Nucor — Income Statement, Cash Flows & Balance Sheet
Is Nucor profitable?
Nucor remains solidly profitable, but earnings have declined significantly from the peak levels seen in 2023.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Net sales ($M) | $34,714 | $30,734 | $32,494 | +5.7% |
| Cost of products sold ($M) | $26,899 | $26,632 | $28,616 | +7.5% |
| Gross margin (%) | 22.5% | 13.3% | 11.9% | −1.4 pp |
| Net earnings attributable to Nucor ($M) | $4,525 | $2,027 | $1,744 | −14.0% |
| Diluted EPS | $18.00 | $8.46 | $7.52 | −11.1% |
Revenue bounced back modestly in 2025 after a sharp drop in 2024, but costs rose faster than sales, compressing margins further. Net earnings are now less than 40% of the 2023 peak, reflecting the cyclical nature of the steel industry — when steel prices fall, profits fall hard and fast.
A swing to net interest expense in 2025 added a modest but meaningful headwind that was not present in prior years.
| Item | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Interest expense, net ($M) | $(30) | $(30) | $59 | +$89M swing |
In 2023 and 2024, Nucor's large cash balance actually earned more in interest income than it paid out on debt, turning net interest into a small profit. By 2025, rising debt levels and a smaller cash pile flipped this to a net expense — a relatively modest number in absolute terms, but a headwind worth noting as the company continues investing heavily.
Where does Nucor's revenue come from?
The steel mills segment drives the majority of revenue and recovered in 2025, while the steel products segment saw profitability fall sharply.
| Segment | 2023 Earnings | 2024 Earnings | 2025 Earnings | Change (2024→2025) |
|---|---|---|---|---|
| Steel mills ($M) | $3,712 | $2,226 | $2,383 | +7.1% |
| Steel products ($M) | $3,444 | $1,596 | $1,229 | −23.0% |
| Raw materials ($M) | $254 | $40 | $153 | +$113M |
(Figures are segment earnings before income taxes and noncontrolling interests — GAAP.)
The steel mills segment stabilised and improved slightly, but the more striking story is in steel products, where profitability has fallen by roughly two-thirds since 2023. The raw materials segment recovered from a near-breakeven 2024 but remains a small contributor. Steel mills is the engine of the business; steel products — which includes joists, decking, racking, and building systems — appears to be under meaningful pricing or demand pressure.
Does Nucor generate cash?
Nucor generates real cash from operations, but a major capital investment programme means the company is essentially spending every dollar it earns.
| Item | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Cash from operations ($M) | $7,112 | $3,979 | $3,234 | −18.7% |
| Capital expenditures ($M) | $(2,214) | $(3,173) | $(3,422) | +7.8% |
| Free cash flow ($M) | $4,898 | $806 | $(188) | Negative |
Free cash flow (operating cash minus capex — a non-GAAP measure) turned slightly negative in 2025 for the first time in recent years. This is not a distress signal; it reflects a deliberate, large-scale building programme including a new West Virginia sheet mill. Nucor funded the gap partly by issuing $1 billion in new bonds while still returning cash to shareholders through dividends and buybacks.
How strong is Nucor's balance sheet?
Nucor carries meaningful but manageable debt, and its own debt covenant ratio confirms it remains well within safe territory.
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Long-term debt (excl. finance leases, $M) | $6,527 | $6,932 | +6.2% |
| Cash & short-term investments ($M) | $4,139 | $2,699 | −34.8% |
| Net debt ($M) | $2,388 | $4,233 | +77.3% |
| Funded debt-to-total capital ratio | ~22% | 24.4% | +2.4 pp |
| $2.25B revolving credit facility drawn | $0 | $0 | Unchanged |
Debt rose and cash fell as Nucor funded its investment programme, but the funded debt-to-capital ratio of 24.4% is well below the 60% covenant limit, and the entire $2.25 billion revolving credit facility sits untouched as a backstop. The balance sheet is not stretched, but it is moving in a more leveraged direction as the buildout continues.