Fourth Quarter of 2025 Highlights
- Net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share
- Adjusted net earnings attributable to Nucor stockholders of $400 million, or $1.73 per diluted share
- Net sales of $7.69 billion
- Net earnings before noncontrolling interests of $423 million; EBITDA of $918 million
CHARLOTTE, N.C., Jan. 26, 2026 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share, for the fourth quarter of 2025. Excluding impairment charges taken during the quarter, Nucor's fourth quarter of 2025 adjusted net earnings attributable to Nucor stockholders were $400 million, or $1.73 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025 and $287 million, or $1.22 per diluted share, for the fourth quarter of 2024.
Reflected in the fourth quarter of 2025 losses and impairments of assets are charges of $21 million, or $0.08 per diluted share, related to the closure or repurposing of certain facilities in the steel products segment. Also included in the fourth quarter of 2025 losses and impairments of assets are charges of $6 million, or $0.01 per diluted share, related to the impairment of certain non-current assets in the steel mills segment.
"I want to thank our teammates for their tremendous work throughout 2025 - delivering for our customers, advancing key growth projects, and making this Nucor's safest year," said Leon Topalian, Nucor's Chair and Chief Executive Officer. "During the year, we brought several major projects online, including our new rebar micro?mill in Lexington, North Carolina, the Kingman, Arizona melt shop, our Alabama Towers and Structures facility, and our coating complex in Crawfordsville, Indiana. As these and other recently completed projects ramp up, they are beginning to deliver meaningful earnings contributions and we believe they will play an important role in strengthening our earnings power over time.
"Looking ahead to 2026, we are encouraged by robust demand in several key end markets, historically strong backlogs, and federal policies that support a vibrant domestic steel industry. Our focus remains on execution and generating strong, through?cycle returns for our shareholders."
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
Three Months (13 Weeks) Ended Twelve Months (52 Weeks) Ended
December 31, 2025 October 4,
2025 December 31, 2024 December 31, 2025 December 31, 2024
Steel mills $
516 $
793 $
169 $
2,383 $
2,226
Steel products 230 319 329 1,229 1,596
Raw materials 24 43 57 153 40
Corporate/eliminations (269) (272) (165) (1,197) (960)
$
501 $
883 $
390 $
2,568 $
2,902
Analysis of Fourth Quarter of 2025 Results Compared to the Third Quarter of 2025
The steel mills segment earnings decreased in the fourth quarter of 2025 due to lower volumes and margin compression, primarily in sheet. In the steel products segment, earnings declined in the fourth quarter on lower volumes and higher average costs per ton, partially offset by higher average realized pricing. The raw materials segment earnings decreased in the fourth quarter mainly as a result of two scheduled outages at our direct reduced iron facilities that were partially offset by insurance recoveries.
Financial Strength
At the end of the fourth quarter of 2025, Nucor had $2.70 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 fourth quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $145.23 per share (approximately 5.4 million shares during the full year 2025 at an average price of $128.66 per share). As of December 31, 2025, Nucor had approximately $406 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.
On December 1, 2025, Nucor's Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on February 11, 2026, to stockholders of record as of December 31, 2025 and is Nucor's 211th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 53 consecutive years - every year since it first began paying dividends in 1973.
For the full year of 2025, Nucor returned approximately $1.2 billion to stockholders in the form of share repurchases and dividend payments.
First Quarter of 2026 Outlook Compared to the Fourth Quarter of 2025
We expect earnings to increase in the first quarter of 2026. Earnings in the first quarter of 2026 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment. In the steel mills segment, the expected increase is due to higher volumes and higher realized prices across all major product categories. In the steel products segment, we expect improved earnings in the first quarter due to increased volumes on stable pricing. The raw materials segment is expected to have increased earnings in the first quarter of 2026.
Earnings Conference Call
An earnings call is scheduled for January 27, 2026 at 10:00 a.m. Eastern Time to review Nucor's fourth quarter and full year 2025 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. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax and noncontrolling interests. We define adjusted net earnings per diluted share as net earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax and noncontrolling interests. 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, 2024. 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
Condensed Consolidated Statements of Earnings (Unaudited)
---
(In millions, except per share data)
Three Months (13 Weeks) Ended Twelve Months (52 Weeks)
Ended
Dec. 31, Oct. 4, Dec. 31, Dec. 31,
2025 2025 2024 2025 Dec. 31, 2024
Net sales $
7,687 $
8,521 $
7,076 $
32,494 $
30,734
Costs, expenses and other:
Cost of products sold 6,825 7,333 6,449 28,616 26,632
Marketing, administrative and other expenses 334 300 240 1,219 1,123
Equity in earnings of unconsolidated affiliates (11) (10) (6) (35) (30)
Losses and impairments of assets 27 67 137
Interest expense (income), net 11 15 3 59 (30)
7,186 7,638 6,686 29,926 27,832
Earnings before income taxes and noncontrolling interests 501 883 390 2,568 2,902
Provision for income taxes 78 200 45 530 583
Net earnings before noncontrolling interests 423 683 345 2,038 2,319
Earnings attributable to noncontrolling interests 45 76 58 294 292
Net earnings attributable to Nucor stockholders $
378 $
607 $
287 $
1,744 $
2,027
Net earnings per share:
Basic $
1.64 $
2.63 $
1.22 $
7.53 $
8.47
Diluted $
1.64 $
2.63 $
1.22 $
7.52 $
8.46
Average shares outstanding:
Basic 229.3 229.9 234.0 230.7 238.3
Diluted 229.6 230.2 234.3 230.9 238.5
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
---
December 31,
2025 2024
ASSETS
Current assets:
Cash and cash equivalents $
2,260 $
3,558
Short-term investments 439 581
Accounts receivable, net 3,105 2,675
Inventories, net 5,462 5,106
Other current assets 499 555
Total current assets 11,765 12,475
Property, plant and equipment, net 15,306 13,243
Goodwill 4,297 4,288
Other intangible assets, net 2,880 3,134
Other assets 856 800
Total assets $
35,104 $
33,940
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $
122 $
225
Current portion of long-term debt and finance lease obligations 90 1,042
Accounts payable 1,890 1,832
Salaries, wages and related accruals 882 903
Accrued expenses and other current liabilities 1,020 975
Total current liabilities 4,004 4,977
Long-term debt and finance lease obligations due after one year 6,909 5,683
Deferred credits and other liabilities 2,067 1,863
Total liabilities 12,980 12,523
Commitments and contingencies
Equity
Nucor stockholders' equity:
Common stock 152 152
Additional paid-in capital 2,253 2,223
Retained earnings 31,504 30,271
Accumulated other comprehensive loss, net of income taxes (194) (208)
Treasury stock (12,779) (12,144)
Total Nucor stockholders' equity 20,936 20,294
Noncontrolling interests 1,188 1,123
Total equity 22,124 21,417
Total liabilities and equity $
35,104 $
33,940
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
---
Year Ended December 31,
2025 2024
Operating activities:
Net earnings before noncontrolling interests $
2,038 $
2,319
Adjustments:
Depreciation 1,226 1,094
Amortization 254 262
Stock-based compensation 133 132
Deferred income taxes 161 (116)
Distributions from affiliates 46 25
Equity in earnings of unconsolidated affiliates (35) (30)
Losses and impairments of assets 47 137
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable (428) 319
Inventories (366) 518
Accounts payable 80 (321)
Federal income taxes 124 97
Salaries, wages and related accruals 2 (385)
Other operating activities (48) (72)
Cash provided by operating activities 3,234 3,979
Investing activities:
Capital expenditures (3,422) (3,173)
Investment in and advances to affiliates (1)
Sale of business 1
Disposition of plant and equipment 45 17
Acquisitions (net of cash acquired) (2) (758)
Purchases of investments (985) (1,296)
Proceeds from the sale of investments 1,140 1,487
Other investing activities (1) (12)
Cash used in investing activities (3,226) (3,734)
Financing activities:
Net change in short-term debt (102) 105
Proceeds from issuance of long-term debt, net of discount 1,217
Repayment of long-term debt (1,015) (10)
Bond issuance costs (9)
Proceeds from exercise of stock options 5 4
Payment of tax withholdings on certain stock-based compensation (32) (53)
Distributions to noncontrolling interests (249) (352)
Cash dividends (512) (522)
Acquisition of treasury stock (700) (2,217)
Proceeds from government incentives 77
Other financing activities 5 (13)
Cash used in financing activities (1,315) (3,058)
Effect of exchange rate changes on cash 9 (16)
Decrease in cash and cash equivalents (1,298) (2,829)
Cash and cash equivalents - beginning of year 3,558 6,387
Cash and cash equivalents - end of year $
2,260 $
3,558
Non-cash investing activity:
Change in accrued plant and equipment purchases $
(26) $
115
Select Financial and Operational Data
---
(Dollars in millions, tons in thousands, per unit amounts as noted)
---
Three Months (13 Weeks) Ended Twelve Months (52 Weeks) Ended
Dec. 31, Oct. 4, % Dec. 31, Year Ago Dec. 31, Dec. 31, %
2025 2025 Change 2024 % Change 2025 2024 Change
Consolidated Financial & Operational Data
---
-10 9 6
%
Net Sales $
7,687 $
8,521 % $
7,076 $
32,494 $
30,734 %
-1 6 -2
%
External Average Sales Price per Ton $
1,242 $
1,258 % $
1,168 $
1,221 $
1,241 %
-9 2 7
%
Sales Tons to External Customers 6,191 6,774 % 6,058 26,615 24,767 %
-16 -47 -16
%
Pre-Operating & Start-Up Costs $
87 $
103 % $
164 $
496 $
594 %
Pre-Operating & Start-Up Costs per Diluted Share $
0.29 $
0.34 $
0.53 $
1.63 $
1.89
Number of Days in Period 88 91 94 365 366
Steel Mills Segment Data
---
-8 5 9
%
Total Shipments 5,906 6,428 % 5,650 25,271 23,126 %
-8 0 7
%
Sales Tons to External Customers 4,602 4,976 % 4,580 19,848 18,480 %
22 23 19
% %
Percentage of Sales to Internal Customers % % % 21 20
-2 10 0
%
External Average Sales Price per Ton $
1,019 $
1,038 % $
926 $
1,008 $
1,013 %
-3 0 -1
%
Average Scrap/Scrap Substitute Cost per Gross Ton $
380 $
391 % $
381 $
392 $
394 %
82 85 74
% %
Utilization % % % 83 76
Steel Products Segment Data
---
-13 6 9
%
Sales Tons to External Customers 1,025 1,183 % 968 4,397 4,018 %
2 -1 -6
%
Average Sales Price per Ton $
2,413 $
2,358 % $
2,448 $
2,348 $
2,510 %
Tonnage Data (In thousands) Three Months (13 Weeks) Ended Twelve Months (52 Weeks)
Ended
---
Dec. 31, Oct.
4, % Dec. 31, Year Ago Dec. 31, Dec. 31, %
2025 2025 Change 2024 % Change 2025 2024 Change
Steel mills total shipments:
-7
% %
Sheet 2,804 3,030 % 2,714 3 11,872 11,394 4
-8
% %
Bars 2,007 2,190 % 1,887 6 8,635 7,730 12
-12
% %
Structural 522 595 % 508 3 2,329 2,063 13
-7
% %
Plate 552 594 % 502 10 2,329 1,797 30
11
% %
Other 21 19 % 39 -46 106 142 -25
-8
% %
5,906 6,428 % 5,650 5 25,271 23,126 9
Sales tons to outside customers:
-8
% %
Steel mills 4,602 4,976 % 4,580 0 19,848 18,480 7
-14
% %
Joist and deck 218 254 % 178 22 871 712 22
-24
% %
Rebar fabrication products 270 356 % 239 13 1,179 1,020 16
11
% %
Tubular products 228 206 % 221 3 947 856 11
-13
% %
Building systems 54 62 % 57 -5 228 238 -4
-16
% %
Other steel products 255 305 % 273 -7 1,172 1,192 -2
-8
% %
Raw materials 564 615 % 510 11 2,370 2,269 4
-9
% %
6,191 6,774 % 6,058 2 26,615 24,767 7
Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
---
(In millions)
Three Months (13 Weeks) Ended Twelve Months (52 Weeks)
Ended
Dec. 31, Oct. 4, Dec. 31, Dec. 31, Dec. 31,
2025 2025 2024 2025 2024
Net earnings before noncontrolling interests $
423 $
683 $
345 $
2,038 $
2,319
Depreciation 316 304 285 1,226 1,094
Amortization 63 63 73 254 262
Losses and impairments of assets 27 67 137
Interest expense (income), net 11 15 3 59 (30)
Provision for income taxes 78 200 45 530 583
EBITDA $
918 $
1,265 $
751 $
4,174 $
4,365
Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited)
---
(In millions, except per share data)
Three Months (13 Weeks)
Ended Twelve Months (52 Weeks) Ended
December 31, 2025 December 31, 2025 December 31, 2024
Diluted EPS Diluted EPS Diluted EPS
Net earnings attributable to Nucor stockholders $
378 $
1.64 $
1,744 $
7.52 $
2,027 $
8.46
Losses and impairments of assets, net of tax and noncontrolling interests 22 0.09 45 0.19 103 0.44
Adjusted net earnings attributable to Nucor stockholders $
400 $
1.73 $
1,789 $
7.71 $
2,130 $
8.90
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SOURCE Nucor Corporation
Contact Information: 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