Nucor Reports Results for the Second Quarter of 2026
Nucor Reports Results for the Second Quarter of 2026
PR Newswire
CHARLOTTE, N.C., July 27, 2026
Second Quarter of 2026 Highlights
- Net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share
- Adjusted net earnings attributable to Nucor stockholders of $1.11 billion, or $4.84 per diluted share
- Net sales of $10.40 billion
- Net earnings before noncontrolling interests of $1.28 billion; EBITDA of $2.02 billion CHARLOTTE, N.C., July 27, 2026 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, for the second quarter of 2026. Excluding a non-cash, pre-tax benefit of $61 million, or $0.20 per diluted share, Nucor's second quarter of 2026 adjusted net earnings attributable to Nucor stockholders was $1.11 billion, or $4.84 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, for the first quarter of 2026 and $603 million, or $2.60 per diluted share, for the second quarter of 2025.
"Investment across key sectors of the U.S. economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments," said Leon Topalian, Nucor's Chair and Chief Executive Officer. "We continue to execute our growth strategy through investments to expand our capabilities and strengthen our position as the market leader with the most diverse portfolio of steel and fabricated steel products in North America. I want to thank our more than 33,000 Nucor teammates for keeping us on pace for the safest year in Nucor's history and their unwavering commitment to our customers and shareholders."
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
| Three Months | (13 | |||||||||
| Weeks) Ended Six Months | (26 | |||||||||
| Weeks) Ended July 4, | 2026 | |||||||||
| April 4, | 2026 | |||||||||
| July 5, | 2025 | |||||||||
| July 4, | 2026 | |||||||||
| July 5, | 2025 | |||||||||
| Steel mills | $1,556 | $1,128 | $843 | $2,684 | $1,074 | |||||
| Steel products | 353 | 276 | 392 | 629 | 680 | |||||
| Raw materials | 146 | 45 | 57 | 191 | 86 | |||||
| Corporate/eliminations | (430) | (353) | (393) | (783) | (656) | $1,625 | $1,096 | $899 | $2,721 | $1,184 |
Analysis of Second Quarter of 2026 Results Compared to the First Quarter of 2026 The increase in second quarter earnings was driven primarily by the increase in earnings in the steel mills segment, which experienced higher average selling prices and higher volumes. Additionally, the steel mills segment earnings included a reduction to cost of products sold in the amount of $130 million related to cash refunds associated with prior periods' raw materials procurement costs. The steel products segment had improved earnings due to increased volumes and stable average realized pricing. The raw materials segment had higher earnings in the second quarter primarily due to increased average selling prices and shipments.
Included in the second quarter of 2026 marketing, administrative and other expenses is a non-cash, pre-tax benefit of $61 million, or $0.20 per diluted share. This non-cash, pre-tax benefit is related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round in the second quarter of 2026.
Financial Strength At the end of the second quarter of 2026, Nucor had $2.69 billion in cash and cash equivalents and short-term investments on hand. The Company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's, respectively.
Commitment to Returning Capital to Stockholders During the second quarter of 2026, Nucor repurchased approximately 1.53 million shares of its common stock at an average price of $228.76 per share. Nucor returned approximately $479 million to stockholders in the second quarter of 2026 in the form of share repurchases and dividend payments, and approximately $733 million in the first six months of 2026.
On June 9, 2026, Nucor's Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on August 11, 2026, to stockholders of record as of June 30, 2026 and is Nucor's 213(th) consecutive quarterly cash dividend.
Third Quarter of 2026 Outlook Compared to the Second Quarter of 2026 We expect higher consolidated reported earnings in the third quarter of 2026. In the steel mills segment we expect an increase in earnings due to higher realized pricing across all major product categories with stable volumes. In the steel products segment, we expect increased earnings due to both higher volumes and higher realized pricing. The raw materials segment is expected to have decreased earnings due to lower margins.
Earnings Conference Call An earnings call is scheduled for July 28, 2026 at 10:00 a.m. Eastern Time to review Nucor's second quarter of 2026 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Non-GAAP Financial Measures The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. For the second quarter of 2026, we define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders subtracting certain non-cash benefits (in this case, the increase in the value of our investment in Helion), net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share subtracting certain non-cash benefits (in this case, the per diluted share impact of the increase in the value of our investment in Helion), net of tax. Please note that other companies might define their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.
Forward-Looking Statements Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
Consolidated Financial Statements Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share amounts)
| Three Months | (13 | |||||||||
| Weeks) Ended Six Months | (26 | |||||||||
| Weeks) Ended July 4, | 2026 | |||||||||
| April 4, | 2026 | |||||||||
| July 5, | 2025 | |||||||||
| July 4, | 2026 | |||||||||
| July 5, | 2025 | |||||||||
| Net sales | $10,397 | $9,496 | $8,456 | $19,893 | $16,286 | |||||
| Costs, expenses and other: | ||||||||||
| Cost of products sold | 8,363 | 7,995 | 7,233 | 16,358 | 14,458 | |||||
| Marketing, administrative and other expenses | 405 | 378 | 304 | 783 | 585 | |||||
| Equity in earnings of unconsolidated affiliates | (8) | (7) | (10) | (15) | (14) | |||||
| Losses and impairments of assets | - | 15 | 11 | 15 | 40 | |||||
| Interest expense (income), net | 12 | 19 | 19 | 31 | 33 | 8,772 | 8,400 | 7,557 | 17,172 | 15,102 |
| Earnings before income taxes and noncontrolling | 1,625 | 1,096 | 899 | 2,721 | 1,184 | |||||
| interests Provision for income taxes | 345 | 226 | 193 | 571 | 252 | |||||
| Net earnings before noncontrolling interests | 1,280 | 870 | 706 | 2,150 | 932 | |||||
| Earnings attributable to noncontrolling interests | 124 | 127 | 103 | 251 | 173 | |||||
| Net earnings attributable to Nucor stockholders | $1,156 | $743 | $603 | $1,899 | $759 | |||||
| Net earnings per share: | ||||||||||
| Basic | $5.05 | $3.23 | $2.60 | $8.28 | $3.26 | |||||
| Diluted | $5.04 | $3.23 | $2.60 | $8.27 | $3.26 | |||||
| Average shares outstanding: | ||||||||||
| Basic | 228.2 | 228.9 | 230.6 | 228.6 | 231.7 | |||||
| Diluted | 228.5 | 229.3 | 230.8 | 228.9 | 231.9 | |||||
Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited) (In millions)
| July 4, | 2026 | |
| Dec. 31, | 2025 | |
| ASSETS Current assets: | ||
| Cash and cash equivalents | $2,478 | $2,260 |
| Short-term investments | 214 | 439 |
| Accounts receivable, net | 4,045 | 3,105 |
| Inventories, net | 6,020 | 5,462 |
| Other current assets | 399 | 499 |
| Total current assets | 13,156 | 11,765 |
| Property, plant and equipment, net | 15,863 | 15,306 |
| Goodwill | 4,289 | 4,297 |
| Other intangible assets, net | 2,754 | 2,880 |
| Other assets | 892 | 856 |
| Total assets | $36,954 | $35,104 |
| LIABILITIES Current liabilities: | ||
| Short-term debt | $129 | $122 |
| Current portion of long-term debt and finance lease obligations | 581 | 90 |
| Accounts payable | 2,357 | 1,890 |
| Salaries, wages and related accruals | 1,002 | 882 |
| Accrued expenses and other current liabilities | 1,177 | 1,020 |
| Total current liabilities | 5,246 | 4,004 |
| Long-term debt and finance lease obligations due after one year | 6,389 | 6,909 |
| Deferred credits and other liabilities | 2,053 | 2,067 |
| Total liabilities | 13,688 | 12,980 |
| Commitments and contingencies EQUITY Nucor stockholders' equity: | ||
| Common stock | 152 | 152 |
| Additional paid-in capital | 2,207 | 2,253 |
| Retained earnings | 33,146 | 31,504 |
| Accumulated other comprehensive loss, | (214) | (194) |
| net of income taxes | ||
| Treasury stock | (13,182) | (12,779) |
| Total Nucor stockholders' equity | 22,109 | 20,936 |
| Noncontrolling interests | 1,157 | 1,188 |
| Total equity | 23,266 | 22,124 |
| Total liabilities and equity | $36,954 | $35,104 |
| Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Six Months | (26 | |
| Weeks) Ended July 4, | 2026 | |
| July 5, | 2025 | |
| Operating activities: | ||
| Net earnings before noncontrolling interests | $2,150 | $932 |
| Adjustments: | ||
| Depreciation | 641 | 606 |
| Amortization | 126 | 128 |
| Impairment of assets | 15 | 20 |
| Stock-based compensation | 91 | 78 |
| Deferred income taxes | (61) | (17) |
| Distributions from affiliates | 7 | 6 |
| Equity in earnings of unconsolidated affiliates | (15) | (14) |
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
| Accounts receivable | (952) | (706) |
| Inventories | (560) | (352) |
| Accounts payable | 454 | 375 |
| Federal income taxes | 110 | 135 |
| Salaries, wages and related accruals | 130 | (135) |
| Other operating activities | 150 | 40 |
| Cash provided by operating activities | 2,286 | 1,096 |
| Investing activities: | ||
| Capital expenditures | (1,232) | (1,813) |
| Investment in and advances to affiliates | (2) | (1) |
| Disposition of plant and equipment | 21 | 39 |
| Acquisitions (net of cash acquired) | - | (1) |
| Purchases of investments | (157) | (666) |
| Proceeds from the sale of investments | 382 | 717 |
| Divestiture of affiliate | 3 | - |
| Other investing activities | 29 | 2 |
| Cash used in investing activities | (956) | (1,723) |
| Financing activities: | ||
| Net change in short-term debt | 6 | (68) |
| Repayment of long-term debt | (37) | (1,007) |
| Proceeds from issuance of long-term debt, net of discount | 15 | 997 |
| Bond issuance costs | - | (9) |
| Proceeds from exercise of stock options | 14 | - |
| Payment of tax withholdings on certain stock-based compensation | (77) | (31) |
| Distributions to noncontrolling interests | (282) | (214) |
| Cash dividends | (258) | (258) |
| Acquisition of treasury stock | (475) | (500) |
| Proceeds from government incentives | - | 77 |
| Other financing activities | (10) | 17 |
| Cash used in financing activities | (1,104) | (996) |
| Effect of exchange rate changes on cash | (8) | 11 |
| Increase (decrease) in cash and cash equivalents | 218 | (1,612) |
| Cash and cash equivalents | - | |
| beginning of year | 2,260 | 3,558 |
| Cash and cash equivalents | - | |
| end of six months | $2,478 | $1,946 |
| Non-cash investing activity: | ||
| Change in accrued plant and equipment purchases | $15 | |
| $(27) | ||
| Select Financial and Operational Data (Dollars in millions, tons in thousands, per unit amounts as noted) Three Months | (13 | |||||||
| Weeks) Ended Six Months | (26 | |||||||
| Weeks) Ended July 4, April 4, % Change July 5, | 2025 | |||||||
| Year Ago % July 4, July 5, % Change | 2026 | 2026 | ||||||
|---|---|---|---|---|---|---|---|---|
| Change | 2026 | 2025 | ||||||
| Consolidated Financial & Operational Data Net Sales | $10,397 | $9,496 | 9% | $8,456 | 23% | $19,893 | $16,286 | 22% |
| External Average Sales Price per Ton | $1,367 | $1,279 | 7% | $1,240 | 10% | $1,323 | $1,193 | 11% |
| Sales Tons to External Customers | 7,605 | 7,427 | 2% | 6,820 | 12% | 15,032 | 13,650 | 10% |
| Pre-Operating & Start-Up Costs | $120 | $108 | 11% | $136 | -12% | $228 | $306 | -25% |
| Pre-Operating & Start-Up Costs per Diluted | $0.40 | $0.36 | $0.45 | $0.76 | $1.00 | |||
| Share Number of Days in Period | 91 | 94 | 91 | 185 | 186 | |||
| Steel Mills Segment Data Total Shipments | 7,100 | 7,046 | 1% | 6,474 | 10% | 14,146 | 12,937 | 9% |
| Sales Tons to External Customers | 5,659 | 5,619 | 1% | 5,044 | 12% | 11,278 | 10,270 | 10% |
| Percentage of Sales to Internal Customers | 20% | 20% | 22% | 20% | 21% | |||
| External Average Sales Price per Ton | $1,145 | $1,074 | 7% | $1,041 | 10% | $1,110 | $989 | 12% |
| Average Scrap/Scrap Substitute Cost per Gross | $422 | $404 | 4% | $403 | 5% | $413 | $398 | 4% |
| Ton Utilization | 91% | 86% | 85% | 88% | 82% | |||
| Steel Products Segment Data Sales Tons to External Customers | 1,285 | 1,159 | 11% | 1,141 | 13% | 2,444 | 2,189 | 12% |
| Average Sales Price per Ton | $2,415 | $2,405 | 0% | $2,331 | 4% | $2,410 | $2,313 | 4% |
| Tonnage Data (in thousands) Three Months | (13 | |||||||||||||||
| Weeks) Ended Six Months | (26 | |||||||||||||||
| Weeks) Ended July 4, | 2026 | |||||||||||||||
| April 4, | 2026% | |||||||||||||||
| July 5, | 2025 | |||||||||||||||
| Year Ago July 4, | 2026 | |||||||||||||||
| July 5, | 2025% | |||||||||||||||
| Change % Change Change Steel mills total shipments: | ||||||||||||||||
| Sheet | 3,291 | 3,394 | -3% | 3,057 | 8% | 6,685 | 6,038 | 11% | ||||||||
| Bars | 2,387 | 2,308 | 3% | 2,148 | 11% | 4,695 | 4,438 | 6% | ||||||||
| Structural | 628 | 649 | -3% | 635 | -1% | 1,277 | 1,212 | 5% | ||||||||
| Plate | 757 | 647 | 17% | 606 | 25% | 1,404 | 1,183 | 19% | ||||||||
| Other | 37 | 48 | -23% | 28 | 32% | 85 | 66 | 29% | 7,100 | 7,046 | 1% | 6,474 | 10% | 14,146 | 12,937 | 9% |
| Sales tons to outside customers: | ||||||||||||||||
| Steel mills | 5,659 | 5,619 | 1% | 5,044 | 12% | 11,278 | 10,270 | 10% | ||||||||
| Joist and deck | 198 | 185 | 7% | 217 | -9% | 383 | 399 | -4% | ||||||||
| Rebar fabrication products | 344 | 291 | 18% | 306 | 12% | 635 | 553 | 15% | ||||||||
| Tubular products | 338 | 318 | 6% | 243 | 39% | 656 | 513 | 28% | ||||||||
| Building Systems | 59 | 55 | 7% | 64 | -8% | 114 | 112 | 2% | ||||||||
| Other steel products | 346 | 310 | 12% | 311 | 11% | 656 | 612 | 7% | ||||||||
| Raw materials | 661 | 649 | 2% | 635 | 4% | 1,310 | 1,191 | 10% | 7,605 | 7,427 | 2% | 6,820 | 12% | 15,032 | 13,650 | 10% |
Non-GAAP Financial Measures Reconciliation of EBITDA (Unaudited) (In millions)
| Three Months | (13 | ||||
| Weeks) Ended Six Months | (26 | ||||
| Weeks) Ended July 4, | 2026 | ||||
| April 4, | 2026 | ||||
| July 5, | 2025 | ||||
| July 4, | 2026 | ||||
| July 5, | 2025 | ||||
| Net earnings before noncontrolling | $1,280 | $870 | $706 | $2,150 | $932 |
| interests Depreciation | 320 | 321 | 303 | 641 | 606 |
| Amortization | 63 | 63 | 63 | 126 | 128 |
| Losses and impairments of assets | - | 15 | 11 | 15 | 40 |
| Interest expense (income), net | 12 | 19 | 19 | 31 | 33 |
| Provision for income taxes | 345 | 226 | 193 | 571 | 252 |
| EBITDA | $2,020 | $1,514 | $1,295 | $3,534 | $1,991 |
Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited) (In millions, except per share data)
Three Months (13 Weeks) Ended July 4, 2026 Diluted EPS Net earnings attributable to Nucor stockholders $ 1,156 $ 5.04 Subtract non-cash benefit, net of tax 46 0.20 Adjusted net earnings attributable to Nucor stockholders $ 1,110 $ 4.84
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SOURCE Nucor Corporation
For Investor/Analyst Inquiries - Chris Jacobi, chris.jacobi@nucor.com, or Paul Donnelly, paul.donnelly@nucor.com; For Media Inquiries - Katherine Miller, katherine.miller@nucor.com
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