Form 8-K
8-K — NUCOR CORP
Accession: 0001193125-26-318190
Filed: 2026-07-27
Period: 2026-07-27
CIK: 0000073309
SIC: 3312 (STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS))
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — d468854d8k.htm (Primary)
EX-99.1 (d468854dex991.htm)
EX-99.2 (d468854dex992.htm)
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8-K
8-K (Primary)
Filename: d468854d8k.htm · Sequence: 1
8-K
NUCOR CORP false 0000073309 0000073309 2026-07-27 2026-07-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2026
NUCOR CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware
1-4119
13-1860817
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1915 Rexford Road,
Charlotte, NC
28211
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (704) 366-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.40 per share
NUE
New York Stock 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
EX-99.1
EX-99.1
Filename: d468854dex991.htm · Sequence: 2
EX-99.1
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
)
$
1,625
$
1,096
$
899
$
2,721
$
1,184
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:
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
8,772
8,400
7,557
17,172
15,102
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
Net earnings before noncontrolling interests
1,280
870
706
2,150
932
Earnings attributable to noncontrolling interests
124
127
103
251
173
Net earnings attributable to Nucor stockholders
$
1,156
$
743
$
603
$
1,899
$
759
Net earnings per share:
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:
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
Current assets:
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
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
Total assets
$
36,954
$
35,104
LIABILITIES
Current liabilities:
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
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
Total liabilities
13,688
12,980
Commitments and contingencies
EQUITY
Nucor stockholders’ equity:
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
)
Total Nucor stockholders’ equity
22,109
20,936
Noncontrolling interests
1,157
1,188
Total equity
23,266
22,124
Total liabilities and equity
$
36,954
$
35,104
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:
Net earnings before noncontrolling interests
$
2,150
$
932
Adjustments:
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):
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
Cash provided by operating activities
2,286
1,096
Investing activities:
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
Cash used in investing activities
(956
)
(1,723
)
Financing activities:
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
Cash used in financing activities
(1,104
)
(996
)
Effect of exchange rate changes on cash
(8
)
11
Increase (decrease) in cash and cash equivalents
218
(1,612
)
Cash and cash equivalents - beginning of year
2,260
3,558
Cash and cash equivalents - end of six months
$
2,478
$
1,946
Non-cash investing activity:
Change in accrued plant and equipment purchases
$
15
$
(27
)
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
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
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
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
Steel mills total shipments:
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
%
7,100
7,046
1
%
6,474
10
%
14,146
12,937
9
%
Sales tons to outside customers:
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
%
7,605
7,427
2
%
6,820
12
%
15,032
13,650
10
%
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
EBITDA
$
2,020
$
1,514
$
1,295
$
3,534
$
1,991
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
Adjusted net earnings attributable to Nucor stockholders
$
1,110
$
4.84
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
EX-99.2
EX-99.2
Filename: d468854dex992.htm · Sequence: 3
EX-99.2
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
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Document and Entity Information
Jul. 27, 2026
Cover [Abstract]
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NUCOR CORP
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Document Period End Date
Jul. 27, 2026
Entity Incorporation State Country Code
DE
Entity File Number
1-4119
Entity Tax Identification Number
13-1860817
Entity Address, Address Line One
1915 Rexford Road
Entity Address, City or Town
Charlotte
Entity Address, State or Province
NC
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28211
City Area Code
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Common Stock, par value $0.40 per share
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NYSE
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