Nucor Corp 8-K, filed Oct 26, 2026
Nucor Corp (NUE)
About this 8-K
Nucor Corp filed this 8-K on October 26, 2026.
Nucor reported third-quarter 2026 net earnings attributable to stockholders of $1.32 billion, or $5.80 per diluted share, on net sales of $11.25 billion, with EBITDA of $2.28 billion. Fourth-quarter earnings are expected generally in-line with or modestly higher. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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| Item 2.02. | Results of Operations and Financial Condition. |
On October 26, 2026, Nucor Corporation issued a news release reporting its financial results for the quarter ended October 3, 2026. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
On October 26, 2026, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | News Release of Nucor Corporation dated October 26, 2026 | |
| 99.2 | Investor Presentation dated October 27, 2026 | |
| 104 | Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL | |
The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NUCOR CORPORATION | ||||||
| Date: October 26, 2026 | By: | /s/ John L. Sullivan | ||||
| John L. Sullivan | ||||||
| Chief Financial Officer, Treasurer and Executive Vice President | ||||||
2
Exhibit 99.1
| News Release |
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Nucor Reports Results for the Third Quarter of 2026
Third Quarter of 2026 Highlights
| • | Net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share |
| • | Net sales of $11.25 billion |
| • | Net earnings before noncontrolling interests of $1.47 billion; EBITDA of $2.28 billion |
CHARLOTTE, N.C. – October 26, 2026 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, and adjusted net earnings attributable to Nucor stockholders of $1.11 billion, or $4.84 per diluted share, for the second quarter of 2026. Nucor reported consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025.
Second quarter of 2026 results included a non-cash, pre-tax benefit of $61 million ($0.20 per diluted share) related to the increase in the valuation of our investment in Helion, a fusion energy company.
“I want to thank our teammates for delivering another strong quarter and making 2026 the safest summer in Nucor history,” said Leon Topalian, Nucor’s Chair and Chief Executive Officer. “Supported by robust demand across key end markets, Nucor has generated approximately $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders through the first nine months of the year. We also achieved important milestones in advancing our growth strategy, including the first heat at our West Virginia sheet mill in September and the recent start-up of our second galvanizing line at Nucor Steel Berkeley. These projects, together with other recent investments, are expanding Nucor’s capabilities and strengthening our position in attractive markets. With our diversified portfolio, strong balance sheet and disciplined approach to capital allocation, Nucor is well positioned to deliver long-term shareholder value.”
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||||||
| October 3, 2026 | July 4, 2026 | October 4, 2025 | October 3, 2026 | October 4, 2025 | ||||||||||||||||
| Steel mills |
$ | 1,788 | $ | 1,556 | $ | 793 | $ | 4,472 | $ | 1,867 | ||||||||||
| Steel products |
465 | 353 | 319 | 1,094 | 999 | |||||||||||||||
| Raw materials |
105 | 146 | 43 | 296 | 129 | |||||||||||||||
| Corporate/eliminations |
(491 | ) | (430 | ) | (272 | ) | (1,274 | ) | (928 | ) | ||||||||||
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| $ | 1,867 | $ | 1,625 | $ | 883 | $ | 4,588 | $ | 2,067 | |||||||||||
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Analysis of Third Quarter of 2026 Results Compared to the Second Quarter of 2026
Third quarter earnings increased in the steel mills and steel products segments, while decreasing in the raw materials segment. The increase in the steel mills segment was due to higher average selling prices and increased volumes, partially offset by higher costs of products sold. Second quarter steel mills segment cost of products sold was reduced by $130 million in cash refunds associated with prior periods’ raw material procurement costs, which did not recur in the third quarter of 2026. The increase in earnings in the steel products segment was due to higher volumes and higher average realized pricing. Raw materials segment earnings decreased due to lower pricing and shipments.
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Corporate/eliminations expense in the third quarter increased due primarily to the absence of the Helion valuation adjustment.
Financial Strength
At the end of the third quarter of 2026, Nucor had $3.64 billion in cash and cash equivalents and short-term investments on hand. The Company’s $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor’s, Fitch Ratings and Moody’s, respectively.
Commitment to Returning Capital to Stockholders
During the third quarter of 2026, Nucor repurchased approximately 2.03 million shares of its common stock at an average price of $247.04 per share. Nucor returned approximately $629 million to stockholders in the third quarter of 2026 in the form of share repurchases and dividend payments, and approximately $1.36 billion in the first nine months of 2026.
On September 18, 2026, Nucor’s Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on November 10, 2026, to stockholders of record as of September 30, 2026 and is Nucor’s 214th consecutive quarterly cash dividend.
Fourth Quarter of 2026 Outlook Compared to the Third Quarter of 2026
We expect earnings in the fourth quarter of 2026 to be generally in-line with or modestly higher than the third quarter. In the steel mills segment, we expect stable earnings due to higher realized pricing offset by seasonally lower volumes and higher costs. In the steel products segment, we expect stable earnings on higher realized pricing and seasonally lower volumes. The raw materials segment is expected to have slightly lower earnings due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease in the fourth quarter.
Earnings Conference Call
An earnings call is scheduled for October 27, 2026 at 10:00 a.m. Eastern Time to review Nucor’s third quarter of 2026 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and, beginning in the third quarter of 2026, free cash flow. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. For the second quarter of 2026, we defined adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders subtracting certain non-cash benefits (in this case, the increase in the value of our investment in Helion), net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share subtracting certain non-cash benefits (in this case, the per diluted share impact of the increase in the value of our investment in Helion), net of tax. We define free cash flow as cash provided by operating activities less capital expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and free cash flow in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods.
Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
Contact Information
For Investor/Analyst Inquiries –
Chris Jacobi, chris.jacobi@nucor.com, or Paul Donnelly, paul.donnelly@nucor.com
For Media Inquiries –
Katherine Miller, katherine.miller@nucor.com
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Consolidated Financial Statements
Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share amounts)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||||||
| October 3, 2026 | July 4, 2026 | October 4, 2025 | October 3, 2026 | October 4, 2025 | ||||||||||||||||
| Net sales |
$ | 11,249 | $ | 10,397 | $ | 8,521 | $ | 31,142 | $ | 24,807 | ||||||||||
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| Costs, expenses and other: |
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| Cost of products sold |
8,923 | 8,363 | 7,333 | 25,281 | 21,791 | |||||||||||||||
| Marketing, administrative and other expenses |
444 | 405 | 300 | 1,227 | 885 | |||||||||||||||
| Equity in earnings of unconsolidated affiliates |
(9 | ) | (8 | ) | (10 | ) | (24 | ) | (24 | ) | ||||||||||
| Losses and impairments of assets |
17 | — | — | 32 | 40 | |||||||||||||||
| Interest expense (income), net |
7 | 12 | 15 | 38 | 48 | |||||||||||||||
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| 9,382 | 8,772 | 7,638 | 26,554 | 22,740 | ||||||||||||||||
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| Earnings before income taxes and noncontrolling interests |
1,867 | 1,625 | 883 | 4,588 | 2,067 | |||||||||||||||
| Provision for income taxes |
394 | 345 | 200 | 965 | 452 | |||||||||||||||
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| Net earnings before noncontrolling interests |
1,473 | 1,280 | 683 | 3,623 | 1,615 | |||||||||||||||
| Earnings attributable to noncontrolling interests |
154 | 124 | 76 | 405 | 249 | |||||||||||||||
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| Net earnings attributable to Nucor stockholders |
$ | 1,319 | $ | 1,156 | $ | 607 | $ | 3,218 | $ | 1,366 | ||||||||||
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| Net earnings per share: |
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| Basic |
$ | 5.81 | $ | 5.05 | $ | 2.63 | $ | 14.08 | $ | 5.89 | ||||||||||
| Diluted |
$ | 5.80 | $ | 5.04 | $ | 2.63 | $ | 14.06 | $ | 5.88 | ||||||||||
| Average shares outstanding: |
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| Basic |
226.4 | 228.2 | 229.9 | 227.8 | 231.1 | |||||||||||||||
| Diluted |
226.7 | 228.5 | 230.2 | 228.2 | 231.4 | |||||||||||||||
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| October 3, 2026 | December 31, 2025 | |||||||
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 3,467 | $ | 2,260 | ||||
| Short-term investments |
173 | 439 | ||||||
| Accounts receivable, net |
4,296 | 3,105 | ||||||
| Inventories, net |
6,020 | 5,462 | ||||||
| Other current assets |
398 | 499 | ||||||
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| Total current assets |
14,354 | 11,765 | ||||||
| Property, plant and equipment, net |
16,103 | 15,306 | ||||||
| Goodwill |
4,290 | 4,297 | ||||||
| Other intangible assets, net |
2,693 | 2,880 | ||||||
| Other assets |
924 | 856 | ||||||
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| Total assets |
$ | 38,364 | $ | 35,104 | ||||
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| LIABILITIES |
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| Current liabilities: |
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| Short-term debt |
$ | 130 | $ | 122 | ||||
| Current portion of long-term debt and finance lease obligations |
579 | 90 | ||||||
| Accounts payable |
2,380 | 1,890 | ||||||
| Salaries, wages and related accruals |
1,335 | 882 | ||||||
| Accrued expenses and other current liabilities |
1,406 | 1,020 | ||||||
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| Total current liabilities |
5,830 | 4,004 | ||||||
| Long-term debt and finance lease obligations due after one year |
6,384 | 6,909 | ||||||
| Deferred credits and other liabilities |
2,059 | 2,067 | ||||||
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| Total liabilities |
14,273 | 12,980 | ||||||
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| Commitments and contingencies |
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| EQUITY |
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| Nucor stockholders’ equity: |
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| Common stock |
152 | 152 | ||||||
| Additional paid-in capital |
2,221 | 2,253 | ||||||
| Retained earnings |
34,338 | 31,504 | ||||||
| Accumulated other comprehensive loss, net of income taxes |
(222 | ) | (194 | ) | ||||
| Treasury stock |
(13,678 | ) | (12,779 | ) | ||||
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| Total Nucor stockholders’ equity |
22,811 | 20,936 | ||||||
| Noncontrolling interests |
1,280 | 1,188 | ||||||
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| Total equity |
24,091 | 22,124 | ||||||
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| Total liabilities and equity |
$ | 38,364 | $ | 35,104 | ||||
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Nine Months (39 Weeks) Ended | ||||||||
| October 3, 2026 | October 4, 2025 | |||||||
| Operating activities: |
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| Net earnings before noncontrolling interests |
$ | 3,623 | $ | 1,615 | ||||
| Adjustments: |
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| Depreciation |
967 | 910 | ||||||
| Amortization |
188 | 191 | ||||||
| Impairment of assets |
32 | 20 | ||||||
| Stock-based compensation |
129 | 102 | ||||||
| Deferred income taxes |
(71 | ) | 2 | |||||
| Distributions from affiliates |
7 | 6 | ||||||
| Equity in earnings of unconsolidated affiliates |
(24 | ) | (24 | ) | ||||
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): |
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| Accounts receivable |
(1,203 | ) | (614 | ) | ||||
| Inventories |
(560 | ) | (295 | ) | ||||
| Accounts payable |
485 | 296 | ||||||
| Federal income taxes |
167 | 177 | ||||||
| Salaries, wages and related accruals |
458 | 20 | ||||||
| Other operating activities |
324 | 29 | ||||||
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| Cash provided by operating activities |
4,522 | 2,435 | ||||||
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| Investing activities: |
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| Capital expenditures |
(1,861 | ) | (2,620 | ) | ||||
| Investment in and advances to affiliates |
(2 | ) | (1 | ) | ||||
| Disposition of plant and equipment |
34 | 42 | ||||||
| Purchases of investments |
(165 | ) | (872 | ) | ||||
| Proceeds from the sale of investments |
432 | 938 | ||||||
| Divestiture of affiliate |
4 | — | ||||||
| Other investing activities |
23 | 4 | ||||||
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| Cash used in investing activities |
(1,535 | ) | (2,509 | ) | ||||
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| Financing activities: |
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| Net change in short-term debt |
8 | (89 | ) | |||||
| Repayment of long-term debt |
(42 | ) | (1,012 | ) | ||||
| Proceeds from issuance of long-term debt, net of discount |
15 | 997 | ||||||
| Bond issuance costs |
(1 | ) | (9 | ) | ||||
| Proceeds from exercise of stock options |
19 | 1 | ||||||
| Payment of tax withholdings on certain stock-based compensation |
(82 | ) | (32 | ) | ||||
| Distributions to noncontrolling interests |
(314 | ) | (231 | ) | ||||
| Cash dividends |
(386 | ) | (385 | ) | ||||
| Acquisition of treasury stock |
(976 | ) | (600 | ) | ||||
| Proceeds from government incentives |
— | 77 | ||||||
| Other financing activities |
(14 | ) | 14 | |||||
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| Cash used in financing activities |
(1,773 | ) | (1,269 | ) | ||||
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| Effect of exchange rate changes on cash |
(7 | ) | 6 | |||||
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| Increase (decrease) in cash and cash equivalents |
1,207 | (1,337 | ) | |||||
| Cash and cash equivalents - beginning of year |
2,260 | 3,558 | ||||||
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| Cash and cash equivalents - end of nine months |
$ | 3,467 | $ | 2,221 | ||||
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| Non-cash investing activity: |
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| Change in accrued plant and equipment purchases |
$ | 6 | $ | 14 | ||||
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Page 7 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Select Financial and Operational Data
(Dollars in millions, tons in thousands, per unit amounts as noted)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||||||||||||||||||
| October 3, 2026 |
July 4, 2026 |
% Change | October 4, 2025 |
Year Ago % Change |
October 3, 2026 |
October 4, 2025 |
% Change | |||||||||||||||||||||||||
| Consolidated Financial & Operational Data |
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| Net Sales |
$ | 11,249 | $ | 10,397 | 8 | % | $ | 8,521 | 32 | % | $ | 31,142 | $ | 24,807 | 26 | % | ||||||||||||||||
| External Average Sales Price per Ton |
$ | 1,493 | $ | 1,367 | 9 | % | $ | 1,258 | 19 | % | $ | 1,380 | $ | 1,215 | 14 | % | ||||||||||||||||
| Sales Tons to External Customers |
7,533 | 7,605 | -1 | % | 6,774 | 11 | % | 22,565 | 20,424 | 10 | % | |||||||||||||||||||||
| Pre-Operating & Start-Up Costs |
$ | 124 | $ | 120 | 3 | % | $ | 103 | 20 | % | $ | 352 | $ | 408 | -14 | % | ||||||||||||||||
| Pre-Operating & Start-Up Costs per Diluted Share |
$ | 0.42 | $ | 0.40 | $ | 0.34 | $ | 1.17 | $ | 1.34 | ||||||||||||||||||||||
| Number of Days in Period |
91 | 91 | 91 | 276 | 277 | |||||||||||||||||||||||||||
| Steel Mills Segment Data |
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| Total Shipments |
7,231 | 7,100 | 2 | % | 6,428 | 12 | % | 21,377 | 19,365 | 10 | % | |||||||||||||||||||||
| Sales Tons to External Customers |
5,662 | 5,659 | 0 | % | 4,976 | 14 | % | 16,940 | 15,246 | 11 | % | |||||||||||||||||||||
| Percentage of Sales to Internal Customers |
22 | % | 20 | % | 23 | % | 21 | % | 21 | % | ||||||||||||||||||||||
| External Average Sales Price per Ton |
$ | 1,233 | $ | 1,145 | 8 | % | $ | 1,038 | 19 | % | $ | 1,151 | $ | 1,005 | 15 | % | ||||||||||||||||
| Average Scrap/Scrap Substitute Cost per Gross Ton |
$ | 421 | $ | 422 | 0 | % | $ | 391 | 8 | % | $ | 416 | $ | 396 | 5 | % | ||||||||||||||||
| Utilization |
89 | % | 91 | % | 85 | % | 89 | % | 83 | % | ||||||||||||||||||||||
| Steel Products Segment Data |
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| Sales Tons to External Customers |
1,363 | 1,285 | 6 | % | 1,183 | 15 | % | 3,807 | 3,372 | 13 | % | |||||||||||||||||||||
| Average Sales Price per Ton |
$ | 2,576 | $ | 2,415 | 7 | % | $ | 2,358 | 9 | % | $ | 2,470 | $ | 2,329 | 6 | % | ||||||||||||||||
Page 8 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Tonnage Data (in thousands)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||||||||||||||||||
| October 3, 2026 |
July 4, 2026 |
% Change |
October 4, 2025 |
Year Ago % Change |
October 3, 2026 |
October 4, 2025 |
% Change |
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| Steel mills total shipments: |
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| Sheet |
3,259 | 3,291 | -1 | % | 3,030 | 8 | % | 9,944 | 9,068 | 10 | % | |||||||||||||||||||||
| Bars |
2,497 | 2,387 | 5 | % | 2,190 | 14 | % | 7,192 | 6,628 | 9 | % | |||||||||||||||||||||
| Structural |
667 | 628 | 6 | % | 595 | 12 | % | 1,944 | 1,807 | 8 | % | |||||||||||||||||||||
| Plate |
782 | 757 | 3 | % | 594 | 32 | % | 2,186 | 1,777 | 23 | % | |||||||||||||||||||||
| Other |
26 | 37 | -30 | % | 19 | 37 | % | 111 | 85 | 31 | % | |||||||||||||||||||||
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| 7,231 | 7,100 | 2 | % | 6,428 | 12 | % | 21,377 | 19,365 | 10 | % | ||||||||||||||||||||||
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| Sales tons to outside customers: |
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| Steel mills |
5,662 | 5,659 | 0 | % | 4,976 | 14 | % | 16,940 | 15,246 | 11 | % | |||||||||||||||||||||
| Joist and deck |
237 | 198 | 20 | % | 254 | -7 | % | 620 | 653 | -5 | % | |||||||||||||||||||||
| Rebar fabrication products |
341 | 344 | -1 | % | 356 | -4 | % | 976 | 909 | 7 | % | |||||||||||||||||||||
| Tubular products |
375 | 338 | 11 | % | 206 | 82 | % | 1,031 | 719 | 43 | % | |||||||||||||||||||||
| Building Systems |
74 | 59 | 25 | % | 62 | 19 | % | 188 | 174 | 8 | % | |||||||||||||||||||||
| Other steel products |
336 | 346 | -3 | % | 305 | 10 | % | 992 | 917 | 8 | % | |||||||||||||||||||||
| Raw materials |
508 | 661 | -23 | % | 615 | -17 | % | 1,818 | 1,806 | 1 | % | |||||||||||||||||||||
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| 7,533 | 7,605 | -1 | % | 6,774 | 11 | % | 22,565 | 20,424 | 10 | % | ||||||||||||||||||||||
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Page 9 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Nucor Reports Results for the Third Quarter of 2026 (Continued)
Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
(In millions)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||||||
| October 3, 2026 | July 4, 2026 | October 4, 2025 | October 3, 2026 | October 4, 2025 | ||||||||||||||||
| Net earnings before noncontrolling interests |
$ | 1,473 | $ | 1,280 | $ | 683 | $ | 3,623 | $ | 1,615 | ||||||||||
| Depreciation |
326 | 320 | 304 | 967 | 910 | |||||||||||||||
| Amortization |
62 | 63 | 63 | 188 | 191 | |||||||||||||||
| Losses and impairments of assets |
17 | — | — | 32 | 40 | |||||||||||||||
| Interest expense (income), net |
7 | 12 | 15 | 38 | 48 | |||||||||||||||
| Provision for income taxes |
394 | 345 | 200 | 965 | 452 | |||||||||||||||
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| EBITDA |
$ | 2,279 | $ | 2,020 | $ | 1,265 | $ | 5,813 | $ | 3,256 | ||||||||||
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Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited)
(In millions, except per share data)
| Three Months (13 Weeks) Ended | ||||||||
| July 4, 2026 | ||||||||
| Diluted EPS | ||||||||
| Net earnings attributable to Nucor stockholders |
$ | 1,156 | $ | 5.04 | ||||
| Subtract non-cash benefit, net of tax |
46 | 0.20 | ||||||
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| Adjusted net earnings attributable to Nucor stockholders |
$ | 1,110 | $ | 4.84 | ||||
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Reconciliation of Free Cash Flow (Unaudited)
(In millions)
| Nine Months (39 Weeks Ended) |
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| October 3, 2026 | ||||
| Cash provided by operating activities |
$ | 4,522 | ||
| Subtract capital expenditures |
(1,861 | ) | ||
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| Free cash flow |
$ | 2,661 | ||
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Page 10 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Exhibit 99.2 THIRD QUARTER 2026 EARNINGS CALL Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO October 27, 2026
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,” “project,” “will,” “should,” “could” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. The Company does not undertake any obligation to update these statements. The forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this presentation. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward- looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long- lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; (15) the impact of any pandemic or public health situation; and (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s most recent Annual Report on Form 10-K and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents non-GAAP financial measures because it considers them to be an important supplemental measure of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix. 3
Q3 2026 FINANCIAL PERFORMANCE FINANCIAL METRICS 1 $2.3 billion EBITDA $1.3 billion Net Earnings $5.80 EPS ~23% debt/cap; Balance Sheet & 2 Liquidity ~$4.3 billion liquidity $629 million Capital Expenditures Returns to NUE $629 million Shareholders • Dividend Payments • $128 million • $501 million • Share Repurchases (2.0 mm shares) (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Liquidity defined as cash & equivalents, plus short-term investments, plus available revolver capacity of $2.25 billion facility less ~$1.6 billion outstanding floating- 4 rate IRBs
Q3 2026 OPERATIONAL HIGHLIGHTS TOTAL EXTERNAL MILL SAFETY STEEL MILLS STEEL PRODUCTS BACKLOGS SHIPMENTS SHIPMENTS (1) (1) (1) 0.70 7.2mm 1.4mm 5.9mm YTD Injury & Illness Rate +2% vs. Q2 2026 +6% vs. Q2 2026 +5% vs. Q2 2026 • Achieved safest summer in Nucor’s history SAFETY • Tracking towards the lowest I&I rate in company history OUR #1 VALUE th for 9 year in a row • Growing contributions from recently completed projects, capitalizing on strong market conditions STEEL MILLS • Record shipments for a third consecutive quarter, YTD SHIPMENTS CONTINUE shipments +10% AT RECORD PACE • Production in line with Q2, ex. planned outage impacts • Joist & Deck led Q/Q earnings growth, with higher shipments (+20%) and realized pricing (+$110/t) STEEL PRODUCTS: • Improved results across the portfolio, notably Building HIGHER SHIPMENTS, Systems, Tube, and Insulated Metal Panels PRICING, AND MARGINS • Backlogs extend into mid-2027 for many products 5 (1) Based on net tons. Total Steel Mills shipments includes sales to internal customers
TRADE POLICY LEVELING THE PLAYING FIELD U.S. Demand & Import Market Share (2022 - Q3 2026) Carbon & Alloy Steel – Avg Monthly Quantity SECTION 232 REBOOT 9.00 8.76 9.0 8.63 8.53 8.49 8.41 8.31 8.19 8.13 7.88 8.0 7.0 23.0% 21.7% 21.6% 21.1% 6.0 18.7% 17.2% 16.1% 15.9% 5.0 14.5% 14.3% 4.0 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3'26 YTD imports tracking below 2025 Stronger demand lifts domestic shipments despite rising imports • Through Q3 2026, finished steel imports are down ~13% y-o-y vs. 2025; and down ~24% • Domestic shipments have increased Q/Q in vs. 2024 levels 2026, even as import market share has grown from ~14% in 4Q’25 to ~17% in 3Q’26 Trade cases remain an important policy lever Federal Trade Policy to level the playing field • We expect the vigorous enforcement of our trade laws and section 232 steel tariffs to • Massive surge y-o-y in imports from South Korea continue (+57% through Q3) despite Section 232 measures Sources: US Commerce Dept., AISI. 6 Million Net Tons, Avg Monthl ADC (BAR GRAPH) % Finished C&A Import Mkt Share (LINE GRAPH)
WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET CONSTRUCTION NEARLY COMPLETE • Focused on commissioning across the plant • Achieved major milestones in September, including first heat and first prime pickled coil shipments to internal divisions PRODUCTION BEGINNING 2027 • Initial focus is on safe and reliable performance • Intentional, multi-phased ramp to full run-rate; building to 50% utilization run rate by YE 2027 • Capacity utilization and product capabilities will continue to expand throughout 2028 1 Sequencing equipment commissioning across 2026 Spring Summer Fall to year-end ✓ ✓ ✓ ✓ ✓ ✓ COLD HOT PICKLE AUTO MELT CONSTRUCTION MILL MILL LINE GALV LINE SHOP GALV LINE 7 (1) Represents the beginning of the commissioning process
ADVANCING OUR AUTOMOTIVE STRATEGY GROWING SHIPMENTS IN A STABLE MOMENTUM TO ACCELERATE AS AUTOMOTIVE MARKET GROWTH INVESTMENTS RAMP • Nucor flat rolled automotive shipments up 4% YTD • Newest growth projects adding advanced sheet despite relatively stable North American auto capabilities, strengthening customer relationships and production profitability • Commercialized exposed-quality galvanized steel – Nucor Steel West Virginia sheet mill, expands using thin slab casting for an exposed auto part; fully footprint across major automotive market corridor in qualified on a platform for a leading North America the Northeast and Midwest automaker – Nucor Steel Berkeley galvanizing line, began • Growing automotive shipments and exposed-quality production earlier this month, adds advanced success support scaling both exposed and unexposed capabilities to serve Southeast auto customers grades across our broad OEM customer base Berkeley County, SC galv line 8
TOWERS & STRUCTURES SCALING NATIONWIDE Four Highly Automated, State-of-the-Art SUSTAINED UTILITY CAPEX Production Facilities with National Coverage DRIVING DEMAND • North American transmission spend exceeded ~$65 billion in BRIGHAM CITY, UT HAZLETON, PA 2025, and is on pace to grow to Full production expected Acquired 2022; (1) by mid-2027 over $100 billion by 2030 Modernized 2025 BUILDING LONG-TERM CUSTOMER RELATIONSHIPS • Qualified with over 30 utilities • Entered into multi-year supply agreements with several of the largest utilities in the U.S. GROWING BACKLOGS CRAWFORDSVILLE, IN • Backlog has more than doubled Began full production YTD, and extends into Q1 2028 in Q3 2026 EXPANDING PRODUCTION CAPABILITIES Acquired Operation DECATUR, AL Full production in 2025, tracking to • In October 2026, announced Greenfield Operation EBITDA positive run rate in Oct. $165M expansion at Indiana Greenfield Under Construction and Alabama facilities to meet growing customer demand 9 (1) Power Insights 2026 North American Electric Transmission Market Forecast
SECULAR GROWTH TRENDS SUPPORTING A SUSTAINED UPLIFT IN DEMAND RESHORING & REBUILDING REPOWERING DIGITAL INFRASTRUCTURE • IIJA funded construction • Manufacturing construction • Investor-owned utility capex activity in transportation spending remains elevated at projected at ~$1.4 trillion, 2026 2 4 infrastructure still accelerating: ~$170 billion per annum - 2030 : – FY’26 State DOT contract – Mix broadening from primarily – Utility scale solar, combined- awards reached $159 billion; chip plants to power cycle gas turbines, substations, 1 +60% from 2022 level equipment, aerospace & storage, transmission grid defense, pharmaceutical, upgrades...all steel intensive • Border fence work continues, automotive and others • Pipelines: LNG and basin consuming ~1,500 tons /mile • Data Center construction takeaway projects,+1,500 • Stadiums/Arenas: Strong niche spending: Doubled from 2024 miles/year of large diameter market, both new builds and to 2026, +20% projected CAGR pipeline construction expected 3 5 renovations through 2031 through 2030 (1) American Road & Transportation Builders Association Market Update: Highway & Bridge Construction Market; 10 (2) https://fred.stlouisfed.org/series/TLMFGCONS; (3) Dodge Construction Network. (4) PowerLines; (5) Interstate Natural Gas Association of America, FERC.gov, Naturalgasintel.com;
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) 1 2 Diluted EPS EBITDA $0.20 adj. for non-cash benefit related to increase of Helion investment valuation $5.04 $2,279 $5.80 $2,020 $4.84 $1,265 $2.63 Q3'25 Q2'26 Q3'26 Q3'25 Q2'26 Q3'26 3 Capital Expenditures Free Cash Flow $1,607 $807 $829 $629 $532 $571 Q3'25 Q2'26 Q3'26 Q3'25 Q2'26 Q3'26 (1) Adjusted Earnings in Q2’26 excludes certain non-recurring charges. See appendix for a reconciliation of non-GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 11 (3) FCF represents operating cashflow minus capex
Q3 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q3 2026 VS Q2 2026 (1) EARNINGS • Higher volumes $105 $millions • Higher realized pricing STEEL $465 $146 partially offset by higher MILLS costs $353 • Higher EBT/ton $45 $276 $43 • Higher volumes $319 $1,788 STEEL $24 $1,556 • Higher realized pricing $251 PRODUCTS $1,128 • Higher EBT/ton $793 $522 ($272) ($269) ($353) ($491) ($491) • Lower shipments RAW • Lower realized pricing (2) MATERIALS (3) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Corporate/Eliminations Steel Mills Steel Products Raw Materials (1) Total segment earnings before income taxes and non-controlling interests (3) Adjusted to exclude $61 million non-cash benefit related to increase in Helion MTM write up in Corporate/Eliminations (2) Adjusted to exclude $6 million impairment in Steel Mills and $21 million impairment in taken in Q2 2026. For a reconciliation of non-GAAP 12 Steel Products taken in Q4 2025. For a reconciliation of non-GAAP measures, please measures, please refer to the Appendix. refer to the Appendix.
FUNDING GROWTH, RETURNING CAPITAL, AND MAINTAINING FINANCIAL FLEXIBILITY ~80% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER MAINTAINING FINANCIAL FLEXIBILITY RETURNS AND GROWTH CAPEX $ in millions Maintenance & $ in millions xLTM 1 all other Capex as of October 3, 2026 Amount EBITDA % cap Shareholder 2 Total Debt $7,093 1.1x 23% $646 (4) Returns 3 Cash and Cash Equivalents $3,640 $1,362 Net Debt $3,453 0.5x $1,215 Total Equity & Non-Controlling Int. $24,091 77% Growth Total Book Capitalization $31,184 100% Capex COMMITTED TO RETURNING AT LEAST 40% OF HIGHEST CREDIT RATINGS IN THE INDUSTRY ANNUAL NET EARNINGS $ in millions (4) Shareholder returns Rating Long-term Short-term Outlook Agency Rating Rating $629 S&P A- A-1 Stable $479 $429 $329 Fitch A- F1 Stable $254 $227 $227 Moody’s A3 P-2 Stable Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Represents Nucor’s senior unsecured ratings (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. (2) Total Debt includes Short-Term Debt, Current Portion of Long-Term Debt, Long-term Debt and Finance Lease Obligations (3) Includes Cash and Cash Equivalents and Short-Term Investments 13 (4) Includes dividends and share repurchases
Q4 2026 EARNINGS OUTLOOK IMPACT ON Q4 SEGMENT EXPECTATIONS FOR Q4 vs Q3 EARNINGS VS Q3 • Higher average realized pricing Steel Mills • Seasonally lower volumes and higher costs • Higher average realized pricing Steel Products • Seasonally lower volumes • Slightly lower earnings from lower realized Raw Materials DRI pricing • Lower eliminations upon consolidation Corp / Eliminations Consolidated • In-line with or modestly higher vs. Q3 Earnings 14
APPENDIX 15
CARBON CAPTURE FACILITY NOW OPERATIONAL • Carbon Capture & Storage (CCS) agreement with ExxonMobil first announced in June 2023 • Operations commenced during Q3 2026 • ExxonMobil to capture up to 800 kt/yr CO from Nucor’s Louisiana DRI plant 2 for permanent storage offsite • Transformative project will enable Nucor to produce DRI having ~80% lower carbon footprint compared to pig iron from blast furnaces CO CO CO 2 2 2 Capture Facility CO flow direction (NS-LA to storage) 2 (CO compression 2 CO pipeline 2 Permanent Geologic and conditioning) CO Capture Source 2 Exxon Operated Facilities Storage (DRI Facility, Convent, LA) 16
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Prior Q3 ’26 Q2 ’26 Q3 ’25 Shipments Q3 2026 vs. Q2 2026 Qtr. Year Sheet 3,259 3,291 3,030 -1% 8% • Higher volumes Bars 2,497 2,387 2,190 5% 14% • Higher realized pricing partially offset by Structural 667 628 595 6% 12% higher costs Plate 782 757 594 3% 32% Other Steel 26 37 19 -30% 37% • Higher EBT/ton Total Shipments 7,231 7,100 6,428 2% 12% 1 15% 125% Adj. EBT $1,788 $1,556 $793 1 13% 100% Adj. EBT /Ton $247 $219 $123 STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Prior Shipments Q3 ’26 Q2 ‘26 Q3 ’25 Q3 2026 vs. Q2 2026 Qtr. Year Tubular 375 338 206 11% 82% Joist & Deck 237 198 254 20% -7% • Higher volumes Rebar Fabrication 341 344 356 -1% -4% • Higher realized pricing Building Systems 74 59 62 25% 19% Other 336 346 305 -3% 10% • Higher EBT/ton Total Shipments 1,183 6% 1,363 1,285 15% 1 Adj. EBT $465 $353 $319 32% 46% 1 24% Adj. EBT /Ton $341 $275 $270 27% (1) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release 17
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q3 2026 vs. Q2 2026 Prior Prior Q3 ’26 Q2 ’26 Q3 ’25 Production Qtr. Year • Lower shipments DRI -13% -2% 960 1,098 976 Scrap Processing 1,298 1,285 1,215 1% 7% • Lower realized pricing 1 Total Production 2,258 2,383 2,191 -5% 3% 2 Adj. EBT $105 $146 $43 -28% 144% (1) Total production excluding scrap brokerage activities. (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release 18
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS STEEL STEEL PRODUCTS OTHER TOTAL COMP. SALES TOTAL JOIST & REBAR BLDG STEEL STEEL RAW TOTAL NET SALES PRICE PER TUBULAR YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) 2026 Q1 2,787 1,667 554 611 5,619 185 291 318 55 310 1,159 649 7,427 $9,496 $1,279 Q2 2,680 1,774 527 678 5,659 198 344 338 59 346 1,285 661 7,605 $10,397 $1,367 Q3 2,556 1,837 573 696 5,662 237 341 375 74 336 1,363 508 7,533 $11,249 $1,493 Q4 YEAR 2025 Q1 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 Q2 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 Q4 2,220 1,412 436 534 4,602 218 270 228 54 255 1,025 564 6,191 $7,687 $1,242 YEAR 9,584 6,136 1,916 2,212 19,848 871 1,179 947 228 1,172 4,397 2,370 26,615 $32,494 $1,221 19 *Beam includes all structural steel
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2026 2026 st st $1,001 $1,013 $1,541 $1,151 $1,074 1 Quarter 1 Quarter $404 $361 nd nd $1,088 $1,049 $1,608 $1,263 $1,145 2 Quarter 2 Quarter $422 $377 rd $1,189 $1,097 $1,706 $1,343 $1,233 3rd Quarter 3 Quarter $421 $376 th 4th Quarter 4 Quarter First Half $1,044 $1,032 $1,574 $1,210 $1,110 First Half $413 $369 Nine Months $1,090 $1,055 $1,619 $1,256 $1,151 Nine Months $416 $371 YEAR YEAR 2025 2025 st st $888 $877 $1,300 $1,014 $938 $394 $352 1 Quarter 1 Quarter nd nd 2 Quarter $1,008 $927 $1,352 $1,194 $1,041 2 Quarter $403 $360 rd rd 3 Quarter $982 $961 $1,394 $1,182 $1,038 3 Quarter $391 $349 th th 4 Quarter $935 $975 $1,464 $1,113 $1,019 4 Quarter $380 $339 First Half $948 $900 $1,327 $1,106 $989 First Half $398 $355 Nine Months $959 $920 $1,348 $1,131 $1,005 Nine Months $396 $354 $954 $933 $1,374 $1,126 $1,008 YEAR YEAR $392 $350 20 *Beam includes all structural steel
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2026 st $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 1 Quarter nd 2 Quarter $2,450 $1,656 $1,772 $5,993 $3,173 $2,415 rd $2,560 $1,716 $1,891 $6,285 $3,414 $2,576 3 Quarter th 4 Quarter First Half $2,452 $1,651 $1,718 $6,037 $3,183 $2,410 Nine Months $2,494 $1,674 $1,781 $6,135 $3,261 $2,470 YEAR 2025 st 1 Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 nd 2 Quarter $2,605 $1,593 $1,559 $5,206 $2,876 $2,331 rd $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 3 Quarter th 4 Quarter $2,452 $1,654 $1,540 $5,574 $3,297 $2,413 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 Nine Months $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 YEAR $2,545 $1,619 $1,509 $5,479 $3,006 $2,348 21
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2024 2025 LTM Q3 2025 Q2 2026 Q3 2026 Net earnings before $2,319 $2,038 $4,046 $683 $1,280 $1,473 non-controlling interests Net interest expense ($30) $59 $49 $15 $12 $7 Income taxes $583 $530 $1,043 $200 $345 $394 Depreciation expense $1,094 $1,226 $1,283 $304 $320 $326 Amortization expense $262 $254 $251 $63 $63 $62 Losses and impairments of assets $137 $67 $59 -- -- $17 EBITDA $4,365 $4,174 $6,731 $1,265 $2,020 $2,279 22
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2024 2025 LTM Q3 2025 Q2 2026 Q3 2026 CASH PROVIDED BY $3,979 $3,234 $5,321 $1,339 $1,400 $2,236 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,663) ($807) ($571) ($629) FREE CASH FLOW $806 ($188) $2,658 $532 $829 $1,607 23
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q2 2026 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO $378 $1.64 $1,156 $5.04 NUCOR STOCKHOLDERS (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS, $22 $0.09 ($46) ($0.20) NET OF TAX ADJUSTED NET EARNINGS $400 $1.73 $1,110 $4.84 ATTRIBUTABLE TO NUCOR STOCKHOLDERS 24
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q2 2026 Steel Steel Raw Corp/ Steel Steel Raw Corp/ Mills Products Materials Elims Mills Products Materials Elims EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING $516 $230 $24 ($269) $1,556 $353 $146 ($430) INTERESTS (INCREASES) / DECREASES RELATED $6 $21 -- -- -- -- -- ($61) TO VALUATION OF CERTAIN ASSETS ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND $522 $251 $24 ($269) $1,556 $353 $146 ($491) NONCONTROLLING INTERESTS 25