Nucor Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 27 July 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Earnings rose to $5.04 per share: Net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, against $743 million, or $3.23, in the first quarter and $603 million, or $2.60, a year earlier. Source
• Adjusted earnings excluded Helion gain: Adjusted net earnings were $1.11 billion, or $4.84 per diluted share, after excluding a non-cash, pre-tax benefit of $61 million from the rise in the value of the Helion fusion energy investment. Source
• Steel mills earnings rose to $1,556 million: Steel mills earnings before income taxes and noncontrolling interests were $1,556 million, against $1,128 million in the first quarter and $843 million a year earlier. Management cited higher selling prices and volumes. Source
• Steel mills selling price up 7%: External average selling price for steel mills was $1,145 per ton, up 7% from the first quarter and 10% from a year earlier. Source
• Cost of products sold cut by $130M: Steel mills cost of products sold was reduced by $130 million for cash refunds tied to raw materials procurement costs of prior periods. Source
• Shareholder returns reached $479 million: Share repurchases and dividend payments totaled about $479 million in the second quarter and about $733 million in the first six months of 2026. Source

“Investment across key sectors of the U.S. economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments,”

Leon Topalian, Nucor’s Chair and Chief Executive Officer

What changed from last quarter

• New guidance: Guidance now covers the third quarter of 2026; the first-quarter release covered the second quarter. Source
• New: Adjusted earnings now subtract non-cash benefits; the first-quarter release instead added back losses and impairments of assets. Source

Second-quarter results and drivers

• Earnings rose to $5.04 per share: Net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, against $743 million, or $3.23, in the first quarter and $603 million, or $2.60, a year earlier. Source
• Adjusted earnings excluded Helion gain: Adjusted net earnings were $1.11 billion, or $4.84 per diluted share, after excluding a non-cash, pre-tax benefit of $61 million from the rise in the value of the Helion fusion energy investment. Source
• Net sales rose 9% sequentially: Net sales were $10.40 billion, up 9% from the first quarter and 23% from the second quarter of 2025. Source

Segment earnings

• Steel mills earnings rose to $1,556 million: Steel mills earnings before income taxes and noncontrolling interests were $1,556 million, against $1,128 million in the first quarter and $843 million a year earlier. Management cited higher selling prices and volumes. Source
• Steel products earnings rose sequentially: Steel products earned $353 million, up from $276 million in the first quarter and down from $392 million a year earlier. Management cited increased volumes and stable realized pricing. Source
• Raw materials earnings rose on prices: Raw materials earned $146 million, up from $45 million in the first quarter, which management attributed to higher average selling prices and shipments. Source
• Corporate and eliminations charge increased: Corporate and eliminations recorded a $430 million charge, compared with $353 million in the first quarter and $393 million a year earlier. Source

“We continue to execute our growth strategy through investments to expand our capabilities and strengthen our position as the market leader with the most diverse portfolio of steel and fabricated steel products in North America.”

Leon Topalian, Nucor’s Chair and Chief Executive Officer

Product line volumes

• Rebar fabrication volumes up 18%: Rebar fabrication product tons were 344 thousand, up 18% from the first quarter and 12% from a year earlier. Source
• Tubular product tons up 39% year over year: Tubular product tons were 338 thousand, up 6% from the first quarter and 39% from a year earlier. Source
• Joist and deck tons fell year over year: Joist and deck tons were 198 thousand, up 7% from the first quarter but down 9% from a year earlier. Source
• Sheet tons down 3% sequentially: Sheet shipments were 3,291 thousand tons, down 3% from the first quarter and up 8% from a year earlier, the largest product line by tonnage. Source

Pricing, costs and margins

• Steel mills selling price up 7%: External average selling price for steel mills was $1,145 per ton, up 7% from the first quarter and 10% from a year earlier. Source
• Scrap cost per ton rose 4%: Average scrap and scrap substitute cost was $422 per gross ton, up 4% from the first quarter and 5% from a year earlier. Source
• Cost of products sold cut by $130M: Steel mills cost of products sold was reduced by $130 million for cash refunds tied to raw materials procurement costs of prior periods. Source
• Pre-operating and start-up costs rose: Pre-operating and start-up costs were $120 million, or $0.40 per diluted share, up 11% from the first quarter and down 12% from a year earlier. Source

Cash, capital and shareholder returns

• Cash and short-term investments reached $2.69B: Cash, cash equivalents and short-term investments totaled $2.69 billion at quarter end. The $2.25 billion revolving credit facility is undrawn and runs to March 2030. Source
• Credit ratings held at A-/A-/A3: Credit ratings are A-, A- and A3 at Standard & Poor’s, Fitch Ratings and Moody’s, each with a stable designation. Source
• Shareholder returns reached $479 million: Share repurchases and dividend payments totaled about $479 million in the second quarter and about $733 million in the first six months of 2026. Source
• Buybacks: 1.53 million shares at $228.76: About 1.53 million shares were repurchased at an average of $228.76 each, compared with about 0.7 million shares at $175.19 in the first quarter. Source
• Operating cash flow rose, capex fell: For the first six months, operating cash flow was $2.29 billion, against $1.10 billion a year earlier. Capital expenditures were $1.23 billion, against $1.81 billion. Source

Balance sheet and working capital

• Inventories and receivables increased: Inventories were $6.02 billion, up from $5.64 billion at April 4, 2026. Receivables were $4.05 billion, up from $3.57 billion. Source
• Current portion of debt rose: The current portion of long-term debt and finance lease obligations was $581 million, up from $113 million at April 4, 2026. Source
• Stockholders' equity rose to $22.11B: Nucor stockholders’ equity was $22.11 billion at July 4, 2026, up from $21.45 billion at April 4, 2026. Source

Coming up, as management said on 27 July 2026

• Dividend payable August 11, 2026: The $0.56 per share cash dividend declared June 9, 2026 is payable August 11, 2026, to holders of record as of June 30, 2026. It is Nucor's 213th consecutive quarterly dividend. Source

Figures management reported

Earlier plans management reported on

• On track: Management said the more than 33,000 teammates are keeping the company on pace for the safest year in Nucor's history. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.