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Nucor — Oct 27, 2025 release

Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-25-251721
Open on SEC.gov ↗
Showing in the filing
Steel products segment earnings outlook
“the expected decrease is mainly due to lower volumes”
Period
Q4 FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 2
Consolidated earnings outlook for Q4 FY2025
“We expect earnings in the fourth quarter of 2025 to be lower than the third quarter of 2025.”
Steel products segment earnings outlook for Q4 FY2025
“the expected decrease is mainly due to lower volumes”
Exhibit 99.1 · full document
Exhibit 99.1   News Release    Nucor Reports Results for the Third Quarter of 2025 Third Quarter of 2025 Highlights     •   Net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share     •   Net sales of $8.52 billion     •   Net earnings before noncontrolling interests of $683 million; EBITDA of $1.27 billion CHARLOTTE, N.C. – October 27, 2025 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025 and $250 million, or $1.05 per diluted share, for the third quarter of 2024. “We continue to execute on Nucor’s strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses,” said Leon Topalian, Nucor’s Chair, President and Chief Executive Officer. “During the third quarter, we began ramping up production at two recently completed bar mill projects, advanced our sheet steel production and coating projects, and commenced pole production at our Alabama Towers & Structures facility. Throughout a period of capital investment, Nucor continues to have the strongest balance sheet of any major steel producer in North America and has returned nearly $1 billion to shareholders year-to-date, representing more than 70% of net earnings through the third quarter.” Earnings (loss) before income taxes and noncontrolling interests by segment (in millions)        Three Months (13 Weeks) Ended     Nine Months (39 Weeks) Ended        October 4, 2025     July 5, 2025     September 28, 2024     October 4, 2025     September 28, 2024   Steel mills    $ 793     $ 843     $ 309     $ 1,867     $ 2,057   Steel products      319       392       314       999       1,267   Raw materials      43       57       (66 )      129       (17 )  Corporate/eliminations      (272 )      (393 )      (168 )      (928 )      (795 )                                              $ 883     $ 899     $ 389     $ 2,067     $ 2,512                                            Analysis of Third Quarter of 2025 Results Compared to the Second Quarter of 2025 Earnings in the steel mills segment decreased in the third quarter of 2025 primarily due to slightly lower volumes coupled with margin compression. The decrease in the steel products segment’s earnings in the third quarter was due to higher average costs per ton on stable average realized pricing and moderately higher volumes. The raw materials segment had lower earnings in the third quarter of 2025 primarily due to lower realized pricing in our direct reduced iron and scrap processing operations. Third quarter of 2025 consolidated net earnings attributable to Nucor stockholders was positively impacted by lower profit elimination related to intracompany sales and a decrease in the amount of earnings attributable to noncontrolling interests. 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 Third Quarter of 2025 (Continued)   Financial Strength At the end of the third quarter of 2025, Nucor had $2.75 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. During September 2025, Moody’s upgraded Nucor’s long-term credit ratings to A3 from Baa1 with a stable outlook. Commitment to Returning Capital to Stockholders During the third quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $140.46 per share (approximately 4.8 million shares during the first nine months of 2025 at an average price of $126.26 per share). As of October 4, 2025, Nucor had approximately $506 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On September 4, 2025, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on November 10, 2025, to stockholders of record as of September 30, 2025 and is Nucor’s 210 th consecutive quarterly cash dividend. Fourth Quarter of 2025 Outlook Compared to the Third Quarter of 2025 We expect earnings in the fourth quarter of 2025 to be lower than the third quarter of 2025. In the steel mills segment, the expected decrease is primarily due to lower overall volumes, along with lower average selling prices in our sheet mills. In the steel products segment, the expected decrease is mainly due to lower volumes. In the raw materials segment, the expected decrease is due to lower realized pricing as well as planned outages at our direct reduced iron facilities. Earnings Conference Call An earnings call is scheduled for October 28, 2025 at 10:00 a.m. Eastern Time to review Nucor’s third quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event. About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.   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 Third Quarter of 2025 (Continued)   Non-GAAP Financial Measures The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. 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. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Forward-Looking Statements Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to   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 Third Quarter of 2025 (Continued)   integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law. 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 Third Quarter of 2025 (Continued)   Consolidated Financial Statements Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data)        Three Months (13 Weeks) Ended     Nine Months (39 Weeks) Ended        October 4, 2025     July 5, 2025     September 28, 2024     October 4, 2025     September 28, 2024   Net sales    $ 8,521     $ 8,456     $ 7,444     $ 24,807     $ 23,658                                            Costs, expenses and other:            Cost of products sold      7,333       7,233       6,686       21,791       20,183   Marketing, administrative and other expenses      300       304       244       885       883   Equity in earnings of unconsolidated affiliates      (10 )      (10 )      (5 )      (24 )      (24 )  Losses and impairments of assets      —        11       123       40       137   Interest expense (income), net      15       19       7       48       (33 )                                                7,638     7,557     7,055     22,740     21,146   Earnings before income taxes and noncontrolling interests      883       899       389       2,067       2,512   Provision for income taxes      200       193       86       452       538                                            Net earnings before noncontrolling interests      683       706       303       1,615       1,974   Earnings attributable to noncontrolling interests      76       103       53       249       234                                            Net earnings attributable to Nucor stockholders    $ 607     $ 603     $ 250     $ 1,366     $ 1,740                                            Net earnings per share:            Basic    $ 2.63     $ 2.60     $ 1.05     $ 5.89     $ 7.23   Diluted    $ 2.63     $ 2.60     $ 1.05     $ 5.88     $ 7.22   Average shares outstanding:            Basic      229.9       230.6       236.5       231.1       239.7   Diluted      230.2       230.8       236.8       231.4       239.8     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 Third Quarter of 2025 (Continued)   Condensed Consolidated Balance Sheets (Unaudited) (In millions)        October 4, 2025     December 31, 2024   ASSETS      Current assets:      Cash and cash equivalents    $ 2,221     $ 3,558   Short-term investments      524       581   Accounts receivable, net      3,288       2,675   Inventories, net      5,393       5,106   Other current assets      382       555                    Total current assets      11,808       12,475   Property, plant and equipment, net      14,821       13,243   Goodwill      4,294       4,288   Other intangible assets, net      2,943       3,134   Other assets      910       800                    Total assets    $ 34,776     $ 33,940                    LIABILITIES      Current liabilities:      Short-term debt    $ 136     $ 225   Current portion of long-term debt and finance lease obligations      31       1,042   Accounts payable      2,145       1,832   Salaries, wages and related accruals      899       903   Accrued expenses and other current liabilities      1,046       975                    Total current liabilities      4,257       4,977   Long-term debt and finance lease obligations due after one year      6,686       5,683   Deferred credits and other liabilities      1,902       1,863                    Total liabilities      12,845       12,523                    Commitments and contingencies      EQUITY      Nucor stockholders’ equity:      Common stock      152       152   Additional paid-in capital      2,233       2,223   Retained earnings      31,255       30,271   Accumulated other comprehensive loss, net of income taxes      (189 )      (208 )  Treasury stock      (12,681 )      (12,144 )                   Total Nucor stockholders’ equity      20,770       20,294   Noncontrolling interests      1,161       1,123                    Total equity      21,931       21,417                    Total liabilities and equity    $ 34,776     $ 33,940                      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 Third Quarter of 2025 (Continued)   Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions)        Nine Months (39 Weeks) Ended        October 4, 2025     September 28, 2024   Operating activities:      Net earnings before noncontrolling interests    $ 1,615     $ 1,974   Adjustments:      Depreciation      910       809   Amortization      191       189   Impairment of assets      20       137   Stock-based compensation      102       114   Deferred income taxes      2       (92 )  Distributions from affiliates      6       8   Equity in earnings of unconsolidated affiliates      (24 )      (24 )  Changes in assets and liabilities (exclusive of acquisitions and dispositions):      Accounts receivable      (614 )      47   Inventories      (295 )      496   Accounts payable      296       (207 )  Federal income taxes      177       17   Salaries, wages and related accruals      20       (314 )  Other operating activities      29       92                    Cash provided by operating activities      2,435       3,246                    Investing activities:      Capital expenditures      (2,620 )      (2,294 )  Investment in and advances to affiliates      (1 )      —    Sale of business      —        1   Disposition of plant and equipment      42       12   Acquisitions (net of cash acquired)      —        (672 )  Purchases of investments      (872 )      (1,037 )  Proceeds from the sale of investments      938       1,210   Other investing activities      4       10                    Cash used in investing activities      (2,509 )      (2,770 )                   Financing activities:      Net change in short-term debt      (89 )      95   Repayment of long-term debt      (1,012 )      (5 )  Bond issuance costs      (9 )      —    Proceeds from issuance of long-term debt, net of discount      997       —    Proceeds from exercise of stock options      1       3   Payment of tax withholdings on certain stock-based compensation      (32 )      (50 )  Distributions to noncontrolling interests      (231 )      (333 )  Cash dividends      (385 )      (394 )  Acquisition of treasury stock      (600 )      (1,901 )  Proceeds from government incentives      77       —    Other financing activities      14       (12 )                   Cash used in financing activities      (1,269 )      (2,597 )                   Effect of exchange rate changes on cash      6       (3 )                   Decrease in cash and cash equivalents      (1,337 )      (2,124 )  Cash and cash equivalents - beginning of year      3,558       6,387                    Cash and cash equivalents - end of nine months    $ 2,221     $ 4,263                    Non-cash investing activity:      Change in accrued plant and equipment purchases    $ 14     $ 70                      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 Third Quarter of 2025 (Continued)   Select Financial and Operational Data (Dollars in millions, tons in thousands, per unit amounts as noted)       Three Months (13 Weeks) Ended     Nine Months (39 Weeks) Ended       Oct. 4, 2025     July 5, 2025     % Change     Sep. 28, 2024     Year Ago % Change     Oct. 4, 2025     Sep. 28, 2024     % Change   Consolidated Financial & Operational Data                 Net Sales   $ 8,521     $ 8,456       1 %    $ 7,444       14 %    $ 24,807     $ 23,658       5 %  External Average Sales Price per Ton   $ 1,258     $ 1,240       1 %    $ 1,201       5 %    $ 1,215     $ 1,265       -4 %  Sales Tons to External Customers     6,774       6,820       -1 %      6,196       9 %      20,424       18,709       9 %  Pre-Operating & Start-Up Costs   $ 103     $ 136       -24 %    $ 168       -39 %    $ 408     $ 430       -5 %  Pre-Operating & Start-Up Costs per Diluted Share   $ 0.34     $ 0.45       $ 0.54       $ 1.34     $ 1.36     Number of Days in Period     91       91         91         277       272     Steel Mills Segment Data                 Total Shipments     6,428       6,474       -1 %      5,719       12 %      19,365       17,476       11 %  Sales Tons to External Customers     4,976       5,044       -1 %      4,607       8 %      15,246       13,900       10 %  Percentage of Sales to Internal Customers     23 %      22 %        19 %        21 %      20 %    External Average Sales Price per Ton   $ 1,038     $ 1,041       —      $ 967       7 %    $ 1,005     $ 1,042       -4 %  Average Scrap/Scrap Substitute Cost per Gross Ton   $ 391     $ 403       -3 %    $ 378       3 %    $ 396     $ 399       -1 %  Utilization     85 %      85 %        75 %        83 %      77 %    Steel Products Segment Data                 Sales Tons to External Customers     1,183       1,141       4 %      1,011       17 %      3,372       3,050       11 %  Average Sales Price per Ton   $ 2,358     $ 2,331       1 %    $ 2,469       -4 %    $ 2,329     $ 2,530       -8 %    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 Third Quarter of 2025 (Continued)   Tonnage Data (in thousands)    Three Months (13 Weeks) Ended     Nine Months (39 Weeks) Ended        Oct. 4, 2025      July 5, 2025      % Change     Sep. 28, 2024      Year Ago % Change     Oct. 4, 2025      Sep. 28, 2024      % Change   Steel mills total shipments:                       Sheet      3,030        3,057        -1 %      2,837        7 %      9,068        8,680        4 %  Bars      2,190        2,148        2 %      1,926        14 %      6,628        5,843        13 %  Structural      595        635        -6 %      493        21 %      1,807        1,555        16 %  Plate      594        606        -2 %      435        37 %      1,777        1,295        37 %  Other      19        28        -32 %      28        -32 %      85        103        -17 %                                                                             6,428        6,474        -1 %      5,719        12 %      19,365        17,476        11 %                                                                        Sales tons to outside customers:                       Steel mills      4,976        5,044        -1 %      4,607        8 %      15,246        13,900        10 %  Joist and deck      254        217        17 %      169        50 %      653        534        22 %  Rebar fabrication products      356        306        16 %      278        28 %      909        781        16 %  Tubular products      206        243        -15 %      213        -3 %      719        635        13 %  Building Systems      62        64        -3 %      60        3 %      174        181        -4 %  Other steel products      305        311        -2 %      291        5 %      917        919        0 %  Raw materials      615        635        -3 %      578        6 %      1,806        1,759        3 %                                                                             6,774        6,820        -1 %      6,196        9 %      20,424        18,709        9 %                                                                          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 Third Quarter of 2025 (Continued)   Non-GAAP Financial Measures Reconciliation of EBITDA (Unaudited) (In millions)        Three Months (13 Weeks) Ended      Nine Months (39 Weeks) Ended        Oct. 4, 2025      July 5, 2025      Sept. 28, 2024      Oct. 4, 2025      Sept. 28, 2024   Net earnings before noncontrolling interests    $ 683      $ 706      $ 303      $ 1,615      $ 1,974   Depreciation      304        303        281        910        809   Amortization      63        63        69        191        189   Losses and impairments of assets      —         11        123        40        137   Interest expense (income), net      15        19        7        48        (33 )  Provision for income taxes      200        193        86        452        538                                                EBITDA    $ 1,265      $ 1,295      $ 869      $ 3,256      $ 3,614                                                  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
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.