Nucor (NUE) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong financial and operational results, with net earnings of $1.2 billion ($5.04 per share) and EBITDA of $2.02 billion, driven by record steel mill shipments and robust demand across all segments.

• Adjusted EPS was $4.84, excluding a non-cash benefit from the Helion investment.

• Safety performance reached record levels, with a year-to-date injury and illness rate of 0.71 and ongoing initiatives for further reduction.

• Growth projects and capacity expansions are progressing on schedule, supporting future performance.

Financial highlights

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

• Net earnings were $1.2 billion reported, $1.11 billion adjusted, with EPS of $5.04 reported and $4.84 adjusted.

• Free cash flow was $829 million, highest since 2023, reversing a negative FCF in Q1 2026.

• Returned $479 million to shareholders via dividends and buybacks in Q2 2026.

• CapEx: $571 million in Q2; $2.5 billion expected for 2026, with 60% for growth projects.

Outlook and guidance

• Management expects higher consolidated earnings in Q3 2026, with margin expansion in steel mills and steel products due to higher realized pricing and stable or higher volumes.

• Shipment growth for 2026 now expected at the high end of the 5%-10% range.

• CapEx guidance for 2026 reaffirmed at $2.5 billion; working capital expected to moderate in H2.

• West Virginia sheet mill on track for commissioning by year-end, with commercial shipments ramping in early 2027.

• Raw materials segment faces lower scrap pricing and higher pellet costs, with earnings expected to decrease.