Company file · NUE

Nucor

Raw Materials was Nucor's fastest-growing segment in FY2025, up 13.0%

Revenue rose 5.7% to $32.5B in FY2025, from $30.7B in FY2024. Net income fell 14.0% to $1.7B. Steel Mills was the largest segment, at 62% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Oct 3, 2026 (filed Nov 10, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Nucor (NYSE: NUE) took in $32.5B of revenue (up 5.7% on fiscal 2024); net income was $1.7B (down 14.0%). The most recent quarter, ended Oct 3, 2026, brought revenue of $11.2B, up 32.0% year over year, with net income of $1.3B. Steel Mills was the biggest single line by segment: 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Oct 3, 2026 (filed Nov 10, 2026).

Revenue$32.5BFY2025 · +5.7% vs FY2024

Net income$1.7BFY2025 · −14.0% vs FY2024

Operating cash flow$3.2BFY2025 · −18.7% vs FY2024

Cash & equivalents$3.5Bat Oct 3, 2026 · +53.4% vs FY2025 end

Total debt$7.1Bat Oct 3, 2026 · −0.4% vs FY2025 end

Diluted shares231MFY2025 avg · −3.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 13, 2026 · 10-Q filed Aug 12, 2026 · 10-Q filed Nov 10, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Steel Mills$20.0B62%+6.8%
Steel Products$10.3B32%+2.4%
Raw Materials$2.2B7%+13.0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Steel Mills (62%), Steel Products (32%) and Raw Materials (7%), as shares of total revenue. Total revenue was $32.5B.

By segment: three-year mixShare of the total each fiscal year

FY2023

58%37%

FY2024

61%33%

FY2025

62%32%

Steel MillsSteel ProductsRaw Materials

Source: 10-K FY2025

By product or service, FY2025

Sheet$9.2B28%−1.0%

Bar$5.7B18%+10.3%

Other Steel Products$3.5B11%+2.4%

Structural$2.6B8%+15.6%

Plate$2.5B8%+23.4%

Joist and Deck$2.2B7%−0.5%

Raw Materials$2.2B7%+13.0%

Rebar Fabrication$1.9B6%+7.5%

Tubular Products$1.4B4%+10.6%

Building Systems$1.2B4%−7.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$11.2B Q3 FY2026

$8.5B Q3 FY2025

32.0% increase

Net income

$1.3B Q3 FY2026

$607M Q3 FY2025

117.3% increase

Source: Nucor 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026

By segment

Steel Mills

$7.0B Q3 FY2026

$5.2B Q3 FY2025

35.5% increase

Steel Products

$3.5B Q3 FY2026

$2.8B Q3 FY2025

25.7% increase

Raw Materials

$760M Q3 FY2026

$578M Q3 FY2025

31.5% increase

Source: Nucor 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026

Cash & equivalents $3.5B at Oct 3, 2026, vs $2.3B at FY2025 end.
Total debt $7.1B at Oct 3, 2026, vs $7.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $4.5B vs $2.4B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 5.7% in FY2025 to $32.5B, from $30.7B a year earlier. 10-K, FY2025
Diluted shares fell 3.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Oct 3, 2026 was $11.2B, up 32.0% on a year earlier. 10-Q, quarter ended Oct 3, 2026
Net income in the quarter ended Oct 3, 2026 was $1.3B, up 117.3% on a year earlier. 10-Q, quarter ended Oct 3, 2026

The bear case

Net income fell 14.0% in FY2025 to $1.7B, from $2.0B. 10-K, FY2025
Operating cash flow fell 18.7% in FY2025 to $3.2B. 10-K, FY2025
Building Systems revenue fell 7.3% in FY2025 to $1.2B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Nucor is in the steel industry, part of the materials sector. The SEC files it under Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens).

Nucor reports 3 segments: Steel Mills, Steel Products and Raw Materials.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the steel industry. They are not a summary of Nucor’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$34.7B	$30.7B	$32.5B
Net income	$4.5B	$2.0B	$1.7B
Operating cash flow	$7.1B	$4.0B	$3.2B
Cash & equivalents (year end)	$6.4B	$3.6B	$2.3B
Total debt (year end)	$6.8B	$7.0B	$7.1B
Diluted shares	250M	238M	231M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term debt and the current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 10, 2026	Oct 3, 2026
10-Q	Aug 12, 2026	Jul 4, 2026
10-Q	May 13, 2026	Apr 4, 2026
DEF 14A	Mar 27, 2026	May 14, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Nucor

How does Nucor make money?

In fiscal 2025, revenue totaled $32.5B. By segment in FY2025: Steel Mills (62%), Steel Products (32%) and Raw Materials (7%), as shares of total revenue. Total revenue was $32.5B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Nucor's revenue in fiscal 2025?

Revenue came to $32.5B in the year ended Dec 31, 2025. Going back two years, it was $34.7B in fiscal 2023 and $30.7B in fiscal 2024, so the latest year was up 5.7%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Nucor profitable?

Yes, by US accounting rules (GAAP): net income was $1.7B in fiscal 2025, down 14.0% from $2.0B a year earlier. For the quarter ended Oct 3, 2026, net income was $1.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Nucor report in its latest quarterly filing?

The 10-Q for the quarter ended Oct 3, 2026 shows revenue of $11.2B, against $8.5B in the same quarter a year before (up 32.0%), and net income of $1.3B, against $607M (up 117.3%). Source: 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026.

How much cash and debt does Nucor have?

On Oct 3, 2026, cash and cash equivalents stood at $3.5B and total debt at $7.1B. Total debt here is short-term debt and the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 10, 2026.

What are the main risks Nucor faces?

Nucor's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the steel industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Nucor numbers come from?

Two filings Nucor made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Oct 3, 2026, filed Nov 10, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Nucor

Berkshire Hathaway: 1,857,752 shares, reported value $413.8M at Jun 30, 2026 (−52.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Slate Path Capital: 1,258,770 shares, reported value $280.4M at Jun 30, 2026 (−38.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 550,567 shares, reported value $122.6M at Jun 30, 2026 (+581.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 513,423 shares, reported value $114.4M at Jun 30, 2026 (−17.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 246,312 shares, reported value $54.9M at Jun 30, 2026 (−77.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 214,194 shares, reported value $47.7M at Jun 30, 2026 (−57.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in NUE: The editor holds no position in Nucor (NUE). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell NUE from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold NUE, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
NucorNUE	FY2025	$32.5B	+5.7%	$1.7B
Steel DynamicsSTLD	FY2025	$18.2B	+3.6%	$1.2B
LindeLIN	FY2025	$34.0B	+3.0%	$6.9B
NewmontNEM	FY2025	$22.7B	+21.3%	$7.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.