Nucor Q4 EPS $1.64, EBITDA $918M on $7.69B Sales; $406M Buyback Left
Nucor reported Q4 2025 net earnings of $378 million ($1.64/share) and adjusted net earnings of $400 million ($1.73/share) on net sales of $7.69 billion with EBITDA of $918 million. The quarter included $27 million in asset impairment charges and Nucor repurchased 0.7 million shares at an average $145.23 each, leaving $406 million in remaining buyback authorization.
1. Fourth Quarter Financial Performance
Nucor reported consolidated net earnings attributable to stockholders of $378 million, or $1.64 per diluted share, in the fourth quarter of 2025. Excluding asset impairments, adjusted net earnings rose to $400 million, or $1.73 per diluted share. Net sales for the quarter reached $7.69 billion, while net earnings before noncontrolling interests totaled $423 million and EBITDA was $918 million, reflecting resilient demand across key end markets despite margin pressures in certain product lines.
2. Segment Results and Asset Impairments
Earnings before income taxes and noncontrolling interests in the steel mills segment declined to $516 million, down from $793 million in the prior quarter, due to lower volumes and margin compression in sheet products. The steel products segment generated $230 million, off from $319 million, as higher realized prices were offset by elevated per-ton costs and softer volumes. Raw materials earnings fell to $24 million following scheduled outages at direct reduced iron facilities. The quarter included $27 million of losses and impairments—$21 million in steel products facility closures or repurposing and $6 million related to steel mills non-current assets.
3. Financial Position and Capital Return
At December 31, 2025, Nucor held $2.70 billion in cash and equivalents with its $2.25 billion revolving credit facility undrawn. The company maintains top credit ratings in the North American steel sector. During the quarter, approximately 0.7 million shares were repurchased, leaving $406 million remaining under its authorization. The board declared a cash dividend of $0.56 per share, payable in February, marking 211 consecutive quarterly distributions and 53 years of annual increases.
4. 2026 Outlook and Growth Projects
Management expects first-quarter 2026 earnings to increase across all operating segments, led by higher volumes and pricing in the steel mills business. Recently completed growth projects—including the Lexington rebar micro-mill, Kingman melt shop, Alabama Towers and Structures facility, and Crawfordsville coating complex—are beginning to contribute earnings. Robust order backlogs, supportive federal infrastructure policies and a focus on execution underpin confidence in generating through-cycle returns and strengthening long-term earnings power.