Nucor (NUE) FY2025 10-K Annual Report
Nucor (NUE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Nucor FY2025 10-K Analysis
Business Overview
- • North America's largest steel recycler; EAF-based manufacturer across steel mills (62% of sales), steel products, and raw materials segments
- • Section 232 tariffs fully reinstated in 2025 without exemptions, broadened to ~600 fabricated products; steel imports fell 17.4%, supplying ~18% of U.S. demand
- • West Virginia sheet mill cost estimate raised to ~$4B (up from prior estimate); net Nucor outlay ~$3.65B after $350M state commitment; completion targeted end-2026
- • Steel mills backlog surged to $3.35B at end-2025 vs. $2.13B at end-2024, a 57% increase signaling strong forward demand
- • Industry-first: GSCC product-level GHG certification achieved for 12 mills covering 22 products in December 2025; also set record-low injury rate of 0.71, eighth consecutive year of improvement
Management Discussion & Analysis
- • Revenue $32.49B, up 6% YoY; volume +7% to 26.6M tons offset by avg price/ton -2% to $1,221
- • Gross margin 12% vs 13% YoY; net margin 5.4% vs 6.6%; ROE 8.5% vs 9.8%; net earnings $1.74B vs $2.03B
- • Best segment: steel mills earnings $2.38B vs $2.23B on higher volumes; worst: steel products earnings $1.23B vs $1.60B on -6% avg price decline
- • Operating cash flow $3.23B vs $3.98B; capex $3.42B; buybacks $700M vs $2.22B; dividends $512M; cash position $2.70B vs $4.14B
- • Q1 2026 earnings growth expected across all segments; capex guided to ~$2.5B; key risks: China record exports of 131M tons and global overcapacity of 704M tons
Risk Factors
- • Global steel overcapacity ~704M net tons in 2025 (8x U.S. annual output), projected to rise ~20% to 795M net tons by 2027, pressuring U.S. prices
- • Section 232 tariffs fully reinstated in 2025 covering ~600 fabricated steel products, but risk of future modification or repeal remains explicit
- • $8.90B capex over three-year period ended Dec 31, 2025, backed by $2.25B revolving credit facility — unforeseen events could require additional financing
- • Scrap steel supply concentration risk: majority of primary raw material purchased externally; foreign export restrictions create artificial cost advantage for overseas rivals
- • California "Buy Clean California Act" EPD mandates impose added compliance costs and potential disadvantage vs. foreign producers lacking equivalent tracking requirements
Nucor FY2025 Key Financial MetricsXBRL
Revenue
$32.5B
▲ +5.7% YoY
Net Income
$1.7B
▼ -14.0% YoY
Net Margin
5.4%
▼ -123bp YoY
ROE
8.3%
▼ -166bp YoY
Total Assets
$35.1B
▲ +3.4% YoY
EPS (Diluted)
$7.52
▼ -11.1% YoY
Operating Cash Flow
$3.2B
▼ -18.7% YoY
Source: XBRL data from Nucor FY2025 10-K filing on SEC EDGAR. All figures in USD.
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