Nucor (NYSE: NUE) Q1 2026 earnings jump with 21% sales growth and wider margins
Nucor Corporation reported a strong first quarter of 2026, with sharply higher sales and profits versus a year ago. Net sales rose to $9.50 billion, up 21%, as average sales price per ton increased 12% and shipments to external customers grew 9% to about 7.43 million tons.
Net earnings attributable to Nucor stockholders climbed to $743 million, or $3.23 per diluted share, compared with $156 million, or $0.67, in the first quarter of 2025. Gross margin expanded to $1.50 billion, or 16% of sales, from $605 million and 8%, driven mainly by higher metal margins and better utilization in the steel mills segment.
The steel mills segment benefited from record quarterly shipments, a 14% increase in average selling price per ton and an 8% rise in outside shipments, while steel products and raw materials also posted higher sales. Operating cash flow improved to $886 million, and Nucor ended the quarter with $2.48 billion in cash and short-term investments. Management expects higher consolidated earnings in the second quarter of 2026 across all three segments.
Positive
- Earnings and margins surged year over year. Net sales grew 21% to $9.50 billion while net earnings attributable to stockholders rose from $156 million to $743 million and gross margin expanded from 8% to 16%, reflecting stronger pricing, volumes and metal margins.
- Steel mills segment performance was exceptionally strong. Segment earnings before income taxes and noncontrolling interests increased from $231 million to $1.13 billion, driven by record shipments and a 14% rise in average sales price per ton, supporting the overall profit rebound.
- Cash generation and balance sheet remained robust. Operating cash flow more than doubled to $886 million, Nucor held $2.48 billion in cash and short-term investments, and funded debt to total capital was 24.0%, providing flexibility to fund $2.50 billion of planned 2026 capital expenditures and share repurchases.
Negative
- None.
Insights
Results show a major rebound in profitability, led by steel mills strength.
Nucor delivered a significant earnings recovery in Q1 2026. Net sales increased 21% to $9.50 billion, while net earnings attributable to stockholders jumped to $743 million from $156 million. Diluted EPS improved to $3.23 from $0.67.
Profitability improved across the business. Gross margin rose to $1.50 billion, or 16% of sales, versus $605 million and 8% a year earlier. The steel mills segment was the key driver, supported by record shipments, a 14% increase in average sales price per ton and stronger metal margins.
Operating cash flow strengthened to $886 million from $364 million, while capital expenditures were $661 million, mainly for the West Virginia sheet mill and towers & structures expansion. Management guides to higher consolidated earnings in Q2 2026, with expected improvements in all segments, though actual results will depend on steel demand and pricing conditions.
Key Figures
Key Terms
direct reduced iron financial
metal margin financial
Section 232 national security tariffs regulatory
accumulated other comprehensive income (loss) financial
utilization rates financial
Earnings Snapshot
Management expects higher consolidated earnings in the second quarter of 2026, with improved earnings across the steel mills, steel products and raw materials segments.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
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For the transition period from to ___________
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Table of Contents
Nucor Corporation
Quarterly Report on Form 10-Q
For the Three Months Ended April 4, 2026
Table of Contents
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Part I |
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Financial Information |
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Item 1 |
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Financial Statements (Unaudited) |
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Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025 |
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Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025 |
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Condensed Consolidated Balance Sheets – April 4, 2026 and December 31, 2025 |
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Condensed Consolidated Statements of Cash Flows – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025 |
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Notes to Condensed Consolidated Financial Statements |
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Item 2 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3 |
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Quantitative and Qualitative Disclosures About Market Risk |
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Item 4 |
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Controls and Procedures |
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Part II |
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Other Information |
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Item 1 |
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Legal Proceedings |
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Item 1A |
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Risk Factors |
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Item 2 |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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Other Information |
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Item 6 |
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Exhibits |
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Signatures |
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i
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share data)
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Three Months (13 Weeks) Ended |
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April 4, 2026 |
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April 5, 2025 |
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Net sales |
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$ |
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$ |
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Costs, expenses and other: |
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Cost of products sold |
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Marketing, administrative and other expenses |
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Equity in earnings of unconsolidated affiliates |
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Losses and impairments of assets |
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Interest expense, net |
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Earnings before income taxes and noncontrolling interests |
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Provision for income taxes |
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Net earnings before noncontrolling interests |
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Earnings attributable to noncontrolling interests |
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Net earnings attributable to Nucor stockholders |
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$ |
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$ |
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Net earnings per share: |
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Basic |
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$ |
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Diluted |
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Average shares outstanding: |
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Basic |
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Diluted |
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See notes to condensed consolidated financial statements.
1
Table of Contents
Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
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Three Months (13 Weeks) Ended |
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April 4, 2026 |
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April 5, 2025 |
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Net earnings before noncontrolling interests |
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$ |
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$ |
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Other comprehensive (loss) income: |
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Net unrealized (loss) gain on hedging derivatives, net |
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Reclassification adjustment for settlement of hedging |
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Foreign currency translation loss, net of income |
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Comprehensive income |
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Comprehensive income attributable to noncontrolling |
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Comprehensive income attributable to Nucor stockholders |
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$ |
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See notes to condensed consolidated financial statements.
2
Table of Contents
Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
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April 4, 2026 |
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December 31, 2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investments |
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Accounts receivable, net |
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Inventories, net |
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Other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Goodwill |
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Other intangible assets, net |
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Other assets |
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Total assets |
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$ |
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LIABILITIES |
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Current liabilities: |
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Short-term debt |
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Current portion of long-term debt and finance lease obligations |
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Accounts payable |
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Salaries, wages and related accruals |
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Accrued expenses and other current liabilities |
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Total current liabilities |
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Long-term debt and finance lease obligations due after one year |
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Deferred credits and other liabilities |
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Total liabilities |
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Commitments and contingencies |
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EQUITY |
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Nucor stockholders' equity: |
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Common stock |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss, |
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Treasury stock |
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Total Nucor stockholders' equity |
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Noncontrolling interests |
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Total equity |
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Total liabilities and equity |
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$ |
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$ |
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See notes to condensed consolidated financial statements.
3
Table of Contents
Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
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Three Months (13 Weeks) Ended |
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April 4, 2026 |
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April 5, 2025 |
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Operating activities: |
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Net earnings before noncontrolling interests |
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$ |
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$ |
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Adjustments: |
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Depreciation |
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Amortization |
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Impairment of assets |
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Stock-based compensation |
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Deferred income taxes |
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Distributions from affiliates |
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Equity in earnings of unconsolidated affiliates |
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Changes in assets and liabilities (exclusive of acquisitions and dispositions): |
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Accounts receivable |
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Inventories |
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Accounts payable |
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Federal income taxes |
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Salaries, wages and related accruals |
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Other operating activities |
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Cash provided by operating activities |
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Investing activities: |
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Capital expenditures |
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Investment in and advances to affiliates |
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Disposition of plant and equipment |
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Acquisitions (net of cash acquired) |
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- |
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Purchases of investments |
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Proceeds from the sale of investments |
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Other investing activities |
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Cash used in investing activities |
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Financing activities: |
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Net change in short-term debt |
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Proceeds from issuance of long-term debt, net of discount |
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Bond issuance costs |
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- |
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Repayment of long-term debt |
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Proceeds from exercise of stock options |
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- |
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Payment of tax withholdings on certain stock-based compensation |
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- |
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Distributions to noncontrolling interests |
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Cash dividends |
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Acquisition of treasury stock |
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Proceeds from government incentives |
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- |
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Other financing activities |
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Cash (used in) provided by financing activities |
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Effect of exchange rate changes on cash |
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- |
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Decrease in cash and cash equivalents |
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Cash and cash equivalents - beginning of year |
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Cash and cash equivalents - end of three months |
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$ |
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$ |
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Non-cash investing activity: |
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Change in accrued plant and equipment purchases |
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$ |
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See notes to condensed consolidated financial statements.
4
Table of Contents
Nucor Corporation – Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Basis of Interim Presentation
The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2025 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025.
Recently Issued Accounting Pronouncements
In November 2024, new accounting guidance was issued that requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation and amortization, within relevant income statement captions. The new accounting guidance also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The new accounting guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Adoption of this new accounting guidance can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.
In December 2025, new accounting guidance was issued related to government grants received by business entities. This new accounting guidance is effective for annual periods beginning after December 15, 2028 and interim periods within those annual reporting periods. Adoption of this new accounting guidance can either be applied under a modified prospective, modified retrospective or retrospective approach. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.
2. Inventories
Inventories consisted of approximately
3. Property, Plant and Equipment
Property, plant and equipment is recorded net of accumulated depreciation of $
Included within property, plant and equipment, net of the steel mills segment at April 4, 2026 is $
5
Table of Contents
4. Goodwill and Other Intangible Assets
The change in the net carrying amount of goodwill for the first quarter of 2026 by segment was as follows (in millions):
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Steel Mills |
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Steel Products |
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Raw Materials |
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Total |
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Balance at December 31, 2025 |
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$ |
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$ |
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Translation and other |
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- |
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- |
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Balance at April 4, 2026 |
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$ |
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$ |
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$ |
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$ |
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Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2025 and concluded that as of such date there was
Intangible assets with estimated useful lives of five to
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April 4, 2026 |
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December 31, 2025 |
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Gross Amount |
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Accumulated |
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Gross Amount |
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Accumulated |
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Customer relationships |
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$ |
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$ |
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$ |
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$ |
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Trademarks and trade names |
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Other |
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$ |
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$ |
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$ |
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$ |
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Intangible asset amortization expense in the first quarter of 2026 and 2025 was $
5. Current Liabilities
Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $
6
Table of Contents
6. Fair Value Measurements
The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of April 4, 2026 and December 31, 2025 (in millions). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.
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Fair Value Measurements at Reporting Date Using |
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Description |
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Carrying |
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Quoted Prices |
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Significant |
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Significant |
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As of April 4, 2026 |
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Assets: |
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Cash equivalents |
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$ |
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$ |
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$ |
- |
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$ |
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Short-term investments |
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- |
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- |
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Other assets |
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- |
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- |
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Total assets |
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$ |
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$ |
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$ |
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$ |
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Liabilities: |
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Derivative contracts |
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$ |
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$ |
- |
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$ |
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$ |
- |
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As of December 31, 2025 |
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Assets: |
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|
|
|
|
||||
Cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
||
Short-term investments |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
||
Other assets |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
Total assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative contracts |
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
( |
) |
|
$ |
- |
|
Fair value measurements for Nucor’s cash equivalents, short-term investments and any investments held in a publicly traded company are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, of which most of the value is currently held in a nuclear fusion technology company, are classified under Level 3 because such measurements are estimated based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interests in the company) or the transaction price in the event of additional equity issuances of the investee. There were no transfers between levels in the fair value hierarchy for the periods presented.
The fair value of short-term and long-term debt, including current maturities, was approximately $
7. Contingencies
We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.
7
Table of Contents
8. Stock-Based Compensation
Stock Options
A summary of activity under Nucor’s stock option plans for the first quarter of 2026 is as follows (shares and aggregate intrinsic value in thousands):
|
|
|
|
|
Weighted- |
|
|
Weighted- |
|
|
|
|||
|
|
|
|
|
Average |
|
|
Average |
|
Aggregate |
|
|||
|
|
|
|
|
Exercise |
|
|
Remaining |
|
Intrinsic |
|
|||
|
|
Shares |
|
|
Price |
|
|
Contractual Life |
|
Value |
|
|||
Number of shares under stock options: |
|
|
|
|
|
|
|
|
|
|
|
|||
Outstanding at beginning of year |
|
|
|
|
$ |
|
|
|
|
|
|
|||
Granted |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
|
|
Exercised |
|
|
( |
) |
|
$ |
|
|
|
|
$ |
|
||
Canceled |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
|
|
Outstanding at April 4, 2026 |
|
|
|
|
$ |
|
|
|
$ |
|
||||
Stock options exercisable at April 4, 2026 |
|
|
|
|
$ |
|
|
|
$ |
|
||||
Compensation expense for stock options was $
Restricted Stock Units
A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter of 2026 is as follows (shares in thousands):
|
|
Shares |
|
|
Grant Date |
|
||
Restricted stock units: |
|
|
|
|
|
|
||
Unvested at beginning of year |
|
|
|
|
$ |
|
||
Granted |
|
|
- |
|
|
$ |
- |
|
Vested |
|
|
( |
) |
|
$ |
|
|
Canceled |
|
|
( |
) |
|
$ |
|
|
Unvested at April 4, 2026 |
|
|
|
|
$ |
|
||
Compensation expense for RSUs was $
Restricted Stock Awards
A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “LTIP”) for the first quarter of 2026 is as follows (shares in thousands):
|
|
|
|
|
Grant Date |
|
||
|
|
Shares |
|
|
Fair Value |
|
||
Restricted stock units and restricted stock awards: |
|
|
|
|
|
|
||
Unvested at beginning of year |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
$ |
|
||
Vested |
|
|
( |
) |
|
$ |
|
|
Canceled |
|
|
- |
|
|
$ |
- |
|
Unvested at April 4, 2026 |
|
|
|
|
$ |
|
||
8
Table of Contents
Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $
9. Employee Benefit Plan
Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $
10. Interest Expense (Income)
The components of net interest expense for the first quarter of 2026 and 2025 are as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Interest expense |
|
$ |
|
|
$ |
|
||
Interest income |
|
|
( |
) |
|
|
( |
) |
Interest expense, net |
|
$ |
|
|
$ |
|
||
11. Income Taxes
The effective tax rate for the first quarter of 2026 was
Nucor is subject to taxation in the United States, as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2021. The tax years 2022 through 2024 remain open to examination by the Internal Revenue Service (the "IRS"). The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. Additional state and foreign taxing authorities are examining open years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. The tax years 2017 through 2024 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $
9
Table of Contents
12. Stockholders’ Equity
The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership), California Steel Industries, Inc. and NJSM, for the first quarter of 2026 and 2025 (in millions):
|
|
|
|
|
Three Months (13 Weeks) Ended April 4, 2026 |
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
Treasury Stock |
|
|
Nucor |
|
|
|
|
|||||||||||||
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Retained |
|
|
Comprehensive |
|
|
(at cost) |
|
|
Stockholders' |
|
|
Noncontrolling |
|
||||||||||||||||
|
|
Total |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Shares |
|
|
Amount |
|
|
Equity |
|
|
Interests |
|
||||||||||
BALANCES, December 31, 2025 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
Net earnings before noncontrolling interests |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
Other comprehensive income (loss) |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
Stock options exercised |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|||
Stock option expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of stock under award plans, |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
||||
Amortization of unearned |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
Treasury stock acquired, and net impact of excise tax |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
Cash dividends declared |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
Distributions to noncontrolling |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
BALANCES, April 4, 2026 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
Three Months (13 Weeks) Ended April 5, 2025 |
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
Treasury Stock |
|
|
Nucor |
|
|
|
|
|||||||||||||
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Retained |
|
|
Comprehensive |
|
|
(at cost) |
|
|
Stockholders' |
|
|
Noncontrolling |
|
||||||||||||||||
|
|
Total |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Shares |
|
|
Amount |
|
|
Equity |
|
|
Interests |
|
||||||||||
BALANCES, December 31, 2024 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
Net earnings before noncontrolling interests |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
Other comprehensive income (loss) |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
Issuance of stock under award plans, |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
||||
Amortization of unearned |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
Treasury stock acquired, and net impact of excise tax |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
Cash dividends declared |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
Distributions to noncontrolling |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
Capital contributions from noncontrolling interest |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
||
BALANCES, April 5, 2025 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
Dividends declared per share were $
On February 20, 2026, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $
10
Table of Contents
13. Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the first quarter of 2026 and 2025 (in millions):
|
|
Three-Month (13-Week) Period Ended |
|
|||||||||||||
|
|
April 4, 2026 |
|
|||||||||||||
|
|
Gains and (Losses) on |
|
|
Foreign Currency |
|
|
Adjustment to Early |
|
|
|
|
||||
|
|
Hedging Derivatives |
|
|
Gains (Losses) |
|
|
Retiree Medical Plan |
|
|
Total |
|
||||
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Other comprehensive income (loss) |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
Amounts reclassified from accumulated |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
|
|
Three-Month (13-Week) Period Ended |
|
|||||||||||||
|
|
April 5, 2025 |
|
|||||||||||||
|
|
Gains and (Losses) on |
|
|
Foreign Currency |
|
|
Adjustment to Early |
|
|
|
|
||||
|
|
Hedging Derivatives |
|
|
Gains (Losses) |
|
|
Retiree Medical Plan |
|
|
Total |
|
||||
Accumulated other comprehensive |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Other comprehensive income (loss) |
|
|
|
|
|
( |
) |
|
|
- |
|
|
|
|
||
Amounts reclassified from accumulated |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
|
|
|
( |
) |
|
|
- |
|
|
|
|
||
Accumulated other comprehensive |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
11
Table of Contents
14. Segments
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.
Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.
Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the Chief Executive Officer and the Chief Operating Officer, to manage the business, make decisions about resources to be allocated to the segments and assess performance.
Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.
Nucor’s results by segment for the first quarter of 2026 and 2025 were as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|||||||||||||
|
|
April 4, 2026 |
|
|||||||||||||
|
|
Steel Mills |
|
|
Steel Products |
|
|
Raw Materials |
|
|
Totals |
|
||||
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Intercompany sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Elimination of intercompany sales |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Net sales to external customers |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of products sold |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other segment items |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate/eliminations |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
12
Table of Contents
|
|
Three Months (13 Weeks) Ended |
|
|||||||||||||
|
|
April 5, 2025 |
|
|||||||||||||
|
|
Steel Mills |
|
|
Steel Products |
|
|
Raw Materials |
|
|
Totals |
|
||||
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Intercompany sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Elimination of intercompany sales |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Net sales to external customers |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of products sold |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other segment items |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate/eliminations |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Depreciation expense: |
|
|
|
|
|
|
||
Steel mills |
|
$ |
|
|
$ |
|
||
Steel products |
|
|
|
|
|
|
||
Raw materials |
|
|
|
|
|
|
||
Corporate |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
Amortization expense: |
|
|
|
|
|
|
||
Steel mills |
|
$ |
|
|
$ |
|
||
Steel products |
|
|
|
|
|
|
||
Raw materials |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
Capital expenditures: |
|
|
|
|
|
|
||
Steel mills |
|
$ |
|
|
$ |
|
||
Steel products |
|
|
|
|
|
|
||
Raw materials |
|
|
|
|
|
|
||
Corporate |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
|
|
April 4, 2026 |
|
|
December 31, 2025 |
|
||
Segment assets: |
|
|
|
|
|
|
||
Steel mills |
|
$ |
|
|
$ |
|
||
Steel products |
|
|
|
|
|
|
||
Raw materials |
|
|
|
|
|
|
||
Corporate/eliminations |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
13
Table of Contents
Net sales by product for the first quarter of 2026 and 2025 were as follows (in millions). Further product group breakdown is impracticable.
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Net sales to external customers: |
|
|
|
|
|
|
||
Sheet |
|
$ |
|
|
$ |
|
||
Bar |
|
|
|
|
|
|
||
Structural |
|
|
|
|
|
|
||
Plate |
|
|
|
|
|
|
||
Tubular Products |
|
|
|
|
|
|
||
Rebar Fabrication |
|
|
|
|
|
|
||
Joist and Deck |
|
|
|
|
|
|
||
Building Systems |
|
|
|
|
|
|
||
Other Steel Products |
|
|
|
|
|
|
||
Raw Materials |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
15. Revenue
Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $
Nucor disaggregates its revenues by major source in the same manner as presented in the net sales by product table in the segment footnote (see Note 14).
16. Earnings Per Share
The computations of basic and diluted net earnings per share for the first quarter of 2026 and 2025 are as follows (in millions, except per share data):
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Basic net earnings per share: |
|
|
|
|
|
|
||
Basic net earnings |
|
$ |
|
|
$ |
|
||
Earnings allocated to participating securities |
|
|
( |
) |
|
|
- |
|
Net earnings available to common stockholders |
|
$ |
|
|
$ |
|
||
Basic average shares outstanding |
|
|
|
|
|
|
||
Basic net earnings per share |
|
$ |
|
|
$ |
|
||
Diluted net earnings per share: |
|
|
|
|
|
|
||
Diluted net earnings |
|
$ |
|
|
$ |
|
||
Earnings allocated to participating securities |
|
|
( |
) |
|
|
- |
|
Net earnings available to common stockholders |
|
$ |
|
|
$ |
|
||
Diluted average shares outstanding: |
|
|
|
|
|
|
||
Basic average shares outstanding |
|
|
|
|
|
|
||
Dilutive effect of stock options and other |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Diluted net earnings per share |
|
$ |
|
|
$ |
|
||
14
Table of Contents
The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2026 and 2025 because their effect would have been anti-dilutive (shares in thousands):
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Anti-dilutive stock options: |
|
|
|
|
|
|
||
Weighted-average shares |
|
|
- |
|
|
|
|
|
Weighted-average exercise price |
|
$ |
- |
|
|
$ |
|
|
15
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Certain statements made in this report, or in other public filings, press releases, or other written or oral communications made by Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates (collectively, "Nucor," the "Company," "we," "us" or "our"), which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 report. 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; (15) the impact of any pandemic or public health situation; and (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Caution should be taken not to place undue reliance on the forward-looking statements included in this report. We assume no obligation to update any forward-looking statements except as may be required by law. In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the United States Securities and Exchange Commission.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this report, as well as the audited consolidated financial statements and the notes thereto, “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025.
Overview
Nucor and its affiliates manufacture steel and steel products. Nucor also produces direct reduced iron ("DRI") for use in its steel mills. Through The David J. Joseph Company and its affiliates ("DJJ"), the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes
16
Table of Contents
DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC ("Nucor Steel Louisiana"), two facilities that produce DRI used by the steel mills; and our natural gas production operations.
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 86%, 60% and 76%, respectively, in the first quarter of 2026, compared to approximately 80%, 55% and 73%, respectively, in the first quarter of 2025.
Results of Operations
Nucor reported net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, in the first quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025.
The primary driver of the increase in earnings in the first quarter of 2026 as compared to the first quarter of 2025 was the increased earnings of the steel mills segment. The increase in the steel mills segment earnings in the first quarter of 2026 was primarily due to record quarterly shipments and increased average selling prices and metal margins. Earnings increased for all product groups within the steel mills segment in the first quarter of 2026, with the largest increase at our sheet mills. Demand remains strong in our key end markets, and backlog levels in the steel mills segment increased at the end of the first quarter of 2026 compared to the end of 2025. Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the flood of unfairly traded imports into the United States. Imports' share of the U.S. finished steel market declined from over 22% in the first quarter of 2025 to approximately 15% in the first quarter of 2026.
Earnings in the steel products segment decreased slightly in the first quarter of 2026 compared to the first quarter of 2025 primarily due to margin compression caused by increased steel input costs. Demand remains strong in key end markets and volumes and average selling prices for the steel products segment increased in the first quarter of 2026 as compared to the first quarter of 2025. Backlogs for the steel products segment were increased at the end of the first quarter of 2026 as compared to the end of 2025.
Earnings in the raw materials segment increased in the first quarter of 2026 as compared to the first quarter of 2025, primarily due to the increased profitability of our scrap processing operations. Included in the raw materials segment’s earnings in the first quarter of 2026 was $15 million of impairment charges related to certain assets within the segment.
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the first quarter of 2026 as compared to the first quarter of 2025.
Net Sales
Net sales to external customers by segment for the first quarter of 2026 and 2025 were as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|||||||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
|
% Change |
|
|||
Steel mills |
|
$ |
6,036 |
|
|
$ |
4,907 |
|
|
|
23 |
% |
Steel products |
|
|
2,786 |
|
|
|
2,405 |
|
|
|
16 |
% |
Raw materials |
|
|
674 |
|
|
|
518 |
|
|
|
30 |
% |
Total net sales to external customers |
|
$ |
9,496 |
|
|
$ |
7,830 |
|
|
|
21 |
% |
Net sales for the first quarter of 2026 increased 21% from the first quarter of 2025. Average sales price per ton increased 12% from $1,146 in the first quarter of 2025 to $1,279 in the first quarter of 2026. Total tons shipped to outside customers in the first quarter of 2026 were approximately 7,427,000 tons, a 9% increase from the first quarter of 2025.
In the steel mills segment, sales tons for the first quarter of 2026 and 2025 were as follows (in thousands):
|
|
Three Months (13 Weeks) Ended |
|
|||||||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
|
% Change |
|
|||
Outside steel shipments |
|
|
5,619 |
|
|
|
5,226 |
|
|
|
8 |
% |
Inside steel shipments |
|
|
1,409 |
|
|
|
1,237 |
|
|
|
14 |
% |
Total steel shipments |
|
|
7,028 |
|
|
|
6,463 |
|
|
|
9 |
% |
17
Table of Contents
Net sales for the steel mills segment increased 23% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a 14% increase in the average sales price per ton, from $938 to $1,074, and an 8% increase in tons sold to outside customers.
Outside sales tonnage for the steel products segment for the first quarter of 2026 and 2025 was as follows (in thousands):
|
|
Three Months (13 Weeks) Ended |
||||
|
|
April 4, 2026 |
|
April 5, 2025 |
|
% Change |
Joist and deck sales |
|
185 |
|
182 |
|
2% |
Rebar fabrication sales |
|
291 |
|
247 |
|
18% |
Tubular products sales |
|
318 |
|
270 |
|
18% |
Building systems sales |
|
55 |
|
48 |
|
15% |
Other steel products sales |
|
310 |
|
301 |
|
3% |
Total steel products sales |
|
1,159 |
|
1,048 |
|
11% |
Net sales for the steel products segment increased 16% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a 5% increase in the average sales price per ton, from $2,294 to $2,405, and an 11% increase in tons sold to outside customers.
Net sales to external customers for the raw materials segment increased 30% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to increased volumes and average selling prices at DJJ's scrap brokerage operations. In the first quarter of 2026, approximately 96% of outside sales for the raw materials segment were from DJJ's scrap brokerage operations, and approximately 3% of outside sales for the raw materials segment were from DJJ's scrap processing operations (approximately 94% and 4%, respectively, in the first quarter of 2025).
The majority of the raw materials segment's total sales are to internal customers in the steel mills segment. Net sales to outside customers represented approximately 18% of the raw materials segment's total sales in the first quarter of 2026 (approximately 16% in the first quarter of 2025).
18
Table of Contents
Gross Margins
Nucor recorded gross margins of $1.50 billion (16%) in the first quarter of 2026, which was an increase compared to $605 million (8%) in the first quarter of 2025.
The average scrap and scrap substitute cost per gross ton used in the first quarter of 2026 was $403, a 2% increase compared to $394 in the first quarter of 2025. The increase in scrap and scrap substitute costs was more than offset by increased average selling prices, resulting in higher metal margins.
Marketing, Administrative and Other Expenses
A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, increased by $88 million in the first quarter of 2026 as compared to the first quarter of 2025. The increase was primarily due to the Company’s increased earnings in the first quarter of 2026 as compared to the first quarter of 2025.
Losses and Impairments of Assets
Included in the first quarter of 2026 net earnings was $15 million of impairment charges related to certain assets in the raw materials segment.
Included in the first quarter of 2025 net earnings was $29 million of losses and impairments of assets. Of this amount, $19 million was related to the closure or repurposing of certain facilities in the steel products segment. The remaining $10 million was related to the repurposing of a facility in the steel mills segment.
19
Table of Contents
Interest Expense (Income)
Net interest expense for the first quarter of 2026 and 2025 was as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Interest expense |
|
$ |
39 |
|
|
$ |
51 |
|
Interest income |
|
|
(20 |
) |
|
|
(37 |
) |
Interest expense, net |
|
$ |
19 |
|
|
$ |
14 |
|
Interest expense decreased in the first quarter of 2026 compared to the first quarter of 2025, primarily due to an increase in capitalized interest. Interest income decreased in the first quarter of 2026 compared to the first quarter of 2025, primarily due to lower average investments and a decrease in average interest rates on investments.
Earnings Before Income Taxes and Noncontrolling Interests
The table below presents earnings before income taxes and noncontrolling interests by segment for the first quarter of 2026 and 2025 (in millions). The changes between periods were driven by the quantitative and qualitative factors previously discussed.
|
|
Three Months (13 Weeks) Ended |
|
|||||
|
|
April 4, 2026 |
|
|
April 5, 2025 |
|
||
Steel mills |
|
$ |
1,128 |
|
|
$ |
231 |
|
Steel products |
|
|
285 |
|
|
|
288 |
|
Raw materials |
|
|
45 |
|
|
|
29 |
|
Corporate/eliminations |
|
|
(362 |
) |
|
|
(263 |
) |
|
|
$ |
1,096 |
|
|
$ |
285 |
|
Noncontrolling Interests
Noncontrolling interests represent the income attributable to the noncontrolling partners of Nucor's joint ventures, Nucor-Yamato Steel Company (Limited Partnership) ("NYS"), California Steel Industries, Inc. ("CSI") and Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"). Nucor owns a 51% controlling interest in each of NYS, CSI and NJSM. The increase in earnings attributable to noncontrolling interests in the first quarter of 2026 as compared to the first quarter of 2025 was primarily due to the increased earnings of NYS and CSI.
Provision for Income Taxes
The effective tax rate for the first quarter of 2026 was 20.6% compared to 20.7% for the first quarter of 2025. The expected effective tax rate for the full year 2026 is between 20.0% and 22.0%.
Nucor is subject to taxation in the United States, as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2021. The tax years 2022 through 2024 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. Additional state and foreign taxing authorities are examining open years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. The tax years 2017 through 2024 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
Net Earnings Attributable to Nucor Stockholders and Return on Equity
Nucor reported net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, in the first quarter of 2026, as compared to net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 7.8% and 2.0% in the first quarter of 2026 and 2025, respectively. Annualized return on average stockholders’ equity was 14.0% and 3.1% in the first quarter of 2026 and 2025, respectively.
20
Table of Contents
Outlook
We expect higher consolidated earnings in the second quarter of 2026, with improved earnings across all three operating segments. In the steel mills segment, the expected increase is due to higher realized selling prices with stable volumes. In the steel products segment, we expect improved earnings due to higher volumes on stable pricing. The raw materials segment is expected to have increased earnings due to higher realized pricing.
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the first quarter of 2026 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Businesses within the steel mills segment account for the majority of the raw materials segment’s sales.
21
Table of Contents
Liquidity and Capital Resources
We currently have the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard & Poor’s, an A- long-term rating from Fitch Ratings and an A3 long-term rating from Moody’s. Our credit ratings are dependent, however, upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of our credit ratings is made in order to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings on our cost of funds.
Our liquidity position as of April 4, 2026 remained strong, consisting of total cash and cash equivalents and short-term investments of $2.48 billion ($2.70 billion as of December 31, 2025). Approximately $730 million of the cash and cash equivalents position at April 4, 2026 was held by our majority-owned joint ventures as compared to approximately $931 million at December 31, 2025.
Cash provided by operating activities during the first quarter of 2026 was $886 million as compared to $364 million during the first quarter of 2025. The $522 million increase was driven by net earnings before noncontrolling interests of $870 million for the first quarter of 2026, an increase of $644 million from net earnings before noncontrolling interests for the prior year period of $226 million. Partially offsetting this increase were changes in operating assets and operating liabilities (exclusive of acquisitions), which used cash in the amount of $378 million in the first quarter of 2026 as compared to $239 million in the first quarter of 2025. The increase in the amount of cash used related to changes in operating assets and operating liabilities was primarily attributable to the change in accounts receivable using cash of $463 million and $291 million during the first quarter of 2026 and 2025, respectively, an increase of $172 million from the prior year period.
The current ratio was 2.9 at the end of the first quarter of 2026 and at year-end 2025.
Cash used in investing activities during the first quarter of 2026 was $446 million as compared to $1.18 billion during the first quarter of 2025. The $734 million decrease was primarily driven by a decrease in funds used to purchase short-term investments of $311 million and an increase in proceeds from the sale of short-term investments of $199 million. Cash used for capital expenditures was $661 million in the first quarter of 2026 as compared to $859 million in the prior year period. Capital expenditures in the first quarter of 2026 primarily related to the sheet mill under construction in West Virginia and the construction of two manufacturing locations to expand Nucor Towers & Structures ("NTS"). Capital expenditures for 2026 are estimated to be approximately $2.50 billion as compared to $3.42 billion in 2025. The projects that we anticipate will have the largest capital expenditures in 2026 are the sheet mill under construction in West Virginia, the construction of two manufacturing locations to expand NTS, and the galvanizing line at our sheet mill in South Carolina.
Cash used in financing activities during the first quarter of 2026 was $472 million as compared to cash provided by financing activities of $414 million during the first quarter of 2025. The primary source of cash in the first quarter of 2025 was proceeds from the issuance and sale of long-term debt, net of discount to the public, of $997 million. In the first quarter of 2025, Nucor issued and sold $500 million aggregate principal amount of its 4.650% Notes due 2030 and $500 million aggregate principal amount of its 5.100% Notes due 2035. Net proceeds from the issuance and sale of these Notes were used during the second quarter of 2025 to redeem all of the outstanding $500 million aggregate principal amount of our 2.000% Notes due 2025 and $500 million aggregate principal amount of our 3.950% Notes due 2025 (collectively, the "2025 Notes") pursuant to the terms of the indenture governing the 2025 Notes. The Company also repurchased $125 million of its common stock in the first quarter of 2026 as compared to $300 million in the first quarter of 2025.
On March 11, 2025, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capital. In addition, the revolving credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of April 4, 2026, the funded debt to total capital ratio was 24.0% and we were in compliance with all non-financial covenants under the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of April 4, 2026.
On February 20, 2026, Nucor’s Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on May 11, 2026 to stockholders of record as of March 31, 2026 and is Nucor’s 212th consecutive quarterly cash dividend.
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Funds provided from operations, cash and cash equivalents, short-term investments and new borrowings under our existing credit facilities are expected to be adequate to meet future capital expenditure and working capital requirements for existing operations for at least the next 24 months. We also believe we have adequate access to capital markets for liquidity purposes.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the ordinary course of business, Nucor is exposed to a variety of market risks. We continually monitor these risks and develop strategies to manage them.
Interest Rate Risk
Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. Management does not believe that Nucor’s exposure to interest rate risk has significantly changed since December 31, 2025. There were no interest rate swaps outstanding at April 4, 2026.
Commodity Price Risk
In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas. We attempt to negotiate the best prices for our raw material and energy requirements and to obtain prices for our steel products that match market price movements in response to supply and demand. In periods of strong or stable demand for our products, we are more likely to be able to effectively reduce the normal time lag in passing through higher raw material costs so that we can maintain our gross margins. When demand for our products is weaker, this becomes more challenging. Our DRI facilities in Trinidad and Louisiana provide us with flexibility in managing our raw material requirements and our input costs. DRI is particularly important for operational flexibility when demand for prime scrap increases due to increased domestic steel production.
Natural gas produced by Nucor’s production operations is being sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our Louisiana DRI facility and our steel mills in the United States.
Nucor also periodically uses derivative financial instruments to hedge a portion of our exposure to price risk related to natural gas purchases used in the production process and to hedge a portion of our steel, scrap, aluminum and copper purchases and sales. Gains and losses from derivatives designated as hedges are deferred in accumulated other comprehensive loss, net of income taxes in the condensed consolidated balance sheets and recognized in net earnings in the same period as the underlying physical transaction. At April 4, 2026, accumulated other comprehensive loss, net of income taxes included $15 million in unrealized net-of-tax losses for the fair value of these derivative financial instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.
The following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative financial instruments outstanding at April 4, 2026, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in millions):
Commodity Derivative |
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10% Change |
|
|
25% Change |
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||
Natural gas |
|
$ |
11 |
|
|
$ |
28 |
|
Other commodities |
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$ |
31 |
|
|
$ |
77 |
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|
|
|
|
|
|
|
||
Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate. These hypothetical losses would be partially offset by the benefit of lower prices paid or higher prices received for the physical commodities.
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Foreign Currency Risk
Nucor is exposed to foreign currency risk primarily through its operations in Canada, Europe and Mexico. We periodically use derivative contracts to mitigate the risk of currency fluctuations. Open foreign currency derivative contracts at April 4, 2026 were insignificant.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the evaluation date.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended April 4, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Nucor is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.
During 2022, Nucor Steel Louisiana, our DRI facility located in St. James Parish, Louisiana, received allegations of violations of the Clean Air Act from the United States Environmental Protection Agency. A combined settlement is currently being negotiated with the United States Department of Justice, the United States Environmental Protection Agency and the Louisiana Department of Environmental Quality. We do not believe that any aggregate settlement for these allegations will be material to Nucor.
There were no other proceedings that were pending or contemplated under federal, state or local environmental laws that the Company reasonably believes may result in monetary sanctions of at least $1 million (the threshold chosen by Nucor as permitted by Item 103 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and which Nucor believes is reasonably designed to result in disclosure of any such proceeding that is material to its business or financial condition).
Item 1A. Risk Factors
There have been no material changes in Nucor’s risk factors from those included in “Item 1A. Risk Factors” in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our share repurchase program activity for each of the three months and the quarter ended April 4, 2026 was as follows (in millions, except per share data):
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|
Total |
|
|
Average |
|
|
Total Number of |
|
|
Approximate |
|
||||
January 1, 2026 - January 31, 2026 |
|
|
0.4 |
|
|
$ |
171.62 |
|
|
|
0.4 |
|
|
$ |
339 |
|
February 1, 2026 - February 28, 2026 |
|
|
0.2 |
|
|
$ |
180.38 |
|
|
|
0.2 |
|
|
$ |
3,982 |
|
March 1, 2026 - April 4, 2026 |
|
|
0.1 |
|
|
$ |
172.78 |
|
|
|
0.1 |
|
|
$ |
3,970 |
|
For the Quarter Ended April 4, 2026 |
|
|
0.7 |
|
|
|
|
|
|
0.7 |
|
|
|
|
||
Item 5. Other Information
Insider Trading Arrangements
During the quarter ended April 4, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)
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Item 6. Exhibits
Exhibit No. |
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Description of Exhibit |
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|
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3 |
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Restated Certificate of Incorporation of Nucor Corporation (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed September 14, 2010 (File No. 001-04119))
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3.1 |
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Bylaws of Nucor Corporation, as amended and restated February 22, 2021 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed February 24, 2021 (File No. 001-04119))
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10 |
|
Executive Employment Agreement of John L. "Jack" Sullivan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K/A filed February 27, 2026 (File No. 001-04119)) (#)
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31* |
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.1* |
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32** |
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Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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32.1** |
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Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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|
|
101* |
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Financial Statements (Unaudited) from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended April 4, 2026, filed May 13, 2026, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements. |
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104* |
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Cover Page from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended April 4, 2026, filed May 13, 2026, formatted in Inline XBRL (included in Exhibit 101 above). |
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|
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* Filed herewith.
** Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K.
(#) Indicates a management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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NUCOR CORPORATION |
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By: |
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/s/ John L. Sullivan |
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John L. Sullivan |
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Chief Financial Officer, Treasurer and |
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Executive Vice President |
Dated: May 13, 2026
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