NUCOR (NUE) Company Report

Management change: Steve Laxton was promoted to President & COO effective January 1 (continuing as CFO until a successor is named), and long-time COO Dave Sumoski will retire in June after over 30 years at Nucor.
Strong 2025 financials: Adjusted EPS of $1.73 in Q4 and $7.71 for FY 2025; Q4 EBITDA of $918 M and FY EBITDA of $4.2 B; adjusted net earnings of $400 M in Q4 and $1.8 B for the full year.
CapEx and capital allocation: Invested $3.4 B in 2025; guiding $2.5 B of CapEx in 2026 (≈ 2/3 growth projects), with maintenance CapEx now ≈ $800 M annually due to inflation and scale.
2026 outlook: Domestic steel mill shipments expected to rise ~5%, segment backlogs remain robust (steel mill up ≈ 40%, steel products up ≈ 15%), Q1 earnings across all segments to improve, and free cash flow to rebound significantly.

Jan 27, 2026, 3:00 PM

Transcript

Nucor reports Q4 2025 results and outlines 2026 outlook

NUE

Earnings

Guidance Update

New Projects/Investments

Nucor generated adjusted Q4 net earnings of $400 million ($1.73 per share) and full-year adjusted net earnings of $1.8 billion ($7.71 per share).
For 2026, the company forecasts steel mill shipments to rise ~5% versus 2025, underpinned by historically strong backlogs (up ~40% in steel mills, 15% in steel products).
2025 capital spending totaled $3.4 billion, with 2026 CapEx expected to decline to $2.5 billion, two-thirds of which will fund growth projects led by the West Virginia sheet mill.
Major projects include a new West Virginia sheet mill (online by end-2026), a galvanizing line at Berkeley County (mid-2026), an Indiana utility-pole plant (Q2 2026) and a Utah facility (2027).

Jan 27, 2026, 3:00 PM

Transcript

Nucor reports Q4 2025 results and provides 2026 outlook

NUE

Earnings

Guidance Update

New Projects/Investments

Q4 2025 segment pretax earnings: $516 million for steel mills (–35% QoQ), $230 million for steel products, and $24 million for raw materials.
2025 CapEx was $3.4 billion; 2026 CapEx is guided down to $2.5 billion, with about two-thirds allocated to growth projects and the West Virginia sheet mill as the largest spend.
Backlogs at year-end rose 40% in steel mills and 15% in steel products, supporting an expected 5% increase in steel mill shipments for 2026.
Trade measures reduced U.S. steel import share from ~25% to 14–16%, and Nucor expects improved free cash flow in 2026 as recent projects move past startup.
Dividend raised to $0.56 per share, marking 53 consecutive years of increases.

Jan 27, 2026, 3:00 PM

Transcript

Nucor reports Q4 2025 results

NUE

Earnings

Guidance Update

Share Buyback

Delivered Q4 EBITDA of $918 million and adjusted EPS of $1.73, with full-year EBITDA of $4.2 billion and adjusted EPS of $7.71.
Invested $802 million in capital expenditures in Q4 (FY 2025: $3.4 billion) and returned $227 million to shareholders in the quarter, including $127 million in dividends and $100 million in share repurchases.
Exited 2025 with net debt of $4.42 billion (1.1× LTM EBITDA) and maintained top-tier credit ratings (A–/A3) to support financial flexibility.
Forecasts higher volumes and realized pricing to drive earnings growth in Q1 2026, underpinned by recently completed growth projects and trade enforcement benefits.

Jan 27, 2026, 3:00 PM

Presentation

Nucor reports Q4 2025 results

NUE

Earnings

Guidance Update

Share Buyback

Net earnings for Q4 2025 of $378 million (diluted $1.64) and adjusted net earnings of $400 million (diluted $1.73); net sales of $7.69 billion, EBITDA of $918 million
Cash and short-term investments of $2.70 billion and an undrawn $2.25 billion revolving credit facility; maintained credit ratings of A-/A-/A3
Returned capital via $227 million of share repurchases (0.7 million shares at $145.23) and declared a $0.56 per-share dividend (211th consecutive quarter)
Forecasting higher earnings in Q1 2026 across all segments, led by increased volumes and pricing in the steel mills segment

Jan 26, 2026, 9:51 PM

8-K

Nucor reports Q4 2025 results

NUE

Earnings

Share Buyback

Guidance Update

Nucor posted $378 million in net earnings (or $1.64 diluted EPS), $400 million in adjusted net earnings (or $1.73 adjusted EPS), $7.69 billion in net sales and $918 million of EBITDA for Q4 2025.
At year-end, the company held $2.70 billion in cash and short-term investments with a $2.25 billion undrawn revolver; repurchased 0.7 million shares at an average of $145.23 and declared a $0.56 per-share dividend.
Several major growth projects came online in 2025, including a rebar micro-mill in North Carolina and a melt shop in Arizona, which are beginning to contribute to earnings.
Nucor expects Q1 2026 earnings to increase across all segments, led by the steel mills segment on higher volumes and realized prices.

Jan 26, 2026, 9:30 PM

Press Release

Nucor announces Q4 2025 earnings guidance

NUE

Guidance Update

Share Buyback

Dividends

Nucor expects Q4 2025 diluted EPS of $1.65–$1.75, versus $2.63 in Q3 2025 and $1.22 in Q4 2024.
All three operating segments forecast lower Q4 earnings due to seasonal effects, fewer shipping days, lower volumes, margin compression and scheduled outages.
Year-to-date, Nucor repurchased 5.4 million shares at an average of $128.66, including 0.7 million shares at $145.23 in Q4; returned $1.2 billion via buybacks and dividends.
For 2026, the company cites materially higher backlogs in select construction markets and optimism on policy-driven improvements.

Dec 17, 2025, 12:30 PM

Press Release

Nucor promotes CFO Steve Laxton to President and COO; Sumoski to retire

NUE

CFO Change

Management Change

Nucor CFO Steve Laxton will become President and Chief Operating Officer effective January 1, 2026
Longtime COO David A. Sumoski to retire June 13, 2026 after more than 30 years with the company
Nucor will conduct a search for a new CFO, with Laxton remaining in the role until his successor is appointed

Dec 4, 2025, 2:00 PM

Press Release

Nucor reports Q3 2025 results

NUE

Earnings

Share Buyback

New Projects/Investments

Nucor generated EBITDA of $1.3 billion and EPS of $2.63 for Q3 2025, with net earnings of $607 million ($2.63 per share) and year-to-date adjusted net earnings of $1.4 billion ($5.98 per share).
The company invested $807 million in capital expenditures during the quarter (YTD $2.6 billion, full-year guidance $3.3 billion), and returned $230 million to shareholders through dividends and share repurchases (nearly $1 billion YTD, 72% of net earnings).
Nucor maintained a 24% debt-to-capital ratio with $2.7 billion of cash, generated $1.3 billion of operating cash flow, and received a Moody’s credit rating upgrade to A3, achieving a trio of A-/A3 ratings among major North American steel producers.
Key growth projects advanced: two bar mills commissioned; pole production and galvanizing started at the Alabama facility; Kingman (AZ) and Lexington (NC) mills are ramping toward EBITDA-positive in Q1 2026; and the West Virginia sheet mill is two-thirds complete, on schedule for end-2026 ramp-up.

Oct 28, 2025, 2:00 PM

Transcript

Nucor reports Q3 2025 results

NUE

Earnings

Dividends

Guidance Update

EBITDA of $1.265 B, net earnings of $607 M and EPS of $2.63 in Q3 2025
$807 M capex deployed in Q3 and FY capex guidance raised to ~$3.3 B; returned $227 M to shareholders in Q3, representing 72% of YTD net earnings
External shipments remained stable at ~6.8 M tons Q/Q, with record rebar volumes and mill backlogs of ~3.5 M tons (+30% Y/Y)
24% total debt/cap and $3.6 B liquidity, with net debt/EBITDA of 1.0x and a Moody’s upgrade to A3 in September 2025
Q4 earnings are expected to be lower versus Q3 due to softer pricing and fewer shipping days across segments