Nucor (NUE) Q2 2025 earnings summary

Executive summary

• Q2 2025 net earnings were $603 million ($2.60 per share) on net sales of $8.46 billion, with EBITDA of $1.3 billion, reflecting strong operational performance and record safety in H1.

• Steel mills achieved record shipments and positive EBITDA at Brandenburg; steel products segment saw higher volumes and margins, while raw materials segment earnings improved.

• Major growth projects, including new bar mills and coating facilities, are nearing completion, supporting future capacity and product diversification.

• Shareholder returns remain a priority, with $329 million returned in Q2 via dividends and buybacks, and a total of $758 million YTD.

• Backlogs for steel mills and steel products increased year-over-year, indicating resilient demand.

Financial highlights

• Q2 2025 EBITDA was $1.3 billion, up from $1.2 billion in Q2 2024; net earnings were $603 million, with EPS of $2.60.

• Net sales reached $8.46 billion, up 5% year-over-year; shipments rose 8% year-over-year.

• Capital expenditures totaled $954 million in Q2; full-year CapEx guidance remains at $3 billion.

• Cash and equivalents at quarter-end were $1.95 billion; liquidity stood at $3.4 billion.

• Pre-operating and startup costs were $136 million in Q2, down $34 million from Q1.

Outlook and guidance

• Q3 2025 consolidated earnings are expected to be slightly lower than Q2, with margin compression in steel mills and steel products, but similar earnings in raw materials.

• Free cash flow is expected to improve in H2 as CapEx and working capital usage decline.

• Medium-term outlook remains positive, driven by strong demand in construction, infrastructure, energy, and data centers.