Nucor (NYSE: NUE) Q2 2026 profit hits $1.16B on strong steel demand
Rhea-AI Filing Summary
Nucor Corporation reported strong second-quarter 2026 results, with consolidated net earnings attributable to stockholders of $1.16 billion, or $5.04 per diluted share, on net sales of $10,397 million. Adjusted net earnings were $1.11 billion, or $4.84 per diluted share, excluding a non-cash benefit related to its Helion investment.
Earnings before income taxes and noncontrolling interests were $1,625 million, driven mainly by the steel mills segment, which benefited from higher average selling prices, higher volumes and a $130 million reduction in cost of products sold from cash refunds of prior raw material costs. Steel products and raw materials also had higher earnings on increased shipments and pricing. Nucor achieved a second consecutive quarterly record for steel mill shipments, with mill utilization at 91%.
Nucor ended the quarter with $2.69 billion in cash and short-term investments and an undrawn $2.25 billion revolving credit facility, supporting liquidity of about $3.4 billion. It returned approximately $479 million to stockholders through dividends and repurchases of about 1.53 million shares. Nucor expects higher consolidated reported earnings in the third quarter of 2026.
Positive
- Consolidated net earnings attributable to stockholders reached $1.16 billion with diluted EPS of $5.04, compared with $743 million and $3.23 in the first quarter of 2026 and $603 million and $2.60 in the second quarter of 2025.
- Nucor generated $10,397 million in net sales and $2.0 billion of EBITDA in the second quarter of 2026, supported by record steel mill shipments and strong pricing, while maintaining liquidity of about $3.4 billion and returning $479 million to stockholders.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
EBITDA financial
Free Cash Flow (FCF) financial
non-GAAP financial measures financial
Section 232 steel tariffs regulatory
utilization technical
Earnings Snapshot
The company expects higher consolidated reported earnings in the third quarter of 2026, with higher earnings in the steel mills and steel products segments and decreased earnings in the raw materials segment due to lower margins.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On July 27, 2026, Nucor Corporation issued a news release reporting its financial results for the quarter ended July 4, 2026. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
On July 27, 2026, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 |
News Release of Nucor Corporation dated July 27, 2026 | |
| 99.2 |
Investor Presentation dated July 27, 2026 | |
| 104 |
Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL | |
The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.
1
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 hereunto duly authorized.
| NUCOR CORPORATION | ||||||
| Date: July 27, 2026 | By: | /s/ John L. Sullivan | ||||
| John L. Sullivan | ||||||
| Chief Financial Officer, Treasurer and Executive Vice President | ||||||
2
Exhibit 99.1
| News Release |
|
Nucor Reports Results for the Second Quarter of 2026
Second Quarter of 2026 Highlights
| • | Net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share |
| • | Adjusted net earnings attributable to Nucor stockholders of $1.11 billion, or $4.84 per diluted share |
| • | Net sales of $10.40 billion |
| • | Net earnings before noncontrolling interests of $1.28 billion; EBITDA of $2.02 billion |
CHARLOTTE, N.C. – July 27, 2026 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, for the second quarter of 2026. Excluding a non-cash, pre-tax benefit of $61 million, or $0.20 per diluted share, Nucor’s second quarter of 2026 adjusted net earnings attributable to Nucor stockholders was $1.11 billion, or $4.84 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, for the first quarter of 2026 and $603 million, or $2.60 per diluted share, for the second quarter of 2025.
“Investment across key sectors of the U.S. economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments,” said Leon Topalian, Nucor’s Chair and Chief Executive Officer. “We continue to execute our growth strategy through investments to expand our capabilities and strengthen our position as the market leader with the most diverse portfolio of steel and fabricated steel products in North America. I want to thank our more than 33,000 Nucor teammates for keeping us on pace for the safest year in Nucor’s history and their unwavering commitment to our customers and shareholders.”
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||||||
| July 4, 2026 | April 4, 2026 | July 5, 2025 | July 4, 2026 | July 5, 2025 | ||||||||||||||||
| Steel mills |
$ | 1,556 | $ | 1,128 | $ | 843 | $ | 2,684 | $ | 1,074 | ||||||||||
| Steel products |
353 | 276 | 392 | 629 | 680 | |||||||||||||||
| Raw materials |
146 | 45 | 57 | 191 | 86 | |||||||||||||||
| Corporate/eliminations |
(430 | ) | (353 | ) | (393 | ) | (783 | ) | (656 | ) | ||||||||||
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| $ | 1,625 | $ | 1,096 | $ | 899 | $ | 2,721 | $ | 1,184 | |||||||||||
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Analysis of Second Quarter of 2026 Results Compared to the First Quarter of 2026
The increase in second quarter earnings was driven primarily by the increase in earnings in the steel mills segment, which experienced higher average selling prices and higher volumes. Additionally, the steel mills segment earnings included a reduction to cost of products sold in the amount of $130 million related to cash refunds associated with prior periods’ raw materials procurement costs. The steel products segment had improved earnings due to increased volumes and stable average realized pricing. The raw materials segment had higher earnings in the second quarter primarily due to increased average selling prices and shipments.
Included in the second quarter of 2026 marketing, administrative and other expenses is a non-cash, pre-tax benefit of $61 million, or $0.20 per diluted share. This non-cash, pre-tax benefit is related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round in the second quarter of 2026.
Page 1 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Financial Strength
At the end of the second quarter of 2026, Nucor had $2.69 billion in cash and cash equivalents and short-term investments on hand. The Company’s $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor’s, Fitch Ratings and Moody’s, respectively.
Commitment to Returning Capital to Stockholders
During the second quarter of 2026, Nucor repurchased approximately 1.53 million shares of its common stock at an average price of $228.76 per share. Nucor returned approximately $479 million to stockholders in the second quarter of 2026 in the form of share repurchases and dividend payments, and approximately $733 million in the first six months of 2026.
On June 9, 2026, Nucor’s Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on August 11, 2026, to stockholders of record as of June 30, 2026 and is Nucor’s 213th consecutive quarterly cash dividend.
Third Quarter of 2026 Outlook Compared to the Second Quarter of 2026
We expect higher consolidated reported earnings in the third quarter of 2026. In the steel mills segment we expect an increase in earnings due to higher realized pricing across all major product categories with stable volumes. In the steel products segment, we expect increased earnings due to both higher volumes and higher realized pricing. The raw materials segment is expected to have decreased earnings due to lower margins.
Earnings Conference Call
An earnings call is scheduled for July 28, 2026 at 10:00 a.m. Eastern Time to review Nucor’s second quarter of 2026 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Page 2 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. For the second quarter of 2026, we define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders subtracting certain non-cash benefits (in this case, the increase in the value of our investment in Helion), net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share subtracting certain non-cash benefits (in this case, the per diluted share impact of the increase in the value of our investment in Helion), net of tax. Please note that other companies might define their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods.
Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for
Page 3 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
Contact Information
For Investor/Analyst Inquiries –
Chris Jacobi, chris.jacobi@nucor.com, or Paul Donnelly, paul.donnelly@nucor.com
For Media Inquiries –
Katherine Miller, katherine.miller@nucor.com
Page 4 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Consolidated Financial Statements
Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share amounts)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||||||
| July 4, 2026 | April 4, 2026 | July 5, 2025 | July 4, 2026 | July 5, 2025 | ||||||||||||||||
| Net sales |
$ | 10,397 | $ | 9,496 | $ | 8,456 | $ | 19,893 | $ | 16,286 | ||||||||||
| Costs, expenses and other: |
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| Cost of products sold |
8,363 | 7,995 | 7,233 | 16,358 | 14,458 | |||||||||||||||
| Marketing, administrative and other expenses |
405 | 378 | 304 | 783 | 585 | |||||||||||||||
| Equity in earnings of unconsolidated affiliates |
(8 | ) | (7 | ) | (10 | ) | (15 | ) | (14 | ) | ||||||||||
| Losses and impairments of assets |
— | 15 | 11 | 15 | 40 | |||||||||||||||
| Interest expense (income), net |
12 | 19 | 19 | 31 | 33 | |||||||||||||||
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| 8,772 | 8,400 | 7,557 | 17,172 | 15,102 | ||||||||||||||||
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| Earnings before income taxes and noncontrolling interests |
1,625 | 1,096 | 899 | 2,721 | 1,184 | |||||||||||||||
| Provision for income taxes |
345 | 226 | 193 | 571 | 252 | |||||||||||||||
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| Net earnings before noncontrolling interests |
1,280 | 870 | 706 | 2,150 | 932 | |||||||||||||||
| Earnings attributable to noncontrolling interests |
124 | 127 | 103 | 251 | 173 | |||||||||||||||
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| Net earnings attributable to Nucor stockholders |
$ | 1,156 | $ | 743 | $ | 603 | $ | 1,899 | $ | 759 | ||||||||||
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| Net earnings per share: |
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| Basic |
$ | 5.05 | $ | 3.23 | $ | 2.60 | $ | 8.28 | $ | 3.26 | ||||||||||
| Diluted |
$ | 5.04 | $ | 3.23 | $ | 2.60 | $ | 8.27 | $ | 3.26 | ||||||||||
| Average shares outstanding: |
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| Basic |
228.2 | 228.9 | 230.6 | 228.6 | 231.7 | |||||||||||||||
| Diluted |
228.5 | 229.3 | 230.8 | 228.9 | 231.9 | |||||||||||||||
Page 5 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| July 4, 2026 | Dec. 31, 2025 | |||||||
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 2,478 | $ | 2,260 | ||||
| Short-term investments |
214 | 439 | ||||||
| Accounts receivable, net |
4,045 | 3,105 | ||||||
| Inventories, net |
6,020 | 5,462 | ||||||
| Other current assets |
399 | 499 | ||||||
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| Total current assets |
13,156 | 11,765 | ||||||
| Property, plant and equipment, net |
15,863 | 15,306 | ||||||
| Goodwill |
4,289 | 4,297 | ||||||
| Other intangible assets, net |
2,754 | 2,880 | ||||||
| Other assets |
892 | 856 | ||||||
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| Total assets |
$ | 36,954 | $ | 35,104 | ||||
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| LIABILITIES |
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| Current liabilities: |
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| Short-term debt |
$ | 129 | $ | 122 | ||||
| Current portion of long-term debt and finance lease obligations |
581 | 90 | ||||||
| Accounts payable |
2,357 | 1,890 | ||||||
| Salaries, wages and related accruals |
1,002 | 882 | ||||||
| Accrued expenses and other current liabilities |
1,177 | 1,020 | ||||||
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| Total current liabilities |
5,246 | 4,004 | ||||||
| Long-term debt and finance lease obligations due after one year |
6,389 | 6,909 | ||||||
| Deferred credits and other liabilities |
2,053 | 2,067 | ||||||
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| Total liabilities |
13,688 | 12,980 | ||||||
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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 |
152 | 152 | ||||||
| Additional paid-in capital |
2,207 | 2,253 | ||||||
| Retained earnings |
33,146 | 31,504 | ||||||
| Accumulated other comprehensive loss, net of income taxes |
(214 | ) | (194 | ) | ||||
| Treasury stock |
(13,182 | ) | (12,779 | ) | ||||
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| Total Nucor stockholders’ equity |
22,109 | 20,936 | ||||||
| Noncontrolling interests |
1,157 | 1,188 | ||||||
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| Total equity |
23,266 | 22,124 | ||||||
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| Total liabilities and equity |
$ | 36,954 | $ | 35,104 | ||||
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Page 6 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Six Months (26 Weeks) Ended | ||||||||
| July 4, 2026 | July 5, 2025 | |||||||
| Operating activities: |
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| Net earnings before noncontrolling interests |
$ | 2,150 | $ | 932 | ||||
| Adjustments: |
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| Depreciation |
641 | 606 | ||||||
| Amortization |
126 | 128 | ||||||
| Impairment of assets |
15 | 20 | ||||||
| Stock-based compensation |
91 | 78 | ||||||
| Deferred income taxes |
(61 | ) | (17 | ) | ||||
| Distributions from affiliates |
7 | 6 | ||||||
| Equity in earnings of unconsolidated affiliates |
(15 | ) | (14 | ) | ||||
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): |
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| Accounts receivable |
(952 | ) | (706 | ) | ||||
| Inventories |
(560 | ) | (352 | ) | ||||
| Accounts payable |
454 | 375 | ||||||
| Federal income taxes |
110 | 135 | ||||||
| Salaries, wages and related accruals |
130 | (135 | ) | |||||
| Other operating activities |
150 | 40 | ||||||
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| Cash provided by operating activities |
2,286 | 1,096 | ||||||
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| Investing activities: |
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| Capital expenditures |
(1,232 | ) | (1,813 | ) | ||||
| Investment in and advances to affiliates |
(2 | ) | (1 | ) | ||||
| Disposition of plant and equipment |
21 | 39 | ||||||
| Acquisitions (net of cash acquired) |
— | (1 | ) | |||||
| Purchases of investments |
(157 | ) | (666 | ) | ||||
| Proceeds from the sale of investments |
382 | 717 | ||||||
| Divestiture of affiliate |
3 | — | ||||||
| Other investing activities |
29 | 2 | ||||||
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| Cash used in investing activities |
(956 | ) | (1,723 | ) | ||||
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| Financing activities: |
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| Net change in short-term debt |
6 | (68 | ) | |||||
| Repayment of long-term debt |
(37 | ) | (1,007 | ) | ||||
| Proceeds from issuance of long-term debt, net of discount |
15 | 997 | ||||||
| Bond issuance costs |
— | (9 | ) | |||||
| Proceeds from exercise of stock options |
14 | — | ||||||
| Payment of tax withholdings on certain stock-based compensation |
(77 | ) | (31 | ) | ||||
| Distributions to noncontrolling interests |
(282 | ) | (214 | ) | ||||
| Cash dividends |
(258 | ) | (258 | ) | ||||
| Acquisition of treasury stock |
(475 | ) | (500 | ) | ||||
| Proceeds from government incentives |
— | 77 | ||||||
| Other financing activities |
(10 | ) | 17 | |||||
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| Cash used in financing activities |
(1,104 | ) | (996 | ) | ||||
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| Effect of exchange rate changes on cash |
(8 | ) | 11 | |||||
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| Increase (decrease) in cash and cash equivalents |
218 | (1,612 | ) | |||||
| Cash and cash equivalents - beginning of year |
2,260 | 3,558 | ||||||
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| Cash and cash equivalents - end of six months |
$ | 2,478 | $ | 1,946 | ||||
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| Non-cash investing activity: |
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| Change in accrued plant and equipment purchases |
$ | 15 | $ | (27 | ) | |||
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Page 7 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Select Financial and Operational Data
| (Dollars in millions, tons in thousands, per unit amounts as noted) | ||||||||||||||||||||||||||||||||
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||||||||||||||||||
| July 4, 2026 |
April 4, 2026 |
% Change |
July 5, 2025 |
Year Ago % Change |
July 4, 2026 |
July 5, 2025 |
% Change | |||||||||||||||||||||||||
| Consolidated Financial & Operational Data |
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| Net Sales |
$ | 10,397 | $ | 9,496 | 9 | % | $ | 8,456 | 23 | % | $ | 19,893 | $ | 16,286 | 22 | % | ||||||||||||||||
| External Average Sales Price per Ton |
$ | 1,367 | $ | 1,279 | 7 | % | $ | 1,240 | 10 | % | $ | 1,323 | $ | 1,193 | 11 | % | ||||||||||||||||
| Sales Tons to External Customers |
7,605 | 7,427 | 2 | % | 6,820 | 12 | % | 15,032 | 13,650 | 10 | % | |||||||||||||||||||||
| Pre-Operating & Start-Up Costs |
$ | 120 | $ | 108 | 11 | % | $ | 136 | -12 | % | $ | 228 | $ | 306 | -25 | % | ||||||||||||||||
| Pre-Operating & Start-Up Costs per Diluted Share |
$ | 0.40 | $ | 0.36 | $ | 0.45 | $ | 0.76 | $ | 1.00 | ||||||||||||||||||||||
| Number of Days in Period |
91 | 94 | 91 | 185 | 186 | |||||||||||||||||||||||||||
| Steel Mills Segment Data |
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| Total Shipments |
7,100 | 7,046 | 1 | % | 6,474 | 10 | % | 14,146 | 12,937 | 9 | % | |||||||||||||||||||||
| Sales Tons to External Customers |
5,659 | 5,619 | 1 | % | 5,044 | 12 | % | 11,278 | 10,270 | 10 | % | |||||||||||||||||||||
| Percentage of Sales to Internal Customers |
20 | % | 20 | % | 22 | % | 20 | % | 21 | % | ||||||||||||||||||||||
| External Average Sales Price per Ton |
$ | 1,145 | $ | 1,074 | 7 | % | $ | 1,041 | 10 | % | $ | 1,110 | $ | 989 | 12 | % | ||||||||||||||||
| Average Scrap/Scrap Substitute Cost per Gross Ton |
$ | 422 | $ | 404 | 4 | % | $ | 403 | 5 | % | $ | 413 | $ | 398 | 4 | % | ||||||||||||||||
| Utilization |
91 | % | 86 | % | 85 | % | 88 | % | 82 | % | ||||||||||||||||||||||
| Steel Products Segment Data |
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| Sales Tons to External Customers |
1,285 | 1,159 | 11 | % | 1,141 | 13 | % | 2,444 | 2,189 | 12 | % | |||||||||||||||||||||
| Average Sales Price per Ton |
$ | 2,415 | $ | 2,405 | 0 | % | $ | 2,331 | 4 | % | $ | 2,410 | $ | 2,313 | 4 | % | ||||||||||||||||
Page 8 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
| Tonnage Data (in thousands) |
Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | ||||||||||||||||||||||||||||||
| July 4, 2026 | April 4, 2026 | % Change |
July 5, 2025 | Year Ago % Change |
July 4, 2026 | July 5, 2025 | % Change |
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| Steel mills total shipments: |
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| Sheet |
3,291 | 3,394 | -3 | % | 3,057 | 8 | % | 6,685 | 6,038 | 11 | % | |||||||||||||||||||||
| Bars |
2,387 | 2,308 | 3 | % | 2,148 | 11 | % | 4,695 | 4,438 | 6 | % | |||||||||||||||||||||
| Structural |
628 | 649 | -3 | % | 635 | -1 | % | 1,277 | 1,212 | 5 | % | |||||||||||||||||||||
| Plate |
757 | 647 | 17 | % | 606 | 25 | % | 1,404 | 1,183 | 19 | % | |||||||||||||||||||||
| Other |
37 | 48 | -23 | % | 28 | 32 | % | 85 | 66 | 29 | % | |||||||||||||||||||||
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| 7,100 | 7,046 | 1 | % | 6,474 | 10 | % | 14,146 | 12,937 | 9 | % | ||||||||||||||||||||||
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| Sales tons to outside customers: |
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| Steel mills |
5,659 | 5,619 | 1 | % | 5,044 | 12 | % | 11,278 | 10,270 | 10 | % | |||||||||||||||||||||
| Joist and deck |
198 | 185 | 7 | % | 217 | -9 | % | 383 | 399 | -4 | % | |||||||||||||||||||||
| Rebar fabrication products |
344 | 291 | 18 | % | 306 | 12 | % | 635 | 553 | 15 | % | |||||||||||||||||||||
| Tubular products |
338 | 318 | 6 | % | 243 | 39 | % | 656 | 513 | 28 | % | |||||||||||||||||||||
| Building Systems |
59 | 55 | 7 | % | 64 | -8 | % | 114 | 112 | 2 | % | |||||||||||||||||||||
| Other steel products |
346 | 310 | 12 | % | 311 | 11 | % | 656 | 612 | 7 | % | |||||||||||||||||||||
| Raw materials |
661 | 649 | 2 | % | 635 | 4 | % | 1,310 | 1,191 | 10 | % | |||||||||||||||||||||
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| 7,605 | 7,427 | 2 | % | 6,820 | 12 | % | 15,032 | 13,650 | 10 | % | ||||||||||||||||||||||
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Page 9 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Second Quarter of 2026 (Continued)
Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
(In millions)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||||||
| July 4, 2026 | April 4, 2026 | July 5, 2025 | July 4, 2026 | July 5, 2025 | ||||||||||||||||
| Net earnings before noncontrolling interests |
$ | 1,280 | $ | 870 | $ | 706 | $ | 2,150 | $ | 932 | ||||||||||
| Depreciation |
320 | 321 | 303 | 641 | 606 | |||||||||||||||
| Amortization |
63 | 63 | 63 | 126 | 128 | |||||||||||||||
| Losses and impairments of assets |
— | 15 | 11 | 15 | 40 | |||||||||||||||
| Interest expense (income), net |
12 | 19 | 19 | 31 | 33 | |||||||||||||||
| Provision for income taxes |
345 | 226 | 193 | 571 | 252 | |||||||||||||||
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| EBITDA |
$ | 2,020 | $ | 1,514 | $ | 1,295 | $ | 3,534 | $ | 1,991 | ||||||||||
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Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited)
(In millions, except per share data)
| Three Months (13 Weeks) Ended | ||||||||
| July 4, 2026 | ||||||||
| Diluted EPS | ||||||||
| Net earnings attributable to Nucor stockholders |
$ | 1,156 | $ | 5.04 | ||||
| Subtract non-cash benefit, net of tax |
46 | 0.20 | ||||||
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| Adjusted net earnings attributable to Nucor stockholders |
$ | 1,110 | $ | 4.84 | ||||
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Page 10 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Exhibit 99.2 SECOND QUARTER 2026 EARNINGS CALL Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO July 28, 2026
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,” “project,” “will,” “should,” “could” and similar expressions are intended to identify 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. The Company does not undertake any obligation to update these statements. 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 presentation. 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 most recent Annual Report on Form 10-K and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents non-GAAP financial measures because it considers them to be an important supplemental measure of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix. 3
Q2 2026 FINANCIAL PERFORMANCE FINANCIAL METRICS 1 $2.0 billion EBITDA Net Earnings $1.2 billion / $1.1 billion 2 (Reported / Adjusted ) EPS $5.04 / $4.84 2 (Reported / Adjusted ) ~23% debt/cap; Balance Sheet & 3 Liquidity ~$3.4 billion liquidity Capital Expenditures $571 million Returns to NUE $479 million Shareholders • Dividend Payments • $129 million • $350 million • Share Repurchases (1.5 mm shares) (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Adjusted Net Earnings excludes $61 million of pre-tax charges ($46 million after-tax). For a reconciliation of non-GAAP measures, please refer to the Appendix 4 (3) Liquidity defined as cash & equivalents, plus short-term investments, plus available revolver capacity of $2.25 billion facility less ~$1.6 billion outstanding floating- rate IRBs
Q2 2026 OPERATIONAL HIGHLIGHTS EXTERNAL MILL MILL SAFETY SHIPMENTS BACKLOGS UTILIZATION (1) (1) 0.71 7.6mm 5.6mm 91% YTD Injury & Illness Rate +2% vs. Q1 2026 +18% vs. Q1 2026 +500 bps vs. Q1 2026 • On track for safest year ever SAFETY • Launched ‘safest summer ever’ initiative to lower OUR #1 VALUE seasonal injury rate • Set second consecutive quarterly shipment record, RECORD QUARTERLY shipping 7.1 million tons in Q2 STEEL MILL SHIPMENTS • Driven by continued strength across all steel formats GROWTH ACROSS • Shipments up 11% Q/Q; Tube set new quarterly STEEL PRODUCTS shipment record PORTFOLIO • Steel Mills up 18% Q/Q, with growth across all major product categories GROWING BACKLOGS • Steel Products up 10% Q/Q, up across most products 5 (1) Based on net tons. External shipments include Steel Mills (~5.66mm), Steel Products (~1.29mm), and Raw Materials (~0.66mm)
TRADE POLICY LEVELS THE PLAYING FIELD 2022 – Q2 2026 U.S. Import Data All Carbon & Alloy Steel – Avg Monthly Quantity 2.49 2.47 2.5 2.32 SECTION 232 REBOOT 2.26 2.17 23.0% 1.97 2.0 21.7% 21.6% 21.1% 1.80 1.62 18.7% 1.57 1.5 16.4%* 15.9% 14.4% 14.3% 1.0 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 H1 Finished Import Market Share Monitoring • 2024: 23% • Q2 2026 imports higher than Q1 2026 • 2025: 21% • Higher H1 2026 imports of vs. H1 2025: • 2026: 16% • Beam: +59% • Rebar: +11% Key Product Imports (H1 2026 vs. H1 2025) Federal Trade Policy • Corrosion Resistant Sheet: -36% • We expect the vigorous enforcement of our trade laws and Section 232 steel tariffs to • HR Sheet: -40% • CR Sheet: -31% continue • CTL Plate: -23% • Coiled Plate: -42% Sources: US Commerce Dept., AISI. 6 *April & May only Million Net Tons, Avg Monthly (BAR) % Finished C&A Import Mkt Share (LINE)
WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET COMMISSIONING THROUGHOUT 2026 • Each area of new sheet mill is inspected, tested, and prepared for start-up • Ran first coil through pickle line in June • Expanded equipment commissioning across the site and will continue throughout the year PRODUCTION BEGINNING 2027 • Initial focus is on safe and reliable performance • Intentional, multi-phased ramp to full run-rate • Capacity utilization and product capabilities will expand through 2027 and 2028 1 Sequencing equipment commissioning across 2026 Spring Summer Fall to year-end ✓✓✓✓ COLD HOT PICKLE AUTO MELT CONSTRUCTION MILL MILL LINE GALV LINE SHOP GALV LINE 7 (1) Represents the beginning of the commissioning process
2026 GROWTH PRIORITIES TOWERS & STRUCTURES NUCOR BERKELEY RAMP-UPS OF GREENFIELDS GALV LINE RECENT PROJECTS Constructing two greenfield facilities Constructing a second 500K tpa 2025 projects are on track to be fully in IN and UT; complementing galvanizing line at Nucor Steel ramped and operating at EBITDA existing facilities in PA and AL Berkeley (SC) sheet mill positive run rates within the year Indiana Towers & Structures Berkeley County, SC galv line Lexington, NC rebar micro mill Indiana Greenfield • Bar Mill projects: Lexington rebar micromill and Kingman melt shop • Ongoing customer qualifications; • Advanced capabilities to serve were EBITDA positive in Q2 pole production ramp up in Q4’25 Southeast automotive customers • “First dip” at galv facility in Q2’26; • Equipment commissioning • Crawfordsville coating complex: full production by Q3’26 currently in process Galv line ramping, paint line • Production startup expected to commissioning in 2H 2026 Utah Greenfield begin in the fall • “First dip” at galv facility by YE • Alabama T&S: Expect to reach an 2026; full production by mid-2027 EBITDA positive run rate in the second half of 2026 8
STEEL MILLS MARKET ENVIRONMENT Imports* Nucor* Y/Y YTD* ADC* 2H 2026 Outlook Market Share Shipments • Underlying demand is strong and Lower Higher improving, indicating continued strength HRC, CRC, & Strength through 2026 and into 2027 +11% SHEET galv all down across key • Key end markets include energy, adv. >30% YTD end markets manufacturing, and data centers • Sustained demand across energy, bridges, Lower Lower stadiums, and adv. manufacturing CTL plate Below 2025, +19% PLATE imports <10% tracking above • Brandenburg performing well; shipments mkt share YTD 2023 & 2024 growing Q/Q • Strength in energy, infrastructure, CHIP Lower Higher plants, and data centers more than Partially offset Rebar demand offsetting residential softness +6% BARS by higher rebar driving growth • Growing contributions from Lexington and imports Kingman ramps • Record backlogs provide visibility through Higher Higher year-end Off a low base; Pacing above +5% STRUCTURAL ~16% import 2021 post- • Mega-project growth led by data centers, mkt share YTD covid peak stadiums, and adv. manufacturing 9 *YTD C&A Imports and Nucor shipments: H1 2026 vs. H1 2025; ADC: Jan-May 2026 vs. Jan-May 2025 (most recent data) Sources: US Commerce Dept., AISI and Nucor Corporation.
STEEL PRODUCTS MARKET ENVIRONMENT • Broad-based end market demand led by SEGMENT OVERVIEW warehouses, data centers & adv. manufacturing JOIST & • Backlog extends into 2027 at pricing above DECK • Nucor shipments +12% YTD current realized levels • Large complex projects are • Energy infrastructure and mega-projects driving driving demand for higher demand REBAR margin, engineered products • Expect higher realized pricing as backlog FABRICATION and play to Nucor's strengths continues to turnover • Backlogs continuing to build • Border wall demand extends into 2028, adding across the segment, with TUBE to an already strong HSS and conduit market order visibility extending into 2027 for many products • Segment margins expanded • Data center activity driving growth, supported METAL Q/Q, partially offset by higher by healthy demand from traditional end markets BUILDINGS and large national accounts steel costs for select products and start-up costs in Towers & Structures OTHER • Continued growth in IMP and Racking DOWNSTREAM • Overhead Doors delivering strong margins & FCF, sales impacted by softer res. market PRODUCTS 10
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) 1 2 Diluted EPS EBITDA $0.20 adj. for non-cash benefit related to increase of Helion investment valuation $5.04 $2,020 $4.84 $1,514 $3.23 $1,295 $2.60 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 3 Capital Expenditures Free Cash Flow $954 $829 $661 $225 $571 ($222) Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 (1) Adjusted Earnings in Q2’26 excludes certain non-recurring charges. See appendix for a reconciliation of non-GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 11 (3) FCF represents operating cashflow minus capex
Q2 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q2 2026 VS Q1 2026 (1) EARNINGS $146 • Higher volumes $millions $353 STEEL • Higher realized pricing MILLS $45 • Higher EBT/ton $276 $57 $43 $392 $319 • Higher volumes $24 $1,556 STEEL $251 • Stable realized pricing $1,128 PRODUCTS $843 $793 • Higher EBT/ton $522 ($272) ($269) ($353) ($393) • Higher shipments ($491) RAW • Higher realized pricing MATERIALS (3) (2) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Corporate/Eliminations Steel Mills Steel Products Raw Materials (1) Total segment earnings before income taxes and non-controlling interests (3) Adjusted to exclude $61 million non-cash benefit related to increase in Helion MTM write up in Corporate/Eliminations (2) Adjusted to exclude $6 million impairment in Steel Mills and $21 million impairment in taken in Q2 2026. For a reconciliation of non-GAAP 12 Steel Products taken in Q4 2025. For a reconciliation of non-GAAP measures, please measures, please refer to the Appendix. refer to the Appendix.
FUNDING GROWTH, RETURNING CAPITAL, AND MAINTAINING FINANCIAL FLEXIBILITY >75% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER MAINTAINING FINANCIAL FLEXIBILITY RETURNS AND GROWTH CAPEX $ in millions Maintenance & $ in millions xLTM 1 all other Capex as of July 4, 2026 Amount EBITDA % cap Shareholder 2 Total Debt $7,099 1.2x 23% (4) $431 Returns $733 3 Cash and Cash Equivalents $2,692 Net Debt $4,407 0.8x $801 Total Equity & Non-Controlling Int. $23,266 77% Growth Total Book Capitalization $30,365 100% Capex COMMITTED TO RETURNING AT LEAST 40% OF HIGHEST CREDIT RATINGS IN THE INDUSTRY ANNUAL NET EARNINGS $ in millions (4) Shareholder returns Rating Long-term Short-term Outlook Agency Rating Rating $479 $429 S&P A- A-1 Stable $329 $254 Fitch A- F1 Stable $227 $227 Moody’s A3 P-2 Stable Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Represents Nucor’s senior unsecured ratings (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. (2) Total Debt includes Short-Term Debt, Current Portion of Long-Term Debt, Long-term Debt and Finance Lease Obligations (3) Includes Cash and Cash Equivalents and Short-Term Investments 13 (4) Includes dividends and share repurchases
Q3 2026 EARNINGS OUTLOOK IMPACT ON Q3 SEGMENT EXPECTATIONS FOR Q3 vs Q2 EARNINGS VS Q2 • Stable volumes with higher average realized pricing Steel Mills • Higher conversion costs, as we do not expect any further material benefit related to raw material refunds • Higher volumes Steel Products • Higher average realized pricing Raw Materials • Lower scrap pricing and higher pellet costs • Lower expense due to stable intersegment profit eliminations Corp / Eliminations • Lack of non-cash benefit related to Q2 Helion MTM write-up Consolidated • Higher compared to Q2 reported earnings Earnings 14
APPENDIX 15
2025 CORPORATE SUSTAINABILITY REPORT KEY HIGHLIGHTS • 8 consecutive years of improved safety performance, including an 8% decrease in injury & illness rate in 2025 SAFETY & TEAMMATES • 92% teammate retention rate in 2025, excluding retirements • Launched Nucor Safety Leadership program, training 324 front-line leaders • 2030 & 2050 GHG targets certified by the Global Steel Climate Council (GSCC) • Record-high number of GSCC-certified low-carbon steel products (14) ENERGY & GHG REDUCTION GOALS • Supported additions of clean power generation to the grid – Partnering with nuclear energy industry to accelerate deployment – Sebree Solar I (250 MW) began generating electricity in Sept. 2025 – On-site solar array operational at Nucor Steel Kingman (AZ) bar mill • $23 million+ donated to charitable organizations through operating divisions and the Nucor Charitable Foundation COMMUNITY • Ranked #1 on Fortune’s list of World’s Most Admired Companies th in the metals industry for 5 straight year 16
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Prior Q2 ’26 Q1 ’26 Q2 ’25 Shipments Q2 2026 vs. Q1 2026 Qtr. Year Sheet 3,291 3,394 3,057 -3% 8% • Higher volumes Bars 2,387 2,308 2,148 3% 11% • Higher realized pricing Structural 628 649 635 -3% -1% Plate 757 647 606 17% 25% • Higher EBT/ton Other Steel 37 48 28 -23% 32% Total Shipments 7,100 7,046 6,474 1% 10% 1 38% 85% Adj. EBT $1,556 $1,128 $843 1 37% 68% Adj. EBT /Ton $219 $160 $130 STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Prior Shipments Q2 ’26 Q1 ’26 Q2 ’25 Q2 2026 vs. Q1 2026 Qtr. Year Tubular 338 318 243 6% 39% Joist & Deck 198 185 217 7% -9% • Higher volumes Rebar Fabrication 344 291 306 18% 12% • Stable realized pricing Building Systems 59 55 64 7% -8% Other 346 310 311 12% 11% • Higher EBT/ton Total Shipments 1,141 11% 1,285 1,159 13% 1 Adj. EBT $353 $276 $392 28% -10% 15% Adj. EBT/Ton $275 $238 $344 -20% (1) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release 17
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q2 2026 vs. Q1 2026 Prior Prior Q2 ’26 Q1 ’26 Q2 ’25 Production Qtr. Year • Higher shipments DRI 3% 12% 1,098 1,063 979 Scrap Processing 1,285 1,323 1,155 -3% 11% • Higher realized pricing 1 Total Production 2,383 2,386 2,134 - 12% 2 Adj. EBT $146 $45 $57 224% 156% (1) Total production excluding scrap brokerage activities. (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release 18
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) ($ 000’S) TON 2026 Q1 2,787 1,667 554 611 5,619 185 291 318 55 310 1,159 649 7,427 $9,496 $1,279 $969 $137 Q2 2,680 1,774 527 678 5,659 198 344 338 59 346 1,285 661 7,605 $10,397 $1,367 $1,501 $212 Q3 Q4 YEAR 2025 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q1 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 $796 $126 Q2 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 $807 $125 Q4 2,220 1,412 436 534 4,602 218 270 228 54 255 1,025 564 6,191 $7,687 $1,242 $456 $77 YEAR 9,584 6,136 1,916 2,212 19,848 871 1,179 947 228 1,172 4,397 2,370 26,615 $32,494 $1,221 $2,274 $90 19 *Beam includes all structural steel
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2026 2026 st st $404 $361 1 Quarter $1,001 $1,013 $1,541 $1,151 $1,074 1 Quarter nd nd 2 Quarter $422 $377 2 Quarter $1,088 $1,049 $1,608 $1,263 $1,145 First Half $413 $369 First Half $1,044 $1,032 $1,574 $1,210 $1,110 rd rd 3 Quarter 3 Quarter Nine Months Nine Months th th 4 Quarter 4 Quarter YEAR YEAR 2025 2025 st st $888 $877 $1,300 $1,014 $938 1 Quarter $394 $352 1 Quarter nd nd 2 Quarter $403 $360 2 Quarter $1,008 $927 $1,352 $1,194 $1,041 $398 $355 First Half $948 $900 $1,327 $1,106 $989 First Half rd rd $982 $961 $1,394 $1,182 $1,038 3 Quarter $391 $349 3 Quarter Nine Months $396 $354 Nine Months $959 $920 $1,348 $1,131 $1,005 th th 4 Quarter $935 $975 $1,464 $1,113 $1,019 4 Quarter $380 $339 $954 $933 $1,374 $1,126 $1,008 YEAR $392 $350 YEAR 20 *Beam includes all structural steel
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2026 st 1 Quarter $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 nd $2,450 $1,656 $1,772 $5,993 $3,173 $2,415 2 Quarter First Half $2,452 $1,651 $1,718 $6,037 $3,183 $2,410 rd 3 Quarter Nine Months th 4 Quarter YEAR 2025 st $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 1 Quarter nd 2 Quarter $2,605 $1,593 $1,559 $5,206 $2,876 $2,331 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 rd 3 Quarter $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 Nine Months $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 th $2,452 $1,654 $1,540 $5,574 $3,297 $2,413 4 Quarter YEAR $2,545 $1,619 $1,509 $5,479 $3,006 $2,348 21
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 Net earnings before $2,319 $2,038 $3,256 $870 $706 $1,280 non-controlling interests Net interest expense ($30) $59 $57 $19 $19 $12 Income taxes $583 $530 $849 $226 $193 $345 Depreciation expense $1,094 $1,226 $1,261 $321 $303 $320 Amortization expense $262 $254 $252 $63 $63 $63 Losses and impairments of assets $137 $67 $42 $15 $11 -- EBITDA $4,365 $4,174 $5,717 $1,514 $1,295 $2,020 22
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 CASH PROVIDED BY $3,979 $3,234 $4,424 $886 $732 $1,400 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,841) ($661) ($954) ($571) FREE CASH FLOW $806 ($188) $1,583 $225 ($222) $829 23
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q2 2026 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO $378 $1.64 $1,156 $5.04 NUCOR STOCKHOLDERS (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS, $22 $0.09 ($46) ($0.20) NET OF TAX ADJUSTED NET EARNINGS $400 $1.73 $1,110 $4.84 ATTRIBUTABLE TO NUCOR STOCKHOLDERS 24
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q2 2026 Steel Steel Raw Corp/ Steel Steel Raw Corp/ Mills Products Materials Elims Mills Products Materials Elims EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING $516 $230 $24 ($269) $1,556 $353 $146 ($430) INTERESTS (INCREASES) / DECREASES RELATED $6 $21 -- -- -- -- -- ($61) TO VALUATION OF CERTAIN ASSETS ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND $522 $251 $24 ($269) $1,556 $353 $146 ($491) NONCONTROLLING INTERESTS 25