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Critical MaterialsPublic

Nucor

No base rate yet — NUE has 2 graded prints on the record, and the bar is 3.Website
Ticker
NUE
Beat
critical materials
Size
Public Company
Revenue
$10.4B
as of Jul 2026
Cash
$2.5B
as of Jul 2026
Researched · Fresh
9 days ago

The tariff-fortified, lowest-cost EAF compounder is mid-upcycle with self-help volume still to land — but the +118% run already prices the recovery, so the edge is the multi-year normalized-earnings step-up, not the next print.

Orbit · who it trades with and competes with
3 on the rings · 1 trade · 2 rival
5 mentions across our dossiers
Focus · Critical materials
Nucor
NUE · public
No published house view
Trades with
Competes with
Links · 3 companies · 1 trade · 2 rival
“Names or it didn't happen: Microsoft (offtaker), Constellation Energy (marketer/transmission), Nucor (offtaker + investor), OpenAI (optional offtaker), and on the input side the pulsed-power/capacitor/switch base (vendors undisclosed).”Helion Energy · TRADE · from Helion Energy’s dossier
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Price

Weekly closes

NUE · weekly close
273.87 USD+6.1%
Friday 30 Oct 2026 · last 52 Fridays 144.31–273.87
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 5,190 sh · 1 filing, Form 4 · 29 Oct 2026
  2. Short interest: 4,364,734 sh · 3 days to cover, FINRA · settled 30 Sept 2026
273.87USD+6.1%critical-materials +0.7%NUE · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 29 Oct 2026
1 filing · 5,190 shares
Shares sold shortFINRA · settled 30 Sept 2026
4,364,734 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
3
see the whole series
Financials

The reported figures

Revenue · quarterly
$10.4B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$10.4B USD
as of 4 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Nucor, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$8.8B USD$2.0B USD$439M USD$5.9B USD245.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$7.7B USD$803M USD$718M USD$6.4B USD—Filed · primarysec.gov
Q1 ’2430 Mar 2024$8.1B USD-$210M USD$670M USD$4.6B USD239.8M sharesFiled · primarysec.gov
Q2 ’2429 Jun 2024$8.1B USD$684M USD$801M USD$4.6B USD237.3M sharesFiled · primarysec.gov
Q3 ’2428 Sept 2024$7.4B USD$478M USD$823M USD$4.3B USD234.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$7.1B USD-$146M USD$879M USD$3.6B USD—Filed · primarysec.gov
Q1 ’255 Apr 2025$7.8B USD-$495M USD$859M USD$3.2B USD230.8M sharesFiled · primarysec.gov
Q2 ’255 Jul 2025$8.5B USD-$222M USD$954M USD$1.9B USD229.5M sharesFiled · primarysec.gov
Q3 ’254 Oct 2025$8.5B USD$532M USD$807M USD$2.2B USD228.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$7.7B USD-$3.0M USD$802M USD$2.3B USD—Filed · primarysec.gov
Q1 ’264 Apr 2026$9.5B USD$225M USD$661M USD$2.2B USD227.7M sharesFiled · primarysec.gov
Q2 ’264 Jul 2026$10.4B USD$829M USD$571M USD$2.5B USD226.9M sharesFiled · primarysec.gov

Nucor’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$10.4B+23% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $8.8B, as of Sep 2023Revenue Q4 ’23: $7.7B, as of Dec 2023Revenue Q1 ’24: $8.1B, as of Mar 2024Revenue Q2 ’24: $8.1B, as of Jun 2024Revenue Q3 ’24: $7.4B, as of Sep 2024Revenue Q4 ’24: $7.1B, as of Dec 2024Revenue Q1 ’25: $7.8B, as of Apr 2025Revenue Q2 ’25: $8.5B, as of Jul 2025Revenue Q3 ’25: $8.5B, as of Oct 2025Revenue Q4 ’25: $7.7B, as of Dec 2025Revenue Q1 ’26: $9.5B, as of Apr 2026Revenue Q2 ’26: $10.4B, as of Jul 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$829M

Q2 ’26 · as of Jul 2026

Free cash flow Q3 ’23: $2.0B, as of Sep 2023Free cash flow Q4 ’23: $803M, as of Dec 2023Free cash flow Q1 ’24: -$210M, as of Mar 2024Free cash flow Q2 ’24: $684M, as of Jun 2024Free cash flow Q3 ’24: $478M, as of Sep 2024Free cash flow Q4 ’24: -$146M, as of Dec 2024Free cash flow Q1 ’25: -$495M, as of Apr 2025Free cash flow Q2 ’25: -$222M, as of Jul 2025Free cash flow Q3 ’25: $532M, as of Oct 2025Free cash flow Q4 ’25: -$3.0M, as of Dec 2025Free cash flow Q1 ’26: $225M, as of Apr 2026Free cash flow Q2 ’26: $829M, as of Jul 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$2.5B

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $5.9B, as of Sep 2023Cash Q4 ’23: $6.4B, as of Dec 2023Cash Q1 ’24: $4.6B, as of Mar 2024Cash Q2 ’24: $4.6B, as of Jun 2024Cash Q3 ’24: $4.3B, as of Sep 2024Cash Q4 ’24: $3.6B, as of Dec 2024Cash Q1 ’25: $3.2B, as of Apr 2025Cash Q2 ’25: $1.9B, as of Jul 2025Cash Q3 ’25: $2.2B, as of Oct 2025Cash Q4 ’25: $2.3B, as of Dec 2025Cash Q1 ’26: $2.2B, as of Apr 2026Cash Q2 ’26: $2.5B, as of Jul 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
226.9M-7.7% since Q3 ’23

Q2 ’26 · as of Jul 2026

Shares outstanding Q3 ’23: 245.8M, as of Sep 2023Shares outstanding Q1 ’24: 239.8M, as of Mar 2024Shares outstanding Q2 ’24: 237.3M, as of Jun 2024Shares outstanding Q3 ’24: 234.8M, as of Sep 2024Shares outstanding Q1 ’25: 230.8M, as of Apr 2025Shares outstanding Q2 ’25: 229.5M, as of Jul 2025Shares outstanding Q3 ’25: 228.9M, as of Oct 2025Shares outstanding Q1 ’26: 227.7M, as of Apr 2026Shares outstanding Q2 ’26: 226.9M, as of Jul 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-26guidance8-K: Q3 2026 results, net earnings $1.32bnQ3 2026 (quarter ended 3 Oct 2026): net earnings attributable to Nucor $1.32bn, $5.80 per diluted share; net sales $11.25bn; quarterly dividend $0.56 per share payable 10 Nov 2026.agent:company-events · SEC EDGAR 8-K
2026-10-22editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 15 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 503 words, 12 filing mentions
  2. The dossier: What held, 62 words, 3 filing mentions
Research

The Nucor dossier

The verdict

The tariff-fortified, lowest-cost EAF compounder is mid-upcycle with self-help volume still to land — but the +118% run already prices the recovery, so the edge is the multi-year normalized-earnings step-up, not the next print.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 results. Net sales $10.40B. Net earnings attributable to Nucor $1.16B, or $5.04 per diluted share (against $743M and $3.23 in Q1-2026 and $603M and $2.60 in Q2-2025). Adjusted net earnings $1.11B, or $4.84 per diluted share, after removing a $61M ($0.20 per share) non-cash benefit from the value of Nucor's investment in Helion. EBITDA $2.02B. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-07-27, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/d468854dex991.htm; quarter ended 2026-07-04]
  2. Segment earnings before taxes, Q2. Steel mills $1,556M (Q1 $1,128M; Q2-2025 $843M). Steel products $353M ($276M; $392M). Raw materials $146M ($45M; $57M). Corporate and eliminations $(430)M. Consolidated $1,625M against $1,096M in Q1. [sec.gov: 8-K filed 2026-07-27, same URL]
  3. One-offs in the quarter. The steel mills segment includes a $130M reduction to cost of products sold from cash refunds tied to prior periods' raw-materials procurement costs. The Helion investment gain is $61M pre-tax. [sec.gov: 8-K filed 2026-07-27, same URL].
  4. Volumes and prices. Steel mills total shipments 7,100 thousand tons (+10% on Q2-2025, +1% on Q1), a second consecutive record quarter per the CEO. External average selling price per ton $1,145 (against $1,074 in Q1 and $1,041 a year earlier). Steel products external tons 1,285 thousand at $2,415 per ton. [sec.gov: 8-K filed 2026-07-27, same URL]
  5. Cash, capex and returns. Cash and equivalents $2,478M and short-term investments $214M at 2026-07-04 (cash was $2,260M at the last year-end). Six-month operating cash flow $2,286M against $1,096M; six-month Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $1,232M against $1,813M.. About $479M was returned to holders in Q2 through buybacks (about 1.53 million shares at an average $228.76) and dividends, and about $733M in six months. The $2.25B revolver is undrawn. The quarterly dividend is $0.56, the 213th consecutive. [sec.gov: 8-K filed 2026-07-27, same URL]
  6. Q3 outlook. The company expects higher consolidated earnings in Q3-2026: higher realised prices with stable volumes at the steel mills, higher volumes and prices at steel products, and lower earnings at raw materials on lower margins. [sec.gov: 8-K filed 2026-07-27, same URL]
  7. Share count. 226,875,676 shares outstanding at 2026-07-04. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-12, https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/nue-20260704.htm]
  8. Pre-operating costs. Start-up costs of new facilities were about $120M in Q2 (against $136M) and $228M in six months (against $306M), mainly the new sheet mill. [sec.gov: 10-Q filed 2026-08-12, same URL]
  9. Executive changes. Daniel Needham's retirement took effect 2026-06-20, with monthly payments of $254,972.34 for 24 months and a 24-month non-compete.. A retirement agreement with David Sumoski dated 2026-05-28 is listed as an exhibit to the 10-Q. [sec.gov: 8-K/A filed 2026-06-22, https://www.sec.gov/Archives/edgar/data/73309/000119312526277574/d109735d8ka.htm; 10-Q filed 2026-08-12, same URL]
  10. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2 2026 print" has occurred (items 1-6), and the company guided higher again for Q3. The carried seed lists "COO transition (Sumoski retires Jun 2026)"; the 10-Q lists a Sumoski retirement agreement (item 9). The seed's price and target figures rest on market data this delta does not refresh. The filings read do not mention Section 232 changes, so that catalyst is unaddressed here.

What held

  • Steel mills remain the earnings engine, with record shipments two quarters running. [sec.gov: 8-K filed 2026-07-27, same URL]
  • Liquidity stays ample: $2,478M of cash and $214M of short-term investments at 2026-07-04, with the $2.25B revolver undrawn. [sec.gov: 8-K filed 2026-07-27, same URL]
  • Management's tone is still "higher earnings next quarter", as at Q1. [sec.gov: 8-K filed 2026-07-27, same URL]

How our view changed

2 dossiers

Every dossier we have written on Nucor, newest first.

  1. current

    The tariff-fortified, lowest-cost EAF compounder is mid-upcycle with self-help volume still to land

  2. The tariff-fortified, lowest-cost EAF compounder is mid-upcycle with self-help volume still to land

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Nucor

Others in critical materials

5 names

Where Nucor sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.