Nucor Corporation (NUE) Q2 FY2026

Business

Source: FY2025 Form 10-K (fiscal year ended December 31, 2025), accession 0001193125-26-071575, Item 1, Item 2 and Note 22.

Nucor makes steel and steel products, mainly in North America, and sells them mainly to steel service centers, fabricators and manufacturers across the United States, Canada and Mexico. It is the continent's largest recycler: its mills melt scrap (about 20 million gross tons in 2025) in electric arc furnaces (EAFs), which is 100% of its steelmaking. Revenue is earned by shipping tons, so results move with two variables management tracks above all others: average selling price per ton and tons shipped to outside customers. Nonresidential construction is the largest end market; no single customer exceeded about 5% of 2025 sales. In 2025 net sales to external customers were $32.49 billion, split across three segments:

• Steel mills ($20.00 billion of 2025 external sales, 62%). Sheet (hot-rolled, cold-rolled, galvanized; six mills, about 14.5 million tons of capacity, including 51%-owned California Steel Industries), bar (15 mills, about 9.8 million tons, including rebar micro mills and special-bar-quality mills), structural (two mills, about 3.3 million tons, including 51%-owned Nucor-Yamato, North America's only producer of high-strength low-alloy beams) and plate (three mills, about 3.6 million tons). The segment also holds 51% of a galvanizing joint venture in Mexico with JFE Steel and a 50% equity stake in NuMit, owner of the Steel Technologies sheet processor. About 85% of 2025 sheet sales were under contracts of six to 12 months that reprice monthly or quarterly against market indices or raw-material costs; most bar, structural and plate tonnage sells at spot prices. In 2025, 79% of mill shipments went to outside customers and 21% to Nucor's own steel products businesses.
• Steel products ($10.33 billion). Downstream fabricated goods aimed at nonresidential construction and infrastructure: Vulcraft/Verco joists, joist girders and deck (the leading U.S. producer); tubular products (HSS tubing, electrical conduit, solar torque tubes); rebar fabrication and installation (nearly 70 facilities); pre-engineered metal buildings; insulated metal panels (CENTRIA, Metl-Span); warehouse and data-center racking; overhead doors (C.H.I. and Rytec); utility towers and structures; Skyline Steel piling; cold finished bar; wire, mesh and fasteners. Joist, deck and rebar work is largely fixed-price, competitively bid contract business.
• Raw materials ($2.16 billion). The David J. Joseph Company (DJJ) brokers and processes ferrous and non-ferrous scrap (about 95% of the segment's outside sales came from brokerage in 2025); two direct reduced iron (DRI) plants in Trinidad and Louisiana supplied about 3.3 million metric tons of DRI to the mills in 2025; plus natural gas wells in Colorado and an industrial gas business. Roughly 93% of the metal it handles is consumed by Nucor's own mills.

Strategy is framed as "Grow the Core, Expand Beyond and Live Our Culture": investing in higher value-added mill products and in downstream businesses (racking, doors, panels, towers) that management expects to raise margins and reduce earnings volatility. Investment totaled about $9.73 billion over 2023–2025, roughly 91% capital spending and the rest acquisitions. The largest project is a 3-million-ton sheet mill in Mason County, West Virginia, estimated to cost about $4 billion (about $3.65 billion net of a $350 million state commitment). The company states a capital-return target of at least 40% of net earnings over time through dividends and buybacks; it has raised its base dividend every year since 1973.

The cost structure is deliberately variable. Scrap and scrap substitutes are the largest cost (about 1.1 tons per ton of steel; $392 per gross ton on average in 2025), and production workers earn a large share of pay through weekly production incentives and profit sharing (historically 10% of pre-tax earnings for most non-officer staff), so payroll falls when output and profit do. Nucor employs about 33,000 teammates, mostly non-union and U.S.-based. Year-end 2025 order backlogs were about $3.35 billion in steel mills (from $2.13 billion a year earlier) and $4.46 billion in steel products (from $4.02 billion).

Risk factors

Source: FY2025 Form 10-K, accession 0001193125-26-071575, Item 1A. The Q2 2026 10-Q (accession 0001193125-26-345891) reports no material changes to these risk factors.

The risks that bear most directly on earnings:

• Global overcapacity and imports. The OECD estimates 2025 global steel overcapacity at about 704 million net tons, eight times U.S. annual production, possibly rising to about 795 million tons by 2027. China has produced more than one billion tons for eight straight years and exported a record 131 million tons in 2025, and Chinese producers are building capacity in Southeast Asia and Africa to sidestep duties. Nucor's pricing currently benefits from Section 232 tariffs, fully reinstated in 2025 without exemptions and broadened to about 600 fabricated products, and from 142 antidumping/countervailing duty orders on its core products. If those protections are relaxed or a strong dollar draws in imports, U.S. prices could fall.
• Cyclicality. Demand tracks construction, energy, service centers, appliances and autos. A downturn, especially in nonresidential construction, hits a capital-intensive business hard.
• Scrap and raw-material prices. Scrap and substitutes (pig iron, DRI, iron ore pellets) are volatile and partly imported from politically unstable regions. When orders are priced before inputs are bought, rising costs compress margins, and contract sheet prices adjust only with a lag. Some exporting countries restrict scrap exports, giving their own producers a cost advantage.
• Energy. EAF mills consume large amounts of electricity and the DRI plants consume natural gas. Price spikes, supply disruptions or grid decarbonization that raises power costs or reduces reliability may not be recoverable in selling prices.
• Capital intensity. Capital spending totaled about $8.90 billion over 2023–2025. Funding relies on operating cash, commercial paper, bond issuance and a $2.25 billion revolver, and acquisitions, higher rates or unforeseen events could require outside financing.
• Carbon and environmental regulation. Uncertain climate policy is the largest environmental risk the company names. Tighter air-quality standards could delay mill permits and expansions, and environmental product declaration rules (for example the Buy Clean California Act) add cost and may favor foreign producers unless applied evenly.
• Operational and other risks. Explosions, fires, equipment failures and natural disasters (property insurance is substantially self-insured); cybersecurity attacks on production and IT systems; integration of acquired businesses; operations in Canada, Mexico, Trinidad and other markets; possible impairment of goodwill, long-lived assets or equity investments (the 2025 goodwill test found no impairment, but management notes that the performance of certain businesses within its reporting units requires continued improvement; separately, the Q2 2026 10-Q reports that the Mexican galvanizing joint venture had an impairment triggering event in Q4 2025 that required no charge); changes in U.S. tax law; and legal and compliance proceedings, including an EPA Clean Air Act matter at the Louisiana DRI plant that is being settled and that Nucor does not expect to be material.

Management's discussion, fiscal 2025

Source: FY2025 Form 10-K, accession 0001193125-26-071575, Item 7 and Item 7A.

2025 combined stronger steel mill volumes with a weaker downstream business. Steel mill operating rates rose to 83% from 76% in 2024 as domestic demand grew modestly and imports fell (finished imports down 17.4%, to about 18% of U.S. demand). Infrastructure, data centers, energy and advanced manufacturing were strong; autos and residential construction were soft.

• Results. Net sales rose 6% to $32.49 billion: tons shipped to outside customers rose 7% to 26.6 million, while the average price per ton slipped 2% to $1,221. Net earnings attributable to Nucor fell to $1.74 billion ($7.52 per diluted share) from $2.03 billion ($8.46). Gross margin was $3.85 billion (12%), down from $4.10 billion (13%). Return on average equity was 8.5% (9.8% in 2024).
• Segments (pre-tax earnings). Steel mills rose to $2.38 billion from $2.23 billion on higher volumes and metal margins, ending the year with historically high backlogs. Steel products fell to $1.23 billion from $1.60 billion despite 9% higher volume, as the average price per ton dropped 6% (to $2,348) and margins compressed in joist and deck, metal buildings and rebar fabrication. Raw materials rose to $153 million from $40 million, mostly because 2024 included an $83 million write-off of a note receivable, with stronger DRI and brokerage results and Q4 insurance recoveries adding to the gain. Corporate/eliminations cost $1.20 billion.
• Costs. Pre-operating and start-up costs were about $496 million (from $594 million), mainly for the Kentucky plate mill, the West Virginia sheet mill and the Arizona melt shop. Losses and impairments were $67 million, mostly facility closures or repurposing. The effective tax rate was 20.64%.
• Cash and capital. Operating cash flow was $3.23 billion (from $3.98 billion), reduced by working-capital build in receivables and inventory. Capital spending rose to $3.42 billion, so free cash flow was slightly negative. Nucor bought back $700 million of stock (from $2.22 billion) and paid $512 million in dividends. It issued $1.0 billion of 2030 and 2035 notes in March 2025 to refinance $1.0 billion of 2025 maturities, enlarged its revolver to $2.25 billion (maturing March 2030), and issued $220 million of 40-year West Virginia industrial revenue bonds for the new sheet mill. Year-end cash and short-term investments were $2.70 billion (from $4.14 billion), funded debt to total capital was 24.4%, and credit ratings were A-/A-/A3, the highest among North American steelmakers.
• Guidance given with the 10-K. Management guided to higher Q1 2026 earnings in all three segments (mills on higher volumes and prices) and to 2026 capital spending of about $2.5 billion, led by the West Virginia sheet mill, new Towers & Structures plants and a galvanizing line in South Carolina.

Current quarter, Q2 2026 (13 weeks ended July 4, 2026)

Sources: Q2 2026 Form 10-Q, accession 0001193125-26-345891 (Item 1 notes, Item 2 MD&A, Part II Item 2); Q2 2026 earnings release and earnings-call presentation furnished on Form 8-K dated July 27, 2026, accession 0001193125-26-318190 (Exhibits 99.1 and 99.2).

The steel mills drove the quarter. Higher prices, a second consecutive quarterly record for mill shipments and wider metal margins nearly doubled earnings from a year earlier, while the downstream steel products segment earned less despite higher volumes.

• Headline results. Net sales rose 23% to $10.40 billion (from $8.46 billion). The average price per ton was up 10% to $1,367 and outside shipments up 12% to about 7.6 million tons. Net earnings attributable to Nucor were $1.16 billion, or $5.04 per diluted share (from $603 million, $2.60). Gross margin was $2.03 billion (20%) against $1.22 billion (14%). The company's non-GAAP adjusted figure removes a $61 million pre-tax ($46 million after-tax) non-cash gain on its investment in Helion, a fusion energy company, after a Helion financing round; that gain was booked as a reduction of administrative expense. Adjusted earnings were therefore lower than reported, at $1.11 billion or $4.84 per share. EBITDA was $2.02 billion.
• Steel mills. Pre-tax earnings were $1.56 billion (from $843 million). Outside shipments rose 12% to 5.66 million tons and the average price 10% to $1,145 per ton, while scrap cost rose 5% to $422 per gross ton. The segment also benefited from a $130 million reduction in cost of products sold for cash refunds of prior periods' raw-material procurement costs, which the company does not expect to recur materially in Q3. Utilization was 91% in the quarter and 88% for the first half (82% in the first half of 2025). Total plate shipments rose 25% year over year and sheet 8%. Backlogs were higher than at the end of Q1; the call presentation puts mill backlog up 18% sequentially.
• Steel products. Pre-tax earnings fell to $353 million from $392 million. Volume rose 13% and the average price 4% (to $2,415 per ton), but higher steel input costs compressed margins. Tubular products led growth, with shipments up 39% and sales up to $599 million from $380 million, while joist and deck shipments fell 9% and sales to $483 million from $564 million. The segment backlog also rose sequentially.
• Raw materials. Pre-tax earnings were $146 million (from $57 million) on higher prices and shipments and better DRI profitability.
• Other items. Corporate/eliminations cost $430 million (from $393 million), a figure that already includes the $61 million Helion gain; profit-sharing and other incentive compensation rose $86 million year over year with profitability. Pre-operating and start-up costs were about $120 million, mainly for the West Virginia sheet mill and a new coating complex at the Indiana sheet mill. The effective tax rate was 21.2%.
• First half 2026. Net sales were $19.89 billion (up 22%) and net earnings attributable to Nucor $1.90 billion, or $8.27 per diluted share (from $759 million, $3.26). Annualized return on average equity was 17.6%. Operating cash flow was $2.29 billion (from $1.10 billion) despite a $560 million inventory build. Capital spending fell to $1.23 billion from $1.81 billion. Nucor repurchased $475 million of stock (2.2 million shares) and paid $258 million in dividends.
• Balance sheet. At July 4, 2026, cash and short-term investments were $2.69 billion, of which about $843 million was held by majority-owned joint ventures. The revolver was undrawn and funded debt to total capital was 23.4%. The current ratio fell to 2.5 from 2.9 at year-end because $500 million of 4.300% notes due 2027 moved into current liabilities.
• Capital return. In Q2, Nucor bought about 1.5 million shares at an average of about $229 and returned about $479 million to stockholders including dividends; about $3.62 billion remained under the current buyback authorization at quarter end.
• Projects. The company describes the West Virginia sheet mill as on time and on budget, with equipment commissioning through 2026, production beginning in 2027 and a multi-phase ramp through 2027 and 2028. A second galvanizing line (about 500,000 tons a year) at the Berkeley County, South Carolina sheet mill is commissioning equipment, with production start-up expected in the fall of 2026. Of the two new Towers & Structures plants, Indiana made its first galvanizing run in Q2 2026 with full production expected by Q3 2026, and Utah is expected to make its first run by year-end 2026 and reach full production by mid-2027. The Lexington, North Carolina rebar micro mill and the Kingman, Arizona melt shop were EBITDA-positive in Q2. Full-year 2026 capital spending is still estimated at about $2.50 billion, against $3.42 billion in 2025.
• Trade backdrop. Management attributes part of the strength to federal trade policy, with antidumping and countervailing duties plus Section 232 tariffs continuing to curb unfairly traded imports. The call presentation shows finished-steel import market share of about 16% in the first half of 2026, against 21% in 2025 and 23% in 2024, but notes that Q2 imports were higher than Q1, with beam and rebar imports up in the half.

Outlook (Q3 2026 versus Q2). Management expects higher consolidated earnings. In steel mills it expects higher realized prices across all major products on stable volumes, partly offset by higher conversion costs and no further material benefit from raw-material refunds. In steel products it expects higher volumes and prices. Raw materials earnings are expected to fall on lower scrap prices and higher pellet costs. Corporate results will lack the Q2 Helion gain. The expected full-year 2026 effective tax rate is 20.0% to 22.0%.

Subsequent events

Sources: Q2 2026 Form 10-Q, accession 0001193125-26-345891 (filed August 12, 2026); Form 8-K dated July 27, 2026, accession 0001193125-26-318190.

The Q2 2026 10-Q, filed August 12, 2026, has no subsequent-events note and reports no acquisition, divestiture, debt issuance, borrowing or litigation outcome after the July 4, 2026 quarter end. The only legal matter it describes, the EPA Clean Air Act settlement talks at Nucor Steel Louisiana, was still under negotiation and is not expected to be material. Items the filings date after the quarter end:

• July 27, 2026: Nucor released second-quarter results and its Q3 2026 outlook (described above).
• August 11, 2026: payment date of the quarterly dividend declared in June 2026.

Filings that contain financial statements

Nucor's quarterly earnings press releases are furnished as Exhibit 99.1 to Form 8-K and carry condensed consolidated statements of earnings, balance sheets, cash flow statements and segment data (unaudited, in millions).

• Form 8-K filed July 27, 2026, accession 0001193125-26-318190: second quarter ended July 4, 2026. Three-month and six-month statements of earnings, balance sheet at July 4, 2026 against December 31, 2025, and six-month cash flow statement.
• Form 8-K filed April 27, 2026, accession 0001193125-26-182332: first quarter ended April 4, 2026. Statements of earnings, balance sheet and cash flow statement.
• Form 8-K filed January 26, 2026, accession 0001193125-26-022733: fourth quarter and full year ended December 31, 2025. Statements of earnings, balance sheet and cash flow statement.
• Form 8-K filed October 27, 2025, accession 0001193125-25-251721: third quarter ended October 4, 2025 (earnings release; same format).
• Form 8-K filed July 28, 2025, accession 0001193125-25-166550: second quarter ended July 5, 2025 (earnings release; same format).

Earnings and outlook

• July 27, 2026 - second quarter results (0001193125-26-318190). Net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, on net sales of $10.40 billion. Adjusted net earnings were $1.11 billion, or $4.84 per diluted share, after excluding a non-cash, pre-tax benefit of $61 million ($0.20 per share) from the increased value of Nucor's investment in Helion, a fusion energy company, following a capital financing round in the quarter. First quarter 2026 was $743 million ($3.23) and second quarter 2025 was $603 million ($2.60). Pre-tax earnings by segment: steel mills $1,556 million, steel products $353 million, raw materials $146 million. The steel mills result included a $130 million reduction to cost of products sold from cash refunds tied to prior periods' raw materials procurement costs. Management described a second consecutive quarterly record for steel mill shipments.
• Third quarter 2026 outlook (same release). Management expects higher consolidated earnings: higher steel mills earnings on higher realized pricing with stable volumes, higher steel products earnings on volume and price, and lower raw materials earnings on lower margins. The investor presentation (Exhibit 99.2) adds that no further material benefit is expected from the raw material refunds.
• April 27, 2026 - first quarter results (0001193125-26-182332). Net earnings attributable to Nucor stockholders were $743 million, or $3.23 per diluted share, against $378 million ($1.64; adjusted $400 million, $1.73) in the fourth quarter of 2025. The release guided to higher second quarter earnings in all three segments.
• January 26, 2026 - fourth quarter 2025 results (0001193125-26-022733). Net earnings attributable to Nucor stockholders were $378 million ($1.64 per diluted share). Adjusted earnings of $400 million ($1.73) excluded impairment charges, including $21 million for closure or repurposing of certain steel products facilities and $6 million for non-current assets in steel mills.

Capital returns and balance sheet

• Second quarter 2026: Nucor repurchased about 1.53 million shares at an average $228.76 and returned about $479 million to stockholders through buybacks and dividends ($733 million in the first six months). Cash, equivalents and short-term investments were $2.69 billion; the $2.25 billion revolving credit facility was undrawn and runs to March 2030; ratings were A-/A-/A3 with stable outlooks (0001193125-26-318190).
• Dividend: on June 9, 2026 the board declared $0.56 per share, payable August 11, 2026 to holders of record June 30, 2026, the 213th consecutive quarterly dividend (0001193125-26-318190). The prior declaration, February 20, 2026, was also $0.56 (212th), payable May 11, 2026 (0001193125-26-182332).
• Buyback authorization: on February 20, 2026 the board approved a new program of up to $4.00 billion and terminated earlier programs; about $3.97 billion remained at April 4, 2026 (0001193125-26-182332). Roughly $406 million had remained under the prior program at December 31, 2025 (0001193125-26-022733).

Management changes

• December 4, 2025 (0001193125-25-307550): Chief Financial Officer Stephen D. Laxton was named President and Chief Operating Officer effective January 1, 2026, with base salary raised to $1,000,000; Chief Operating Officer David A. Sumoski stepped down from that role January 1, 2026 and remained an Executive Vice President until retiring June 13, 2026. Leon Topalian continues as Chair and Chief Executive Officer.
• February 20, 2026 (0001193125-26-060448): John L. "Jack" Sullivan, previously Vice President, Treasurer and General Manager of Investor Relations, was elected Chief Financial Officer, Treasurer and Executive Vice President effective March 1, 2026, at a base salary of $680,000. An amendment filed February 27, 2026 (0001193125-26-079540) reports his executive employment agreement dated February 26, 2026.
• March 3, 2026 (0001193125-26-086912): Executive Vice President of Commercial Daniel R. Needham gave notice of retirement effective June 20, 2026.
• June 2, 2026 (Form 8-K/A, 0001193125-26-253839): Retirement agreement with Mr. Sumoski dated May 28, 2026, effective June 13, 2026, providing monthly payments of $308,850.56 for 24 months in exchange for a release and restrictive covenants.
• June 22, 2026 (Form 8-K/A, 0001193125-26-277574): Retirement agreement with Mr. Needham dated June 16, 2026, effective June 20, 2026, providing monthly payments of $254,972.34 for 24 months on the same basis.

Shareholder meeting

• May 14, 2026 annual meeting (filed May 19, 2026, 0001193125-26-230790): all eight director nominees were elected, and stockholders ratified PricewaterhouseCoopers LLP as the 2026 independent registered public accounting firm (191,045,084 votes for, 10,966,251 against) and approved, on an advisory basis, the 2025 named executive officer compensation (167,456,504 for, 7,237,903 against).

Cybersecurity incident (2025, operations restored)

• May 14, 2025 (0001193125-25-119311): Nucor disclosed unauthorized third-party access to certain information technology systems and said it had temporarily halted certain production operations at various locations while restarting the affected operations.
• June 20, 2025 amendment (0001193125-25-143135): Nucor reported that its investigation determined the threat actor exfiltrated limited data from its information technology systems, and that it was reviewing the impacted data and would make notifications to affected parties and regulators as required by law. It also reported affected production operations and applications had been restored, that it believed the threat actor no longer had access, and that the incident had not had, and was not reasonably likely to have, a material impact on operations, financial condition or results.

Not found in SEC filings reviewed

No Form 8-K in the period covers a signed or closed acquisition, a debt issuance or redemption, a stock split, or a guidance withdrawal. The July 27, 2026 release shows no acquisition spending in the six months ended July 4, 2026.

About this file

NUE annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

NUE quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Cash flow source form. derived from the 10-Q filed 2026-08-12 and the first-quarter 2026 earnings release furnished 2026-04-27
• Cash flow derivation, Q2 2026. Six months ended July 4, 2026 (10-Q, accession 0001193125-26-345891) less the three months ended April 4, 2026 (first-quarter 2026 earnings release, Form 8-K, accession 0001193125-26-182332, Exhibit 99.1). The closing cash balance is the six-month statement's end-of-period balance, as printed.
• Cash flow derivation, Q2 2025. Six months ended July 5, 2025 (10-Q, accession 0001193125-26-345891) less the three months ended April 5, 2025 (comparative column of the first-quarter 2026 earnings release, Form 8-K, accession 0001193125-26-182332, Exhibit 99.1). The closing cash balance is the six-month statement's end-of-period balance, as printed.

NUE year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

NUE trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Source form. derived from the 10-Q filed 2026-08-12 and the 10-K filed 2026-02-25
• Derivation. FY2025 (10-K, accession 0001193125-26-071575) plus the six months ended July 4, 2026, less the six months ended July 5, 2025 (both from the 10-Q, accession 0001193125-26-345891).

Adjustments

Notes

• Annual figures for 2025, 2024 and 2023 come from Nucor's Form 10-K for the year ended December 31, 2025 (accession 0001193125-26-071575). Its statements of earnings and cash flows present three years; its balance sheet presents only December 31, 2025 and December 31, 2024, so FY2023 carries an income statement and cash flow statement here but no balance sheet.
• Quarterly, six-month and July 4, 2026 balance sheet figures come from Nucor's Form 10-Q for the quarter ended July 4, 2026 (accession 0001193125-26-345891). The quarterly list holds only the two 13-week quarters that filing prints (the second quarter of 2026 and the second quarter of 2025); its 26-week columns are kept separately under year_to_date so a cumulative figure is never read as a quarter. The 10-Q's balance sheet is dated July 4, 2026, with December 31, 2025 as the comparative (identical to the FY2025 balance sheet above), so the second quarter of 2025 carries no balance sheet.
• The second-quarter 2026 earnings release furnished on July 27, 2026 (Form 8-K, accession 0001193125-26-318190, Exhibit 99.1) prints the same statement of earnings, balance sheet and six-month cash flow figures as the 10-Q.
• Net earnings (net_earnings) is net earnings attributable to Nucor stockholders, after earnings attributable to noncontrolling interests in Nucor's joint ventures. Earnings per share are as printed on the statements of earnings. Annual average share counts come from the 10-K's earnings-per-share note (Note 21), because the 10-K's statement of earnings does not print them; quarterly and six-month counts come from the face of the 10-Q's statement of earnings.
• Nucor's statement of earnings presents no gross profit or operating income subtotal. gross_profit here is derived as net sales less cost of products sold; every other income statement line is as printed.
• Sign conventions: equity_in_earnings_of_unconsolidated_affiliates is stated as a positive amount of earnings (the statement shows it as a reduction of costs); interest_expense_net is positive for net expense and negative for net interest income (2024 and 2023); losses_and_impairments_of_assets is zero where the statement prints a dash. In the cash flow block, capital expenditures, acquisitions, debt repayments, distributions to noncontrolling interests, cash dividends paid and treasury stock purchases are stated as positive amounts paid, while investing_cash_flow and financing_cash_flow keep the statement's sign (negative means cash used). Treasury stock and accumulated other comprehensive loss are negative, as printed.
• total_debt is derived as short-term debt plus the current portion of long-term debt and finance lease obligations plus long-term debt and finance lease obligations due after one year, all as printed on the balance sheet. free_cash_flow is derived as cash provided by operating activities less capital expenditures; Nucor does not present free cash flow in these statements. On that basis free cash flow was negative $188 million in 2025.
• cash_and_restricted_cash_end_of_period is the cash flow statement's closing balance. The 10-K's caption includes restricted cash and cash equivalents; at each year-end shown it equals the cash and cash equivalents on the balance sheet.
• Dividends declared per share come from the 10-K's statements of stockholders' equity ($2.21 for 2025, $2.17 for 2024, $2.07 for 2023) and from the 10-Q's stockholders' equity note ($0.56 for the second quarter of 2026, $0.55 for the second quarter of 2025, $1.12 and $1.10 for the six-month periods).
• segment_results carries Nucor's three reportable segments (steel mills, steel products and raw materials): net sales to external customers and segment earnings before income taxes and noncontrolling interests, the segment profit measure Nucor reports. Corporate/eliminations (net interest on long-term debt, intercompany profit eliminations, profit sharing and stock-based compensation, among other items) reconciles total segment earnings to consolidated earnings before income taxes and noncontrolling interests. In 2025 Nucor recast its segment tables for a reclassification within the raw materials segment; the 10-K states this did not change that segment's earnings.
• The trailing twelve months ended July 4, 2026 are derived as FY2025 plus the six months ended July 4, 2026 less the six months ended July 5, 2025. Per-share amounts and average share counts are not stated for that period because they cannot be added across periods.
• The cash flow figures for the second quarters of 2026 and 2025 are derived as the six-month figures from the 10-Q (accession 0001193125-26-345891) less the three-month figures for the first quarters of 2026 and 2025 printed in the first-quarter 2026 earnings release (Form 8-K, accession 0001193125-26-182332, Exhibit 99.1); the closing cash balance is as printed at the end of each six-month period.
• The figures above are stated in U.S. dollars as reported. Nucor has had no stock split in the periods covered and is not an ADR issuer, so no per-share adjustment was applied.

Uncertainties

• Neither the 10-Q nor the second-quarter 2026 earnings release prints three-month cash flow statements; both present cash flows for the six-month periods only. The cash flow figures for the second quarter of 2026 and the second quarter of 2025 are therefore derived by subtraction rather than printed (see each quarter's cash_flow_derivation).

Company details

Fiscal period

Source filings