Nucor Corporation (NYSE: NUE) manufactures steel and downstream steel products, principally in North America. Its electric-arc-furnace mills are supported by scrap processing, metals brokerage and direct reduced iron operations. Nonresidential construction is its largest end market.
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Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-021195 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-028427 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-071575 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Nucor's latest supplied results show a steel-mill-led recovery, but not uniformly stronger profitability across its businesses. In 2025, higher shipments lifted revenue while downstream margin pressure reduced shareholder earnings. In the second quarter of 2026, stronger prices, volumes and mill utilization improved results substantially; however, reported earnings also included a prior-period procurement refund and a noncash investment valuation gain. Downstream steel products remained less profitable than a year earlier as higher steel costs outweighed sales gains. First-half cash generation improved and capital spending declined, following a year when operating cash flow did not cover capital expenditures. Major projects could expand future capacity, but commissioning, production ramp-ups and investment returns remain distinct milestones. This view covers the supplied October 24, 2026 financial cutoff; its latest operating primary was filed August 12.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-04 · EX-99.1 · 2026-07-27 · EX-99.2 · 2026-04-27
Nucor operates three segments: steel mills, steel products and raw materials. Mills sell sheet, bar, structural and plate steel; downstream businesses make construction and industrial products such as joists, deck, fabricated rebar, tubing, insulated panels, doors and utility structures. Mills generated 62% of 2025 external revenue. Internal supply links provide sourcing flexibility, but internal sales are eliminated from consolidated revenue and Nucor still purchases most scrap externally.
Profitability depends on selling prices, metallic-input costs, utilization and product mix—not shipment volume alone. Approximately 85% of 2025 sheet sales were contracted, generally with monthly or quarterly pricing adjustments rather than fixed margins. Input costs can move before selling prices reset. Downstream fixed-price commitments create additional exposure. Electric-arc-furnace flexibility and profit-linked compensation soften downturns without removing construction cyclicality.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
For the year ended December 31, 2025, revenue was $32.494 billion, versus $30.734 billion in 2024, while GAAP earnings attributable to Nucor stockholders fell to $1.744 billion from $2.027 billion. Higher shipments outweighed lower average selling prices in revenue, but lower downstream prices compressed profitability. Steel-products segment earnings fell to $1.229 billion; improved mill earnings and raw-materials results did not offset that decline and a larger corporate/eliminations deduction.
The comparison benefited from lower start-up losses and asset charges, including the absence of a large prior-year receivable impairment. Unquantified insurance recoveries helped raw materials. Conversely, reduced investment income contributed to a swing from net interest income to expense. Diluted EPS fell to $7.52 from $8.46; fewer diluted shares cushioned the per-share decline rather than signaling stronger operations.
Sources: 10-K · 2025-12-31
The April 27, 2026 release reported first-quarter shareholder earnings of $743 million on $9.496 billion of sales for the quarter ended April 4. The July 27 release, followed by the August 12 Form 10-Q, reported second-quarter earnings of $1.156 billion on $10.397 billion of sales for the quarter ended July 4. Management attributed improvement to stronger mill prices and shipments. Mill utilization reached 91%. Steel products improved sequentially but remained below the prior-year quarter because higher steel input costs outweighed volume and price gains.
Second-quarter results included a $130 million cost reduction from cash refunds relating to earlier raw-material procurement and a $61 million noncash Helion investment gain. Nucor's adjusted earnings of $1.110 billion, or $4.84 per diluted share, remove only the $46 million after-tax Helion benefit; the procurement refund remains included. Neither benefit establishes stronger recurring demand. Management expected higher third-quarter reported earnings, but supplied no numerical range or bridge replacing these benefits.
Sources: EX-99.1 · 2026-04-27 · EX-99.1 · 2026-07-27 · 10-Q · 2026-07-04
First-half 2026 operating cash flow was $2.286 billion, versus $1.096 billion a year earlier, while cash capital expenditures declined to $1.232 billion from $1.813 billion. Higher earnings helped, although receivables and inventories absorbed cash. At July 4, cash and equivalents were $2.478 billion and short-term investments $214 million. Their combined balance was approximately unchanged from year-end despite the increase in cash alone; $843 million of cash was held by majority-owned joint ventures.
The separate $2.25 billion revolver was undrawn and matures March 11, 2030. It is borrowing capacity, not cash. Nucor reported a 23.4% funded-debt-to-capital ratio against its 60% ceiling and compliance with nonfinancial covenants at July 4; these are dated issuer disclosures, not an independently calculated borrowing-headroom estimate. Reclassification of $500 million of 2027 notes into current debt helped lower the current ratio without representing new borrowing.
Sources: 10-Q · 2026-07-04
The West Virginia sheet mill's approved construction estimate is approximately $4 billion. State assistance is conditional, and the full commitment is not confirmed received. The April 2026 presentation anticipated commissioning during 2026, production in 2027 and a phased ramp through 2028. First-half 2026 dividends and repurchases used $733 million. The new $4 billion repurchase authorization replaced earlier programs; its approximately $3.62 billion remaining balance at July 4 is discretionary, not committed spending.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31 · EX-99.2 · 2026-04-27 · 10-Q · 2026-07-04
Management credits trade enforcement with reducing import pressure, but tariffs can change and global excess capacity remains a pricing risk. Construction demand, scrap and energy availability, equipment reliability and project execution also matter. Louisiana Clean Air Act settlement negotiations remained unresolved in the latest supplied report: management expected no material settlement, but disclosed no final amount or loss range. Effective financial controls do not establish the absence of operational, cybersecurity or governance risks.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-07-04
USD 41.512467 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 41.512467 bn | 13.8% |
| 2021 | USD 36.483939 bn | — |
Consolidated net sales to external customers after intercompany eliminations.
Sources: 10-K · 2023-12-31
USD 32.494 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 32.494 bn | 5.7% |
| 2024 | USD 30.734 bn | -11.5% |
| 2023 | USD 34.714 bn | — |
External consolidated revenue after intercompany eliminations.
Sources: 10-K · 2025-12-31
USD 7.607337 bn
FY2022 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 7.607337 bn | 11.4% |
| 2021 | USD 6.827461 bn | — |
Consolidated net earnings after taxes and earnings attributable to noncontrolling interests.
Sources: 10-K · 2023-12-31
USD 1.744 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency · printed page: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.744 bn | -14.0% |
| 2024 | USD 2.027 bn | -55.2% |
| 2023 | USD 4.525 bn | — |
Consolidated net earnings after deduction of earnings attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 10.072054 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 10.072054 bn | 61.7% |
| 2021 | USD 6.230776 bn | — |
Consolidated net operating cash flow, including controlled subsidiaries and working-capital movements.
Sources: 10-K · 2023-12-31
USD 3.234 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 56
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.234 bn | -18.7% |
| 2024 | USD 3.979 bn | -44.1% |
| 2023 | USD 7.112 bn | — |
GAAP consolidated operating cash flow, including working-capital changes; not profit.
Sources: 10-K · 2025-12-31
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