Nucor reported adjusted net earnings attributable to stockholders of $400 million, or $1.73 per diluted share, for the quarter ended December 31, 2025, falling short of the consensus estimate of $1.82. Net sales climbed 8.6% year-over-year to $7.69 billion, driven by higher average realized pricing across major product lines. EBITDA reached $918 million, down from $1.02 billion in the prior-year quarter once impairment charges are excluded.

Earnings before income taxes and noncontrolling interests in the steel mills segment decreased to $516 million from $793 million in Q3 2025, reflecting lower volumes and margin compression in sheet products. The steel products segment generated $230 million, down from $319 million, due to reduced shipment volumes and higher per-ton production costs, partially offset by price gains. Raw materials earnings fell to $24 million from $43 million, as two scheduled outages at direct reduced iron facilities weighed on output, partially mitigated by insurance recoveries.

At quarter-end, Nucor held $2.70 billion in cash, cash equivalents and short-term investments, with its $2.25 billion revolving credit facility undrawn and maturing in March 2030. The company repurchased 0.7 million shares at an average price of $145.23 in Q4 and 5.4 million shares at an average of $128.66 for full-year 2025, leaving $406 million of buyback authorization. The board declared a quarterly cash dividend of $0.56 per share, marking the 211th consecutive quarterly payout and the 53rd annual dividend increase.

For Q1 2026, management expects earnings to increase across all segments, led by higher steel mill volumes and realized prices in sheet, beam and rebar. Steel products are projected to benefit from volume growth at stable pricing, while raw materials should see improved results as outage cycles conclude. The company’s recent capacity additions—including the Lexington micro-mill, Kingman melt shop and Crawfordsville coating complex—are expected to begin contributing to earnings as utilization ramps.