Nucor (NUE) Q4 2025 earnings summary

Executive summary

• Achieved record-low injury and illness rates in 2025, marking eight consecutive years of safety improvement and a 35% reduction over five years.

• Leadership transition: Steve Laxton promoted to President and COO, continuing as CFO until a successor is named; Dave Sumoski to retire in June after over 30 years.

• Major growth and transformation with significant investments in steel mill and steel products segments, including new mills and facility expansions.

• FY 2025 adjusted net earnings were $1.8B and adjusted EBITDA was $4.2B, with Q4 adjusted net earnings of $400M and adjusted EBITDA of $918M.

• Returned $1.2B to shareholders in 2025 through dividends and share repurchases.

Financial highlights

• FY 2025 adjusted EPS was $7.71, with Q4 adjusted EPS at $1.73; full-year EBITDA was $4.2B.

• Q4 2025 net sales were $7.69B, up 9% year-over-year but down 10% sequentially; full-year net sales were $32.49B, a 6% increase over 2024.

• FY 2025 capital expenditures totaled $3.4B; Q4 capex was $802M.

• FY 2025 free cash flow was negative at -$188M due to high capex and lower operating cash flow.

• Adjusted Q4 earnings exclude $27M in non-cash asset impairments; full-year results exclude $23M in after-tax charges related to facility closures and repurposing.

Outlook and guidance

• 2026 CapEx expected to be $2.5B, down from $3.4B in 2025, with two-thirds for growth projects, notably the West Virginia sheet mill.

• Expect higher consolidated earnings in Q1 2026, with improved results across all segments and increased shipment volumes.

• Steel mill shipments projected to rise ~5% in 2026 versus 2025, supported by strong backlogs and ramp-ups of recent projects.

• Free cash flow expected to increase meaningfully in 2026 due to lower CapEx and incremental EBITDA from new projects.

• Management is encouraged by robust demand, strong backlogs, and supportive federal policies for the domestic steel industry.