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, April 4, July 5, July 4, July 5,
2026 2026 2025 2026 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 FirstQuarter 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 213th 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, April 4, July 5, July 4, July 5,
2026 2026 2025 2026 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, Dec. 31,
2026 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, July 5,
2026 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
%
% %
20 20
%
% % %
Percentage of Sales to Internal Customers % 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
91 86
%
% % %
Utilization % 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, April 4, % July 5, Year Ago July 4, July 5,
2026 2026 2025 2026 2025 %
Change % Change Change
Steel mills total shipments:
-3 8 11
%
Sheet 3,291 3,394 % 3,057 6,685 6,038 %
3 11 6
%
Bars 2,387 2,308 % 2,148 4,695 4,438 %
-3 -1 5
%
Structural 628 649 % 635 1,277 1,212 %
17 25 19
%
Plate 757 647 % 606 1,404 1,183 %
-23 32 29
%
Other 37 48 % 28 85 66 %
1 10 9
%
7,100 7,046 % 6,474 14,146 12,937 %
Sales tons to outside customers:
1 12 10
%
Steel mills 5,659 5,619 % 5,044 11,278 10,270 %
7 -9 -4
%
Joist and deck 198 185 % 217 383 399 %
18 12 15
%
Rebar fabrication products 344 291 % 306 635 553 %
6 39 28
%
Tubular products 338 318 % 243 656 513 %
7 -8 2
%
Building Systems 59 55 % 64 114 112 %
12 11 7
%
Other steel products 346 310 % 311 656 612 %
2 4 10
%
Raw materials 661 649 % 635 1,310 1,191 %
2 12 10
%
7,605 7,427 % 6,820 15,032 13,650 %
Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
---
(In millions)
Three Months (13 Weeks) Ended Six Months (26 Weeks)
Ended
July 4, April 4, July 5, July 4, July 5,
2026 2026 2025 2026 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/nucor-reports-results-for-the-second-quarter-of-2026-302835608.html
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