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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 April 4, 2026

☐ 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 ☒

227,740,950 shares of the registrant’s common stock were outstanding at April 4, 2026.

Table of Contents

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months Ended April 4, 2026

Table of Contents


			Page
Part I	Financial Information

	Item 1	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025	1

		Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025	2

		Condensed Consolidated Balance Sheets – April 4, 2026 and December 31, 2025	3

		Condensed Consolidated Statements of Cash Flows – Three Months (13 Weeks) Ended April 4, 2026 and April 5, 2025	4

		Notes to Condensed Consolidated Financial Statements	5

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	23

	Item 4	Controls and Procedures	24

Part II	Other Information

	Item 1	Legal Proceedings	25

	Item 1A	Risk Factors	25

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	25

	Item 5	Other Information	25

	Item 6	Exhibits	26

Signatures			27

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)

(In millions, except per share data)



	Three Months (13 Weeks) Ended
	April 4, 2026			April 5, 2025
Net sales	$	9,496		$	7,830
Costs, expenses and other:
Cost of products sold		7,995			7,225
Marketing, administrative and other expenses		378			281
Equity in earnings of unconsolidated affiliates		(7	)		(4	)
Losses and impairments of assets		15			29
Interest expense, net		19			14
		8,400			7,545
Earnings before income taxes and noncontrolling interests		1,096			285
Provision for income taxes		226			59
Net earnings before noncontrolling interests		870			226
Earnings attributable to noncontrolling interests		127			70
Net earnings attributable to Nucor stockholders	$	743		$	156
Net earnings per share:
Basic	$	3.23		$	0.67
Diluted	$	3.23		$	0.67
Average shares outstanding:
Basic		228.9			232.7
Diluted		229.3			232.9

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
	April 4, 2026			April 5, 2025
Net earnings before noncontrolling interests	$	870		$	226
Other comprehensive (loss) income:
Net unrealized (loss) gain on hedging derivatives, net of income taxes of $(6) and $3 for the first quarter of 2026 and 2025, respectively		(17	)		10
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $5 and $1 for the first quarter of 2026 and 2025, respectively		15			3
Foreign currency translation loss, net of income taxes of $0 for the first quarter of 2026 and 2025		(10	)		(3	)
		(12	)		10
Comprehensive income		858			236
Comprehensive income attributable to noncontrolling interests		127			70
Comprehensive income attributable to Nucor stockholders	$	731		$	166

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In millions)


	April 4, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	2,226		$	2,260
Short-term investments		255			439
Accounts receivable, net		3,567			3,105
Inventories, net		5,644			5,462
Other current assets		396			499
Total current assets		12,088			11,765
Property, plant and equipment, net		15,596			15,306
Goodwill		4,295			4,297
Other intangible assets, net		2,817			2,880
Other assets		839			856
Total assets	$	35,635		$	35,104
LIABILITIES
Current liabilities:
Short-term debt	$	134		$	122
Current portion of long-term debt and finance lease obligations		113			90
Accounts payable		2,109			1,890
Salaries, wages and related accruals		701			882
Accrued expenses and other current liabilities		1,110			1,020
Total current liabilities		4,167			4,004
Long-term debt and finance lease obligations due after one year		6,877			6,909
Deferred credits and other liabilities		2,043			2,067
Total liabilities		13,087			12,980
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152			152
Additional paid-in capital		2,274			2,253
Retained earnings		32,118			31,504
Accumulated other comprehensive loss, net of income taxes		(206	)		(194	)
Treasury stock		(12,885	)		(12,779	)
Total Nucor stockholders' equity		21,453			20,936
Noncontrolling interests		1,095			1,188
Total equity		22,548			22,124
Total liabilities and equity	$	35,635		$	35,104

See notes to condensed consolidated financial statements.

Table of Contents

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)


	Three Months (13 Weeks) Ended
	April 4, 2026			April 5, 2025
Operating activities:
Net earnings before noncontrolling interests	$	870		$	226
Adjustments:
Depreciation		321			303
Amortization		63			65
Impairment of assets		15			12
Stock-based compensation		30			26
Deferred income taxes		(34	)		(31	)
Distributions from affiliates		6			6
Equity in earnings of unconsolidated affiliates		(7	)		(4	)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(463	)		(291	)
Inventories		(183	)		(150	)
Accounts payable		226			378
Federal income taxes		78			72
Salaries, wages and related accruals		(168	)		(308	)
Other operating activities		132			60
Cash provided by operating activities		886			364
Investing activities:
Capital expenditures		(661	)		(859	)
Investment in and advances to affiliates		(2	)		-
Disposition of plant and equipment		14			3
Acquisitions (net of cash acquired)		-			(1	)
Purchases of investments		(141	)		(452	)
Proceeds from the sale of investments		326			127
Other investing activities		18			2
Cash used in investing activities		(446	)		(1,180	)
Financing activities:
Net change in short-term debt		12			(65	)
Proceeds from issuance of long-term debt, net of discount		-			997
Bond issuance costs		-			(9	)
Repayment of long-term debt		(4	)		(4	)
Proceeds from exercise of stock options		4			-
Payment of tax withholdings on certain stock-based compensation		(3	)		-
Distributions to noncontrolling interests		(220	)		(172	)
Cash dividends		(129	)		(129	)
Acquisition of treasury stock		(125	)		(300	)
Proceeds from government incentives		-			75
Other financing activities		(7	)		21
Cash (used in) provided by financing activities		(472	)		414
Effect of exchange rate changes on cash		(2	)		-
Decrease in cash and cash equivalents		(34	)		(402	)
Cash and cash equivalents - beginning of year		2,260			3,558
Cash and cash equivalents - end of three months	$	2,226		$	3,156
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	(7	)	$	62

See notes to condensed consolidated financial statements.

Table of Contents

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, 2025 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, 2025.

Recently Issued Accounting Pronouncements

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.

In December 2025, new accounting guidance was issued related to government grants received by business entities. This new accounting guidance is effective for annual periods beginning after December 15, 2028 and interim periods within those annual reporting periods. Adoption of this new accounting guidance can either be applied under a modified prospective, modified retrospective or retrospective approach. 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 36% raw materials and supplies and 64% finished and semi-finished products at April 4, 2026 (approximately 35% and 65%, respectively, at December 31, 2025). 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 $13.64 billion at April 4, 2026 ($13.38 billion at December 31, 2025).

Included within property, plant and equipment, net of the steel mills segment at April 4, 2026 is $221 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 2025, 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.

Table of Contents

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the first quarter of 2026 by segment was as follows (in millions):


	Steel Mills		Steel Products			Raw Materials		Total
Balance at December 31, 2025	$	675	$	2,825		$	797	$	4,297
Translation and other		-		(2	)		-		(2	)
Balance at April 4, 2026	$	675	$	2,823		$	797	$	4,295

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2025 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 April 4, 2026 and December 31, 2025 (in millions):


	April 4, 2026				December 31, 2025
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,381	$	1,731	$	4,444	$	1,737
Trademarks and trade names		373		211		374		207
Other		136		131		142		136
	$	4,890	$	2,073	$	4,960	$	2,080

Intangible asset amortization expense in the first quarter of 2026 and 2025 was $63 million and $65 million, respectively. Annual amortization expense is estimated to be $249 million in 2026; $246 million in 2027; $224 million in 2028; $201 million in 2029; $194 million in 2030; and $172 million in 2031.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $82 million at April 4, 2026 ($145 million at December 31, 2025). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $129 million at April 4, 2026 ($129 million at December 31, 2025). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets, was $246 million at April 4, 2026 ($233 million at December 31, 2025).

Table of Contents

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 April 4, 2026 and December 31, 2025 (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 April 4, 2026
Assets:
Cash equivalents	$	1,557		$	1,557	$	-		$	-
Short-term investments		255			255		-			-
Other assets		79			-		-			79
Total assets	$	1,891		$	1,812	$	-		$	79
Liabilities:
Derivative contracts	$	(20	)	$	-	$	(20	)	$	-

As of December 31, 2025
Assets:
Cash equivalents	$	1,596		$	1,596	$	-		$	-
Short-term investments		439			439		-			-
Other assets		102			23		-			79
Total assets	$	2,137		$	2,058	$	-		$	79
Liabilities:
Derivative contracts	$	(17	)	$	-	$	(17	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and any investments held in a publicly traded company 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, of which most of the value is currently held 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 $6.49 billion at April 4, 2026 (approximately $6.53 billion at December 31, 2025). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at April 4, 2026 and December 31, 2025, 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

Stock Options

A summary of activity under Nucor’s stock option plans for the first quarter of 2026 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		822		$	90.92
Granted		-		$	-
Exercised		(59	)	$	65.67		$	7,162
Canceled		-		$	-
Outstanding at April 4, 2026		763		$	92.87	5.9 years	$	60,728
Stock options exercisable at April 4, 2026		503		$	73.80	4.7 years	$	49,611

Compensation expense for stock options was $0.4 million and $0.3 million in the first quarter of 2026 and 2025, respectively. As of April 4, 2026, unrecognized compensation expense related to stock options was $2 million, which we expect to recognize over a weighted-average period of 1.8 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter of 2026 is as follows (shares in thousands):


	Shares			Grant Date Fair Value Per Share
Restricted stock units:
Unvested at beginning of year		899		$	130.37
Granted		-		$	-
Vested		(23	)	$	123.55
Canceled		(7	)	$	131.47
Unvested at April 4, 2026		869		$	130.54

Compensation expense for RSUs was $16 million and $18 million in the first quarter of 2026 and 2025, respectively. As of April 4, 2026, unrecognized compensation expense related to unvested RSUs was $62 million, which we expect to recognize over a weighted-average period of 0.9 years.

Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2025 Omnibus Incentive Compensation Plan, the “LTIP”) for the first quarter of 2026 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		203		$	154.81
Granted		216		$	166.63
Vested		(233	)	$	165.94
Canceled		-		$	-
Unvested at April 4, 2026		186		$	154.59

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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 $14 million and $7 million in the first quarter of 2026 and 2025, respectively. As of April 4, 2026, unrecognized compensation expense related to unvested restricted stock awards was $11 million, which we expect to recognize over a weighted-average period of 2.0 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 $105 million and $31 million in the first quarter of 2026 and 2025, 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 for the first quarter of 2026 and 2025 are as follows (in millions):


	Three Months (13 Weeks) Ended
	April 4, 2026			April 5, 2025
Interest expense	$	39		$	51
Interest income		(20	)		(37	)
Interest expense, net	$	19		$	14

11. Income Taxes

The effective tax rate for the first quarter of 2026 was 20.6% compared to 20.7% for the first quarter of 2025.

Nucor is subject to taxation in the United States, as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2021. The tax years 2022 through 2024 remain open to examination by the Internal Revenue Service (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. Additional state and foreign taxing authorities are examining open years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. 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 $27 million at April 4, 2026 ($30 million at December 31, 2025). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.34 billion at April 4, 2026 ($1.38 billion at December 31, 2025).

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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), California Steel Industries, Inc. and NJSM, for the first quarter of 2026 and 2025 (in millions):


				Three Months (13 Weeks) Ended April 4, 2026
														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, 2025	$	22,124			380.2	$	152	$	2,253		$	31,504		$	(194	)		151.9		$	(12,779	)	$	20,936		$	1,188
Net earnings before noncontrolling interests		870			-		-		-			743			-			-			-			743			127
Other comprehensive income (loss)		(12	)		-		-		-			-			(12	)		-			-			(12	)		-
Stock options exercised		4			-		-		(1	)		-			-			-			5			4			-
Stock option expense		-			-		-		-			-			-			-			-			-			-
Issuance of stock under award plans, net of forfeitures		35			-		-		20			-			-			(0.2	)		15			35			-
Amortization of unearned compensation		2			-		-		2			-			-			-			-			2			-
Treasury stock acquired, and net impact of excise tax		(126	)		-		-		-			-			-			0.7			(126	)		(126	)		-
Cash dividends declared		(129	)		-		-		-			(129	)		-			-			-			(129	)		-
Distributions to noncontrolling interests		(220	)		-		-		-			-			-			-			-			-			(220	)
BALANCES, April 4, 2026	$	22,548			380.2	$	152	$	2,274		$	32,118		$	(206	)		152.4		$	(12,885	)	$	21,453		$	1,095


				Three Months (13 Weeks) Ended April 5, 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		226			-		-		-		156			-			-			-			156			70
Other comprehensive income (loss)		10			-		-		-		-			10			-			-			10			-
Issuance of stock under award plans, net of forfeitures		38			-		-		19		-			-			(0.3	)		19			38			-
Amortization of unearned compensation		3			-		-		3		-			-			-			-			3			-
Treasury stock acquired, and net impact of excise tax		(305	)		-		-		-		-			-			2.3			(305	)		(305	)		-
Cash dividends declared		(127	)		-		-		-		(127	)		-			-			-			(127	)		-
Distributions to noncontrolling interests		(172	)		-		-		-		-			-			-			-			-			(172	)
Capital contributions from noncontrolling interest		25			-		-		-		-			-			-			-			-			25
BALANCES, April 5, 2025	$	21,115			380.2	$	152	$	2,245	$	30,300		$	(198	)		149.4		$	(12,430	)	$	20,069		$	1,046

Dividends declared per share were $0.56 per share in the first quarter of 2026 ($0.55 per share in the first quarter of 2025).

On February 20, 2026, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases are made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of April 4, 2026, the Company had approximately $3.97 billion available for share repurchases under the program authorized by the Company’s Board of Directors.

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13. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the first quarter of 2026 and 2025 (in millions):


	Three-Month (13-Week) Period Ended
	April 4, 2026
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2025	$	(13	)	$	(186	)	$	5	$	(194	)
Other comprehensive income (loss) before reclassifications		(17	)		(10	)		-		(27	)
Amounts reclassified from accumulated other comprehensive income into earnings (1)		15			-			-		15
Net current-period other comprehensive income (loss)		(2	)		(10	)		-		(12	)
Accumulated other comprehensive income (loss) at April 4, 2026	$	(15	)	$	(196	)	$	5	$	(206	)


	Three-Month (13-Week) Period Ended
	April 5, 2025
	Gains and (Losses) on		Foreign Currency			Adjustment to Early
	Hedging Derivatives		Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2024	$	1	$	(220	)	$	11	$	(208	)
Other comprehensive income (loss) before reclassifications		10		(3	)		-		7
Amounts reclassified from accumulated other comprehensive income into earnings (1)		3		-			-		3
Net current-period other comprehensive income (loss)		13		(3	)		-		10
Accumulated other comprehensive income (loss) at April 5, 2025	$	14	$	(223	)	$	11	$	(198	)

(1)

Includes $15 and $3 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2026 and 2025, respectively. The tax impact of those reclassifications was $5 and $1 in the first quarter of 2026 and 2025, respectively.

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14. Segments

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the Chief Executive Officer and the Chief Operating Officer, to manage the business, make decisions about resources to be allocated to the segments and assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). Our CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with company-wide goals.

Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.

Nucor’s results by segment for the first quarter of 2026 and 2025 were as follows (in millions):


	Three Months (13 Weeks) Ended
	April 4, 2026
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	6,036	$	2,786	$	674	$	9,496
Intercompany sales		1,435		232		3,087		4,754
Total Sales		7,471		3,018		3,761		14,250
Reconciliation of Sales
Elimination of intercompany sales								(4,754	)
Net sales to external customers								9,496
Less:
Cost of products sold		6,321		2,660		3,676		12,657
Other segment items		22		73		40		135
Segment earnings before income taxes and noncontrolling interests		1,128		285		45		1,458
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(362	)
Earnings before income taxes and noncontrolling interests							$	1,096

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	Three Months (13 Weeks) Ended
	April 5, 2025
	Steel Mills		Steel Products		Raw Materials			Totals
Sales
Net sales to external customers	$	4,907	$	2,405	$	518		$	7,830
Intercompany sales		1,074		150		2,726	&nbs

NUCOR CORP 10-Q