Nucor Corp. Stock

Nucor Corporation (NUE) — FY2025 Annual Report

Nucor closed fiscal 2025 with revenue of roughly $32.5 billion, up about 6% from the prior year, while net income slipped to $1.74 billion — the lowest figure in the five-year window and down nearly 14% year over year. The pairing of rising sales with falling profit captures the central story: volumes and pricing recovered somewhat, but the margin environment continued to normalize away from the extraordinary highs of 2021 and 2022.

The scale of the profitability compression stands out most. Net margin has fallen to about 5.4% from levels near 18% in the peak years, and net income has contracted at roughly a 29% annualized rate since 2021. Gross margin eased further to around 12% from 13.4% a year earlier, suggesting that cost of products sold grew faster than net sales — plausibly reflecting the close linkage between raw material costs and selling prices that management has described. Segment detail shows Steel Mills revenue recovering to roughly $20 billion, though the corresponding cost base rose in tandem, leaving little incremental margin. Notably, net interest swung from income to a $59 million expense, and pre-tax earnings continued to drift lower even as revenue improved, which may point to the cyclical trough in steel spreads persisting rather than the top line being the constraint.