Nucor Corporation (NUE) Earnings
Nucor Corporation is expected to report next earnings on July 27, 2026 (in NaN days), with a consensus EPS estimate of $4.16. NUE has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +8.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $2.82 | $3.23 | +14.5% | $9.5B | +6.9% |
| Jan 26, 2026 | $1.91 | $1.73 | -9.4% | $7.7B | -2.8% |
| Jan 27, 2025 | $0.94 | $1.22 | +29.8% | $7.1B | +4.6% |
| Oct 21, 2024 | $1.50 | $1.49 | -0.7% | $7.4B | +2.2% |
| Jul 22, 2024 | $2.35 | $2.68 | +14.0% | $8.1B | +5.1% |
| Jan 29, 2024 | $2.90 | $3.16 | +9.0% | $7.7B | +0.7% |
| Jul 24, 2023 | $5.53 | $5.81 | +5.1% | $9.5B | -1.0% |
| Apr 20, 2023 | $3.81 | $4.45 | +16.8% | $8.7B | -3.2% |
| Jan 26, 2023 | $4.19 | $4.89 | +16.7% | $8.7B | +3.5% |
| Oct 20, 2022 | $6.73 | $6.50 | -3.4% | $10.5B | +2.4% |
| Jul 21, 2022 | $8.85 | $9.67 | +9.3% | $11.8B | +1.7% |
| Apr 21, 2022 | $7.29 | $7.67 | +5.2% | $10.5B | +0.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Leading with safety performance, 2025 had the lowest injury and illness rate in history, eighth consecutive year of improvement. Management changes included Steve Laxton promoted to president and COO, with Dave Samosky to retire in June 2026. Financial performance in 2025: adjusted earnings $1.73 per share in Q4 and $7.71 per share for the full year; EBITDA totaled $918 million in Q4 and approximately $4.2 billion for the year. Major projects completed in 2025 such as the rebar micro mill in Lexington, new melt shop in Kingman, etc. Projects ongoing in 2026 include completion of the new mill in West Virginia, startup of the galvanizing line at Berkeley County mill, and construction of the Greenfield utility pole production facility in Indiana. Trade policy: vigorous enforcement of trade remedy laws and Section 232 steel tariffs helped drive down steel imports, and the USMCA review is important for driving steel demand in North America.
Guidance
2026 expected domestic steel demand to be slightly up relative to 2025. 2026 CapEx estimate is approximately $2.5 billion, with growth-oriented investments representing roughly two-thirds of the planned spending. First quarter outlook: higher consolidated earnings with improved results across all three operating segments, supported by healthy demand, positive seasonal trends, and fewer outages.
Segment performance
The steel mill segment generated $516 million of pre-tax earnings in the fourth quarter, down roughly 35% from the prior quarter. Shipment volumes declined 8% due to seasonal effects, fewer shipping days, and planned/unplanned outages. Average realized pricing improved in bar and structural groups but was offset by lower pricing in sheet and plate groups. The steel products segment generated pre-tax earnings of $230 million, down from $319 million in the third quarter, with volumes declining sequentially across the portfolio. The raw materials segment generated pre-tax earnings of approximately $24 million compared to $43 million for the prior quarter, primarily reflecting the impact of two scheduled outages at the DRI facilities.
Risks & headwinds
Potential risks include trade policy changes such as lower tariff rates or quotas during USMCA negotiations which could impact steel imports and market share. Also, resistance in some product markets despite price hikes and execution risks of ongoing projects.
Analyst Q&A
Q: About CapEx and 2027,
A: Leon and Steve discussed that for 2027, maintenance CapEx was guided closer to $800 million considering inflation and company size, and spoke about growth projects including the West Virginia mill.
Q: On Investor Day EBITDA and 2027,
A: Discussed progress towards mid-cycle EBITDA and how import levels and ongoing projects affect the 2027 outlook.
Q: On shipments and trade,
A: Shipment growth expected due to strong backlogs in segments, and trade policy is supportive of the domestic steel market.
Q: On West Virginia mill and products,
A: West Virginia mill brings new capabilities in automotive and consumer durables, and carryover Capex in 2027 is expected to be small.
Q: On M&A and growth,
A: Focus on steel-centric adjacencies with synergies in areas like data centers and tower structures.
Q: On pricing and trade flows,
A: Discussed pricing based on demand and economic factors, CapEx timing difference, and M&A interest in upstream steel.
Q: On incremental EBITDA and plate/rebar markets,
A: Completed projects contributed ~$500 million to 2026 EBITDA, plate market has strong backlogs, and rebar ramp up at Lexington is progressing with record backlogs.