Nucor Reports Results for the Second Quarter of 2025
Nucor Corporation (NYSE: NUE) reported second quarter 2025 net earnings of $603 million, or $2.60 per diluted share, with net sales of $8.46 billion. This represents a significant improvement from Q1 2025's $156 million but slightly below Q2 2024's $645 million.
The company demonstrated strong operational performance with total shipments of 6.82 million tons, an 8% increase year-over-year. Steel mill operating rates improved to 85% in Q2 2025, up from 80% in Q1 2025. The average sales price increased 8% quarter-over-quarter but decreased 3% year-over-year.
Nucor maintained its strong financial position with $2.48 billion in cash and cash equivalents and continued its commitment to shareholder returns through a $0.55 quarterly dividend and repurchasing 1.8 million shares at an average price of $111.89. The company expects Q3 2025 earnings to be nominally lower due to margin compression in the steel mills segment.
Nucor Corporation (NYSE: NUE) ha riportato utili netti nel secondo trimestre 2025 pari a 603 milioni di dollari, ovvero 2,60 dollari per azione diluita, con ricavi netti di 8,46 miliardi di dollari. Questo rappresenta un miglioramento significativo rispetto ai 156 milioni del primo trimestre 2025, ma leggermente inferiore ai 645 milioni del secondo trimestre 2024.
L'azienda ha mostrato una forte performance operativa con spedizioni totali di 6,82 milioni di tonnellate, in aumento dell'8% su base annua. I tassi di utilizzo degli impianti siderurgici sono saliti all'85% nel secondo trimestre 2025, rispetto all'80% del primo trimestre 2025. Il prezzo medio di vendita 猫 aumentato dell'8% trimestre su trimestre, ma 猫 diminuito del 3% anno su anno.
Nucor ha mantenuto una solida posizione finanziaria con 2,48 miliardi di dollari in liquidit脿 e equivalenti e ha continuato a impegnarsi nei confronti degli azionisti attraverso un dividendo trimestrale di 0,55 dollari e il riacquisto di 1,8 milioni di azioni a un prezzo medio di 111,89 dollari. L'azienda prevede che gli utili del terzo trimestre 2025 saranno leggermente inferiori a causa della compressione dei margini nel segmento degli impianti siderurgici.
Nucor Corporation (NYSE: NUE) report贸 ganancias netas de 603 millones de d贸lares en el segundo trimestre de 2025, o 2,60 d贸lares por acci贸n diluida, con ventas netas de 8,46 mil millones de d贸lares. Esto representa una mejora significativa respecto a los 156 millones del primer trimestre de 2025, pero ligeramente inferior a los 645 millones del segundo trimestre de 2024.
La compa帽铆a mostr贸 un s贸lido desempe帽o operativo con env铆os totales de 6,82 millones de toneladas, un aumento del 8% interanual. Las tasas de operaci贸n de las acer铆as mejoraron al 85% en el segundo trimestre de 2025, frente al 80% del primer trimestre de 2025. El precio medio de venta aument贸 un 8% trimestre a trimestre, pero disminuy贸 un 3% a帽o tras a帽o.
Nucor mantuvo una fuerte posici贸n financiera con 2,48 mil millones de d贸lares en efectivo y equivalentes y continu贸 su compromiso con los accionistas a trav茅s de un dividendo trimestral de 0,55 d贸lares y la recompra de 1,8 millones de acciones a un precio promedio de 111,89 d贸lares. La compa帽铆a espera que las ganancias del tercer trimestre de 2025 sean ligeramente inferiores debido a la compresi贸n de m谩rgenes en el segmento de acer铆as.
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Nucor Corporation (NYSE: NUE) a annonc茅 un b茅n茅fice net de 603 millions de dollars pour le deuxi猫me trimestre 2025, soit 2,60 dollars par action dilu茅e, avec un chiffre d'affaires net de 8,46 milliards de dollars. Cela repr茅sente une am茅lioration significative par rapport aux 156 millions du premier trimestre 2025, mais l茅g猫rement inf茅rieur aux 645 millions du deuxi猫me trimestre 2024.
L'entreprise a d茅montr茅 une solide performance op茅rationnelle avec des exp茅ditions totales de 6,82 millions de tonnes, soit une augmentation de 8 % en glissement annuel. Les taux d'exploitation des aci茅ries sont pass茅s 脿 85% au deuxi猫me trimestre 2025, contre 80 % au premier trimestre 2025. Le prix de vente moyen a augment茅 de 8 % d'un trimestre 脿 l'autre, mais a diminu茅 de 3 % en glissement annuel.
Nucor a maintenu une position financi猫re solide avec 2,48 milliards de dollars en liquidit茅s et 茅quivalents et a poursuivi son engagement envers les actionnaires par le biais d'un dividende trimestriel de 0,55 dollar et le rachat de 1,8 million d'actions 脿 un prix moyen de 111,89 dollars. L'entreprise pr茅voit que les b茅n茅fices du troisi猫me trimestre 2025 seront l茅g猫rement inf茅rieurs en raison d'une compression des marges dans le segment des aci茅ries.
Nucor Corporation (NYSE: NUE) meldete f眉r das zweite Quartal 2025 einen Nettogewinn von 603 Millionen US-Dollar bzw. 2,60 US-Dollar je verw盲sserter Aktie bei Nettoums盲tzen von 8,46 Milliarden US-Dollar. Dies stellt eine deutliche Verbesserung gegen眉ber den 156 Millionen US-Dollar im ersten Quartal 2025 dar, liegt jedoch leicht unter den 645 Millionen US-Dollar des zweiten Quartals 2024.
Das Unternehmen zeigte eine starke operative Leistung mit Gesamtlieferungen von 6,82 Millionen Tonnen, was einem Anstieg von 8 % im Jahresvergleich entspricht. Die Auslastung der Stahlwerke verbesserte sich im zweiten Quartal 2025 auf 85%, nach 80 % im ersten Quartal 2025. Der durchschnittliche Verkaufspreis stieg im Quartalsvergleich um 8 %, ging jedoch im Jahresvergleich um 3 % zur眉ck.
Nucor behielt eine starke finanzielle Position mit 2,48 Milliarden US-Dollar an liquiden Mitteln und Zahlungsmitteln bei und setzte sein Engagement f眉r Aktion盲rsrenditen durch eine viertelj盲hrliche Dividende von 0,55 US-Dollar sowie den R眉ckkauf von 1,8 Millionen Aktien zu einem Durchschnittspreis von 111,89 US-Dollar fort. Das Unternehmen erwartet f眉r das dritte Quartal 2025 aufgrund von Margendruck im Stahlwerkssegment leicht niedrigere Gewinne.
- Net earnings increased significantly to $603 million in Q2 2025 from $156 million in Q1 2025
- Operating rates at steel mills improved to 85% from 80% quarter-over-quarter
- Strong financial position with $2.48 billion in cash and highest credit rating in North American steel sector
- Total shipments increased 8% year-over-year to 6.82 million tons
- Sequential earnings growth across all three reporting segments
- Q2 2025 earnings declined year-over-year from $645 million to $603 million
- Average sales price decreased 3% compared to Q2 2024
- Expected margin compression and lower earnings forecast for Q3 2025
- Pre-operating and start-up costs increased to $306 million in first half 2025 vs $262 million in 2024
Insights
Nucor delivered solid Q2 results with earnings up from Q1 across all segments, though slightly below year-ago levels.
Nucor posted $603 million in Q2 net earnings ($2.60 per share), marking a substantial 287% increase from Q1's $156 million, though slightly below the $645 million from Q2 2024. Revenue increased 8% sequentially to $8.46 billion, with improved performance across all three operating segments.
The results demonstrate operational resilience amid challenging market conditions. Steel mill utilization rates improved to 85% from 80% in Q1 and 75% a year ago, indicating healthier demand. Total shipments of 6.82 million tons were flat sequentially but up 8% year-over-year.
Segment performance shows varied dynamics: steel mills led earnings at $843 million (versus $645 million year-ago), driven by higher sheet and plate prices. Steel products contributed $392 million, down from $442 million last year despite volume increases, suggesting margin pressure.
Cash position remains robust at $2.48 billion with an undrawn $2.25 billion credit facility and industry-leading credit ratings. Nucor continues aggressive capital return, repurchasing 1.8 million shares at an average price of $111.89 in Q2 and maintaining its 209th consecutive quarterly dividend of $0.55 per share.
The company faces $136 million in pre-operating costs for growth projects (about $0.45 per share), signaling continued investment despite near-term headwinds. Management's Q3 outlook projects slightly lower earnings due to margin compression in the steel mills segment, despite resilient backlogs and stable demand.
Second Quarter of 2025 Highlights
- Net earnings attributable to Nucor stockholders of
$603 million $2.60 - Net sales of
$8.46 billion - Net earnings before noncontrolling interests of
$706 million $1.30 billion
In the first six months of 2025, Nucor reported consolidated net earnings attributable to Nucor stockholders of
"Our team delivered a solid second quarter, with sequential earnings growth听from all three of Nucor's reporting segments, and did so while setting another safety record in the first half of 2025," said Leon Topalian, Nucor's Chair, President and Chief Executive Officer. "As we head into the second half of 2025, we are encouraged by resilient demand across key end markets, a healthy order backlog and recently enacted tax and trade policies that promote American manufacturing."听
Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2025 and 2024 were as follows (in millions):
Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||
July 5, 2025 | June 29, 2024 | July 5, 2025 | June 29, 2024 | |||||||||||||
Steel mills | $ | 843 | $ | 645 | $ | 1,074 | $ | 1,748 | ||||||||
Steel products | 392 | 442 | 680 | 953 | ||||||||||||
Raw materials | 57 | 39 | 86 | 49 | ||||||||||||
Corporate/eliminations | (393) | (228) | (656) | (627) | ||||||||||||
$ | 899 | $ | 898 | $ | 1,184 | $ | 2,123 | |||||||||
Financial Review
Nucor's consolidated net sales increased
In the first six months of 2025, Nucor's consolidated net sales of
The average scrap and scrap substitute cost per gross ton used in the second quarter of 2025 was
Pre-operating and start-up costs related to the Company's growth projects were approximately
In the first six months of 2025, pre-operating and start-up costs related to the Company's growth projects were approximately
Overall operating rates at the Company's steel mills increased to
Financial Strength
At the end of the second quarter of 2025, we had
Commitment to Returning Capital to Stockholders
During the second quarter of 2025, Nucor repurchased approximately 1.8 million shares of its common stock at an average price of
On June 10, 2025, Nucor's Board of Directors declared a cash dividend of
Second Quarter of 2025 Analysis
Earnings in the second quarter of 2025 increased across all three of our operating segments as compared to the first quarter of 2025. The increase in earnings for the steel mills segment was primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment increased in the second quarter of 2025 as compared to the first quarter of 2025 due to a combination of stable overall pricing, higher volumes and lower average costs per ton. The raw materials segment had increased earnings in the second quarter of 2025 as compared to the first quarter of 2025 due primarily to our scrap processing operations.
Third Quarter of 2025 Outlook
We expect earnings in the third quarter of 2025 to be nominally lower than the second quarter of 2025, due to decreased earnings in the steel mills segment and similar earnings in the steel products and raw materials segments. In the steel mills segment, despite resilient backlogs and a stable demand outlook, we expect margin compression in the third quarter of 2025 as compared to the second quarter of 2025.
Earnings Conference Call
An earnings call is scheduled for July 29, 2025 at 10:00 a.m. Eastern Time to review Nucor's second 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.听
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. 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)
听
Tonnage Data | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||||||||||
July 5, 2025 | June 29, | Percent | July 5, 2025 | June 29, | Percent | |||||||||||||||||||
Steel mills total shipments: | ||||||||||||||||||||||||
Sheet | 3,057 | 2,869 | 7 | % | 6,038 | 5,843 | 3 | % | ||||||||||||||||
Bars | 2,148 | 2,005 | 7 | % | 4,438 | 3,917 | 13 | % | ||||||||||||||||
Structural | 635 | 512 | 24 | % | 1,212 | 1,062 | 14 | % | ||||||||||||||||
Plate | 606 | 448 | 35 | % | 1,183 | 860 | 38 | % | ||||||||||||||||
Other | 28 | 33 | -15 | % | 66 | 75 | -12 | % | ||||||||||||||||
6,474 | 5,867 | 10 | % | 12,937 | 11,757 | 10 | % | |||||||||||||||||
Sales tons to outside customers: 听 听 听 听 听 | ||||||||||||||||||||||||
Steel mills | 5,044 | 4,617 | 9 | % | 10,270 | 9,293 | 11 | % | ||||||||||||||||
Joist and deck | 217 | 185 | 17 | % | 399 | 365 | 9 | % | ||||||||||||||||
Rebar fabrication products | 306 | 265 | 15 | % | 553 | 503 | 10 | % | ||||||||||||||||
Tubular products | 243 | 214 | 14 | % | 513 | 422 | 22 | % | ||||||||||||||||
Building Systems | 64 | 66 | -3 | % | 112 | 121 | -7 | % | ||||||||||||||||
Other steel products | 311 | 344 | -10 | % | 612 | 628 | -3 | % | ||||||||||||||||
Raw materials | 635 | 598 | 6 | % | 1,191 | 1,181 | 1 | % | ||||||||||||||||
6,820 | 6,289 | 8 | % | 13,650 | 12,513 | 9 | % | |||||||||||||||||
听
Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data) | ||||||||||||||||
Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||
July 5, 2025 | June 29, 2024 | July 5, 2025 | June 29, 2024 | |||||||||||||
Net sales | $ | 8,456 | $ | 8,077 | $ | 16,286 | $ | 16,214 | ||||||||
Costs, expenses and other: | ||||||||||||||||
Cost of products sold | 7,233 | 6,883 | 14,458 | 13,497 | ||||||||||||
Marketing, administrative and other expenses | 304 | 294 | 585 | 639 | ||||||||||||
Equity in earnings of unconsolidated affiliates | (10) | (10) | (14) | (19) | ||||||||||||
Losses and impairments of assets | 11 | 14 | 40 | 14 | ||||||||||||
Interest expense (income), net | 19 | (2) | 33 | (40) | ||||||||||||
7,557 | 7,179 | 15,102 | 14,091 | |||||||||||||
Earnings before income taxes and noncontrolling interests听 | 899 | 898 | 1,184 | 2,123 | ||||||||||||
Provision for income taxes | 193 | 186 | 252 | 452 | ||||||||||||
Net earnings before noncontrolling interests | 706 | 712 | 932 | 1,671 | ||||||||||||
Earnings attributable to noncontrolling interests | 103 | 67 | 173 | 181 | ||||||||||||
Net earnings attributable to Nucor stockholders | $ | 603 | $ | 645 | $ | 759 | $ | 1,490 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 2.60 | $ | 2.68 | $ | 3.26 | $ | 6.15 | ||||||||
Diluted | $ | 2.60 | $ | 2.68 | $ | 3.26 | $ | 6.14 | ||||||||
Average shares outstanding: | ||||||||||||||||
Basic | 230.6 | 239.6 | 231.7 | 241.3 | ||||||||||||
Diluted | 230.8 | 240.0 | 231.9 | 241.5 | ||||||||||||
听
Condensed Consolidated Balance Sheets (Unaudited) (In millions) | ||||||||
July 5, 2025 | Dec.听31, 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,946 | $ | 3,558 | ||||
Short-term investments | 537 | 581 | ||||||
Accounts receivable, net | 3,388 | 2,675 | ||||||
Inventories, net | 5,462 | 5,106 | ||||||
Other current assets | 386 | 555 | ||||||
Total current assets | 11,719 | 12,475 | ||||||
Property, plant and equipment, net | 14,303 | 13,243 | ||||||
Goodwill | 4,299 | 4,288 | ||||||
Other intangible assets, net | 3,006 | 3,134 | ||||||
Other assets | 890 | 800 | ||||||
Total assets | $ | 34,217 | $ | 33,940 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 157 | $ | 225 | ||||
Current portion of long-term debt and finance lease obligations听 | 32 | 1,042 | ||||||
Accounts payable | 2,183 | 1,832 | ||||||
Salaries, wages and related accruals | 745 | 903 | ||||||
Accrued expenses and other current liabilities | 1,029 | 975 | ||||||
Total current liabilities | 4,146 | 4,977 | ||||||
Long-term debt and finance lease obligations due after one year | 6,692 | 5,683 | ||||||
Deferred credits and other liabilities | 1,887 | 1,863 | ||||||
Total liabilities | 12,725 | 12,523 | ||||||
Commitments and contingencies | ||||||||
EQUITY | ||||||||
Nucor stockholders' equity: | ||||||||
Common stock | 152 | 152 | ||||||
Additional paid-in capital | 2,213 | 2,223 | ||||||
Retained earnings | 30,775 | 30,271 | ||||||
Accumulated other comprehensive loss, 听听 net of income taxes | (167) | (208) | ||||||
Treasury stock | (12,584) | (12,144) | ||||||
Total Nucor stockholders' equity | 20,389 | 20,294 | ||||||
Noncontrolling interests | 1,103 | 1,123 | ||||||
Total equity | 21,492 | 21,417 | ||||||
Total liabilities and equity | $ | 34,217 | $ | 33,940 | ||||
听
Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) | ||||||||
Six Months (26 Weeks) Ended | ||||||||
July 5, 2025 | June 29, 2024 | |||||||
Operating activities: | ||||||||
Net earnings before noncontrolling interests | $ | 932 | $ | 1,671 | ||||
Adjustments: | ||||||||
Depreciation | 606 | 528 | ||||||
Amortization | 128 | 120 | ||||||
Impairment of assets | 20 | 14 | ||||||
Stock-based compensation | 78 | 83 | ||||||
Deferred income taxes | (17) | (78) | ||||||
Distributions from affiliates | 6 | 8 | ||||||
Equity in earnings of unconsolidated affiliates | (14) | (19) | ||||||
Changes in assets and liabilities (exclusive of acquisitions and dispositions):听 | ||||||||
Accounts receivable | (706) | (154) | ||||||
Inventories | (352) | 333 | ||||||
Accounts payable | 375 | (315) | ||||||
Federal income taxes | 135 | 133 | ||||||
Salaries, wages and related accruals | (135) | (426) | ||||||
Other operating activities | 40 | 47 | ||||||
Cash provided by operating activities | 1,096 | 1,945 | ||||||
Investing activities: | ||||||||
Capital expenditures | (1,813) | (1,471) | ||||||
Investment in and advances to affiliates | (1) | - | ||||||
Disposition of plant and equipment | 39 | 10 | ||||||
Acquisitions (net of cash acquired) | (1) | (109) | ||||||
Purchases of investments | (666) | (887) | ||||||
Proceeds from the sale of investments | 717 | 856 | ||||||
Other investing activities | 2 | - | ||||||
Cash used in investing activities | (1,723) | (1,601) | ||||||
Financing activities: | ||||||||
Net change in short-term debt | (68) | 49 | ||||||
Repayment of long-term debt | (1,007) | (5) | ||||||
Proceeds from issuance of long-term debt, net of discount | 997 | - | ||||||
Bond issuance costs | (9) | - | ||||||
Proceeds from exercise of stock options | - | 3 | ||||||
Payment of tax withholdings on certain stock-based compensation | (31) | (47) | ||||||
Distributions to noncontrolling interests | (214) | (315) | ||||||
Cash dividends | (258) | (264) | ||||||
Acquisition of treasury stock | (500) | (1,501) | ||||||
Proceeds from government incentives | 77 | - | ||||||
Other financing activities | 17 | (7) | ||||||
Cash used in financing activities | (996) | (2,087) | ||||||
Effect of exchange rate changes on cash | 11 | (5) | ||||||
Decrease in cash and cash equivalents | (1,612) | (1,748) | ||||||
Cash and cash equivalents - beginning of year | 3,558 | 6,387 | ||||||
Cash and cash equivalents - end of six months | $ | 1,946 | $ | 4,639 | ||||
Non-cash investing activity: | ||||||||
Change in accrued plant and equipment purchases | $ | (27) | $ | 37 | ||||
听
Non-GAAP Financial Measures | ||||||||||||||||
Reconciliation of EBITDA (Unaudited) | ||||||||||||||||
(In millions) | ||||||||||||||||
Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||||
July 5, 2025 | June 29, 2024 | July 5, 2025 | June 29, 2024 | |||||||||||||
Net earnings before noncontrolling interests | $ | 706 | $ | 712 | $ | 932 | $ | 1,671 | ||||||||
Depreciation | 303 | 271 | 606 | 528 | ||||||||||||
Amortization | 63 | 61 | 128 | 120 | ||||||||||||
Losses and impairments of assets | 11 | 14 | 40 | 14 | ||||||||||||
Interest expense (income), net | 19 | (2) | 33 | (40) | ||||||||||||
Provision for income taxes | 193 | 186 | 252 | 452 | ||||||||||||
EBITDA | $ | 1,295 | $ | 1,242 | $ | 1,991 | $ | 2,745 | ||||||||
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SOURCE Nucor Corporation
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