It has been about a month since the last earnings report for Nucor (NUE). Shares have added about 0.9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Nucor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Nucor's Q4 Earnings Miss on Lower Volumes, Revenues Beat
Nucor reported earnings of $1.64 per share for the fourth quarter of 2025, up from $1.22 in the year-ago quarter.
Barring one-time items, earnings were $1.73 per share for the quarter. It missed the Zacks Consensus Estimate of $1.82.
The company recorded net sales of roughly $7.69 billion, up around 8.6% year over year. The figure beat the Zacks Consensus Estimate of $7.68 billion.
Operating Figures
Total sales tons to outside customers for steel mills in the fourth quarter were 4,602,000 tons, up 0.5% year over year. Volumes were down 8% from the prior quarter. The figure missed our estimate of 4,927,000 tons.
Overall operating rates at the company's steel mills were 82% in the fourth quarter of 2025, down sequentially from 85% and up from 74% in the fourth quarter of 2024.
Segment Highlights
In the reported quarter, the Steel Mills segment posted earnings of $516 million, down from the third quarter due to lower volumes and margin compression, mainly in sheet.
The Steel Products segment earned $230 million, lower sequentially, reflecting lower volumes and higher average costs per ton.
Meanwhile, the Raw Materials segment delivered $24 million, down from the prior quarter, pressured by two scheduled outages at Nucor’s direct reduced iron facilities.
Financial Position
Cash and cash equivalents were roughly $2.26 billion at the end of the quarter, down around 36.5% year over year. Long-term debt was roughly $6.9 billion, up 21.6%.
In the fourth quarter, Nucor repurchased roughly 0.7 million shares of its common stock.
Outlook
The company anticipates first-quarter 2026 earnings to rise across all segments from the fourth quarter, with the largest increase expected in the Steel Mills segment. In this segment, the rise is expected to stem from higher volumes and higher realized prices. The Steel Products segment is projected to record higher earnings mainly due to increased volumes. The Raw Materials segment is also likely to have increased earnings in the first quarter of 2026.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a flat trend in fresh estimates.
VGM Scores
Currently, Nucor has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Nucor has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Nucor Corporation (NUE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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