NUE · Nucor Corporation

Nucor Corporation delivered robust Q1 2026 results with net earnings attributable to stockholders of $743 million ($3.23 diluted EPS), a significant improvement from $378 million ($1.64 EPS) in Q4 2025 and $156 million ($0.67 EPS) in Q1 2025. Net sales reached $9.50 billion, driven by 24% sequential and 21% year-over-year growth, fueled by higher volumes and pricing. The steel mills segment led with $1,128 million in earnings before taxes and a record 7.0 million tons shipped (up 19% Q/Q), including strong gains across sheet (21%), bars (15%), structural (24%), and plate (17%). External sales tons to customers hit 7.4 million, up 20% Q/Q, with external average sales price per ton at $1,279 (up 3% Q/Q). Steel products saw 1.2 million tons external sales (up 13% Q/Q) at stable $2,405 per ton pricing. Raw materials contributed $45 million in earnings. EBITDA expanded to $1.51 billion from $918 million Q/Q. CEO Leon Topalian highlighted record steel mills shipments, strong demand in key end markets, contributions from capital investments, and federal trade policies reducing unfairly traded imports. Balance sheet remains strong with $2.48 billion in cash and equivalents plus short-term investments, net debt at 0.9x EBITDA, and top credit ratings (A-/A-/A3). Capital returns included $129 million in dividends ($0.56/share, payable May 11, 2026) and $125 million in share repurchases (0.7 million shares). A $4 billion buyback program has $3.97 billion remaining. Q2 outlook signals higher earnings across all segments: steel mills from higher realized prices at stable volumes, steel products from higher volumes at stable pricing, raw materials from higher pricing. Operating cash flow of $886 million supported $661 million capex amid ongoing growth projects like West Virginia sheet mill commissioning.