Nucor Corporation
NUE · NYSE
Next quarter
Reports Oct 26, 2026.
Consensus is $5.95 EPS for Sep 2026 across 5 estimates, ranging $5.42 to $6.34.
NUE Jun 2026
- 5.91%
- +7.17%
- $4.57
- $4.84
- —
- $10.40B
Reported results
- $10.40B
- 19.56%
- $1.16B
- $5.04
Highlights
- Earnings beat: Adjusted diluted EPS was $4.84, 5.91% above the $4.57 consensus; GAAP diluted EPS was $5.04, including a $0.20 per-share Helion investment benefit.
- Sharp profit growth: Net earnings attributable to Nucor stockholders rose to $1.16 billion from $743 million in Q1 FY2026 and $603 million a year earlier.
- Higher sales: Net sales reached $10.40 billion, up 9% sequentially and 23% year over year, driven by higher pricing and volumes.
- Steel mills led the quarter: Segment earnings before income taxes and noncontrolling interests increased to $1.56 billion from $1.13 billion in Q1 and $843 million a year ago.
- Record mill shipments: Steel mill shipments reached 7.10 million tons, a second consecutive quarterly record; external mill shipments rose 12% year over year to 5.66 million tons.
- Improved pricing and utilization: Consolidated external average selling price increased to $1,367 per ton from $1,279 in Q1 and $1,240 a year ago, while mill utilization rose to 91% from 86% and 85%, respectively.
- Next-quarter outlook: Nucor expects higher consolidated reported earnings in Q3 FY2026, with higher steel pricing and stable mill volumes, plus higher steel products volumes and pricing.
- Capital returns and liquidity: Nucor returned $479 million to stockholders in Q2 through repurchases and dividends, held $2.69 billion in cash and short-term investments, and had an undrawn $2.25 billion revolver.
Analysis
Nucor’s second quarter was a substantial sequential and year-over-year acceleration, with adjusted EPS of $4.84 beating the $4.57 consensus by 5.91%. Net sales of $10.40 billion rose from $9.50 billion in Q1 FY2026 and $8.46 billion a year earlier, while reported earnings attributable to stockholders increased to $1.16 billion from $743 million and $603 million, respectively. EBITDA reached $2.02 billion, versus $1.51 billion in the prior quarter and $1.30 billion in Q2 FY2025.
The print was defined first by steel mills, where earnings rose to $1.56 billion as average selling prices and volumes improved. Mill shipments set a second consecutive quarterly record, external mill volumes increased 12% year over year, and utilization reached 91%. Results also included a $130 million cost reduction from cash refunds tied to prior-period raw-material procurement, making the sequential improvement partly non-recurring. Steel products earnings improved to $353 million on higher volumes and stable pricing, while raw-materials earnings rose to $146 million. Nucor also provided a constructive Q3 outlook, expecting higher pricing across the mills business and growth in steel products, partly offset by lower raw-material margins.
Steel mill momentum
- Shipments: Total steel mill shipments reached 7.10 million tons, up 1% sequentially and 10% year over year, marking a second consecutive quarterly record. External mill shipments were 5.66 million tons, up 1% from Q1 and 12% from Q2 FY2025.
- Pricing: The mill external average selling price rose to $1,145 per ton from $1,074 in Q1 and $1,041 a year ago, increases of 7% and 10%, respectively.
- Utilization: Mill utilization improved to 91%, compared with 86% in Q1 and 85% a year ago. Plate shipments were particularly strong, rising 17% sequentially and 25% year over year to 757,000 tons.
- Earnings: Steel mills segment earnings before income taxes and noncontrolling interests climbed to $1.56 billion from $1.13 billion in Q1 and $843 million a year ago. The quarter included a $130 million reduction to cost of products sold from cash refunds for prior-period raw-material procurement costs.
Steel products and materials
- Steel products: Segment earnings increased to $353 million from $276 million in Q1, as volumes improved while average realized pricing remained stable. External sales tons rose 11% sequentially and 13% year over year to 1.29 million tons, while the average selling price was $2,415 per ton.
- Raw materials: Earnings increased to $146 million from $45 million in Q1 and $57 million a year earlier, primarily on higher average selling prices and shipments. External sales tons rose 2% sequentially and 4% year over year to 661,000 tons.
- Consolidated mix: External sales tons rose 2% sequentially and 12% year over year to 7.61 million tons, while the consolidated external average selling price reached $1,367 per ton, up 7% and 10%, respectively.
Third-quarter outlook
Nucor expects higher consolidated reported earnings in the third quarter of 2026. The steel mills segment is expected to benefit from higher realized pricing across all major product categories, with volumes stable. Steel products earnings are expected to increase on both higher volumes and higher realized pricing. Raw-materials earnings are expected to decline because of lower margins. The outlook therefore points to continued pricing support in the core businesses, although the Q2 raw-material refund will not repeat as a comparable benefit.
Cash and capital returns
- Liquidity: Nucor ended the quarter with $2.69 billion in cash and cash equivalents plus short-term investments. Its $2.25 billion revolving credit facility remained undrawn and does not mature until March 2030.
- Shareholder returns: The company repurchased approximately 1.53 million shares at an average price of $228.76 and returned approximately $479 million through repurchases and dividends during Q2. Six-month returns totaled approximately $733 million.
- Cash generation: Operating cash flow for the first six months was $2.29 billion, compared with $1.10 billion in the prior-year period. Capital expenditures were $1.23 billion, down from $1.81 billion a year earlier.
Reported earnings adjustments
GAAP net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share. Nucor’s adjusted result excluded a $61 million pre-tax, $46 million after-tax non-cash benefit from the higher value of its Helion fusion-energy investment following that company’s capital financing round. Adjusted net earnings were therefore $1.11 billion, or $4.84 per diluted share, the figure used for comparison with consensus.
