Nucor(US:NUE)2026-01-26 21:51Financial Performance - Nucor reported consolidated net earnings of $378 million, or $1.64 per diluted share, for Q4 2025, down from $607 million, or $2.63 per diluted share, in Q3 2025[2]. - Adjusted net earnings for Q4 2025 were $400 million, or $1.73 per diluted share, after excluding impairment charges of $21 million related to facility closures[2][3]. - Net earnings attributable to Nucor stockholders for the year ended December 31, 2025, were $1,744 million, down from $2,027 million in 2024, reflecting a decrease of 14%[34]. - Net earnings attributable to Nucor stockholders for Q4 2025 were $378 million, or $1.64 per diluted share, down from $1.74 billion, or $7.52 per diluted share in Q4 2024[44]. - Adjusted net earnings attributable to Nucor stockholders for the full year 2025 were $1,789 million, or $7.71 per diluted share, compared to $2,130 million, or $8.90 per diluted share in 2024[44]. Sales and Revenue - Net sales for Q4 2025 totaled $7.69 billion, reflecting a decrease compared to previous quarters[6]. - Net sales for Q4 2025 were $7,687 million, a decrease of 10% from $8,521 million in Q3 2025, but an increase of 9% compared to $7,076 million in Q4 2024[37]. - The average sales price per ton for external customers in Q4 2025 was $1,242, a 1% decrease from $1,258 in Q3 2025, but a 6% increase from $1,168 in Q4 2024[37]. Segment Performance - The steel mills segment earnings decreased to $516 million in Q4 2025 from $793 million in Q3 2025, primarily due to lower volumes and margin compression[5][8]. - Steel mills segment total shipments in Q4 2025 were 5,906 thousand tons, an 8% decrease from 6,428 thousand tons in Q3 2025, but a 5% increase from 5,650 thousand tons in Q4 2024[37]. - Total shipments from steel mills decreased by 8% to 5,906 thousand tons in Q4 2025 compared to 6,428 thousand tons in Q3 2025, but increased by 9% from 5,650 thousand tons in Q4 2024[39]. - Steel mill shipments of sheet products decreased by 7% to 2,804 thousand tons in Q4 2025 compared to 3,030 thousand tons in Q3 2025, while shipments increased by 3% from 2,714 thousand tons in Q4 2024[39]. - The company reported a 12% increase in bar shipments for the full year 2025, totaling 8,635 thousand tons compared to 7,730 thousand tons in 2024[39]. - The company experienced a 30% increase in plate shipments for the full year 2025, totaling 2,329 thousand tons compared to 1,797 thousand tons in 2024[39]. Cash and Assets - Nucor had $2.70 billion in cash and cash equivalents at the end of Q4 2025, with a $2.25 billion undrawn revolving credit facility[9]. - Total current assets decreased to $11,765 million in 2025 from $12,475 million in 2024, primarily due to a reduction in cash and cash equivalents[31]. - Nucor's total assets increased to $35,104 million in 2025 from $33,940 million in 2024, reflecting growth in property, plant, and equipment[31]. Liabilities and Expenses - Total liabilities increased to $12,980 million in 2025 from $12,523 million in 2024, driven by an increase in long-term debt and finance lease obligations[31]. - Cash provided by operating activities for the year was $3,234 million, down from $3,979 million in 2024, indicating a decrease of 19%[34]. - Capital expenditures for 2025 were $3,422 million, an increase from $3,173 million in 2024, reflecting ongoing investments in growth[34]. - Nucor's depreciation expense for Q4 2025 was $316 million, up from $304 million in Q3 2025 and $285 million in Q4 2024[42]. - Interest expense for the full year 2025 was $59 million, compared to a net income of $30 million in 2024, indicating a significant change in financial costs[42]. Future Outlook - Looking ahead to Q1 2026, Nucor expects earnings to increase across all segments, driven by higher volumes and prices in the steel mills segment[13]. - The company continues to focus on executing growth projects and maintaining strong returns for shareholders amid robust demand in key markets[5]. Shareholder Returns - The company repurchased approximately 0.7 million shares at an average price of $145.23 per share during Q4 2025, totaling about 5.4 million shares for the full year[10]. - Nucor declared a cash dividend of $0.56 per share, marking its 211th consecutive quarterly cash dividend, with a history of increasing dividends for 53 consecutive years[11]. - For the full year 2025, Nucor returned approximately $1.2 billion to stockholders through share repurchases and dividends[12].