Nucor Stock Earnings Reports

Nucor reported a strong Q2 2026 with record mill shipments (7.1 million tons) and improved earnings across all three segments. Consolidated EBITDA was about $2.0 billion and GAAP EPS was $5.04 (adjusted $4.84). The company returned $479 million to shareholders in the quarter (41% of net earnings) and remains committed to returning at least 40% of annual net earnings. CapEx was $571 million in Q2 and Nucor reiterates full-year CapEx of roughly $2.5 billion, with ~60% aimed at growth projects. Major growth projects are progressing on schedule and on budget — notably the West Virginia sheet mill (commissioning underway; commercial ramp targeted for early 2027), Berkeley galvanizing line, Crawfordsville coating, and towers & structures facilities — and several recent greenfield projects (Lexington micromill, Kingman melt shop, Brandenburg plate) are already EBITDA-positive or improving. Preoperating/startup costs were $120 million in Q2 and will remain elevated through 2026 and 2027. Demand across key end markets (energy, data centers, infrastructure, defense, reshoring/auto) is robust, import volumes have fallen materially (finished-steel imports down ~25% YoY), and backlogs are building, which supports guidance toward the higher end of prior shipment-growth guidance (5–10% range). Balance sheet remains strong: ~$2.7 billion cash, $3.4 billion liquidity, total debt ~23% of capital, and Q2 free cash flow of $829 million. Management expects higher consolidated earnings in Q3 (steel mills and steel products stronger; raw materials lower due to scrap and iron ore dynamics) and anticipates free cash flow to increase as CapEx moderates and growth projects contribute.