EarningsQ2 2026 Earnings Report
MX:NUE Q2 2026 EPS Results
Actual EPS$88.55
Consensus EPS$81.63
Beat/MissBeat by +$6.92
One Year Ago EPS$47.57
MX:NUE Q2 2026 Revenue Results
Actual Revenue$190.21B
Expected Revenue$185.64B
Beat/MissBeat by +$4.57B
YoY Revenue Growth+22.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:NUE Upcoming Earnings
Nucor's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NUE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive performance and outlook: record shipments, substantial sequential earnings improvement (steel mills +35% QoQ), robust free cash flow ($829M), sizable shareholder returns (41% of net earnings) and clear progress on key growth projects (West Virginia, Lexington, Kingman). Offsetting items include elevated preoperating/start-up costs ($120M), expected near-term pressure in the raw materials segment due to scrap and iron ore dynamics, a working capital build, and some category-specific import rebounds. Overall, the positive operational momentum, cash generation, trade-driven reduction in aggregate imports, and management's reiteration of disciplined capital allocation materially outweigh the near-term headwinds and timing-related costs.Company Guidance
Record Steel Mill Shipments
Steel mill shipments reached an all-time high of 7.1 million tons in Q2 (second straight quarterly record), with broad strength across product categories and Brandenburg shipping more than 230,000 tons (another plate record).
Strong Earnings and EPS Beat
Net earnings of approximately $1.2 billion in Q2; reported EPS $5.04 and adjusted EPS $4.84 (excludes $0.20 noncash Helion benefit). EPS exceeded midpoint guidance by $0.29.
Segment Profitability Improvements
Steel mills pretax earnings of $1.6 billion (up more than 35% sequentially). Steel Products pretax earnings of $353 million (up ~ $75 million QoQ). Raw Materials pretax earnings $146 million vs $45 million in prior quarter (up ~224% QoQ).
Shipment Growth in Steel Products
Steel Products shipments rose 11% versus Q1 with growth across all major product lines; Tube group posted a second consecutive quarterly shipment record.
Strong Cash Generation and Capital Returns
Generated $829 million of free cash flow in Q2 (strongest quarter since 2023). Returned $479 million to shareholders in the quarter via dividends and buybacks (representing 41% of net earnings); year-to-date returns > $730 million.
Healthy Balance Sheet and Liquidity
Ended the quarter with approximately $2.7 billion in cash, $3.4 billion in total liquidity, and total debt at ~23% of capital; credit ratings remain the strongest among North American steel producers.
Capital Spending Discipline and Growth Investment
Q2 CapEx $571 million; full-year CapEx guidance reiterated at ~$2.5 billion with ~60% allocated to growth projects. Year-to-date CapEx deployed ~$1.2 billion with >75% of allocated capital invested in growth and shareholder returns.
Progress on Major Growth Projects
West Virginia sheet mill on time and on budget (first coil through pickle line; melt shop commissioning started); Lexington micromill and Kingman melt shop reached EBITDA-positive run rates; Berkeley galv, Crawfordsville coating, Indiana and Utah towers & structures progressing toward production with multiple projects expected to contribute in H2 2026–2027.
Market Tailwinds and Reduced Imports
Management cited robust multi-year demand drivers (energy, data centers, infrastructure, reshoring) and reported finished steel imports down ~25% year-over-year due to trade enforcement and duties, creating incremental addressable market for domestic producers (sheet imports down from ~9M tons in 2024 to an expected ~4.5M tons in 2026).
MX:NUE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed