How did Nucor perform in the fourth quarter of 2025?

Nucor reported net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share. Adjusted for losses and impairments of assets, earnings were $400 million, or $1.73 per diluted share. Results were lower than the third quarter of 2025 ($2.63 per diluted share) but higher than the fourth quarter of 2024 ($1.22 per diluted share).

What is management's outlook for the first quarter of 2026?

Nucor expects earnings to increase in the first quarter of 2026 across all three operating segments. The steel mills segment is expected to show the largest increase, driven by higher volumes and higher realized prices across all major product categories. Steel products is expected to improve on higher volumes with stable pricing, and raw materials is also expected to increase.

Which segments drove the decline in fourth-quarter earnings?

Steel mills segment earnings before income taxes fell to $516 million from $793 million in the third quarter, on lower volumes and margin compression, primarily in sheet. Steel products declined to $230 million on lower volumes and higher average costs per ton, partly offset by higher realized pricing. Raw materials fell to $24 million due to scheduled outages at its direct reduced iron facilities.

How much did Nucor return to shareholders and what is its financial position?

Nucor repurchased about 0.7 million shares in the fourth quarter and about 5.4 million shares for full-year 2025, and returned approximately $1.2 billion to stockholders in 2025 through buybacks and dividends. At year-end it had $2.70 billion in cash and short-term investments, a $2.25 billion revolving credit facility that was undrawn, and about $406 million remaining under its repurchase authorization.

What does the investor presentation say about 2026 capital spending and demand?

The investor presentation projects 2026 capital expenditures of approximately $2.5 billion, including a West Virginia sheet mill with completion expected in late 2026. It expects lower steel imports in 2026 than in 2025 as Section 232 tariffs take full effect, and it reports year-end backlogs about 40% higher year over year.

NUE 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed January 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Nucor Corporation reported net earnings attributable to Nucor stockholders of $378 million^a, or $1.64 per diluted share, for the fourth quarter of 2025 (quarter ended December 31, 2025).

Excluding losses and impairments of assets, adjusted net earnings attributable to Nucor stockholders were $400 million^b, or $1.73 per diluted share. Net sales were $7.69 billion, down from $8.52 billion in the third quarter of 2025 but up from $7.08 billion in the fourth quarter of 2024. EBITDA was $918 million.

The quarter included $21 million^c ($0.08 per diluted share) of charges related to closing or repurposing steel products facilities and $6 million ($0.01 per diluted share) of impairments in the steel mills segment. For full-year 2025, net earnings attributable to Nucor stockholders were $1.74 billion, or $7.52 per diluted share, versus $2.03 billion, or $8.46 per diluted share, in 2024. Steel mills segment earnings before income taxes fell to $516 million in the fourth quarter from $793 million in the third quarter, reflecting lower volumes and margin compression, primarily in sheet.

Steel products earnings declined to $230 million, and raw materials earnings fell to $24 million^d due to scheduled outages at direct reduced iron facilities. Management guided to higher first-quarter 2026 earnings across all three operating segments, with the largest increase expected in steel mills on higher volumes and higher realized prices. The company reported $2.70 billion in cash and cash equivalents and short-term investments, an undrawn $2.25 billion revolving credit facility, and credit ratings of A-/A-/A3.

It repurchased about 5.4 million shares in 2025 and returned approximately $1.2 billion to stockholders, and its board declared a $0.56 per share quarterly dividend payable February 11, 2026. The company's investor presentation, furnished as Exhibit 99.2 for the January 27, 2026 earnings call, projects 2026 capital expenditures of about $2.5 billion and lower imports in 2026 compared with 2025 as Section 232 tariffs take full effect. It also reports 2026 backlogs roughly 40% higher year over year and a 2025 free cash flow of negative $188 million, reflecting capital spending of $3.42 billion.

02—Key points

Key Highlights

Q4 2025 net earnings attributable to Nucor stockholders of $378 million ($1.64 per diluted share), versus $607 million ($2.63) in Q3 2025 and $287 million ($1.22) in Q4 2024.
Adjusted Q4 2025 net earnings of $400 million ($1.73 per diluted share), excluding losses and impairments of assets of $22 million net of tax and noncontrolling interests.
Q4 2025 net sales of $7.69 billion and EBITDA of $918 million, compared with $8.52 billion and $1.27 billion in Q3 2025 for net sales and EBITDA, respectively.
Full-year 2025 net earnings attributable to Nucor stockholders of $1.74 billion ($7.52 per diluted share), down from $2.03 billion ($8.46) in 2024.
Management expects first-quarter 2026 earnings to increase across all three segments, led by steel mills on higher volumes and higher realized prices.
Balance sheet strength: $2.70 billion in cash and short-term investments, undrawn $2.25 billion revolver maturing March 2030, and A-/A-/A3 credit ratings with stable outlooks.
Capital returns continued in 2025 with about $1.2 billion returned to stockholders through buybacks and dividends, and a $0.56 quarterly dividend declared for February 2026 payment.

03—Questions

Frequently Asked Questions

How did Nucor perform in the fourth quarter of 2025?
Nucor reported net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share. Adjusted for losses and impairments of assets, earnings were $400 million, or $1.73 per diluted share. Results were lower than the third quarter of 2025 ($2.63 per diluted share) but higher than the fourth quarter of 2024 ($1.22 per diluted share).
What is management's outlook for the first quarter of 2026?
Nucor expects earnings to increase in the first quarter of 2026 across all three operating segments. The steel mills segment is expected to show the largest increase, driven by higher volumes and higher realized prices across all major product categories. Steel products is expected to improve on higher volumes with stable pricing, and raw materials is also expected to increase.
Which segments drove the decline in fourth-quarter earnings?
Steel mills segment earnings before income taxes fell to $516 million from $793 million in the third quarter, on lower volumes and margin compression, primarily in sheet. Steel products declined to $230 million on lower volumes and higher average costs per ton, partly offset by higher realized pricing. Raw materials fell to $24 million due to scheduled outages at its direct reduced iron facilities.
How much did Nucor return to shareholders and what is its financial position?
Nucor repurchased about 0.7 million shares in the fourth quarter and about 5.4 million shares for full-year 2025, and returned approximately $1.2 billion to stockholders in 2025 through buybacks and dividends. At year-end it had $2.70 billion in cash and short-term investments, a $2.25 billion revolving credit facility that was undrawn, and about $406 million remaining under its repurchase authorization.
What does the investor presentation say about 2026 capital spending and demand?
The investor presentation projects 2026 capital expenditures of approximately $2.5 billion, including a West Virginia sheet mill with completion expected in late 2026. It expects lower steel imports in 2026 than in 2025 as Section 232 tariffs take full effect, and it reports year-end backlogs about 40% higher year over year.

04—Continue

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