Nucor (NUE) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong financial and operational results, with net earnings of $1.2 billion ($5.04 EPS), adjusted EPS of $4.84, and record steel mill shipments driven by robust demand across all product categories and end markets.

• Returned $479 million to shareholders via dividends and buybacks, representing 41% of net earnings.

• Growth projects and capacity expansions, including the West Virginia sheet mill and multiple towers and structures facilities, are progressing on schedule and expected to support future performance.

• Safety performance improved, with a year-to-date injury and illness rate of 0.71 and ongoing initiatives for further reduction.

• Net sales rose to $10.40 billion, a 9% increase sequentially and 23% year-over-year.

Financial highlights

• Q2 2026 EBITDA was $2.02 billion, up from $1.51 billion in Q1 2026 and $1.3 billion in Q2 2025.

• Steel Mills segment pre-tax earnings rose over 35% sequentially to $1.6 billion, driven by higher selling prices and volumes.

• Steel Products pre-tax earnings reached $353 million, up 28% sequentially, with 11% volume growth.

• Raw Materials segment pre-tax earnings were $146 million, up 224% sequentially, benefiting from higher DRI transfer prices and improved scrap operations.

• Free cash flow was $829 million, the strongest since 2023, reversing a negative FCF in Q1 2026.

Outlook and guidance

• Q3 2026 consolidated earnings expected to be higher, with Steel Mills and Steel Products segments both projected to see increased earnings due to higher realized pricing and stable or higher volumes.

• Raw Materials segment earnings expected to decline in Q3 due to lower scrap pricing and higher iron ore costs.

• CapEx guidance for 2026 reaffirmed at $2.5 billion, with moderation expected in H2.

• Growth projects and ramp-ups are expected to contribute positively to EBITDA in the coming quarters.

• Expect shipment growth at the high end of the 5%-10% range for 2026.