Nucor Reports Results for the Third Quarter of 2025

By PR Newswire | October 27, 2025, 4:30 PM

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., Oct. 27, 2025 /PRNewswire/ -- 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

(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.

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.

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 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.

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)

(5)

(24)

Losses and impairments of assets

123

137

Interest expense (income), net

(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

452

538

Net earnings before noncontrolling

interests

683

706

303

1,615

1,974

Earnings attributable to noncontrolling

interests

103

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

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

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

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

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 %

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 %

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

-32 %

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

-3 %

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 %

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

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