Nucor reported consolidated net earnings of $378 million in the fourth quarter of 2025, or $1.64 per diluted share. Excluding $27 million of impairment charges, adjusted net earnings rose to $400 million, or $1.73 per diluted share, surpassing the year-ago EPS of $1.22. Net sales totaled $7.69 billion, while EBITDA reached $918 million. This compares with consolidated net earnings of $607 million in Q3 2025 and $287 million in Q4 2024, illustrating significant sequential and year-over-year swings driven by project ramp-ups and one-time charges.

Earnings before income taxes and noncontrolling interests in the steel mills segment declined to $516 million from $793 million in Q3, due to lower sheet volumes and margin compression. The steel products segment generated $230 million, down from $319 million, as higher average costs per ton partially offset improved pricing. Raw materials contributed $24 million, reduced by two scheduled direct‐reduced-iron outages but partly offset by insurance recoveries. Corporate and eliminations accounted for a $269 million charge, reflecting increased interest and SG&A allocations.

At quarter end, Nucor held $2.70 billion in cash and short-term investments, with an undrawn $2.25 billion credit facility maturing in 2030. Debt ratings remain the strongest in North American steel (A-/A-/A3). During Q4, the company repurchased 0.7 million shares at an average cost of $145.23, bringing full-year 2025 buybacks to 5.4 million shares at $128.66. Approximately $406 million remains available under the repurchase plan. The board declared a $0.56 quarterly dividend, marking 53 consecutive years of annual dividend increases.

Management expects first-quarter earnings to improve across all segments, with the steel mills segment leading on higher volumes and realized prices. Newly commissioned facilities—including the Lexington micro-mill, Kingman melt shop, Alabama Towers & Structures plant and Crawfordsville coating complex—have begun contributing to margins and are forecast to bolster through-cycle returns. Robust backlogs and supportive federal infrastructure policies underpin guidance for sequential earnings growth in early 2026.