Nucor Q3 earnings climb to $1.32B as sales rise
NUE generated $4.522 billion of operating cash flow in the first nine months, compared with $2.435 billion a year earlier.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Nucor Corporation reported net sales of $11.249 billion for the 13 weeks ended October 3, 2026, compared with $8.521 billion in the same period a year earlier. Net earnings attributable to Nucor stockholders were $1.319 billion, versus $607 million, and diluted earnings per share were $5.80 versus $2.63.
For the 39 weeks ended October 3, 2026, net sales were $31.142 billion, versus $24.807 billion, and net earnings attributable to Nucor stockholders were $3.218 billion, versus $1.366 billion. Cash provided by operating activities was $4.522 billion, compared with $2.435 billion in the prior-year nine-month period.
Third-quarter segment earnings before income taxes and noncontrolling interests were $1.788 billion for steel mills, $465 million for steel products and $105 million for raw materials; corporate/eliminations were negative $491 million. Cash and cash equivalents were $3.467 billion at October 3, 2026. Approximately $3.12 billion remained available under Nucor's discretionary authorization to repurchase up to $4.00 billion of common stock.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net sales were $11.249 billion, versus $8.521 billion.
- Moderate pointThird-quarter net earnings attributable to Nucor stockholders were $1.319 billion, versus $607 million.
- Moderate pointNine-month cash provided by operating activities was $4.522 billion, versus $2.435 billion.
Negative
- None.
Filing Explained
This unaudited quarterly report shows that Nucor classified a larger amount of long-term debt and finance lease obligations as current at
Key Figures
Key Terms
Segment earnings financial
Noncontrolling interests financial
Fair value hierarchy financial
Impairment assessment financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were NUE's third-quarter sales and earnings?
How much of NUE's share-repurchase authorization remained at October 3, 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No
Table of Contents
Nucor Corporation
Quarterly Report on Form 10-Q
For the Three Months and Nine Months Ended October 3, 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) and Nine Months (39 Weeks) Ended October 3, 2026 and October 4, 2025 |
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Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 3, 2026 and October 4, 2025 |
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Condensed Consolidated Balance Sheets – October 3, 2026 and December 31, 2025 |
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Condensed Consolidated Statements of Cash Flows – Nine Months (39 Weeks) Ended October 3, 2026 and October 4, 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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Item 5 |
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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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Nine Months (39 Weeks) Ended |
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October 3, 2026 |
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October 4, 2025 |
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October 3, 2026 |
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October 4, 2025 |
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Net sales |
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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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$ |
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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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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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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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Nine Months (39 Weeks) Ended |
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October 3, 2026 |
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October 4, 2025 |
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October 3, 2026 |
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October 4, 2025 |
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Net earnings before noncontrolling interests |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive (loss) income: |
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Net unrealized loss on hedging derivatives, |
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Reclassification adjustment for settlement of hedging |
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Foreign currency translation gain (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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$ |
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$ |
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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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October 3, 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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$ |
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LIABILITIES |
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Current liabilities: |
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Short-term debt |
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$ |
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$ |
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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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( |
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Treasury stock |
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( |
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( |
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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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Nine Months (39 Weeks) Ended |
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October 3, 2026 |
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October 4, 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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( |
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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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Divestiture of affiliate |
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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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( |
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Financing activities: |
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Net change in short-term debt |
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( |
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Repayment of long-term debt |
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( |
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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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Proceeds from exercise of stock options |
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Payment of tax withholdings on certain stock-based compensation |
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( |
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( |
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Distributions to noncontrolling interests |
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( |
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( |
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Cash dividends |
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( |
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( |
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Acquisition of treasury stock |
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( |
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( |
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Proceeds from government incentives |
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- |
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Other financing activities |
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( |
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Cash used in financing activities |
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( |
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( |
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Effect of exchange rate changes on cash |
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( |
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Increase (decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents - beginning of year |
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Cash and cash equivalents - end of nine 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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$ |
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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 October 3, 2026 is $
5
Table of Contents
4. Goodwill and Other Intangible Assets
The change in the net carrying amount of goodwill for the nine months ended October 3, 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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$ |
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$ |
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Translation |
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- |
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- |
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Balance at October 3, 2026 |
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$ |
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$ |
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$ |
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$ |
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Intangible assets with estimated useful lives of five to
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October 3, 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 third 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 October 3, 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 October 3, 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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- |
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- |
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||
Derivative contracts |
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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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|
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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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||||
As of December 31, 2025 |
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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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$ |
- |
|
||
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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|||
Total assets |
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$ |
|
|
$ |
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|
$ |
- |
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$ |
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|||
Liabilities: |
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||||
Derivative contracts |
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
( |
) |
|
$ |
- |
|
Fair value measurements for Nucor’s cash equivalents, short-term investments and an investment in a publicly traded nuclear power equipment manufacturer 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, most of which are 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. During the second quarter of 2026, the value of our investment in Helion, a fusion energy company, increased $
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 nine months of 2026 is as follows (shares and aggregate intrinsic value in thousands):
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Weighted- |
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Weighted- |
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Average |
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Average |
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Aggregate |
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|||
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Exercise |
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Remaining |
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Intrinsic |
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|||
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Shares |
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Price |
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Contractual Life |
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Value |
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|||
Number of shares under stock options: |
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|||
Outstanding at beginning of year |
|
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$ |
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|||
Granted |
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$ |
|
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|||
Exercised |
|
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( |
) |
|
$ |
|
|
|
|
$ |
|
||
Canceled |
|
|
- |
|
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$ |
- |
|
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|
Outstanding at October 3, 2026 |
|
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|
$ |
|
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|
$ |
|
||||
Stock options exercisable at October 3, 2026 |
|
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$ |
|
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|
$ |
|
||||
Compensation expense for stock options was $
Restricted Stock Units
A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2026 is as follows (shares in thousands):
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Shares |
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Grant Date |
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Restricted stock units: |
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||
Unvested at beginning of year |
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$ |
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||
Granted |
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$ |
|
||
Vested |
|
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( |
) |
|
$ |
|
|
Canceled |
|
|
( |
) |
|
$ |
|
|
Unvested at October 3, 2026 |
|
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|
|
$ |
|
||
Compensation expense for RSUs was $
8
Table of Contents
Restricted Stock Awards
A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (currently, a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (currently, a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “LTIP”) for the first nine months of 2026 is as follows (shares in thousands):
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Grant Date |
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||
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Shares |
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Fair Value |
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||
Restricted stock units and restricted stock awards: |
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||
Unvested at beginning of year |
|
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$ |
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||
Granted |
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$ |
|
||
Vested |
|
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( |
) |
|
$ |
|
|
Canceled |
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( |
) |
|
$ |
|
|
Unvested at October 3, 2026 |
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$ |
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||
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 third quarter and first nine months of 2026 and 2025 are as follows (in millions):
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Three Months (13 Weeks) Ended |
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Nine Months (39 Weeks) Ended |
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October 3, 2026 |
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October 4, 2025 |
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October 3, 2026 |
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October 4, 2025 |
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||||
Interest expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Interest income |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Interest expense, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
9
Table of Contents
11. Income Taxes
The effective tax rate for the third quarter of 2026 was
Nucor is subject to taxation in the United States (“U.S.”), as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2022. The tax years 2023 through 2025 remain open to examination by the Internal Revenue Service. 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 tax years. The resolution of these audits is not expected to have a material impact on our consolidated financials. The tax years 2018 through 2025 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 $
10
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 three months and nine months ended October 3, 2026 and October 4, 2025 (in millions):
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Three Months (13 Weeks) Ended October 3, 2026 |
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Accumulated |
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Total |
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Additional |
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Other |
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Treasury Stock |
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Nucor |
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|||||||||||||
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Common Stock |
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Paid-in |
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Retained |
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Comprehensive |
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(at cost) |
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Stockholders' |
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Noncontrolling |
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Total |
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Shares |
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Amount |
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Capital |
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Earnings |
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Income (Loss) |
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Shares |
|
|
Amount |
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Equity |
|
|
Interests |
|
||||||||||
BALANCES, July 4, 2026 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
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|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
Net earnings before noncontrolling interests |
|
|
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|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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|
|
- |
|
|
|
- |
|
|
|
- |
|
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|
||||
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 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
Miscellaneous |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
||
BALANCES, October 3, 2026 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
Nine Months (39 Weeks) Ended October 3, 2026 |
|
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|||||||||||||||||||||||||||||||
|
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Accumulated |
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|
|
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Total |
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|
||||||||||
|
|
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|
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Additional |
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Other |
|
|
Treasury Stock |
|
|
Nucor |
|
|
|
|
|||||||||||||
|
|
|
|
|
Common Stock |
|
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Paid-in |
|
|
Retained |
|
|
Comprehensive |
|
|
(at cost) |
|
|
Stockholders' |
|
|
Noncontrolling |
|
||||||||||||||||
|
|
Total |
|
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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 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
Miscellaneous |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
BALANCES, October 3, 2026 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
11
Table of Contents
|
|
|
|
|
Three Months (13 Weeks) Ended October 4, 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, July 5, 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 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
Miscellaneous |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
BALANCES, October 4, 2025 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
Nine Months (39 Weeks) Ended October 4, 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) |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
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 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
Capital contributions from noncontrolling interest |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Miscellaneous |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
BALANCES, October 4, 2025 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
Dividends declared per share were $
On February 20, 2026, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $
12
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 three months and nine months ended October 3, 2026 and October 4, 2025 (in millions):
|
|
Three-Month (13-Week) Period Ended |
|
|||||||||||||
|
|
October 3, 2026 |
|
|||||||||||||
|
|
Gains and (Losses) on |
|
|
Foreign Currency |
|
|
Adjustment to Early |
|
|
|
|
||||
|
|
Hedging Derivatives |
|
|
Gains (Losses) |
|
|
Retiree Medical Plan |
|
|
Total |
|
||||
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Other comprehensive income |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
( |
) |
|
Amounts reclassified from |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
( |
) |
|
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
|
|
Nine-Month (39-Week) Period Ended |
|
|||||||||||||
|
|
October 3, 2026 |
|
|||||||||||||
|
|
Gains and (Losses) on |
|
|
Foreign Currency |
|
|
Adjustment to Early |
|
|
|
|
||||
|
|
Hedging Derivatives |
|
|
Gains (Losses) |
|
|
Retiree Medical Plan |
|
|
Total |
|
||||
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Other comprehensive income |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
Amounts reclassified from |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
|
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
13
Table of Contents
|
|
Three-Month (13-Week) Period Ended |
|
|||||||||||||
|
|
October 4, 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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
|
|
Nine-Month (39-Week) Period Ended |
|
|||||||||||||
|
|
October 4, 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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Net current-period other |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
|
||
Accumulated other comprehensive |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
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
14
Table of Contents
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 third quarter and first nine months of 2026 and 2025 were as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|||||||||||||
|
|
October 3, 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 |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
|
|
Nine Months (39 Weeks) Ended |
|
|||||||||||||
|
|
October 3, 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 |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
15
Table of Contents
|
|
Three Months (13 Weeks) Ended |
|
|||||||||||||
|
|
October 4, 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 |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
|
|
Nine Months (39 Weeks) Ended |
|
|||||||||||||
|
|
October 4, 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 |
|
|
|
|
|
|
|
|
|
|
$ |
|
||||
16
Table of Contents
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
October 3, 2026 |
|
|
December 31, 2025 |
|
||
Segment assets: |
|
|
|
|
|
|
||
Steel mills |
|
$ |
|
|
$ |
|
||
Steel products |
|
|
|
|
|
|
||
Raw materials |
|
|
|
|
|
|
||
Corporate/eliminations |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
Net sales by product for the third quarter and first nine months of 2026 and 2025 were as follows (in millions). Further product group breakdown is impracticable.
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
||||
Net sales to external customers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sheet |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Bar |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Structural |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Plate |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tubular Products |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rebar Fabrication |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Joist & 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).
17
Table of Contents
16. Earnings Per Share
The computations of basic and diluted net earnings per share for the third quarter and first nine months of 2026 and 2025 are as follows (in millions, except per share amounts):
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
||||
Basic net earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic net earnings |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Earnings allocated to participating securities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net earnings available to common |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
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 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Diluted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dilutive effect of stock options and other |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted net earnings per share |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2026 and 2025 because their effect would have been anti-dilutive (shares in thousands):
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
||||
Anti-dilutive stock options: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average exercise price |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
18
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 (collectively, "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 DJJ,
19
Table of Contents
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 89%, 66% and 76%, respectively, in the first nine months of 2026, compared to approximately 83%, 62% and 72%, respectively, in the first nine months of 2025.
Results of Operations
Nucor reported net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025.
The increase in earnings in the third quarter of 2026 as compared to the third quarter of 2025 was driven primarily by the increase in earnings of the steel mills segment. Earnings in the steel mills segment increased due to higher average selling prices, increased volumes and higher metal margins. Shipments in the steel mills segment reached a record level in the third quarter of 2026, with the largest increases in our plate, bar and structural product groups. Demand continues to be strong across key end-use markets in the steel mills segment. Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the volume of unfairly traded imports into the United States.
Earnings in the steel products segment increased in the third quarter of 2026 as compared to the third quarter of 2025 due to increased volumes, most notably at our tubular products business, and higher average selling prices. These improvements were partially offset by higher steel input costs. Demand remained strong in key end markets for the steel products segment.
Earnings in the raw materials segment increased in the third quarter of 2026 as compared to the third quarter of 2025 primarily due to higher average selling prices, improved margins and increased shipments.
Nucor reported net earnings attributable to Nucor stockholders of $3.22 billion, or $14.06 per diluted share, for the first nine months of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $1.37 billion, or $5.88 per diluted share, for the first nine months of 2025. The significant increase in comparable year-to-date earnings in 2026 as compared to 2025 was driven by higher earnings in each of the first three quarters of 2026 as compared to the corresponding quarters of 2025, led by the steel mills segment.
Earnings in the steel mills segment increased in the first nine months of 2026 as compared to the first nine months of 2025 due to higher average selling prices, increased volumes and higher metal margins. Steel mills segment earnings in the first nine months of 2026 also included a reduction to cost of products sold of $130 million in the second quarter related to cash refunds associated with prior periods’ raw materials procurement costs. The steel products segment had increased earnings in the first nine months of 2026 as compared to the first nine months of 2025 as increased volumes and higher average selling prices more than offset margin compression resulting from higher steel input costs, which was most pronounced in the first half of 2026.
Earnings in the raw materials segment increased in the first nine months of 2026 as compared to the first nine months of 2025 primarily due to increased average selling prices and shipments and the improved profitability of our DRI facilities.
Included in the first nine months of 2026 earnings was a non-cash benefit of $61 million, recognized in the second quarter, related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round. The increase is included as a reduction of marketing, administrative and other expenses in the first nine months of 2026.
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the third quarter and first nine months of 2026 as compared to the third quarter and first nine months of 2025.
20
Table of Contents
Net Sales
Net sales to external customers by segment for the third quarter and first nine months of 2026 and 2025 were as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
Nine Months (39 Weeks) Ended |
||||||||
|
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
Steel mills |
|
$6,980 |
|
$5,152 |
|
35% |
|
$19,497 |
|
$15,312 |
|
27% |
Steel products |
|
3,509 |
|
2,791 |
|
26% |
|
9,400 |
|
7,853 |
|
20% |
Raw materials |
|
760 |
|
578 |
|
31% |
|
2,245 |
|
1,642 |
|
37% |
Total net sales to external customers |
|
$11,249 |
|
$8,521 |
|
32% |
|
$31,142 |
|
$24,807 |
|
26% |
Net sales for the third quarter of 2026 increased 32% from the third quarter of 2025. Average sales price per ton increased 19% from $1,258 in the third quarter of 2025 to $1,493 in the third quarter of 2026. Total tons shipped to outside customers in the third quarter of 2026 were approximately 7,533,000 tons, an 11% increase from the third quarter of 2025.
Net sales for the first nine months of 2026 increased 26% from the first nine months of 2025. Average sales price per ton increased 14% from $1,215 in the first nine months of 2025 to $1,380 in the first nine months of 2026. Total tons shipped to outside customers in the first nine months of 2026 were approximately 22,565,000 tons, a 10% increase from the first nine months of 2025.
In the steel mills segment, sales tons for the third quarter and first nine months of 2026 and 2025 were as follows (in thousands):
|
|
Three Months (13 Weeks) Ended |
|
Nine Months (39 Weeks) Ended |
||||||||
|
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
Outside steel shipments |
|
5,662 |
|
4,976 |
|
14% |
|
16,940 |
|
15,246 |
|
11% |
Inside steel shipments |
|
1,569 |
|
1,452 |
|
8% |
|
4,437 |
|
4,119 |
|
8% |
Total steel shipments |
|
7,231 |
|
6,428 |
|
12% |
|
21,377 |
|
19,365 |
|
10% |
Net sales for the steel mills segment increased 35% in the third quarter of 2026 from the third quarter of 2025, due to a 14% increase in volume and a 19% increase in the average sales price per ton, from $1,038 to $1,233.
Net sales for the steel mills segment increased 27% in the first nine months of 2026 from the first nine months of 2025, due to an 11% increase in volumes and a 15% increase in the average selling price from $1,005 per ton in the first nine months of 2025 to $1,151 per ton in the first nine months of 2026.
Outside sales tonnage for the steel products segment for the third quarter and first nine months of 2026 and 2025 was as follows (in thousands):
|
|
Three Months (13 Weeks) Ended |
|
Nine Months (39 Weeks) Ended |
||||||||
|
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
|
October 3, 2026 |
|
October 4, 2025 |
|
% Change |
Joist and deck sales |
|
237 |
|
254 |
|
-7% |
|
620 |
|
653 |
|
-5% |
Rebar fabrication sales |
|
341 |
|
356 |
|
-4% |
|
976 |
|
909 |
|
7% |
Tubular products sales |
|
375 |
|
206 |
|
82% |
|
1,031 |
|
719 |
|
43% |
Building systems sales |
|
74 |
|
62 |
|
19% |
|
188 |
|
174 |
|
8% |
Other steel products sales |
|
336 |
|
305 |
|
10% |
|
992 |
|
917 |
|
8% |
Total steel products sales |
|
1,363 |
|
1,183 |
|
15% |
|
3,807 |
|
3,372 |
|
13% |
Net sales for the steel products segment increased 26% in the third quarter of 2026 compared to the third quarter of 2025, due to a 15% increase in shipping volumes and a 9% increase in the average sales price per ton, from $2,358 to $2,576.
Net sales for the steel products segment increased 20% in the first nine months of 2026 compared to the first nine months of 2025, due to a 13% increase in shipping volumes and a 6% increase in the average sales price per ton, from $2,329 to $2,470.
21
Table of Contents
Net sales for the raw materials segment increased 31% in the third quarter of 2026 compared to the third quarter of 2025, due primarily to higher average selling prices. In the third quarter of 2026, approximately 94% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 95% and 3%, respectively, in the third quarter of 2025).
Net sales for the raw materials segment increased 37% in the first nine months of 2026 compared to the first nine months of 2025, due primarily to higher average selling prices. In the first nine months of 2026, approximately 95% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 95% and 3%, respectively, in the first nine months 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 19% of the raw materials segment's total sales in the third quarter and first nine months of 2026 (approximately 18% and 17% in the third quarter and first nine months of 2025, respectively).
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Table of Contents
Gross Margins
Nucor recorded gross margins of $2.33 billion (21%) in the third quarter of 2026, which was an increase compared to $1.19 billion (14%) in the third quarter of 2025.
Scrap and scrap substitutes are the most significant element in the total cost of steel production. In the steel mills segment, the average scrap and scrap substitute cost per gross ton used in the third quarter of 2026 was $421, an 8% increase compared to $391 in the third quarter of 2025. Despite the increase in scrap and scrap substitute costs in the third quarter of 2026 as compared to the third quarter of 2025, total metal margin dollars increased as the increase in average selling prices and volumes outpaced the increase in scrap and scrap substitute costs.
Nucor recorded gross margins of $5.86 billion (19%) in the first nine months of 2026, which was an increase compared to $3.02 billion (12%) in the first nine months of 2025.
The average scrap and scrap substitute cost per gross ton used in the first nine months of 2026 was $416, a 5% increase compared to $396 in the first nine months of 2025. This increase was more than offset by the previously mentioned increases in average sales prices and volumes.
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Table of Contents
Marketing, Administrative and Other Expenses
A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These profit sharing and other incentive compensation costs, which are based upon and fluctuate with Nucor’s financial performance, increased by $120 million in the third quarter of 2026 as compared to the third quarter of 2025, and increased by $294 million in the first nine months of 2026 as compared to the first nine months of 2025. These increases were due to Nucor's increased profitability in the third quarter and first nine months of 2026 as compared to the respective prior year periods, which resulted in significantly increased accruals related to profit sharing and other incentive compensation.
During the second quarter of 2026, Nucor recorded a non-cash $61 million increase in the value of its investment in Helion, a fusion energy company, after it completed a capital financing round during the quarter. The increase is included as a reduction of marketing, administrative and other expenses in the first nine months of 2026.
Losses and Impairments of Assets
Included in the third quarter and first nine months of 2026 net earnings was $17 million and $32 million, respectively, of losses and impairments of assets. The $17 million in charges recorded in the third quarter of 2026 consisted of a $7 million impairment charge in the steel mills segment and $10 million of impairment charges related to certain assets in corporate/eliminations. The remaining $15 million (recorded in the first quarter of 2026) consisted of impairment charges related to certain assets in the raw materials segment.
Included in the first nine months of 2025 net earnings was $40 million of losses and impairments of assets (none in the third quarter of 2025). Those charges consisted of the following: $19 million related to the closure or repurposing of certain facilities in the steel products segment; $17 million related to the repurposing of a facility in the steel mills segment; and $4 million related to the write-off of certain assets in the raw materials segment.
Interest Expense (Income)
Net interest expense for the third quarter and first nine months of 2026 and 2025 was as follows (in millions):
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
||||
Interest expense |
|
$ |
32 |
|
|
$ |
38 |
|
|
$ |
107 |
|
|
$ |
138 |
|
Interest income |
|
|
(25 |
) |
|
|
(23 |
) |
|
|
(69 |
) |
|
|
(90 |
) |
Interest expense, net |
|
$ |
7 |
|
|
$ |
15 |
|
|
$ |
38 |
|
|
$ |
48 |
|
Interest expense decreased in the third quarter and first nine months of 2026 compared to the third quarter and first nine months of 2025 mainly due to an increase in capitalized interest. Interest income increased in the third quarter of 2026 compared to the third quarter of 2025 due to higher average investment balances, partially offset by lower average interest rates on those investments. Interest income decreased in the first nine months of 2026 compared to the first nine months of 2025 due to lower average investment balances and average interest rates on those investments.
Earnings Before Income Taxes and Noncontrolling Interests
The table below presents earnings before income taxes and noncontrolling interests by segment for the third quarter and first nine months 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 |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
|
October 3, 2026 |
|
|
October 4, 2025 |
|
||||
Steel mills |
|
$ |
1,788 |
|
|
$ |
793 |
|
|
$ |
4,472 |
|
|
$ |
1,867 |
|
Steel products |
|
|
465 |
|
|
|
319 |
|
|
|
1,094 |
|
|
|
999 |
|
Raw materials |
|
|
105 |
|
|
|
43 |
|
|
|
296 |
|
|
|
129 |
|
Corporate/eliminations |
|
|
(491 |
) |
|
|
(272 |
) |
|
|
(1,274 |
) |
|
|
(928 |
) |
|
|
$ |
1,867 |
|
|
$ |
883 |
|
|
$ |
4,588 |
|
|
$ |
2,067 |
|
24
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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 third quarter of 2026 compared to the third quarter of 2025 was due primarily to the increased earnings of NYS. The increase in earnings attributable to noncontrolling interests in the first nine months of 2026 compared to the first nine months of 2025 was due primarily to the increased earnings of NYS.
Provision for Income Taxes
The effective tax rate for the third quarter of 2026 was 21.1% compared to 22.6% for the third 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 (“U.S.”), as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2022. The tax years 2023 through 2025 remain open to examination by the Internal Revenue Service. 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 tax years. The resolution of these audits is not expected to have a material impact on our consolidated financials. The tax years 2018 through 2025 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 $1.32 billion, or $5.80 per diluted share, in the third quarter of 2026 as compared to net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, in the third quarter of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 11.7% and 7.1% in the third quarter of 2026 and 2025, respectively.
Nucor reported net earnings attributable to Nucor stockholders of $3.22 billion, or $14.06 per diluted share, in the first nine months of 2026 as compared to net earnings attributable to Nucor stockholders of $1.37 billion, or $5.88 per diluted share, in the first nine months of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 10.3% and 5.5% in the first nine months of 2026 and 2025, respectively. Annualized return on average stockholders’ equity was 19.6% and 8.9% in the first nine months of 2026 and 2025, respectively.
Outlook
We expect earnings in the fourth quarter of 2026 to be generally in-line with or modestly higher than the third quarter. In the steel mills segment, we expect stable earnings due to higher realized pricing offset by seasonally lower volumes and higher costs. In the steel products segment, we expect stable earnings on higher realized pricing and seasonally lower volumes. The raw materials segment is expected to have slightly lower earnings due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease in the fourth quarter.
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the third 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.
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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 October 3, 2026 remained strong, consisting of total cash and cash equivalents and short-term investments of $3.64 billion ($2.70 billion as of December 31, 2025). Approximately $1.01 billion of the cash and cash equivalents position at October 3, 2026 was held by our majority-owned joint ventures as compared to approximately $931 million at December 31, 2025.
Cash provided by operating activities was $4.52 billion in the first nine months of 2026 as compared to $2.44 billion in the first nine months of 2025. The $2.09 billion increase was primarily driven by net earnings before noncontrolling interests of $3.62 billion for the first nine months of 2026, which represented an increase of $2.01 billion from net earnings before noncontrolling interests for the prior year period of $1.62 billion.
The funding of our working capital in the first nine months of 2026 decreased by $58 million compared to the first nine months of 2025. The most significant uses of cash were the change in inventories which used $560 million in the first nine months of 2026 compared to $295 million in the first nine months of 2025, and the change in accounts receivable which used an additional $589 million in cash in the first nine months of 2026 compared to the same period in 2025. These changes were offset by the change in other operating activities which provided cash of $324 million in the first nine months of 2026 compared to $29 million in the first nine months of 2025 and the change in salaries, wages and related accruals which provided $438 million more in cash during the first nine months of 2026 compared to the same period in 2025.
The current ratio was 2.5 at the end of the third quarter of 2026 and 2.9 at year-end 2025.
Cash used in investing activities in the first nine months of 2026 was $1.54 billion as compared to $2.51 billion in the first nine months of 2025, a decrease of $974 million. Cash used for capital expenditures of $1.86 billion in the first nine months of 2026 decreased by $759 million as compared to the same period of 2025 primarily due to the sheet mill under construction in West Virginia which is nearing completion. 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 Nucor Towers & Structures, and the galvanizing line at our sheet mill in South Carolina.
Cash used in financing activities in the first nine months of 2026 was $1.77 billion as compared to $1.27 billion in the first nine months of 2025. The primary uses of cash in the first nine months of 2026 were stock repurchases of $976 million, which increased compared to $600 million in the first nine months of 2025. The primary uses of cash in the first nine months of 2025 were repayments of long-term debt of $1.01 billion which was largely offset by proceeds from the issuance and sale of long-term debt, net of discount to the public, of $997 million. In the first nine months 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 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.
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 October 3, 2026, the funded debt to total capital ratio was 22.7% 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 October 3, 2026.
In September 2026, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.56 per share, payable on November 10, 2026 to stockholders of record on September 30, 2026. This dividend is Nucor’s 214th consecutive quarterly cash dividend.
26
Table of Contents
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 October 3, 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 October 3, 2026, accumulated other comprehensive loss, net of income taxes included $12 million in unrealized net-of-tax losses for the fair value of these derivative 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 October 3, 2026, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in millions):
Commodity Derivative |
|
10% Change |
|
|
25% Change |
|
||
Natural gas |
|
$ |
17 |
|
|
$ |
42 |
|
Other commodities |
|
$ |
29 |
|
|
$ |
73 |
|
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.
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 October 3, 2026 were insignificant.
27
Table of Contents
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 October 3, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
28
Table of Contents
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 proposed combined settlement has been 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.
29
Table of Contents
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 October 3, 2026 was as follows (in millions, except per share amounts):
|
|
Total |
|
|
Average |
|
|
Total Number of |
|
|
Approximate |
|
||||
July 5, 2026 - August 1, 2026 |
|
|
0.8 |
|
|
$ |
232.99 |
|
|
|
0.8 |
|
|
$ |
3,428 |
|
August 2, 2026 - August 29, 2026 |
|
|
1.0 |
|
|
$ |
256.47 |
|
|
|
1.0 |
|
|
$ |
3,196 |
|
August 30, 2026 - October 3, 2026 |
|
|
0.2 |
|
|
$ |
257.46 |
|
|
|
0.2 |
|
|
$ |
3,120 |
|
For the Quarter Ended October 3, 2026 |
|
|
2.0 |
|
|
|
|
|
|
2.0 |
|
|
|
|
||
Item 5. Other Information
Insider Trading Arrangements
During the quarter ended October 3, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)
30
Table of Contents
Item 6. Exhibits
Exhibit No. |
|
Description of Exhibit |
|
|
|
3 |
|
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)) |
|
|
|
3.1 |
|
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))
|
|
|
|
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
|
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
|
32** |
|
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 |
|
|
|
32.1** |
|
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 |
|
|
|
101* |
|
Financial Statements (Unaudited) from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended October 3, 2026, filed November 10, 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. |
|
|
|
104* |
|
Cover Page from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended October 3, 2026, filed November 10, 2026, formatted in Inline XBRL (included in Exhibit 101 above). |
|
|
|
* Filed herewith.
** Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K.
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Table of Contents
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.
|
NUCOR CORPORATION |
||
|
|
|
|
|
By: |
|
/s/ John L. Sullivan |
|
|
|
John L. Sullivan |
|
|
|
Chief Financial Officer, Treasurer and |
|
|
|
Executive Vice President |
Dated: November 10, 2026
32