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Nucor

Nucor (NUE) Q2 2026 Earnings

Reported Jul 27, 2026 at 4:43 PM ET · SEC Source

Q2 26 EPS

$4.84

BEAT +6.94%

Est. $4.53

Q2 26 Revenue

$10.40B

BEAT +2.64%

Est. $10.13B

vs S&P Since Q2 26

+5.6%

BEATING MARKET

NUE +9.7% vs S&P +4.1%

Market Reaction

Did NUE Beat Earnings? Q2 2026 Results

Nucor Corporation posted a convincing beat in the second quarter of 2026, with adjusted EPS of $4.84 topping the $4.53 consensus estimate by 6.94% and revenue of $10.40 billion clearing expectations by 2.64%, representing 22.9% growth from the year-a… Read more Nucor Corporation posted a convincing beat in the second quarter of 2026, with adjusted EPS of $4.84 topping the $4.53 consensus estimate by 6.94% and revenue of $10.40 billion clearing expectations by 2.64%, representing 22.9% growth from the year-ago period. The standout driver was the steel mills segment, where pre-tax earnings surged 38% sequentially to $1.56 billion as average selling prices climbed to $1,145 per ton from $1,074 in Q1, utilization rose to 91%, and total shipments of 7.1 million tons marked a second consecutive quarterly record. A favorable trade backdrop added to the momentum, with finished carbon and alloy steel import market share falling to roughly 16% in 2026 from 21% a year prior, reflecting the impact of ongoing trade policy. Looking ahead, management expects consolidated reported earnings to rise further in Q3, citing higher realized pricing across all major steel mill product categories and improved steel products volumes, though lower raw materials margins and the absence of the Q2 Helion mark-to-market benefit will create partial offsets.

Key Takeaways

  • • Second consecutive quarterly record for steel mill shipments at 7,100 thousand tons
  • • Higher average selling prices across all major steel mill product categories, with external average sales price per ton rising 7% sequentially to $1,145
  • • $130 million reduction to cost of products sold from cash refunds related to prior periods' raw materials procurement costs
  • • Steel mill utilization increased to 91%, up 500 basis points sequentially
  • • Steel products shipments up 11% Q/Q with stable pricing
  • • Supportive federal trade policies reducing finished import market share to approximately 16% in 2026
  • • Strong demand across energy, infrastructure, data centers, and advanced manufacturing end markets

NUE Forward Guidance & Outlook

Nucor expects higher consolidated reported earnings in Q3 2026 compared to Q2 2026. In the steel mills segment, earnings are expected to increase due to higher realized pricing across all major product categories with stable volumes, though higher conversion costs are anticipated as the company does not expect any further material benefit related to raw material refunds. The steel products segment is expected to see increased earnings from both higher volumes and higher realized pricing. The raw materials segment is expected to have decreased earnings due to lower scrap pricing and higher pellet costs. Corporate/eliminations expenses are expected to be lower due to stable intersegment profit eliminations but will lack the non-cash benefit related to the Q2 Helion mark-to-market write-up.

24/7 Wall St

NUE YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“Investment across key sectors of the U.S. economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments. We continue to execute our growth strategy through investments to expand our capabilities and strengthen our position as the market leader with the most diverse portfolio of steel and fabricated steel products in North America. I want to thank our more than 33,000 Nucor teammates for keeping us on pace for the safest year in Nucor's history and their unwavering commitment to our customers and shareholders.”

— Leon Topalian, Q2 2026 Earnings Press Release

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