Nucor Reports Results for the First Quarter of 2026
Rhea-AI Summary
Nucor (NYSE: NUE) reported Q1 2026 net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, on $9.496 billion of net sales. EBITDA was reported at $1.51 billion and net earnings before noncontrolling interests totaled $870 million. Cash and short-term investments totaled $2.48 billion. The board approved a $4.00 billion share repurchase program with ≈$3.97 billion remaining and declared a $0.56 per-share quarterly dividend payable May 11, 2026. Management expects higher consolidated earnings in Q2 2026 across all segments.
AI-generated analysis. Not financial advice.
Positive
- Net earnings of $743 million (Q1 2026)
- EPS $3.23 diluted
- Net sales $9.496 billion (Q1 2026)
- EBITDA $1.51 billion
- Cash + short-term investments $2.48 billion
- Share repurchase authorization $4.00 billion (≈$3.97 billion remaining)
- Quarterly dividend $0.56 per share payable May 11, 2026
Negative
- Cost of products sold increased to $7.995 billion (≈10.7% YoY increase)
- Short-term investments decreased by $184 million versus December 31, 2025
- Capital expenditures $661 million in Q1 2026 (cash used in investing activities)
News Market Reaction – NUE
On the day this news was published, NUE gained 4.70%, reflecting a moderate positive market reaction. Our momentum scanner triggered 41 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $2.33B to the company's valuation, bringing the market cap to $51.80B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NUE is up about 0.63% while key steel peers are mixed: MT (-0.77%), STLD (-0.34%), PKX (-1.37%), TX (-0.99%), and RS (+2.33%). Momentum scanner flags SIM moving down 4.05%. This pattern points to stock-specific strength around NUE’s earnings rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 26 | Q4 2025 earnings | Positive | -2.3% | Reported Q4 2025 earnings of $378M and guided higher Q1 2026 earnings. |
| Oct 27 | Q3 2025 earnings | Positive | +5.4% | Q3 2025 earnings of $607M on $8.52B sales with $1.27B EBITDA. |
| Jul 28 | Q2 2025 earnings | Positive | -2.7% | Q2 2025 net earnings of $603M and strong shipment growth versus Q1. |
| Jun 18 | Q2 2025 guidance | Positive | +3.3% | Guided Q2 2025 EPS of $2.55–$2.65 with segment-wide earnings improvements. |
| Apr 28 | Q1 2025 earnings | Positive | +1.9% | Q1 2025 earnings of $156M on $7.83B sales and higher shipments. |
Earnings and earnings-guidance headlines have often produced moderate moves, with a mix of aligned and divergent reactions, suggesting investors sometimes fade strong fundamental updates.
Over the past year, NUE has issued several earnings and guidance updates showing consistent profitability and active capital returns. Q1–Q3 2025 results highlighted net earnings between $156M and $607M on net sales around $7.8–8.5B, alongside strong steel mill utilization and steady dividends. Guidance pieces, such as the Q2 2025 outlook, projected higher EPS and segment improvements. Despite these fundamentals, share reactions varied, with both positive and negative moves following earnings, framing today’s stronger Q1 2026 report within a history of sometimes inconsistent price responses.
Historical Comparison
Across the last five earnings-related releases, NUE’s average one-day move was about 1.12%, indicating generally moderate market reactions to quarterly financial updates.
Recent earnings announcements trace NUE’s path from a weaker Q1 2025 result of $156M toward stronger quarters above $600M, with recurring guidance pointing to segment-wide improvements and sustained capital returns.
Market Pulse Summary
This announcement highlights a robust Q1 2026 with net earnings of $743M, diluted EPS of $3.23, and net sales of $9.50B, alongside $1.51B in EBITDA and $2.48B in cash and short-term investments. Management reports sequential earnings growth across all segments and continued capital returns via dividends and a $4.00B buyback authorization. In assessing this update, investors may watch future shipment trends, steel pricing, credit metrics, and how upcoming quarters compare with the earnings trajectory seen through 2025.
Key Terms
ebitda financial
non-gaap financial
generally accepted accounting principles financial
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
First Quarter of 2026 Highlights
- Net earnings attributable to Nucor stockholders of
$743 million $3.23 - Net sales of
$9.50 billion - Net earnings before noncontrolling interests of
$870 million $1.51 billion
"Nucor teammates delivered a strong start to 2026, with our steel mills segment achieving a new quarterly shipment record," said Leon Topalian, Nucor's Chair and Chief Executive Officer. "All three of our operating segments reported sequential earnings growth, driven by strong demand across key end markets, growing contributions from recent capital investments, and federal trade policies that continue to reduce the flood of unfairly traded imports into
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
Three Months (13 Weeks) Ended | ||||||||||||
April 4, 2026 | December 31, 2025 | April 5, 2025 | ||||||||||
Steel mills | $ | 1,128 | $ | 516 | $ | 231 | ||||||
Steel products | 285 | 230 | 288 | |||||||||
Raw materials | 45 | 24 | 29 | |||||||||
Corporate/eliminations | (362) | (269) | (263) | |||||||||
$ | 1,096 | $ | 501 | $ | 285 | |||||||
Analysis of First Quarter of 2026 Results Compared to the Fourth Quarter of 2025
The increase in first quarter earnings was driven primarily by the increase in earnings in the steel mills segment, which experienced higher average selling prices and volumes across all product groups. 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 first quarter due to increased average selling prices and volumes.
Financial Strength
At the end of the first quarter of 2026, Nucor had
Commitment to Returning Capital to Stockholders
During the first quarter of 2026, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of
On February 20, 2026, Nucor's Board of Directors declared a cash dividend of
Second Quarter of 2026 Outlook Compared to the First Quarter of 2026
We expect higher consolidated earnings in the second quarter of 2026, with improved earnings across all three operating segments. In the steel mills segment, the expected increase is due to higher realized selling prices with stable volumes. In the steel products segment, we expect improved earnings due to higher volumes on stable pricing. The raw materials segment is expected to have increased earnings due to higher realized pricing.
Earnings Conference Call
An earnings call is scheduled for April 28, 2026 at 10:00 a.m. Eastern Time to review Nucor's first 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
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. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax and noncontrolling interests. We define adjusted net earnings per diluted share as net earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax and noncontrolling interests. 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)
Consolidated Financial Statements
Condensed Consolidated Statements of Earnings (Unaudited) | ||||||||||||
(In millions, except per share data) | ||||||||||||
Three Months (13 Weeks) Ended | ||||||||||||
April 4, 2026 | December 31, 2025 | April 5, 2025 | ||||||||||
Net sales | $ | 9,496 | $ | 7,687 | $ | 7,830 | ||||||
Costs, expenses and other: | ||||||||||||
Cost of products sold | 7,995 | 6,825 | 7,225 | |||||||||
Marketing, administrative and other expenses | 378 | 334 | 281 | |||||||||
Equity in earnings of unconsolidated affiliates | (7) | (11) | (4) | |||||||||
Losses and impairments of assets | 15 | 27 | 29 | |||||||||
Interest expense, net | 19 | 11 | 14 | |||||||||
8,400 | 7,186 | 7,545 | ||||||||||
Earnings before income taxes and noncontrolling interests | 1,096 | 501 | 285 | |||||||||
Provision for income taxes | 226 | 78 | 59 | |||||||||
Net earnings before noncontrolling interests | 870 | 423 | 226 | |||||||||
Earnings attributable to noncontrolling interests | 127 | 45 | 70 | |||||||||
Net earnings attributable to Nucor stockholders | $ | 743 | $ | 378 | $ | 156 | ||||||
Net earnings per share: | ||||||||||||
Basic | $ | 3.23 | $ | 1.64 | $ | 0.67 | ||||||
Diluted | $ | 3.23 | $ | 1.64 | $ | 0.67 | ||||||
Average shares outstanding: | ||||||||||||
Basic | 228.9 | 229.3 | 232.7 | |||||||||
Diluted | 229.3 | 229.6 | 232.9 | |||||||||
Condensed Consolidated Balance Sheets (Unaudited) (In millions) | ||||||||
April 4, 2026 | December 31, 2025 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,226 | $ | 2,260 | ||||
Short-term investments | 255 | 439 | ||||||
Accounts receivable, net | 3,567 | 3,105 | ||||||
Inventories, net | 5,644 | 5,462 | ||||||
Other current assets | 396 | 499 | ||||||
Total current assets | 12,088 | 11,765 | ||||||
Property, plant and equipment, net | 15,596 | 15,306 | ||||||
Goodwill | 4,295 | 4,297 | ||||||
Other intangible assets, net | 2,817 | 2,880 | ||||||
Other assets | 839 | 856 | ||||||
Total assets | $ | 35,635 | $ | 35,104 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 134 | $ | 122 | ||||
Current portion of long-term debt and finance lease obligations | 113 | 90 | ||||||
Accounts payable | 2,109 | 1,890 | ||||||
Salaries, wages and related accruals | 701 | 882 | ||||||
Accrued expenses and other current liabilities | 1,110 | 1,020 | ||||||
Total current liabilities | 4,167 | 4,004 | ||||||
Long-term debt and finance lease obligations due after one year | 6,877 | 6,909 | ||||||
Deferred credits and other liabilities | 2,043 | 2,067 | ||||||
Total liabilities | 13,087 | 12,980 | ||||||
Commitments and contingencies | ||||||||
EQUITY | ||||||||
Nucor stockholders' equity: | ||||||||
Common stock | 152 | 152 | ||||||
Additional paid-in capital | 2,274 | 2,253 | ||||||
Retained earnings | 32,118 | 31,504 | ||||||
Accumulated other comprehensive loss, | (206) | (194) | ||||||
Treasury stock | (12,885) | (12,779) | ||||||
Total Nucor stockholders' equity | 21,453 | 20,936 | ||||||
Noncontrolling interests | 1,095 | 1,188 | ||||||
Total equity | 22,548 | 22,124 | ||||||
Total liabilities and equity | $ | 35,635 | $ | 35,104 | ||||
Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) | ||||||||
Three Months (13 Weeks) Ended | ||||||||
April 4, 2026 | April 5, 2025 | |||||||
Operating activities: | ||||||||
Net earnings before noncontrolling interests | $ | 870 | $ | 226 | ||||
Adjustments: | ||||||||
Depreciation | 321 | 303 | ||||||
Amortization | 63 | 65 | ||||||
Impairment of assets | 15 | 12 | ||||||
Stock-based compensation | 30 | 26 | ||||||
Deferred income taxes | (34) | (31) | ||||||
Distributions from affiliates | 6 | 6 | ||||||
Equity in earnings of unconsolidated affiliates | (7) | (4) | ||||||
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||||||||
Accounts receivable | (463) | (291) | ||||||
Inventories | (183) | (150) | ||||||
Accounts payable | 226 | 378 | ||||||
Federal income taxes | 78 | 72 | ||||||
Salaries, wages and related accruals | (168) | (308) | ||||||
Other operating activities | 132 | 60 | ||||||
Cash provided by operating activities | 886 | 364 | ||||||
Investing activities: | ||||||||
Capital expenditures | (661) | (859) | ||||||
Investment in and advances to affiliates | (2) | - | ||||||
Disposition of plant and equipment | 14 | 3 | ||||||
Acquisitions (net of cash acquired) | - | (1) | ||||||
Purchases of investments | (141) | (452) | ||||||
Proceeds from the sale of investments | 326 | 127 | ||||||
Other investing activities | 18 | 2 | ||||||
Cash used in investing activities | (446) | (1,180) | ||||||
Financing activities: | ||||||||
Net change in short-term debt | 12 | (65) | ||||||
Proceeds from issuance of long-term debt, net of discount | - | 997 | ||||||
Bond issuance costs | - | (9) | ||||||
Repayment of long-term debt | (4) | (4) | ||||||
Proceeds from exercise of stock options | 4 | - | ||||||
Payment of tax withholdings on certain stock-based compensation | (3) | - | ||||||
Distributions to noncontrolling interests | (220) | (172) | ||||||
Cash dividends | (129) | (129) | ||||||
Acquisition of treasury stock | (125) | (300) | ||||||
Proceeds from government incentives | - | 75 | ||||||
Other financing activities | (7) | 21 | ||||||
Cash (used in) provided by financing activities | (472) | 414 | ||||||
Effect of exchange rate changes on cash | (2) | - | ||||||
Decrease in cash and cash equivalents | (34) | (402) | ||||||
Cash and cash equivalents - beginning of year | 2,260 | 3,558 | ||||||
Cash and cash equivalents - end of three months | $ | 2,226 | $ | 3,156 | ||||
Non-cash investing activity: | ||||||||
Change in accrued plant and equipment purchases | $ | (7) | $ | 62 | ||||
Select Financial and Operational Data | ||||||||||||||||||||
(Dollars in millions, tons in thousands, per unit amounts as noted) | ||||||||||||||||||||
Three Months (13 Weeks) Ended | ||||||||||||||||||||
April 4, 2026 | Dec. 31, 2025 | % Change | April 5, 2025 | Year Ago % | ||||||||||||||||
Consolidated Financial & Operational Data | ||||||||||||||||||||
Net Sales | $ | 9,496 | $ | 7,687 | 24 | % | $ | 7,830 | 21 | % | ||||||||||
External Average Sales Price per Ton | $ | 1,279 | $ | 1,242 | 3 | % | $ | 1,146 | 12 | % | ||||||||||
Sales Tons to External Customers | 7,427 | 6,191 | 20 | % | 6,830 | 9 | % | |||||||||||||
Pre-Operating & Start-Up Costs | $ | 108 | $ | 87 | 24 | % | $ | 170 | -36 | % | ||||||||||
Pre-Operating & Start-Up Costs per Diluted Share | $ | 0.36 | $ | 0.29 | $ | 0.56 | ||||||||||||||
Number of Days in Period | 94 | 88 | 95 | |||||||||||||||||
Steel Mills Segment Data | ||||||||||||||||||||
Total Shipments | 7,028 | 5,906 | 19 | % | 6,463 | 9 | % | |||||||||||||
Sales Tons to External Customers | 5,619 | 4,602 | 22 | % | 5,226 | 8 | % | |||||||||||||
Percentage of Sales to Internal Customers | 20 | % | 22 | % | 19 | % | ||||||||||||||
External Average Sales Price per Ton | $ | 1,074 | $ | 1,019 | 5 | % | $ | 938 | 14 | % | ||||||||||
Average Scrap/Scrap Substitute Cost per Gross Ton Used | $ | 403 | $ | 380 | 6 | % | $ | 394 | 2 | % | ||||||||||
Utilization | 86 | % | 82 | % | 80 | % | ||||||||||||||
Steel Products Segment Data | ||||||||||||||||||||
Sales Tons to External Customers | 1,159 | 1,025 | 13 | % | 1,048 | 11 | % | |||||||||||||
External Average Sales Price per Ton | $ | 2,405 | $ | 2,413 | 0 | % | $ | 2,294 | 5 | % | ||||||||||
Tonnage Data (In thousands) | Three Months (13 Weeks) Ended | |||||||||||||||||||
April 4, 2026 | Dec. 31, 2025 | % Change | April 5, 2025 | Year Ago % | ||||||||||||||||
Steel mills total shipments: | ||||||||||||||||||||
Sheet | 3,394 | 2,804 | 21 | % | 2,981 | 14 | % | |||||||||||||
Bars | 2,308 | 2,007 | 15 | % | 2,290 | 1 | % | |||||||||||||
Structural | 649 | 522 | 24 | % | 577 | 12 | % | |||||||||||||
Plate | 647 | 552 | 17 | % | 577 | 12 | % | |||||||||||||
Other | 30 | 21 | 43 | % | 38 | -21 | % | |||||||||||||
7,028 | 5,906 | 19 | % | 6,463 | 9 | % | ||||||||||||||
Sales tons to outside customers: | ||||||||||||||||||||
Steel mills | 5,619 | 4,602 | 22 | % | 5,226 | 8 | % | |||||||||||||
Joist and deck | 185 | 218 | -15 | % | 182 | 2 | % | |||||||||||||
Rebar fabrication products | 291 | 270 | 8 | % | 247 | 18 | % | |||||||||||||
Tubular products | 318 | 228 | 39 | % | 270 | 18 | % | |||||||||||||
Building systems | 55 | 54 | 2 | % | 48 | 15 | % | |||||||||||||
Other steel products | 310 | 255 | 22 | % | 301 | 3 | % | |||||||||||||
Raw materials | 649 | 564 | 15 | % | 556 | 17 | % | |||||||||||||
7,427 | 6,191 | 20 | % | 6,830 | 9 | % | ||||||||||||||
Non-GAAP Financial Measures | ||||||||||||
Reconciliation of EBITDA (Unaudited) | ||||||||||||
(In millions) | ||||||||||||
Three Months (13 Weeks) Ended | ||||||||||||
April 4, 2026 | December 31, 2025 | April 5, 2025 | ||||||||||
Net earnings before noncontrolling interests | $ | 870 | $ | 423 | $ | 226 | ||||||
Depreciation | 321 | 316 | 303 | |||||||||
Amortization | 63 | 63 | 65 | |||||||||
Losses and impairments of assets | 15 | 27 | 29 | |||||||||
Interest expense, net | 19 | 11 | 14 | |||||||||
Provision for income taxes | 226 | 78 | 59 | |||||||||
EBITDA | $ | 1,514 | $ | 918 | $ | 696 | ||||||
Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited) | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Three Months (13 Weeks) Ended | ||||||||||||||||
December 31, 2025 | April 5, 2025 | |||||||||||||||
Diluted EPS | Diluted EPS | |||||||||||||||
Net earnings attributable to Nucor stockholders | $ | 378 | $ | 1.64 | $ | 156 | $ | 0.67 | ||||||||
Losses and impairments of assets, net of tax and noncontrolling interests | 22 | 0.09 | 23 | 0.10 | ||||||||||||
Adjusted net earnings attributable to Nucor stockholders | $ | 400 | $ | 1.73 | $ | 179 | $ | 0.77 | ||||||||
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SOURCE Nucor Corporation