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Nucor — Jan 26, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-26-022733
Open on SEC.gov ↗
Showing in the filing
Steel products segment earnings
“we expect improved earnings in the first quarter due to increased volumes on stable pricing”
Period
Q1 FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 4
Share repurchase program remaining authoriza…
“approximately $406 million remaining authorized and available for repurchases”
Cash dividend declared for FY2026
“$0.56 per share”
Consolidated earnings outlook for Q1 FY2026
“We expect earnings to increase in the first quarter of 2026”
Steel products segment earnings for Q1 FY2026
“we expect improved earnings in the first quarter due to increased volumes on stable pricing”
Exhibit 99.1 · full document
Exhibit 99.1   News Release       Nucor Reports Results for the Fourth Quarter of 2025 Fourth Quarter of 2025 Highlights     •   Net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share     •   Adjusted net earnings attributable to Nucor stockholders of $400 million, or $1.73 per diluted share     •   Net sales of $7.69 billion     •   Net earnings before noncontrolling interests of $423 million; EBITDA of $918 million CHARLOTTE, N.C. – January 26, 2026—Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $378 million, or $1.64 per diluted share, for the fourth quarter of 2025. Excluding impairment charges taken during the quarter, Nucor’s fourth quarter of 2025 adjusted net earnings attributable to Nucor stockholders were $400 million, or $1.73 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025 and $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. Reflected in the fourth quarter of 2025 losses and impairments of assets are charges of $21 million, or $0.08 per diluted share, related to the closure or repurposing of certain facilities in the steel products segment. Also included in the fourth quarter of 2025 losses and impairments of assets are charges of $6 million, or $0.01 per diluted share, related to the impairment of certain non-current assets in the steel mills segment. “I want to thank our teammates for their tremendous work throughout 2025—delivering for our customers, advancing key growth projects, and making this Nucor’s safest year,” said Leon Topalian, Nucor’s Chair and Chief Executive Officer. “During the year, we brought several major projects online, including our new rebar micro-mill in Lexington, North Carolina, the Kingman, Arizona melt shop, our Alabama Towers and Structures facility, and our coating complex in Crawfordsville, Indiana. As these and other recently completed projects ramp up, they are beginning to deliver meaningful earnings contributions and we believe they will play an important role in strengthening our earnings power over time. “Looking ahead to 2026, we are encouraged by robust demand in several key end markets, historically strong backlogs, and federal policies that support a vibrant domestic steel industry. Our focus remains on execution and generating strong, through-cycle returns for our shareholders.” Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)        Three Months (13 Weeks) Ended     Twelve Months (52 Weeks) Ended        December 31, 2025     October 4, 2025     December 31, 2024     December 31, 2025     December 31, 2024   Steel mills    $ 516     $ 793     $ 169     $ 2,383     $ 2,226   Steel products      230       319       329       1,229       1,596   Raw materials      24       43       57       153       40   Corporate/eliminations      (269 )      (272 )      (165 )      (1,197 )      (960 )                                              $ 501     $ 883     $ 390     $ 2,568     $ 2,902                                              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 Fourth Quarter of 2025 (Continued)   Analysis of Fourth Quarter of 2025 Results Compared to the Third Quarter of 2025 The steel mills segment earnings decreased in the fourth quarter of 2025 due to lower volumes and margin compression, primarily in sheet. In the steel products segment, earnings declined in the fourth quarter on lower volumes and higher average costs per ton, partially offset by higher average realized pricing. The raw materials segment earnings decreased in the fourth quarter mainly as a result of two scheduled outages at our direct reduced iron facilities that were partially offset by insurance recoveries. Financial Strength At the end of the fourth quarter of 2025, Nucor had $2.70 billion in cash and cash equivalents and short-term investments on hand. The Company’s $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor’s, Fitch Ratings and Moody’s, respectively. Commitment to Returning Capital to Stockholders During the fourth quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $145.23 per share (approximately 5.4 million shares during the full year 2025 at an average price of $128.66 per share). As of December 31, 2025, Nucor had approximately $406 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On December 1, 2025, Nucor’s Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on February 11, 2026, to stockholders of record as of December 31, 2025 and is Nucor’s 211 th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 53 consecutive years – every year since it first began paying dividends in 1973. For the full year of 2025, Nucor returned approximately $1.2 billion to stockholders in the form of share repurchases and dividend payments. First Quarter of 2026 Outlook Compared to the Fourth Quarter of 2025 We expect earnings to increase in the first quarter of 2026. Earnings in the first quarter of 2026 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment. In the steel mills segment, the expected increase is due to higher volumes and higher realized prices across all major product categories. In the steel products segment, we expect improved earnings in the first quarter due to increased volumes on stable pricing. The raw materials segment is expected to have increased earnings in the first quarter of 2026. Earnings Conference Call An earnings call is scheduled for January 27, 2026 at 10:00 a.m. Eastern Time to review Nucor’s fourth quarter and full year 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.   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 Fourth Quarter of 2025 (Continued)   About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler. Non-GAAP Financial Measures The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax and noncontrolling interests. We define adjusted net earnings per diluted share as net earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax and noncontrolling interests. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Forward-Looking Statements Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and   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 Fourth Quarter of 2025 (Continued)   substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law. 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 Fourth Quarter of 2025 (Continued)   Consolidated Financial Statements Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data)        Three Months (13 Weeks) Ended     Twelve Months (52 Weeks) Ended        Dec. 31, 2025     Oct. 4, 2025     Dec. 31, 2024     Dec. 31, 2025     Dec. 31, 2024   Net sales    $ 7,687     $ 8,521     $ 7,076     $ 32,494     $ 30,734                                            Costs, expenses and other:            Cost of products sold      6,825       7,333       6,449       28,616       26,632   Marketing, administrative and other expenses      334       300       240       1,219       1,123   Equity in earnings of unconsolidated affiliates      (11 )      (10 )      (6 )      (35 )      (30 )  Losses and impairments of assets      27       —        —        67       137   Interest expense (income), net      11       15       3       59       (30 )                                                7,186       7,638       6,686       29,926       27,832                                            Earnings before income taxes and noncontrolling interests      501       883       390       2,568       2,902   Provision for income taxes      78       200       45       530       583                                            Net earnings before noncontrolling interests      423       683       345       2,038       2,319   Earnings attributable to noncontrolling interests      45       76       58       294       292                                            Net earnings attributable to Nucor stockholders    $ 378     $ 607     $ 287     $ 1,744     $ 2,027                                            Net earnings per share:            Basic    $ 1.64     $ 2.63     $ 1.22     $ 7.53     $ 8.47   Diluted    $ 1.64     $ 2.63     $ 1.22     $ 7.52     $ 8.46   Average shares outstanding:            Basic      229.3       229.9       234.0       230.7       238.3   Diluted      229.6       230.2       234.3       230.9       238.5     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 Fourth Quarter of 2025 (Continued)   Condensed Consolidated Balance Sheets (Unaudited) (In millions)        December 31,        2025     2024   ASSETS      Current assets:      Cash and cash equivalents    $ 2,260     $ 3,558   Short-term investments      439       581   Accounts receivable, net      3,105       2,675   Inventories, net      5,462       5,106   Other current assets      499       555                    Total current assets      11,765       12,475   Property, plant and equipment, net      15,306       13,243   Goodwill      4,297       4,288   Other intangible assets, net      2,880       3,134   Other assets      856       800                    Total assets    $ 35,104     $ 33,940                    LIABILITIES AND EQUITY      Current liabilities:      Short-term debt    $ 122     $ 225   Current portion of long-term debt and finance lease obligations      90       1,042   Accounts payable      1,890       1,832   Salaries, wages and related accruals      882       903   Accrued expenses and other current liabilities      1,020       975   Total current liabilities      4,004       4,977   Long-term debt and finance lease obligations due after one year      6,909       5,683   Deferred credits and other liabilities      2,067       1,863                    Total liabilities      12,980       12,523                    Commitments and contingencies      Equity      Nucor stockholders’ equity:      Common stock      152       152   Additional paid-in capital      2,253       2,223   Retained earnings      31,504       30,271   Accumulated other comprehensive loss, net of income taxes      (194 )      (208 )  Treasury stock      (12,779 )      (12,144 )                   Total Nucor stockholders’ equity      20,936       20,294   Noncontrolling interests      1,188       1,123                    Total equity      22,124       21,417                    Total liabilities and equity    $ 35,104     $ 33,940                      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 Fourth Quarter of 2025 (Continued)   Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions)        Year Ended December 31,        2025     2024   Operating activities:      Net earnings before noncontrolling interests    $ 2,038     $ 2,319   Adjustments:      Depreciation      1,226       1,094   Amortization      254       262   Stock-based compensation      133       132   Deferred income taxes      161       (116 )  Distributions from affiliates      46       25   Equity in earnings of unconsolidated affiliates      (35 )      (30 )  Losses and impairments of assets      47       137   Changes in assets and liabilities (exclusive of acquisitions and dispositions):      Accounts receivable      (428 )      319   Inventories      (366 )      518   Accounts payable      80       (321 )  Federal income taxes      124       97   Salaries, wages and related accruals      2       (385 )  Other operating activities      (48 )      (72 )                   Cash provided by operating activities      3,234       3,979                    Investing activities:      Capital expenditures      (3,422 )      (3,173 )  Investment in and advances to affiliates      (1 )      —    Sale of business      —        1   Disposition of plant and equipment      45       17   Acquisitions (net of cash acquired)      (2 )      (758 )  Purchases of investments      (985 )      (1,296 )  Proceeds from the sale of investments      1,140       1,487   Other investing activities      (1 )      (12 )                   Cash used in investing activities      (3,226 )      (3,734 )                   Financing activities:      Net change in short-term debt      (102 )      105   Proceeds from issuance of long-term debt, net of discount      1,217       —    Repayment of long-term debt      (1,015 )      (10 )  Bond issuance costs      (9 )      —    Proceeds from exercise of stock options      5       4                    Payment of tax withholdings on certain stock-based compensation      (32 )      (53 )  Distributions to noncontrolling interests      (249 )      (352 )  Cash dividends      (512 )      (522 )  Acquisition of treasury stock      (700 )      (2,217 )  Proceeds from government incentives      77       —    Other financing activities      5       (13 )                   Cash used in financing activities      (1,315 )      (3,058 )                   Effect of exchange rate changes on cash      9       (16 )                   Decrease in cash and cash equivalents      (1,298 )      (2,829 )  Cash and cash equivalents—beginning of year      3,558       6,387                    Cash and cash equivalents—end of year    $ 2,260     $ 3,558                    Non-cash investing activity:      Change in accrued plant and equipment purchases    $ (26 )    $ 115                      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 Fourth 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     Twelve Months (52 Weeks) Ended       Dec. 31, 2025     Oct. 4, 2025     % Change     Dec. 31, 2024     Year Ago % Change     Dec. 31, 2025     Dec. 31, 2024     % Change   Consolidated Financial & Operational Data                 Net Sales   $ 7,687     $ 8,521       -10 %    $ 7,076       9 %    $ 32,494     $ 30,734       6 %  External Average Sales Price per Ton   $ 1,242     $ 1,258       -1 %    $ 1,168       6 %    $ 1,221     $ 1,241       -2 %  Sales Tons to External Customers     6,191       6,774       -9 %      6,058       2 %      26,615       24,767       7 %  Pre-Operating & Start-Up Costs   $ 87     $ 103       -16 %    $ 164       -47 %    $ 496     $ 594       -16 %  Pre-Operating & Start-Up Costs per Diluted Share   $ 0.29     $ 0.34       $ 0.53       $ 1.63     $ 1.89     Number of Days in Period     88       91         94         365       366     Steel Mills Segment Data                 Total Shipments     5,906       6,428       -8 %      5,650       5 %      25,271       23,126       9 %  Sales Tons to External Customers     4,602       4,976       -8 %      4,580       0 %      19,848       18,480       7 %  Percentage of Sales to Internal Customers     22 %      23 %        19 %        21 %      20 %    External Average Sales Price per Ton   $ 1,019     $ 1,038       -2 %    $ 926       10 %    $ 1,008     $ 1,013       0 %  Average Scrap/Scrap Substitute Cost per Gross Ton   $ 380     $ 391       -3 %    $ 381       0 %    $ 392     $ 394       -1 %  Utilization     82 %      85 %        74 %        83 %      76 %    Steel Products Segment Data                 Sales Tons to External Customers     1,025       1,183       -13 %      968       6 %      4,397       4,018       9 %  Average Sales Price per Ton   $ 2,413     $ 2,358       2 %    $ 2,448       -1 %    $ 2,348     $ 2,510       -6 %    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 Fourth Quarter of 2025 (Continued)   Tonnage Data (In thousands)    Three Months (13 Weeks) Ended     Twelve Months (52 Weeks) Ended        Dec. 31, 2025      Oct. 4, 2025      % Change     Dec. 31, 2024      Year Ago % Change     Dec. 31, 2025      Dec. 31, 2024      % Change   Steel mills total shipments:                       Sheet      2,804        3,030        -7 %      2,714        3 %      11,872        11,394        4 %  Bars      2,007        2,190        -8 %      1,887        6 %      8,635        7,730        12 %  Structural      522        595        -12 %      508        3 %      2,329        2,063        13 %  Plate      552        594        -7 %      502        10 %      2,329        1,797        30 %  Other      21        19        11 %      39        -46 %      106        142        -25 %                                                                             5,906        6,428        -8 %      5,650        5 %      25,271        23,126        9 %                                                                        Sales tons to outside customers:                       Steel mills      4,602        4,976        -8 %      4,580        0 %      19,848        18,480        7 %  Joist and deck      218        254        -14 %      178        22 %      871        712        22 %  Rebar fabrication products      270        356        -24 %      239        13 %      1,179        1,020        16 %  Tubular products      228        206        11 %      221        3 %      947        856        11 %  Building systems      54        62        -13 %      57        -5 %      228        238        -4 %  Other steel products      255        305        -16 %      273        -7 %      1,172        1,192        -2 %  Raw materials      564        615        -8 %      510        11 %      2,370        2,269        4 %                                                                             6,191        6,774        -9 %      6,058        2 %      26,615        24,767        7 %                                                                          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 Fourth Quarter of 2025 (Continued)   Non-GAAP Financial Measures Reconciliation of EBITDA (Unaudited) (In millions)        Three Months (13 Weeks) Ended      Twelve Months (52 Weeks) Ended        Dec. 31, 2025      Oct. 4, 2025      Dec. 31, 2024      Dec. 31, 2025      Dec. 31, 2024   Net earnings before noncontrolling interests    $ 423      $ 683      $ 345      $ 2,038      $ 2,319   Depreciation      316        304        285        1,226        1,094   Amortization      63        63        73        254        262   Losses and impairments of assets      27        —         —         67        137   Interest expense (income), net      11        15        3        59        (30 )  Provision for income taxes      78        200        45        530        583                                                EBITDA    $ 918      $ 1,265      $ 751      $ 4,174      $ 4,365                                                Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited) (In millions, except per share data)        Three Months (13 Weeks) Ended      Twelve Months (52 Weeks) Ended        December 31, 2025      December 31, 2025      December 31, 2024               Diluted EPS             Diluted EPS             Diluted EPS   Net earnings attributable to Nucor stockholders    $ 378      $ 1.64      $ 1,744      $ 7.52      $ 2,027      $ 8.46   Losses and impairments of assets, net of tax and noncontrolling interests      22        0.09        45        0.19        103        0.44                                                         Adjusted net earnings attributable to Nucor stockholders    $ 400      $ 1.73      $ 1,789      $ 7.71      $ 2,130      $ 8.90                                                           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.