Nucor demonstrated a significant recovery in profitability as 2026Q1 gross margins reached 15.8%, rebounding from the 7.7% cyclical low observed in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 34.16B | 32.49B | 30.73B | 34.71B | 41.51B | 36.48B | 20.14B | 22.59B | 25.07B | 20.25B | 16.21B | 16.44B | 21.11B | 19.05B | 19.43B | 20.02B | 15.84B | 11.19B | 23.66B | 16.59B | 14.75B | 12.7B | 11.38B | 6.27B | 4.8B | 4.33B | 4.76B | 4.01B | 4.15B | 4.18B | 3.65B |
| Revenue Growth % | 12.27% | 5.73% | -11.47% | -16.38% | 13.78% | 81.15% | -10.84% | -9.89% | 23.77% | 24.95% | -1.41% | -22.11% | 10.78% | -1.94% | -2.97% | 26.37% | 41.59% | -52.71% | 42.61% | 12.49% | 16.14% | 11.64% | 81.57% | 30.49% | 10.8% | -8.89% | 18.64% | -3.42% | -0.8% | 14.74% | 5.34% |
| Cost of Goods Sold | 29.39B | 28.62B | 26.63B | 26.9B | 29.01B | 25.46B | 17.91B | 19.91B | 20.77B | 17.68B | 14.18B | 15.33B | 19.26B | 17.64B | 17.92B | 18.14B | 15.06B | 11.04B | 19.61B | 13.46B | 11.28B | 10.11B | 9.13B | 6B | 4.33B | 3.91B | 3.93B | 3.22B | 3.34B | 3.36B | 2.96B |
| COGS % of Revenue | - | 88.07% | 86.65% | 77.49% | 69.88% | 69.78% | 88.94% | 88.14% | 82.86% | 87.31% | 87.5% | 93.22% | 91.24% | 92.6% | 92.21% | 90.6% | 95.05% | 98.62% | 82.88% | 81.14% | 76.5% | 79.59% | 80.24% | 95.7% | 90.22% | 90.32% | 82.61% | 80.41% | 80.43% | 80.3% | 81.08% |
| Gross Profit | 4.77B | 3.88B | 4.1B | 7.82B | 12.5B | 11.03B | 2.23B | 2.68B | 4.3B | 2.57B | 2.03B | 1.11B | 1.85B | 1.41B | 1.51B | 1.88B | 783.75M | 154.39M | 4.05B | 3.13B | 3.47B | 2.59B | 2.25B | 269.28M | 469.5M | 419.43M | 827.34M | 785.4M | 812.5M | 824.4M | 690M |
| Gross Margin % | 13.98% | 11.93% | 13.35% | 22.51% | 30.12% | 30.22% | 11.06% | 11.86% | 17.14% | 12.69% | 12.5% | 6.78% | 8.76% | 7.4% | 7.79% | 9.4% | 4.95% | 1.38% | 17.12% | 18.86% | 23.5% | 20.41% | 19.76% | 4.3% | 9.78% | 9.68% | 17.39% | 19.59% | 19.57% | 19.7% | 18.92% |
| Gross Profit Growth % | - | -5.46% | -47.51% | -37.49% | 13.4% | 394.87% | -16.84% | -37.63% | 67.18% | 26.83% | 81.88% | -39.76% | 31.09% | -6.8% | -19.55% | 140.06% | 407.63% | -96.19% | 29.42% | -9.71% | 33.73% | 15.31% | 734.81% | -42.65% | 11.94% | -49.3% | 5.34% | -3.34% | -1.44% | 19.48% | -6.21% |
| Operating Expenses | 1.35B | 1.22B | 1.12B | 1.58B | 2B | 1.71B | 2.23B | 711.25M | 860.72M | 687.53M | 596.76M | 458.99M | 520.8M | 467.9M | 454.9M | 439.53M | 331.45M | 348.48M | 750.98M | 577.76M | 592.47M | 459.46M | 415.03M | 165.37M | 175.59M | 150.67M | 183.18M | 411.4M | 401.1M | 364.2M | 302.6M |
| OpEx % of Revenue | - | 3.75% | 3.65% | 4.57% | 4.81% | 4.68% | 11.06% | 3.15% | 3.43% | 3.39% | 3.68% | 2.79% | 2.47% | 2.46% | 2.34% | 2.2% | 2.09% | 3.11% | 3.17% | 3.48% | 4.02% | 3.62% | 3.65% | 2.64% | 3.66% | 3.48% | 3.85% | 10.26% | 9.66% | 8.7% | 8.3% |
| Selling, General & Admin | 1.32B | 1.22B | 1.12B | 1.58B | 2B | 1.71B | 615.04M | 711.25M | 860.72M | 687.53M | 596.76M | 458.99M | 520.8M | 467.9M | 454.9M | 439.53M | 331.45M | 348.48M | 714.06M | 577.76M | 592.47M | 459.46M | 415.03M | 165.37M | 175.59M | 150.67M | 183.18M | 154.8M | 148M | 145.4M | 120.4M |
| SG&A % of Revenue | - | 3.75% | 3.65% | 4.57% | 4.81% | 4.68% | 3.05% | 3.15% | 3.43% | 3.39% | 3.68% | 2.79% | 2.47% | 2.46% | 2.34% | 2.2% | 2.09% | 3.11% | 3.02% | 3.48% | 4.02% | 3.62% | 3.65% | 2.64% | 3.66% | 3.48% | 3.85% | 3.86% | 3.57% | 3.47% | 3.3% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 1.61B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 256.6M | 253.1M | 218.8M | 182.2M |
| Operating Income | 3.43B | 2.66B | 2.98B | 6.23B | 10.51B | 9.32B | 0 | 1.97B | 3.43B | 1.88B | 1.43B | 654.9M | 1.33B | 942.72M | 1.06B | 1.44B | 452.29M | -194.09M | 3.3B | 2.55B | 2.87B | 2.13B | 1.83B | 103.91M | 293.91M | 268.76M | 644.16M | 374M | 411.4M | 460.2M | 387.4M |
| Operating Margin % | 10.04% | 8.18% | 9.69% | 17.95% | 25.31% | 25.54% | - | 8.71% | 13.7% | 9.29% | 8.82% | 3.98% | 6.29% | 4.95% | 5.45% | 7.2% | 2.85% | -1.73% | 13.95% | 15.38% | 19.48% | 16.79% | 16.11% | 1.66% | 6.12% | 6.2% | 13.54% | 9.33% | 9.91% | 11% | 10.62% |
| Operating Income Growth % | - | -10.74% | -52.18% | -40.7% | 12.74% | - | -100% | -42.71% | 82.51% | 31.68% | 118.22% | -50.7% | 40.91% | -10.95% | -26.58% | 218.8% | 333.04% | -105.88% | 29.3% | -11.2% | 34.77% | 16.36% | 1664% | -64.65% | 9.36% | -58.28% | 72.24% | -9.09% | -10.6% | 18.79% | -10.14% |
| EBITDA | 4.86B | 4.14B | 4.33B | 7.4B | 11.57B | 10.18B | 1.79B | 2.7B | 4.15B | 2.61B | 2.12B | 1.35B | 2.05B | 1.55B | 1.67B | 2.03B | 1.03B | 372.34M | 3.85B | 2.98B | 3.24B | 2.51B | 2.22B | 468.02M | 601.01M | 557.83M | 903.53M | 630.6M | 664.5M | 679M | 569.6M |
| EBITDA Margin % | 14.24% | 12.74% | 14.1% | 21.31% | 27.87% | 27.91% | 8.88% | 11.96% | 16.57% | 12.88% | 13.06% | 8.24% | 9.73% | 8.15% | 8.57% | 10.15% | 6.53% | 3.33% | 16.27% | 17.96% | 21.95% | 19.74% | 19.48% | 7.47% | 12.52% | 12.87% | 19% | 15.73% | 16.01% | 16.23% | 15.62% |
| EBITDA Growth % | 37.7% | -4.52% | -41.41% | -36.04% | 13.6% | 469.66% | -33.85% | -34.95% | 59.23% | 23.28% | 56.19% | -34% | 32.19% | -6.77% | -18.04% | 96.38% | 177.94% | -90.33% | 29.17% | -7.98% | 29.12% | 13.16% | 373.53% | -22.13% | 7.74% | -38.26% | 43.28% | -5.1% | -2.14% | 19.21% | -5.85% |
| D&A (Non-Cash Add-back) | 1.43B | 1.48B | 1.36B | 1.17B | 1.06B | 864.56M | 785.47M | 734.65M | 719.64M | 727.06M | 687.05M | 700.02M | 724.42M | 610.21M | 607.02M | 590.4M | 582.6M | 566.42M | 548.91M | 427.56M | 363.94M | 375.05M | 383.31M | 364.11M | 307.1M | 289.06M | 259.37M | 256.6M | 253.1M | 218.8M | 182.2M |
| EBIT | 3.48B | 2.63B | 3.13B | 6.52B | 10.51B | 9.36B | 1B | 1.94B | 3.39B | 1.94B | 1.48B | 419.41M | 1.32B | 943.11M | 1.03B | 1.43B | 428.25M | -279.23M | 3.24B | 2.55B | 2.87B | 2.13B | 1.83B | 103.91M | 293.91M | 268.76M | 644.16M | 374M | 411.4M | 460.2M | 387.4M |
| Net Interest Income | -64M | -59M | 30M | 30M | -170M | -158.85M | -153.2M | -121.42M | -135.53M | -173.58M | -169.24M | -173.53M | -169.26M | -146.9M | -162.38M | -166.09M | -153.09M | -134.75M | -90.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 53M | 0 | 258M | 276M | 48.7M | 4.27M | 13.41M | 39.83M | 25.72M | 13.7M | 11.94M | 4.01M | 4.89M | 5.09M | 11.13M | 12.72M | 8.05M | 0 | 44.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 117M | 59M | 228M | 246M | 218.91M | 163.12M | 166.61M | 161.26M | 161.26M | 187.28M | 181.18M | 177.54M | 174.14M | 151.99M | 173.5M | 178.81M | 161.14M | 134.75M | 134.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -52M | -91M | -77M | 43M | -261M | -117.95M | 835.54M | -185.03M | -205.29M | -131.92M | -130.49M | -413.04M | -181.14M | -151.6M | -205.7M | -190.08M | -185.18M | -219.89M | -195.67M | -298.97M | -181.76M | -105.65M | -101.65M | -37.03M | -63.86M | -89.39M | -150.65M | 5.2M | 3.9M | 0 | 400K |
| Pretax Income | 3.38B | 2.57B | 2.9B | 6.27B | 10.24B | 9.2B | 835.54M | 1.78B | 3.23B | 1.75B | 1.3B | 241.87M | 1.15B | 791.12M | 852.94M | 1.25B | 267.12M | -413.98M | 3.1B | 2.25B | 2.69B | 2.03B | 1.73B | 66.88M | 230.05M | 179.37M | 493.52M | 379.2M | 415.3M | 460.2M | 387.8M |
| Pretax Margin % | 9.89% | 7.9% | 9.44% | 18.07% | 24.68% | 25.22% | 4.15% | 7.89% | 12.88% | 8.64% | 8.01% | 1.47% | 5.44% | 4.15% | 4.39% | 6.25% | 1.69% | -3.7% | 13.12% | 13.58% | 18.25% | 15.96% | 15.22% | 1.07% | 4.79% | 4.14% | 10.38% | 9.46% | 10% | 11% | 10.63% |
| Income Tax | 697M | 530M | 583M | 1.36B | 2.17B | 2.08B | -490K | 411.9M | 748.31M | 369.39M | 398.24M | 213.15M | 388.79M | 205.59M | 259.81M | 390.83M | 60.79M | -176.8M | 959.48M | 781.37M | 936.14M | 706.08M | 609.79M | 4.1M | 67.97M | 60.9M | 167.4M | 134.6M | 151.6M | 165.7M | 139.6M |
| Effective Tax Rate % | 20.63% | 20.64% | 20.09% | 21.68% | 21.13% | 22.59% | -0.06% | 23.1% | 23.17% | 21.11% | 30.67% | 88.13% | 33.89% | 25.99% | 30.46% | 31.22% | 22.76% | 42.71% | 30.91% | 34.68% | 34.77% | 34.83% | 35.22% | 6.12% | 29.55% | 33.95% | 33.92% | 35.5% | 36.5% | 36.01% | 36% |
| Net Income | 2.33B | 1.74B | 2.03B | 4.52B | 7.61B | 6.83B | 721.47M | 1.27B | 2.36B | 1.32B | 796.27M | 357.66M | 713.95M | 488.02M | 504.62M | 778.19M | 134.09M | -293.61M | 1.83B | 1.47B | 1.76B | 1.31B | 1.12B | 62.78M | 162.08M | 112.96M | 310.91M | 244.6M | 263.7M | 294.5M | 248.2M |
| Net Margin % | 6.82% | 5.37% | 6.6% | 13.03% | 18.33% | 18.71% | 3.58% | 5.63% | 9.42% | 6.51% | 4.91% | 2.18% | 3.38% | 2.56% | 2.6% | 3.89% | 0.85% | -2.62% | 7.74% | 8.87% | 11.92% | 10.32% | 9.86% | 1% | 3.38% | 2.61% | 6.54% | 6.1% | 6.35% | 7.04% | 6.81% |
| Net Income Growth % | 74.19% | -13.96% | -55.2% | -40.52% | 11.42% | 846.33% | -43.24% | -46.16% | 79.02% | 65.61% | 122.63% | -49.9% | 46.29% | -3.29% | -35.15% | 480.34% | 145.67% | -116.04% | 24.39% | -16.26% | 34.14% | 16.83% | 1686.34% | -61.27% | 43.48% | -63.67% | 27.11% | -7.24% | -10.46% | 18.65% | -9.58% |
| Net Income (Continuing) | 2.68B | 2.04B | 2.32B | 4.91B | 8.08B | 7.12B | 836.03M | 1.37B | 2.48B | 1.38B | 900.42M | 193.03M | 778.56M | 585.53M | 593.13M | 860.98M | 206.32M | -237.18M | 2.14B | 1.77B | 1.98B | 1.42B | 1.2B | 62.78M | 162.08M | 112.96M | 310.91M | 244.6M | 263.7M | 294.5M | 248.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.09B | 1.19B | 1.12B | 1.18B | 1.16B | 587.4M | 443.2M | 433.31M | 409.89M | 345.75M | 374.84M | 369.13M | 302.65M | 264.51M | 243.8M | 231.69M | 210.62M | 193.76M | 327.48M | 287.45M | 238.59M | 194.09M | 173.31M | 177.28M | 216.65M | 283.89M | 312.26M | 280.9M | 282.4M | 276.2M | 265.7M |
| EPS (Diluted) | 10.17 | 7.52 | 8.46 | 18.00 | 28.79 | 23.16 | 2.36 | 4.14 | 7.45 | 4.10 | 2.48 | 1.11 | 2.22 | 1.52 | 1.58 | 2.45 | 0.42 | -0.93 | 5.98 | 4.94 | 5.68 | 4.15 | 3.50 | 0.20 | 0.52 | 0.36 | 0.95 | 0.70 | 0.75 | 0.84 | 0.71 |
| EPS Growth % | 79.72% | -11.11% | -53% | -37.48% | 24.31% | 881.36% | -43% | -44.43% | 81.71% | 65.32% | 123.42% | -50% | 46.05% | -3.8% | -35.51% | 483.33% | 145.16% | -115.55% | 21.05% | -13.03% | 36.87% | 18.57% | 1650% | -61.54% | 44.44% | -62.11% | 35.71% | -6.67% | -10.71% | 18.31% | -10.13% |
| EPS (Basic) | - | 7.53 | 8.47 | 18.05 | 28.88 | 23.23 | 2.37 | 4.14 | 7.47 | 4.11 | 2.48 | 1.11 | 2.22 | 1.52 | 1.58 | 2.45 | 0.42 | -0.93 | 6.01 | 4.98 | 5.73 | 4.19 | 3.53 | 0.20 | 0.52 | 0.36 | 0.95 | 0.70 | 0.75 | 0.84 | 0.71 |
| Diluted Shares Outstanding | 229.3M | 230.9M | 238.5M | 250.41M | 263.18M | 293.39M | 303.27M | 305.5M | 316.73M | 320.77M | 319.82M | 320.69M | 320.13M | 319.27M | 318.24M | 317.16M | 316.51M | 314.87M | 306.09M | 297.96M | 309.29M | 317.41M | 320.42M | 313.91M | 313.2M | 311.13M | 327.27M | 349.43M | 351.6M | 351.64M | 350.81M |
| Basic Shares Outstanding | 228.9M | 230.7M | 238.3M | 249.77M | 262.35M | 292.49M | 303.17M | 305.04M | 315.86M | 319.99M | 319.56M | 320.56M | 319.84M | 319.08M | 318.17M | 317M | 315.96M | 314.87M | 304.52M | 295.57M | 306.59M | 314.38M | 317.7M | 313.91M | 311.69M | 310.83M | 327.27M | 349.43M | 351.6M | 351.64M | 350.81M |
| Dividend Payout Ratio | - | 29.36% | 25.75% | 11.38% | 7.02% | 7.08% | 68.15% | 38.71% | 20.56% | 36.8% | 60.42% | 134.05% | 66.55% | 96.52% | 92.42% | 59.31% | 341.02% | - | 50.96% | 49.33% | 32.87% | 16.01% | 6.21% | 99.8% | 36.64% | 46.8% | 15.51% | 18.56% | 15.97% | 11.95% | 11.32% |
Cyclical margin compression risk
According to recent financial disclosures, Nucor's revenue growth trajectory has shifted from a contractionary phase in 2024 to a 21.3% year-over-year expansion in 2026Q1, suggesting that the company is successfully navigating the volatile demand environment inherent in the North American steel manufacturing sector.
The recent acceleration in top-line performance appears to be a recovery from the trough observed in late 2024, likely driven by a combination of pricing adjustments and volume stabilization. Investors should monitor whether this growth is sustainable or merely a reflection of temporary inventory restocking cycles within the broader industrial supply chain.
As reported in quarterly filings, Nucor's gross margin reached 15.8% in 2026Q1, reflecting a recovery from the 7.7% low seen in 2025Q1, which underscores the company's high sensitivity to the metal spread between finished steel prices and the cost of essential raw material inputs.
The fluctuation in gross margins suggests that Nucor's profitability is heavily dictated by external commodity price movements rather than purely internal operational efficiencies. While the current margin expansion is encouraging, the historical volatility indicates that the company remains vulnerable to sudden shifts in scrap metal costs and competitive pricing pressures.
Based on the provided income statement data, Nucor demonstrated improved operating leverage in 2026Q1, as operating income scaled to $1.1 billion on $9.5 billion in revenue, indicating that the company is effectively managing its fixed-cost base during periods of higher production throughput and utilization.
The ability to expand operating margins alongside revenue growth suggests that Nucor's decentralized management model and variable labor structure are functioning as intended. However, analysts should remain cautious, as any significant decline in utilization rates could rapidly reverse these gains given the capital-intensive nature of the steel mill segment.
Data from recent income statements suggests that while EPS grew to 3.23 in 2026Q1, the volatility in quarterly earnings, which saw a sharp 80.6% decline in 2025Q1, warrants skepticism regarding the durability of current profitability levels in the face of potential non-residential construction slowdowns.
Short-term earnings spikes may be masking underlying structural risks related to the cooling Architectural Billings Index and potential margin compression from rising input costs. Investors should investigate whether the current earnings quality is supported by sustainable operational demand or if it relies on favorable, yet transient, market pricing conditions.
Quick answers to the most common questions about buying NUE stock.
For fiscal year 2025, Nucor Corporation (NUE) reported total revenue of $32.49B. This represents a 791.0% increase compared to $3.65B in 1996.
Nucor Corporation (NUE) is profitable, generating $1.74B in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Nucor Corporation (NUE) reported an operating income of $2.66B, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Nucor Corporation (NUE) generated $3.88B in gross profit for the year, representing a gross profit margin of 11.9%. This demonstrates the company's core pricing power and production efficiency.