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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 4, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 1-4119

NUCOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		13-1860817
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1915 Rexford Road, Charlotte, North Carolina		28211
(Address of principal executive offices)		(Zip Code)

(704) 366-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.40 per share	NUE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

228,858,659 shares of the registrant’s common stock were outstanding at October 4, 2025.

Table of Contents

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months and Nine Months Ended October 4, 2025

Table of Contents


			Page
Part I	Financial Information

	Item 1	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 4, 2025 and September 28, 2024	1

		Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 4, 2025 and September 28, 2024	2

		Condensed Consolidated Balance Sheets – October 4, 2025 and December 31, 2024	3

		Condensed Consolidated Statements of Cash Flows – Nine Months (39 Weeks) Ended October 4, 2025 and September 28, 2024	4

		Notes to Condensed Consolidated Financial Statements	5

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	28

	Item 4	Controls and Procedures	30

Part II	Other Information

	Item 1	Legal Proceedings	31

	Item 1A	Risk Factors	31

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	32

	Item 5	Other Information	32

	Item 6	Exhibits	33

Signatures			34

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. 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 4, 2025			September 28, 2024			October 4, 2025			September 28, 2024
Net sales	$	8,521		$	7,444		$	24,807		$	23,658
Costs, expenses and other:
Cost of products sold		7,333			6,686			21,791			20,183
Marketing, administrative and other expenses		300			244			885			883
Equity in earnings of unconsolidated affiliates		(10	)		(5	)		(24	)		(24	)
Losses and impairments of assets		-			123			40			137
Interest expense (income), net		15			7			48			(33	)
		7,638			7,055			22,740			21,146
Earnings before income taxes and noncontrolling interests		883			389			2,067			2,512
Provision for income taxes		200			86			452			538
Net earnings before noncontrolling interests		683			303			1,615			1,974
Earnings attributable to noncontrolling interests		76			53			249			234
Net earnings attributable to Nucor stockholders	$	607		$	250		$	1,366		$	1,740
Net earnings per share:
Basic	$	2.63		$	1.05		$	5.89		$	7.23
Diluted	$	2.63		$	1.05		$	5.88		$	7.22
Average shares outstanding:
Basic		229.9			236.5			231.1			239.7
Diluted		230.2			236.8			231.4			239.8

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In millions)


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	October 4, 2025			September 28, 2024			October 4, 2025			September 28, 2024
Net earnings before noncontrolling interests	$	683		$	303		$	1,615		$	1,974
Other comprehensive income (loss):
Net unrealized (loss) income on hedging derivatives, net of income taxes of $(3) and $(2) for the third quarter of 2025 and 2024, respectively, and $(5) and $(4) for the first nine months of 2025 and 2024, respectively		(10	)		(6	)		(16	)		(11	)
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $3 and $2 for the third quarter of 2025 and 2024, respectively, and $5 and $6 for the first nine months of 2025 and 2024, respectively		7			6			14			19
Foreign currency translation gain (loss), net of income taxes of $0 for the third quarter and first nine months of 2025 and 2024		(19	)		10			21			(14	)
		(22	)		10			19			(6	)
Comprehensive income		661			313			1,634			1,968
Comprehensive income attributable to noncontrolling interests		76			53			249			234
Comprehensive income attributable to Nucor stockholders	$	585		$	260		$	1,385		$	1,734

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In millions)


	October 4, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	2,221		$	3,558
Short-term investments		524			581
Accounts receivable, net		3,288			2,675
Inventories, net		5,393			5,106
Other current assets		382			555
Total current assets		11,808			12,475
Property, plant and equipment, net		14,821			13,243
Goodwill		4,294			4,288
Other intangible assets, net		2,943			3,134
Other assets		910			800
Total assets	$	34,776		$	33,940
LIABILITIES
Current liabilities:
Short-term debt	$	136		$	225
Current portion of long-term debt and finance lease obligations		31			1,042
Accounts payable		2,145			1,832
Salaries, wages and related accruals		899			903
Accrued expenses and other current liabilities		1,046			975
Total current liabilities		4,257			4,977
Long-term debt and finance lease obligations due after one year		6,686			5,683
Deferred credits and other liabilities		1,902			1,863
Total liabilities		12,845			12,523
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152			152
Additional paid-in capital		2,233			2,223
Retained earnings		31,255			30,271
Accumulated other comprehensive loss, net of income taxes		(189	)		(208	)
Treasury stock		(12,681	)		(12,144	)
Total Nucor stockholders' equity		20,770			20,294
Noncontrolling interests		1,161			1,123
Total equity		21,931			21,417
Total liabilities and equity	$	34,776		$	33,940

See notes to condensed consolidated financial statements.

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Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)


	Nine Months (39 Weeks) Ended
	October 4, 2025			September 28, 2024
Operating activities:
Net earnings before noncontrolling interests	$	1,615		$	1,974
Adjustments:
Depreciation		910			809
Amortization		191			189
Impairment of assets		20			137
Stock-based compensation		102			114
Deferred income taxes		2			(92	)
Distributions from affiliates		6			8
Equity in earnings of unconsolidated affiliates		(24	)		(24	)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(614	)		47
Inventories		(295	)		496
Accounts payable		296			(207	)
Federal income taxes		177			17
Salaries, wages and related accruals		20			(314	)
Other operating activities		29			92
Cash provided by operating activities		2,435			3,246
Investing activities:
Capital expenditures		(2,620	)		(2,294	)
Investment in and advances to affiliates		(1	)		-
Sale of business		-			1
Disposition of plant and equipment		42			12
Acquisitions (net of cash acquired)		-			(672	)
Purchases of investments		(872	)		(1,037	)
Proceeds from the sale of investments		938			1,210
Other investing activities		4			10
Cash used in investing activities		(2,509	)		(2,770	)
Financing activities:
Net change in short-term debt		(89	)		95
Repayment of long-term debt		(1,012	)		(5	)
Bond issuance costs		(9	)		-
Proceeds from issuance of long-term debt, net of discount		997			-
Proceeds from exercise of stock options		1			3
Payment of tax withholdings on certain stock-based compensation		(32	)		(50	)
Distributions to noncontrolling interests		(231	)		(333	)
Cash dividends		(385	)		(394	)
Acquisition of treasury stock		(600	)		(1,901	)
Proceeds from government incentives		77			-
Other financing activities		14			(12	)
Cash used in financing activities		(1,269	)		(2,597	)
Effect of exchange rate changes on cash		6			(3	)
Decrease in cash and cash equivalents		(1,337	)		(2,124	)
Cash and cash equivalents - beginning of year		3,558			6,387
Cash and cash equivalents - end of nine months	$	2,221		$	4,263
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	14		$	70

See notes to condensed consolidated financial statements.

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Nucor Corporation – Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Basis of Interim Presentation

The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2024 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024.

Certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current year presentation.

Recently Issued Accounting Pronouncements

In December 2023, new accounting guidance was issued related to income tax disclosures. The new accounting guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new accounting guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new accounting guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.

In November 2024, new accounting guidance was issued that requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. The new accounting guidance also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The new accounting guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this new accounting guidance can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.

2. Inventories

Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at October 4, 2025 (approximately 34% and 66%, respectively, at December 31, 2024). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

3. Property, Plant and Equipment

Property, plant and equipment is recorded net of accumulated depreciation of $13.42 billion at October 4, 2025 ($12.62 billion at December 31, 2024).

Included within property, plant and equipment, net of the steel mills segment at October 4, 2025 is $222 million of assets, net of accumulated depreciation, related to our consolidated joint venture, Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“NJSM”). During the fourth quarter of 2024, the Company determined that a triggering event occurred after review of NJSM's most recent annual forecast. The Company performed an impairment assessment to determine if the carrying amount of NJSM exceeded its projected undiscounted cash flows. Upon completion of the assessment, the Company determined that the carrying amount did not exceed its projected undiscounted cash flows and no impairment charge was required. Nucor will continue to monitor NJSM's financial performance. If NJSM's financial performance underperforms its forecasts, management may determine that a triggering event has occurred and additional testing may be required.

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4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the nine months ended October 4, 2025 by segment was as follows (in millions):


	Steel Mills		Steel Products		Raw Materials		Total
Balance at December 31, 2024	$	675	$	2,816	$	797	$	4,288
Acquisitions		-		-		-		-
Translation/Other		-		6		-		6
Balance at October 4, 2025	$	675	$	2,822	$	797	$	4,294

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2024 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of October 4, 2025 and December 31, 2024 (in millions):


	October 4, 2025				December 31, 2024
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,444	$	1,681	$	4,444	$	1,512
Trademarks and trade names		374		201		387		192
Other		142		135		129		122
	$	4,960	$	2,017	$	4,960	$	1,826

Intangible asset amortization expense in the third quarter of 2025 and 2024 was $63 million and $69 million, respectively, and $191 million and $189 million in the first nine months of 2025 and 2024, respectively. Annual amortization expense is estimated to be $254 million in 2025; $248 million in 2026; $242 million in 2027; $219 million in 2028; and $198 million in 2029.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $126 million at October 4, 2025 ($146 million at December 31, 2024). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $127 million at October 4, 2025 ($129 million at December 31, 2024). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets, was $244 million at October 4, 2025 ($231 million at December 31, 2024).

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6. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of October 4, 2025 and December 31, 2024 (in millions). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.


				Fair Value Measurements at Reporting Date Using
Description	Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As of October 4, 2025
Assets:
Cash equivalents	$	1,560		$	1,560	$	-		$	-
Short-term investments		524			524		-			-
Derivative contracts		2			-		2			-
Other assets		134			60		-			74
Total assets	$	2,220		$	2,144	$	2		$	74
Liabilities:
Derivative contracts	$	(5	)	$	-	$	(5	)	$	-

As of December 31, 2024
Assets:
Cash equivalents	$	2,821		$	2,821	$	-		$	-
Short-term investments		581			581		-			-
Derivative contracts		7			-		7			-
Other assets		96			27		-			69
Total assets	$	3,505		$	3,429	$	7		$	69
Liabilities:
Derivative contracts	$	(4	)	$	-	$	(4	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and an investment in a publicly traded nuclear power equipment manufacturer are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are estimated based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interests in the company) or the transaction price in the event of additional equity issuances of the investee. There were no transfers between levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $6.34 billion at October 4, 2025 (approximately $6.19 billion at December 31, 2024). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at October 4, 2025 and December 31, 2024, or similar debt with the same maturities, ratings and interest rates.

7. Contingencies

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

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8. Stock-Based Compensation

Overview

The Company maintains the Nucor Corporation 2025 Omnibus Incentive Compensation Plan (the "Omnibus Plan") under which the Company may award stock-based compensation to employees, officers, consultants and non-employee directors. The Company's stockholders approved the Omnibus Plan on May 8, 2025. The Omnibus Plan permits the award of stock options, appreciation rights, restricted share units, restricted shares, performance shares and performance units for up to 6.8 million shares of the Company's common stock. As of October 4, 2025, 6.0 million shares remained available for award under the Omnibus Plan.

The Company also maintains a number of inactive plans, including the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the "2014 Plan"), under which stock-based awards remain outstanding but no further awards may be made. As of October 4, 2025, 1.6 million shares were reserved for issuance upon the future settlement of outstanding awards under such inactive plans.

Stock Options

A summary of activity under Nucor’s stock option plans for the first nine months of 2025 is as follows (shares and aggregate intrinsic value in thousands):


				Weighted-		Weighted-
				Average		Average	Aggregate
				Exercise		Remaining	Intrinsic
	Shares			Price		Contractual Life	Value
Number of shares under stock options:
Outstanding at beginning of year		724		$	89.06
Granted		138		$	109.36
Exercised		(11	)	$	118.33		$	311
Canceled		-		$	-
Outstanding at October 4, 2025		851		$	91.99	6.35 years	$	41,366
Stock options exercisable at October 4, 2025		591		$	75.38	5.25 years	$	37,386

Compensation expense for stock options was $0.3 million in the third quarter of each of 2025 and 2024, and $5 million and $4 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to stock options was $3 million, which we expect to recognize over a weighted-average period of 2.2 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2025 is as follows (shares in thousands):


	Shares			Grant Date Fair Value Per Share
Restricted stock units:
Unvested at beginning of year		1,021		$	144.89
Granted		624		$	109.36
Vested		(664	)	$	134.28
Canceled		(25	)	$	140.95
Unvested at October 4, 2025		956		$	129.17

Compensation expense for RSUs was $17 million and $20 million in the third quarter of 2025 and 2024, respectively, and $70 million and $87 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to unvested RSUs was $95 million, which we expect to recognize over a weighted-average period of 1.3 years.

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Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the 2014 Plan and the Omnibus Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the 2014 Plan and the Omnibus Plan, the “LTIP”) for the first nine months of 2025 is as follows (shares in thousands):


				Grant Date
	Shares			Fair Value Per Share
Restricted stock units and restricted stock awards:
Unvested at beginning of year		248		$	169.36
Granted		267		$	133.46
Vested		(288	)	$	147.34
Canceled		-		$	-
Unvested at October 4, 2025		227		$	155.11

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $6 million and $4 million in the third quarter of 2025 and 2024, respectively, and $26 million and $23 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to unvested restricted stock awards was $8 million, which we expect to recognize over a weighted-average period of 1.6 years.

9. Employee Benefit Plan

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $86 million and $39 million in the third quarter of 2025 and 2024, respectively, and $203 million and $251 million in the first nine months of 2025 and 2024, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.

10. Interest Expense (Income)

The components of net interest expense (income) for the third quarter and first nine months of 2025 and 2024 are as follows (in millions):


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	October 4, 2025			September 28, 2024			October 4, 2025			September 28, 2024
Interest expense	$	38		$	65		$	138		$	176
Interest income		(23	)		(58	)		(90	)		(209	)
Interest expense (income), net	$	15		$	7		$	48		$	(33	)

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11. Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Nucor reflected the enactment of the OBBBA in the second quarter of 2025 financial statements as required by accounting principles generally accepted in the United States. The impact of the OBBBA on Nucor’s provision for income taxes was immaterial.

The effective tax rate for the third quarter of 2025 was 22.6% compared to 22.1% for the third quarter of 2024.

The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, as well as 2016, 2017, 2018, and 2021. The tax years 2022 through 2024 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2017 through 2024 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).

Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $29 million at October 4, 2025 ($44 million at December 31, 2024). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.23 billion at October 4, 2025 ($1.24 billion at December 31, 2024).

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12. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”), California Steel Industries, Inc. (“CSI”) and NJSM, for the three months and nine months ended October 4, 2025 and September 28, 2024 (in millions):


				Three Months (13 Weeks) Ended October 4, 2025
													Accumulated								Total
								Additional					Other			Treasury Stock					Nucor
				Common Stock				Paid-in		Retained			Comprehensive			(at cost)					Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital		Earnings			Income (Loss)			Shares		Amount			Equity			Interests
BALANCES, July 5, 2025	$	21,492			380.2	$	152	$	2,213	$	30,775		$	(167	)		150.7	$	(12,584	)	$	20,389		$	1,103
Net earnings before noncontrolling interests		683			-		-		-		607			-			-		-			607			76
Other comprehensive income (loss)		(22	)		-		-		-		-			(22	)		-		-			(22	)		-
Stock options exercised		1			-		-		-		-			-			-		1			1			-
Stock option expense		-			-		-				-			-			-		-			-			-
Issuance of stock under award plans, net of forfeitures		18			-		-		16		-			-					2			18			-
Amortization of unearned compensation		4			-		-		4		-			-			-		-			4			-
Treasury stock acquired and net impact of excise tax		(100	)		-		-		-		-			-			0.7		(100	)		(100	)		-
Cash dividends declared		(127	)		-		-		-		(127	)		-			-		-			(127	)		-
Distributions to noncontrolling interests		(17	)		-		-		-		-			-			-		-			-			(17	)
Miscellaneous		(1	)		-		-		-		-			-			-		-			-			(1	)
BALANCES, October 4, 2025	$	21,931			380.2	$	152	$	2,233	$	31,255		$	(189	)		151.4	$	(12,681	)	$	20,770		$	1,161


				Nine Months (39 Weeks) Ended October 4, 2025
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2024	$	21,417			380.2	$	152	$	2,223		$	30,271		$	(208	)		147.4		$	(12,144	)	$	20,294		$	1,123
Net earnings before noncontrolling interests		1,615			-		-		-			1,366			-			-			-			1,366			249
Other comprehensive income (loss)		19			-		-		-			-			19			-			-			19			-
Stock options exercised		1			-		-		-			-			-			-			1			1			-
Stock option expense		5			-		-		5			-			-			-			-			5			-
Issuance of stock under award plans, net of forfeitures		66			-		-		(3	)		-			-			(0.8	)		69			66			-
Amortization of unearned compensation		8			-		-		8			-			-			-			-			8			-
Treasury stock acquired and net impact of excise tax		(607	)		-		-		-			-			-			4.8			(607	)		(607	)		-
Cash dividends declared		(382	)		-		-		-			(382	)		-			-			-			(382	)		-
Distributions to noncontrolling interests		(231	)		-		-		-			-			-			-			-			-			(231	)
Capital contributions from noncontrolling interest		25			-		-		-			-			-			-			-			-			25
Miscellaneous		(5	)		-		-		-			-			-			-			-			-			(5	)
BALANCES, October 4, 2025	$	21,931			380.2	$	152	$	2,233		$	31,255		$	(189	)		151.4		$	(12,681	)	$	20,770		$	1,161

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         Three Months (13 Weeks) Ended September 28, 2024

          
         Accumulated

         Total

          
         Additional

         Other

         Treasury Stock

         Nucor

          
         Common Stock

         Paid-in

         Retained

         Comprehensive

         (at cost)

         Stockholders'

         Noncontrolling

NUCOR CORP 10-Q