# Nucor Corporation (NUE) Q2 2025 Financial Results Summary
Released on July 28, 2025, Nucor Corporation reported its financial results for the second quarter of 2025, showing significant performance variations compared to previous quarters and the same quarter a year ago.
### Key Financial Highlights:
– **Net Earnings**:
– **$603 million** (or **$2.60 per diluted share**).
– Compared to **$156 million** (or **$0.67 per diluted share**) in Q1 2025, representing an increase of **286%**.
– Down from **$645 million** (or **$2.68 per diluted share**) in Q2 2024, a decrease of **6%**.
– **Net Sales**:
– Totaled **$8.46 billion**, an **8%** increase from **$7.83 billion** in Q1 2025.
– Increased by **5%** compared to **$8.08 billion** in Q2 2024.
– **Consolidated Earnings Before Noncontrolling Interests**:
– Reported at **$706 million**; a decrease of **1%** from **$712 million** (Q2 2024).
– **EBITDA**:
– **$1.30 billion**, an increase from **$1.24 billion** in Q2 2024.
### Segment Performance:
– **Steel Mills**:
– Earnings of **$843 million** (up from **$645 million** in Q2 2024).
– **Steel Products**:
– Earned **$392 million**, decreased from **$442 million** in Q2 2024.
– **Raw Materials**:
– Earnings grew to **$57 million**, compared to **$39 million** in Q2 2024.
### Operational Metrics:
– **Total Shipments**:
– Approximately **6.82 million tons** shipped, an increase of **8%** from **6.29 million tons** in Q2 2024.
– **Average Sales Price**:
– Per ton increased **8%** compared to Q1 2025, but decreased by **3%** compared to Q2 2024.
– **Operating Rates**:
– Increased to **85%** from **80%** in Q1 2025, up from **75%** in Q2 2024.
### Cash and Financial Strength:
– **Cash Position**:
– $2.48 billion in cash and cash equivalents at the end of Q2 2025.
– **Revolving Credit Facility**:
– Remaining undrawn amount of **$2.25 billion** with no expiration until March 2030.
– **Share Repurchase**:
– Approximately **1.8 million shares** repurchased at an average price of $111.89 per share, with a total of **4 million shares repurchased** in the first six months at an average of $123.75.
– **Dividend Declaration**:
– A cash dividend of **$0.55 per share** was declared on June 10, 2025, payable on August 11, 2025, marking Nucor’s **209th consecutive quarterly cash dividend**.
### Comparison of Financial Performance:
– **First Six Months of 2025**:
– Consolidated net earnings of **$759 million** (down **49%** from **$1.49 billion** in the same period of 2024).
– Total consolidated sales of **$16.29 billion**, comparable to **$16.21 billion** in the same period in 2024.
– **Costs of Goods Sold**:
– Increased to **$7.23 billion** from **$6.88 billion** in Q2 2024.
### Outlook for Q3 2025:
– Expected earnings in Q3 2025 to be nominally lower than in Q2 2025 due to potential margin compression in the steel mills segment despite a stable demand outlook.
### Conclusion:
Nucor’s Q2 2025 results reflect a robust recovery from Q1 2025 amid challenges relative to the previous year. The operational efficiency and commitment to returning capital to stockholders through dividends and repurchase plans indicate Nucor’s continued focus on shareholder value amidst evolving market conditions.
### Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||
|---|---|---|---|---|
| July 5, 2025 | June 29, 2024 | July 5, 2025 | June 29, 2024 | |
| Net sales | $8,456 | $8,077 | $16,286 | $16,214 |
| Costs, expenses and other: | ||||
| Cost of products sold | 7,233 | 6,883 | 14,458 | 13,497 |
| Marketing, administrative and other expenses | 304 | 294 | 585 | 639 |
| Equity in earnings of unconsolidated affiliates | (10) | (10) | (14) | (19) |
| Losses and impairments of assets | 11 | 14 | 40 | 14 |
| Interest expense (income), net | 19 | (2) | 33 | (40) |
| Total | 7,557 | 7,179 | 15,102 | 14,091 |
| Earnings before income taxes and noncontrolling interests | 899 | 898 | 1,184 | 2,123 |
| Provision for income taxes | 193 | 186 | 252 | 452 |
| Net earnings before noncontrolling interests | 706 | 712 | 932 | 1,671 |
| Earnings attributable to noncontrolling interests | 103 | 67 | 173 | 181 |
| Net earnings attributable to Nucor stockholders | $603 | $645 | $759 | $1,490 |
| Net earnings per share: | ||||
| Basic | $2.60 | $2.68 | $3.26 | $6.15 |
| Diluted | $2.60 | $2.68 | $3.26 | $6.14 |
| Average shares outstanding: | ||||
| Basic | 230.6 | 239.6 | 231.7 | 241.3 |
| Diluted | 230.8 | 240.0 | 231.9 | 241.5 |
### Condensed Consolidated Balance Sheets (Unaudited) (In millions)
| July 5, 2025 | Dec. 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $1,946 | $3,558 |
| Short-term investments | 537 | 581 |
| Accounts receivable, net | 3,388 | 2,675 |
| Inventories, net | 5,462 | 5,106 |
| Other current assets | 386 | 555 |
| Total current assets | 11,719 | 12,475 |
| Property, plant and equipment, net | 14,303 | 13,243 |
| Goodwill | 4,299 | 4,288 |
| Other intangible assets, net | 3,006 | 3,134 |
| Other assets | 890 | 800 |
| Total assets | $34,217 | $33,940 |
| LIABILITIES | ||
| Current liabilities: | ||
| Short-term debt | $157 | $225 |
| Current portion of long-term debt and finance lease obligations | 32 | 1,042 |
| Accounts payable | 2,183 | 1,832 |
| Salaries, wages and related accruals | 745 | 903 |
| Accrued expenses and other current liabilities | 1,029 | 975 |
| Total current liabilities | 4,146 | 4,977 |
| Long-term debt and finance lease obligations due after one year | 6,692 | 5,683 |
| Deferred credits and other liabilities | 1,887 | 1,863 |
| Total liabilities | 12,725 | 12,523 |
| Commitments and contingencies | ||
| EQUITY | ||
| Nucor stockholders’ equity: | ||
| Common stock | 152 | 152 |
| Additional paid-in capital | 2,213 | 2,223 |
| Retained earnings | 30,775 | 30,271 |
| Accumulated other comprehensive loss, net of income taxes | (167) | (208) |
| Treasury stock | (12,584) | (12,144) |
| Total Nucor stockholders’ equity | 20,389 | 20,294 |
| Noncontrolling interests | 1,103 | 1,123 |
| Total equity | 21,492 | 21,417 |
| Total liabilities and equity | $34,217 | $33,940 |
