Nucor Reports Results for the Fourth Quarter of 2025

Financial Performance - Nucor Corporation reported consolidated net earnings of $378 million, or $1.64 per diluted share, for Q4 2025, a decrease from $607 million, or $2.63 per diluted share, in Q3 2025, but an increase from $287 million, or $1.22 per diluted share, in Q4 2024 [1][7] - Adjusted net earnings for Q4 2025, excluding impairment charges, were $400 million, or $1.73 per diluted share [1][7] - Net sales for Q4 2025 were $7.69 billion, compared to $8.52 billion in Q3 2025 and $7.08 billion in Q4 2024 [7][19] Segment Performance - The steel mills segment saw earnings decrease due to lower volumes and margin compression, particularly in sheet products [5] - The steel products segment also experienced a decline in earnings due to lower volumes and higher average costs per ton, although partially offset by higher average realized pricing [5] - The raw materials segment's earnings decreased mainly due to scheduled outages at direct reduced iron facilities [5] Asset Impairments - The fourth quarter included impairment charges of $21 million related to the closure or repurposing of certain facilities in the steel products segment and $6 million for impairments of non-current assets in the steel mills segment [2] Capital Management - Nucor 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 at an average price of $128.66 [8] - The company 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 [9][10] Financial Strength - As of the end of Q4 2025, Nucor had $2.70 billion in cash and cash equivalents, with an undrawn $2.25 billion revolving credit facility [6] - The company maintains strong credit ratings in the North American steel sector, rated A-/A-/A3 with stable outlooks [6] Outlook - Nucor anticipates earnings to increase in Q1 2026 across all operating segments, with the steel mills segment expected to see the largest increase due to higher volumes and realized prices [11] - The company is encouraged by robust demand in key end markets and strong backlogs, supported by federal policies favoring the domestic steel industry [4]