Nucor (NUE) Q2 2025 earnings summary

Executive summary

• Q2 2025 net earnings were $603 million ($2.60 per diluted share) on net sales of $8.46 billion, with EBITDA of $1.3 billion, reflecting strong operational performance and resilient market conditions.

• Sequential earnings growth was achieved across all three reporting segments, with a new safety record set in H1 2025.

• Steel mills achieved record shipments and positive EBITDA at Brandenburg; steel products segment saw higher shipments and margins with a stable backlog.

• Four major growth projects are on track for completion in Q3 and Q4, supporting future capacity and product diversification.

• Shareholder returns remain a priority, with $200 million in share repurchases and $129 million in dividends in Q2, totaling 55% of Q2 net earnings returned.

Financial highlights

• Q2 2025 net sales were $8.46 billion (up 5% year-over-year), with EBITDA of $1.3 billion and net earnings of $603 million.

• Q2 2025 diluted EPS was $2.60; adjusted EPS was $2.68 excluding a $0.10 impairment.

• Capital expenditures totaled $954 million in Q2 2025, reaffirming a ~$3 billion estimate for the full year.

• Operating cash flow for Q2 2025 was $1.10 billion; cash and equivalents at quarter-end were $1.95 billion.

• Liquidity stood at $3.4 billion, with total debt/capital at 24%.

Outlook and guidance

• Q3 2025 consolidated earnings are expected to be slightly lower than Q2, with margin compression in steel mills and steel products, but similar earnings in raw materials.

• Medium-term outlook remains positive, driven by strong demand in construction, infrastructure, energy, and data centers.

• Capital expenditures for 2025 estimated at $3.00 billion, focused on new sheet mill construction and expansion projects.