- (S&P and Fitch) and A3 (Moody's) long-term credit ratings. The current ratio declined to 2.5 from 2.9, mainly because a $500 million 4.300% note due 2027 was reclassified to current debt.
How is Nucor returning capital to shareholders?
In the first six months of 2026, Nucor paid $258 million in cash dividends and spent $475 million on stock repurchases. The company declared a quarterly dividend of $0.56 per share, and $3.62 billion remained available under the $4.00 billion repurchase program approved in February 2026.
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