Item 1. Financial Statements (Unaudited)

67K characters. Original on sec.gov · Markdown

Item 1. Financial Statements (Unaudited)

Nucor Corporation Condensed Consolidat****ed Statements of Earnings (Unaudited)

(In millions, except per share data)


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2026			July 5, 2025			July 4, 2026			July 5, 2025
Net sales	$	10,397		$	8,456		$	19,893		$	16,286
Costs, expenses and other:
Cost of products sold		8,363			7,233			16,358			14,458
Marketing, administrative and other expenses		405			304			783			585
Equity in earnings of unconsolidated affiliates		(8	)		(10	)		(15	)		(14	)
Losses and impairments of assets		-			11			15			40
Interest expense, net		12			19			31			33
		8,772			7,557			17,172			15,102
Earnings before income taxes and noncontrolling interests		1,625			899			2,721			1,184
Provision for income taxes		345			193			571			252
Net earnings before noncontrolling interests		1,280			706			2,150			932
Earnings attributable to noncontrolling interests		124			103			251			173
Net earnings attributable to Nucor stockholders	$	1,156		$	603		$	1,899		$	759
Net earnings per share:
Basic	$	5.05		$	2.60		$	8.28		$	3.26
Diluted	$	5.04		$	2.60		$	8.27		$	3.26
Average shares outstanding:
Basic		228.2			230.6			228.6			231.7
Diluted		228.5			230.8			228.9			231.9

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidated Sta****tements of Comprehensive Income (Unaudited)

(In millions)


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2026			July 5, 2025			July 4, 2026			July 5, 2025
Net earnings before noncontrolling interests	$	1,280		$	706		$	2,150		$	932
Other comprehensive income (loss):
Net unrealized loss on hedging derivatives, net of income taxes of $(2) and $(5) for the second quarter of 2026 and 2025, respectively, and $(8) and $(2) for the first six months of 2026 and 2025, respectively		(8	)		(16	)		(25	)		(6	)
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $7 and $1 for the second quarter of 2026 and 2025, respectively, and $11 and $2 for the first six months of 2026 and 2025, respectively		21			4			36			7
Foreign currency translation gain (loss), net of income taxes of $0 for the second quarter and first six months of 2026 and 2025		(21	)		43			(31	)		40
		(8	)		31			(20	)		41
Comprehensive income		1,272			737			2,130			973
Comprehensive income attributable to noncontrolling interests		124			103			251			173
Comprehensive income attributable to Nucor stockholders	$	1,148		$	634		$	1,879		$	800

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consol****idated Balance Sheets (Unaudited)

(In millions)


	July 4, 2026			Dec. 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	2,478		$	2,260
Short-term investments		214			439
Accounts receivable, net		4,045			3,105
Inventories, net		6,020			5,462
Other current assets		399			499
Total current assets		13,156			11,765
Property, plant and equipment, net		15,863			15,306
Goodwill		4,289			4,297
Other intangible assets, net		2,754			2,880
Other assets		892			856
Total assets	$	36,954		$	35,104
LIABILITIES
Current liabilities:
Short-term debt	$	129		$	122
Current portion of long-term debt and finance lease obligations		581			90
Accounts payable		2,357			1,890
Salaries, wages and related accruals		1,002			882
Accrued expenses and other current liabilities		1,177			1,020
Total current liabilities		5,246			4,004
Long-term debt and finance lease obligations due after one year		6,389			6,909
Deferred credits and other liabilities		2,053			2,067
Total liabilities		13,688			12,980
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152			152
Additional paid-in capital		2,207			2,253
Retained earnings		33,146			31,504
Accumulated other comprehensive loss, net of income taxes		(214	)		(194	)
Treasury stock		(13,182	)		(12,779	)
Total Nucor stockholders' equity		22,109			20,936
Noncontrolling interests		1,157			1,188
Total equity		23,266			22,124
Total liabilities and equity	$	36,954		$	35,104

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidate****d Statements of Cash Flows (Unaudited)

(In millions)


	Six Months (26 Weeks) Ended
	July 4, 2026			July 5, 2025
Operating activities:
Net earnings before noncontrolling interests	$	2,150		$	932
Adjustments:
Depreciation		641			606
Amortization		126			128
Impairment of assets		15			20
Stock-based compensation		91			78
Deferred income taxes		(61	)		(17	)
Distributions from affiliates		7			6
Equity in earnings of unconsolidated affiliates		(15	)		(14	)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(952	)		(706	)
Inventories		(560	)		(352	)
Accounts payable		454			375
Federal income taxes		110			135
Salaries, wages and related accruals		130			(135	)
Other operating activities		150			40
Cash provided by operating activities		2,286			1,096
Investing activities:
Capital expenditures		(1,232	)		(1,813	)
Investment in and advances to affiliates		(2	)		(1	)
Disposition of plant and equipment		21			39
Acquisitions (net of cash acquired)		-			(1	)
Divestiture of affiliate		3			-
Purchases of investments		(157	)		(666	)
Proceeds from the sale of investments		382			717
Other investing activities		29			2
Cash used in investing activities		(956	)		(1,723	)
Financing activities:
Net change in short-term debt		6			(68	)
Repayment of long-term debt		(37	)		(1,007	)
Proceeds from issuance of long-term debt, net of discount		15			997
Bond issuance costs		-			(9	)
Proceeds from exercise of stock options		14			-
Payment of tax withholdings on certain stock-based compensation		(77	)		(31	)
Distributions to noncontrolling interests		(282	)		(214	)
Cash dividends		(258	)		(258	)
Acquisition of treasury stock		(475	)		(500	)
Proceeds from government incentives		-			77
Other financing activities		(10	)		17
Cash used in financing activities		(1,104	)		(996	)
Effect of exchange rate changes on cash		(8	)		11
Increase (decrease) in cash and cash equivalents		218			(1,612	)
Cash and cash equivalents - beginning of year		2,260			3,558
Cash and cash equivalents - end of six months	$	2,478		$	1,946
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	15		$	(27	)

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation – Notes to Condensed Con****solidated Financial Statements (Unaudited)

1. Basis of Interim Presentation

The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2025 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025.

Recently Issued Accounting Pronouncements

In November 2024, new accounting guidance was issued that requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation and amortization, within relevant income statement captions. The new accounting guidance also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The new accounting guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Adoption of this new accounting guidance can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.

In December 2025, new accounting guidance was issued related to government grants received by business entities. This new accounting guidance is effective for annual periods beginning after December 15, 2028 and interim periods within those annual reporting periods. Adoption of this new accounting guidance can either be applied under a modified prospective, modified retrospective or retrospective approach. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.

2. Inventories

Inventories consisted of approximately 39% raw materials and supplies and 61% finished and semi-finished products at July 4, 2026 (approximately 35% and 65%, respectively, at December 31, 2025). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

3. Property, Plant and Equipment

Property, plant and equipment is recorded net of accumulated depreciation of $13.90 billion at July 4, 2026 ($13.38 billion at December 31, 2025).

Included within property, plant and equipment, net, of the steel mills segment at July 4, 2026 is $217 million of assets, net of accumulated depreciation, related to our consolidated joint venture, Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“NJSM”). During the fourth quarter of 2025, the Company determined that a triggering event occurred after review of NJSM's most recent annual forecast. The Company performed an impairment assessment to determine if the carrying amount of NJSM exceeded its projected undiscounted cash flows. Upon completion of the assessment, the Company determined that the carrying amount did not exceed its projected undiscounted cash flows and no impairment charge was required. Nucor will continue to monitor NJSM's financial performance. If NJSM's financial performance underperforms its forecasts, management may determine that a triggering event has occurred and additional testing may be required.

Table of Contents

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the six months ended July 4, 2026 by segment was as follows (in millions):


	Steel Mills		Steel Products			Raw Materials		Total
Balance at December 31, 2025	$	675	$	2,825		$	797	$	4,297
Translation		-		(8	)		-		(8	)
Balance at July 4, 2026	$	675	$	2,817		$	797	$	4,289

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of July 4, 2026 and December 31, 2025 (in millions):


	July 4, 2026				December 31, 2025
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,382	$	1,787	$	4,444	$	1,737
Trademarks and trade names		373		217		374		207
Other		136		133		142		136
	$	4,891	$	2,137	$	4,960	$	2,080

Intangible asset amortization expense in the second quarter of 2026 and 2025 was $63 million and $63 million, respectively, and $126 million and $128 million in the first six months of 2026 and 2025, respectively. Annual amortization expense is estimated to be $249 million in 2026; $246 million in 2027; $224 million in 2028; $201 million in 2029; and $194 million in 2030; and $172 million in 2031.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $52 million at July 4, 2026 ($145 million at December 31, 2025). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $128 million at July 4, 2026 ($129 million at December 31, 2025).

Table of Contents

6. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of July 4, 2026 and December 31, 2025 (in millions). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.


				Fair Value Measurements at Reporting Date Using
Description	Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As of July 4, 2026
Assets:
Cash equivalents	$	1,803		$	1,803	$	-		$	-
Short-term investments		214			214		-			-
Derivative contracts		4			-		4			-
Other assets		140			-		-			140
Total assets	$	2,161		$	2,017	$	4		$	140
Liabilities:
Derivative contracts	$	(6	)	$	-	$	(6	)	$	-

As of December 31, 2025
Assets:
Cash equivalents	$	1,596		$	1,596	$	-		$	-
Short-term investments		439			439		-			-
Other assets		102			23		-			79
Total assets	$	2,137		$	2,058	$	-		$	79
Liabilities:
Derivative contracts	$	(17	)	$	-	$	(17	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and investment in a publicly traded nuclear power equipment manufacturer are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are estimated based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interests in the company) or the transaction price in the event of additional equity issuances of the investee. The increase in Level 3 was due to a $61 million non-cash increase in our investment in Helion, a fusion energy company, after it completed a capital financing round in the second quarter of 2026. There were no transfers between levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $6.46 billion at July 4, 2026 (approximately $6.53 billion at December 31, 2025). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at July 4, 2026 and December 31, 2025, or similar debt with the same maturities, ratings and interest rates.

7. Contingencies

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

Table of Contents

8. Stock-Based Compensation

Stock Options

A summary of activity under Nucor’s stock option plans for the first six months of 2026 is as follows (shares and aggregate intrinsic value in thousands):


				Weighted-		Weighted-
				Average		Average	Aggregate
				Exercise		Remaining	Intrinsic
	Shares			Price		Contractual Life	Value
Number of shares under stock options:
Outstanding at beginning of year		822		$	90.92
Granted		52		$	251.49
Exercised		(221	)	$	65.28		$	32,770
Canceled		-		$	-
Outstanding at July 4, 2026		653		$	112.42	5.7 years	$	72,298
Stock options exercisable at July 4, 2026		449		$	92.67	4.2 years	$	57,669

For the 2026 stock option grant, the grant date fair value of $108.52 per share was calculated using the Black-Scholes options pricing model with the following assumptions:


Exercise price	$	251.49
Expected dividend yield		0.89	%
Expected stock price volatility		39.82	%
Risk-free interest rate		4.32	%
Expected life (in years)		6.5

Compensation expense for stock options was $4 million in the second quarter of each of 2026 and 2025, and $4 million and $5 million in the first six months of 2026 and 2025, respectively. As of July 4, 2026, unrecognized compensation expense related to stock options was $3 million, which we expect to recognize over a weighted-average period of 2.4 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first six months of 2026 is as follows (shares in thousands):


	Shares			Grant Date Fair Value Per Share
Restricted stock units:
Unvested at beginning of year		899		$	130.37
Granted		265		$	251.49
Vested		(519	)	$	152.31
Canceled		(11	)	$	144.29
Unvested at July 4, 2026		634		$	162.73

Compensation expense for RSUs was $33 million and $35 million in the second quarter of 2026 and 2025, respectively, and $49 million and $53 million in the first six months of 2026 and 2025, respectively. As of July 4, 2026, unrecognized compensation expense related to unvested RSUs was $94 million, which we expect to recognize over a weighted-average period of 1.5 years.

Table of Contents

Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (currently, a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (currently, a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of 2026 is as follows (shares in thousands):


				Grant Date
	Shares			Fair Value Per Share
Restricted stock units and restricted stock awards:
Unvested at beginning of year		203		$	154.81
Granted		216		$	166.63
Vested		(233	)	$	165.94
Canceled		-		$	-
Unvested at July 4, 2026		186		$	154.59

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $24 million and $13 million in the second quarter of 2026 and 2025, respectively, and $38 million and $20 million in the first six months of 2026 and 2025, respectively. As of July 4, 2026, unrecognized compensation expense related to unvested restricted stock awards was $9 million, which we expect to recognize over a weighted-average period of 1.9 years.

9. Employee Benefit Plan

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $152 million and $86 million in the second quarter of 2026 and 2025, respectively, and $258 million and $117 million in the first six months of 2026 and 2025, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.

10. Interest Expense (Income)

The components of net interest expense for the second quarter and first six months of 2026 and 2025 are as follows (in millions):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2026			July 5, 2025			July 4, 2026			July 5, 2025
Interest expense	$	36		$	49		$	75		$	100
Interest income		(24	)		(30	)		(44	)		(67	)
Interest expense, net	$	12		$	19		$	31		$	33

11. Income Taxes

The effective tax rate for the second quarter of 2026 was 21.2% compared to 21.5% for the second quarter of 2025.

Nucor is subject to taxation in the United States (“U.S.”), as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2021. The tax years 2022 through 2024 remain open to examination by the Internal Revenue Service (the “IRS”). The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. Additional state and foreign taxing authorities are examining open tax years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. The tax years 2018 through 2025 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).

Table of Contents

Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $26 million at July 4, 2026 ($30 million at December 31, 2025). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.32 billion at July 4, 2026 ($1.38 billion at December 31, 2025).

Table of Contents

12. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures - Nucor-Yamato Steel Company (Limited Partnership) (“NYS”), California Steel Industries, Inc. (“CSI”) and NJSM for the three months and six months ended July 4, 2026 and July 5, 2025 (in millions):


				Three Months (13 Weeks) Ended July 4, 2026
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, April 4, 2026	$	22,548			380.2	$	152	$	2,274		$	32,118		$	(206	)		152.4		$	(12,885	)	$	21,453		$	1,095
Net earnings before noncontrolling interests		1,280			-		-		-			1,156			-			-			-			1,156			124
Other comprehensive income (loss)		(8	)		-		-		-			-			(8	)		-			-			(8	)		-
Stock options exercised		11			-		-		(3	)		-			-			(0.2	)		14			11			-
Stock option expense		4			-		-		4			-			-			-			-			4			-
Issuance of stock under award plans, net of forfeitures		(28	)		-		-		(70	)		-			-			(0.5	)		42			(28	)		-
Amortization of unearned compensation		2			-		-		2			-			-			-			-			2			-
Treasury stock acquired, and net impact of excise tax		(353	)		-		-		-			-			-			1.5			(353	)		(353	)		-
Cash dividends declared		(128	)		-		-		-			(128	)		-			-			-			(128	)		-
Distributions to noncontrolling interests		(62	)		-		-		-			-			-			-			-			-			(62	)
BALANCES, July 4, 2026	$	23,266			380.2	$	152	$	2,207		$	33,146		$	(214	)		153.2		$	(13,182	)	$	22,109		$	1,157


				Six Months (26 Weeks) Ended July 4, 2026
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2025	$	22,124			380.2	$	152	$	2,253		$	31,504		$	(194	)		151.9		$	(12,779	)	$	20,936		$	1,188
Net earnings before noncontrolling interests		2,150			-		-		-			1,899			-			-			-			1,899			251
Other comprehensive income (loss)		(20	)		-		-		-			-			(20	)		-			-			(20	)		-
Stock options exercised		15			-		-		(4	)		-			-			(0.2	)		19			15			-
Stock option expense		4			-		-		4			-			-			-			-			4			-
Issuance of stock under award plans, net of forfeitures		6			-		-		(51	)		-			-			(0.7	)		57			6			-
Amortization of unearned compensation		4			-		-		4			-			-			-			-			4			-
Treasury stock acquired, and net impact of excise tax		(479	)		-		-		-			-			-			2.2			(479	)		(479	)		-
Cash dividends declared		(257	)		-		-		-			(257	)		-			-			-			(257	)		-
Distributions to noncontrolling interests		(282	)		-		-		-			-			-			-			-			-			(282	)
Miscellaneous		1			-		-		1			-			-			-			-			1			-
BALANCES, July 4, 2026	$	23,266			380.2	$	152	$	2,207		$	33,146		$	(214	)		153.2		$	(13,182	)	$	22,109		$	1,157

Table of Contents


				Three Months (13 Weeks) Ended July 5, 2025
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, April 5, 2025	$	21,115			380.2	$	152	$	2,245		$	30,300		$	(198	)		149.4		$	(12,430	)	$	20,069		$	1,046
Net earnings before noncontrolling interests		706			-		-		-			603			-			-			-			603			103
Other comprehensive income (loss)		31			-		-		-			-			31			-			-			31			-
Stock options exercised		-			-		-		-			-			-			-			-			-			-
Stock option expense		4			-		-		4			-			-			-			-			4			-
Issuance of stock under award plans, net of forfeitures		10			-		-		(38	)		-			-			(0.5	)		48			10			-
Amortization of unearned compensation		2			-		-		2			-			-			-			-			2			-
Treasury stock acquired, and net impact of excise tax		(202	)		-		-		-			-			-			1.8			(202	)		(202	)		-
Cash dividends declared		(128	)		-		-		-			(128	)		-			-			-			(128	)		-
Distributions to noncontrolling interests		(46	)		-		-		-			-			-			-			-			-			(46	)
BALANCES, July 5, 2025	$	21,492			380.2	$	152	$	2,213		$	30,775		$	(167	)		150.7		$	(12,584	)	$	20,389		$	1,103


				Six Months (26 Weeks) Ended July 5, 2025
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2024	$	21,417			380.2	$	152	$	2,223		$	30,271		$	(208	)		147.4		$	(12,144	)	$	20,294		$	1,123
Net earnings before noncontrolling interests		932			-		-		-			759			-			-			-			759			173
Other comprehensive income (loss)		41			-		-		-			-			41			-			-			41			-
Stock options exercised		-			-		-		-			-			-			-						-			-
Stock option expense		5			-		-		5			-			-			-			-			5			-
Issuance of stock under award plans, net of forfeitures		48			-		-		(19	)		-			-			(0.7	)		67			48			-
Amortization of unearned compensation		4			-		-		4			-			-			-			-			4			-
Treasury stock acquired, and net impact of excise tax		(507	)		-		-		-			-			-			4.0			(507	)		(507	)		-
Cash dividends declared		(255	)		-		-		-			(255	)		-			-			-			(255	)		-
Distributions to noncontrolling interests		(214	)		-		-		-			-			-			-			-			-			(214	)
Capital contributions from noncontrolling interest		25			-		-		-			-			-			-			-			-			25
Miscellaneous		(4	)		-		-		-			-			-			-			-			-			(4	)
BALANCES, July 5, 2025	$	21,492			380.2	$	152	$	2,213		$	30,775		$	(167	)		150.7		$	(12,584	)	$	20,389		$	1,103

Dividends declared were $0.56 per share in the second quarter of 2026 ($0.55 per share in the second quarter of 2025) and $1.12 per share in the first six months of 2026 ($1.10 per share in the first six months of 2025).

On February 20, 2026, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases are made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of July 4, 2026, the Company had approximately $3.62 billion available for share repurchases under the program authorized by the Company’s Board of Directors.

Table of Contents

13. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July 4, 2026 and July 5, 2025 (in millions):


	Three-Month (13-Week) Period Ended
	July 4, 2026
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 4, 2026	$	(15	)	$	(196	)	$	5	$	(206	)
Other comprehensive income (loss) before reclassifications		(8	)		(21	)		-		(29	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		21			-			-		21
Net current-period other comprehensive income (loss)		13			(21	)		-		(8	)
Accumulated other comprehensive income (loss) at July 4, 2026	$	(2	)	$	(217	)	$	5	$	(214	)


	Six-Month (26-Week) Period Ended
	July 4, 2026
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2025	$	(13	)	$	(186	)	$	5	$	(194	)
Other comprehensive income (loss) before reclassifications		(25	)		(31	)		-		(56	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		36			-			-		36
Net current-period other comprehensive income (loss)		11			(31	)		-		(20	)
Accumulated other comprehensive income (loss) at July 4, 2026	$	(2	)	$	(217	)	$	5	$	(214	)

(1)

Includes $20 million and $36 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2026, respectively. The tax impact of those reclassifications was $7 million and $11 million in the second quarter and first six months of 2026, respectively.

Table of Contents


	Three-Month (13-Week) Period Ended
	July 5, 2025
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 5, 2025	$	14		$	(223	)	$	11	$	(198	)
Other comprehensive income (loss) before reclassifications		(16	)		43			-		27
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		4			-			-		4
Net current-period other comprehensive income (loss)		(12	)		43			-		31
Accumulated other comprehensive income (loss) at July 5, 2025	$	2		$	(180	)	$	11	$	(167	)


	Six-Month (26-Week) Period Ended
	July 5, 2025
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2024	$	1		$	(220	)	$	11	$	(208	)
Other comprehensive income (loss) before reclassifications		(6	)		40			-		34
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		7			-			-		7
Net current-period other comprehensive income (loss)		1			40			-		41
Accumulated other comprehensive income (loss) at July 5, 2025	$	2		$	(180	)	$	11	$	(167	)

(2)

Includes $4 million and $7 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2025, respectively. The tax impact of those reclassifications was $1 million and $2 million in the second quarter and first six months of 2025, respectively.

14. Segments

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Table of Contents

Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the Chief Executive Officer and the Chief Operating Officer, to manage the business, make decisions about resources to be allocated to the segments and assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). Our CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with company-wide goals.

Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.

Nucor’s results by segment for the second quarter and first six months of 2026 and 2025 were as follows (in millions):


	Three Months (13 Weeks) Ended
	July 4, 2026
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	6,481	$	3,105	$	811	$	10,397
Intercompany sales		1,493		185		3,339		5,017
Total Sales		7,974		3,290		4,150		15,414
Reconciliation of Sales
Elimination of intercompany sales								(5,017	)
Net sales to external customers								10,397
Less:
Cost of products sold		6,388		2,842		3,981		13,211
Other segment items		30		95		23		148
Segment earnings before income taxes and noncontrolling interests		1,556		353		146		2,055
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(430	)
Earnings before income taxes and noncontrolling interests							$	1,625


	Six Months (26 Weeks) Ended
	July 4, 2026
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	12,517	$	5,891	$	1,485	$	19,893
Intercompany sales		2,928		417		6,426		9,771
Total Sales		15,445		6,308		7,911		29,664
Reconciliation of Sales
Elimination of intercompany sales								(9,771	)
Net sales to external customers								19,893
Less:
Cost of products sold		12,709		5,502		7,657		25,868
Other segment items		52		177		63		292
Segment earnings before income taxes and noncontrolling interests		2,684		629		191		3,504
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(783	)
Earnings before income taxes and noncontrolling interests							$	2,721

Table of Contents


	Three Months (13 Weeks) Ended
	July 5, 2025
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	5,253	$	2,657	$	546	$	8,456
Intercompany sales		1,360		148		2,801		4,309
Total Sales		6,613		2,805		3,347		12,765
Reconciliation of Sales
Elimination of intercompany sales								(4,309	)
Net sales to external customers								8,456
Less:
Cost of products sold		5,727		2,328		3,262		11,317
Other segment items		43		85		28		156
Segment earnings before income taxes and noncontrolling interests		843		392		57		1,292
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(393	)
Earnings before income taxes and noncontrolling interests							$	899


	Six Months (26 Weeks) Ended
	July 5, 2025
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	10,160	$	5,062	$	1,064	$	16,286
Intercompany sales		2,434		298		5,527		8,259
Total Sales		12,594		5,360		6,591		24,545
Reconciliation of Sales
Elimination of intercompany sales								(8,259	)
Net sales to external customers								16,286
Less:
Cost of products sold		11,470		4,557		6,466		22,493
Other segment items		50		123		39		212
Segment earnings before income taxes and noncontrolling interests		1,074		680		86		1,840
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(656	)
Earnings before income taxes and noncontrolling interests							$	1,184

Table of Contents


	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	July 4, 2026		July 5, 2025		July 4, 2026		July 5, 2025
Depreciation expense:
Steel mills	$	213	$	197	$	426	$	404
Steel products		55		46		109		86
Raw materials		46		54		94		105
Corporate		6		6		12		11
	$	320	$	303	$	641	$	606
Amortization expense:
Steel mills	$	1	$	2	$	3	$	4
Steel products		54		54		108		110
Raw materials		8		7		15		14
	$	63	$	63	$	126	$	128
Capital expenditures:
Steel mills	$	413	$	552	$	853	$	1,161
Steel products		100		156		230		310
Raw materials		42		118		90		236
Corporate		38		39		74		79
	$	593	$	865	$	1,247	$	1,786


	July 4, 2026		December 31, 2025
Segment assets:
Steel mills	$	19,525	$	18,354
Steel products		12,031		11,770
Raw materials		4,332		4,013
Corporate/eliminations		1,066		967
	$	36,954	$	35,104

Net sales by product for the second quarter and first six months of 2026 and 2025 were as follows (in millions). Further product group breakdown is impracticable.


	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	July 4, 2026		July 5, 2025		July 4, 2026		July 5, 2025
Net sales to external customers:
Sheet	$	2,916	$	2,476	$	5,707	$	4,685
Bar		1,862		1,397		3,551		2,889
Structural		847		694		1,700		1,338
Plate		856		686		1,559		1,248
Tubular Products		599		380		1,127		744
Rebar Fabrication		569		487		1,048		895
Joist & Deck		483		564		938		1,062
Building Systems		352		337		688		615
Other Steel Products		1,102		889		2,090		1,746
Raw Materials		811		546		1,485		1,064
	$	10,397	$	8,456	$	19,893	$	16,286

15. Revenue

Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $256 million as of July 4, 2026 ($243 million as of December 31, 2025) and the vast majority are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Table of Contents

Nucor disaggregates its revenues by major source in the same manner as presented in the net sales by product table in the segment footnote (see Note 14).

16. Earnings Per Share

The computations of basic and diluted net earnings per share for the second quarter and first six months of 2026 and 2025 are as follows (in millions, except per share amounts):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2026			July 5, 2025			July 4, 2026			July 5, 2025
Basic net earnings per share:
Basic net earnings	$	1,156		$	603		$	1,899		$	759
Earnings allocated to participating securities		(4	)		(3	)		(7	)		(3	)
Net earnings available to common stockholders	$	1,152		$	600		$	1,892		$	756
Basic average shares outstanding		228.2			230.6			228.6			231.7
Basic net earnings per share	$	5.05		$	2.60		$	8.28		$	3.26
Diluted net earnings per share:
Diluted net earnings	$	1,156		$	603		$	1,899		$	759
Earnings allocated to participating securities		(4	)		(3	)		(7	)		(3	)
Net earnings available to common stockholders	$	1,152		$	600		$	1,892		$	756
Diluted average shares outstanding:
Basic average shares outstanding		228.2			230.6			228.6			231.7
Dilutive effect of stock options and other		0.3			0.2			0.3			0.2
		228.5			230.8			228.9			231.9
Diluted net earnings per share	$	5.04		$	2.60		$	8.27		$	3.26

The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands):


	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	July 4, 2026		July 5, 2025		July 4, 2026		July 5, 2025
Anti-dilutive stock options:
Weighted-average shares		13		129		26		124
Weighted-average exercise price	$	251.49	$	142.08	$	251.49	$	142.08

Table of Contents

Previous: Cover and table of contents · Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations