NUE
Nucor Corporation162.26
+0.24+0.15%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
FY Q4 '25
CapEx normalizes to $800M; EBITDA +$500M
Q&A drilled into CapEx normalization, pegging post-2026 maintenance at $800M annually amid inflation, with a pivot to low-CapEx M&A in data centers, energy adjacencies like overhead doors. Recent projects plus Brandenburg add $500M EBITDA delta for 2026 over 2025. West Virginia sheet eyes exposed auto, appliances; Lexington rebar turns EBITDA-positive this quarter amid record backlogs. Plate demand robust, imports down 20%. Analysts probed trade durability—management stayed bullish on enforcement sans USMCA details. No walk-backs; just sharper execution color. Projects ramp fast.
Last Quarter (Q3 '25)
FY Q3 '25
Data centers drive share gains
Q&A spotlighted Nucor's data center dominance, supplying 95% of steel needs across joists, decking, rebar, and more, with double-digit growth projected for 5-6 years versus flat warehouses, fueling share gains in longs and plate via integrated solutions. Management detailed scrapping the Pacific Northwest rebar micro mill, covered by Kingman and existing assets for superior costs. Buybacks hit a quarterly low but YTD returns reached 72% of earnings, reaffirming 40%+ commitment. Brandenburg plate ramped faster than expected, shattering records. Start-up costs steady at $100-110M quarterly. Nucor eyes countercyclical M&A post-core buildout. Earnings power surges from ramps; investors watch pricing flow-through.
Key Stats
Market Cap
37.13BP/E (TTM)
22.79Basic EPS (TTM)
7.12Dividend Yield
0.01%Recent Filings
8-K
Nucor Q4 earnings down, Q1 up.
Nucor posted Q4 2025 net earnings of $378 million ($1.64/share), down from Q3's $607 million amid lower steel mills volumes and sheet margin compression, yet adjusted earnings hit $400 million ($1.73/share) excluding $27 million impairments. New mills in Lexington and Kingman kicked in earnings contributions. Q1 2026 earnings will rise on higher volumes and prices. Cash sits at $2.70 billion.
8-K
Laxton promoted to President/COO
Nucor announced COO David Sumoski's voluntary retirement, effective June 13, 2026, after stepping down January 1, 2026, to serve as EVP during transition. CFO Stephen Laxton assumes President and COO roles effective that date, with base salary rising to $1,000,000; he'll retain CFO duties until a successor arrives. Succession planning rolls smoothly. Seamless handover assured.
10-Q
Q3 FY2025 results
Nucor posted Q3 net sales of $8.5B, up 14% y/y from $7.4B, with earnings jumping to $607M or $2.63 diluted EPS from $250M or $1.05, fueled by steel mills' stronger metal margins and volumes while steel products held steady. YTD sales rose 5% y/y to $24.8B yet earnings dipped to $1.37B or $5.88 EPS from $1.74B or $7.22, reflecting softer early quarters and $40M asset impairments versus $137M last year. Cash from operations hit $2.4B YTD, funding $2.6B capex; free cash flow not disclosed in the 10-Q. Debt stands at $6.9B with $2.25B revolver fully available (23.8% funded debt ratio). Issued $1B notes in March 2025 to redeem maturing debt. Volumes climbed. Steel prices fluctuate.
8-K
Nucor Q3 earnings tick up
Nucor posted Q3 net earnings of $607M ($2.63/share) on $8.52B sales, edging up from Q2's $603M despite steel mills margin compression and lower volumes. Steel products shipments rose 4%, buoyed by joist/deck and rebar fab gains, while new bar mills and coatings ramp. Balance sheet stays rock-solid. Q4 earnings will dip.
10-Q
Q2 FY2025 results
Nucor posted Q2 net sales of $8.5B, up 5% y/y yet flat q/q, with steel mills driving 8% y/y external sales growth on 9% higher shipments despite 1% lower average sales price per ton; earnings held steady at $603M ($2.60 diluted EPS), off 6% y/y but rebounding sharply from Q1's weaker start as metal margins expanded. Steel products slipped on pricing pressure across joists/deck, while raw materials gained from DRI profitability; YTD sales flat at $16.3B but EPS plunged to $3.26 from $6.14 on softer Q1. Cash fell to $1.9B after $1.8B capex, yet operating cash flow covered it with $1.1B (FCF not disclosed); refinanced $1B maturing notes with $1B new issuance at 4.65-5.10%, revolver at $2.25B fully available. Two EVPs retired effective June 2025. Steel prices stay volatile.
CLF
Cleveland-Cliffs Inc.
12.92+0.17
CMC
Commercial Metals Company
71.02-0.25
ERELY
EREGLI DEMIR CELIK UNSP ADR EAC
5.63+0.00
FRD
Friedman Industries Inc.
21.50+0.30
GGB
Gerdau S.A.
3.77-0.01
MT
Arcelor Mittal NY Registry Shar
45.72-0.44
SID
Companhia Siderurgica Nacional
1.74+0.00
SIM
Grupo Simec, S.A.B. de C.V.
28.73-0.97
STLD
Steel Dynamics, Inc.
169.13+0.18
ZEUS
Olympic Steel, Inc.
41.67+1.24