Nucor Corporation Q1 2026 Earnings Recap

Nucor shares rose 3.4% following Q1 results, as investors reacted positively to record steel shipments, historically high backlogs, and improved EBITDA versus the prior quarter. Execution across all three operating segments, coupled with momentum in new capital projects, contributed to the upbeat market response.

Key Takeaways

• Q1 EBITDA reached approximately $1.5 billion with EPS of $3.23, significantly ahead of last quarter's results.
• Steel mill shipments set a new company record at 7 million tons for the quarter.
• Steel mill backlogs ended Q1 at 4.7 million tons, up 20% from year-end and the highest since Q2 2021; Steel Products backlog grew 9% from year-end.
• $254 million was returned to shareholders via dividends and buybacks; $661 million reinvested into the business, with 40% of CapEx allocated to the new West Virginia sheet mill.
• Trade policy tailwinds contributed via reduced steel imports, with U.S. finished steel import share declining from over 22% to about 15% year-over-year.