Nucor (NUE) Q2 2026 earnings summary

Executive summary

• Net earnings reached $1.2 billion ($5.04 EPS) in Q2 2026, up from $603 million in Q2 2025, driven by record steel mill shipments and robust demand across all segments.

• Adjusted EPS was $4.84, excluding a $61 million non-cash gain from a Helion investment revaluation.

• Net sales rose 23% year-over-year to $10.40 billion, with total tons shipped up 12% and average sales price per ton up 10%.

• Growth projects and capacity expansions, including the West Virginia sheet mill, are progressing on schedule.

• Returned $479 million to shareholders via dividends and buybacks in Q2, representing 41% of net earnings.

Financial highlights

• Q2 2026 EBITDA was $2.02 billion, up from $1.51 billion in Q1 2026 and $1.3 billion in Q2 2025.

• Free cash flow was $829 million, the strongest since 2023.

• Capital expenditures totaled $571 million in Q2; $1.23 billion for the first half of 2026.

• Liquidity stood at $3.4 billion, with a debt/capital ratio of ~23%.

• Annualized return on average stockholders' equity was 17.6% for the first six months of 2026.

Outlook and guidance

• Q3 2026 consolidated earnings expected to be higher, with steel mills and steel products segments both projected to see increased earnings due to higher realized pricing and stable or higher volumes.

• Raw materials segment earnings expected to decline in Q3 due to lower margins and higher iron ore costs.

• CapEx guidance for 2026 reaffirmed at $2.5 billion, with moderation expected in H2.

• Expect shipment growth at the high end of the 5%-10% range for 2026.