Nucor Corp. (NUE): Strong 2Q26 Results; Demand and Margin Momentum Increasing Profitability and Free Cash Flow; Reiterate Buy

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Nucor Corp. (NUE): Strong 2Q26 Results; Demand and Margin Momentum Increasing Profitability and Free Cash Flow; Reiterate Buy

Equity Research

28 July 2026 | 7:08PM EDT

Nucor Corp. (NUE): Strong 2Q26 Results; Demand and Margin

Momentum Increasing Profitability and Free Cash Flow; Reiterate Buy

NUE posted strong operating results this quarter with a top and bottom-line beat Nick Cash

+1(212)357-6372 | nick.cash@gs.com

driven by positive pricing momentum, record shipment volumes and multi-year high Goldman Sachs & Co. LLC

utilization rates. Furthermore, NUE expects 2026 shipments up closer to ~10% vs.

previous guidance of strongly above 5%. The comments were supported by 4.5mn of

flat product market share available due to declines in imports and an incremental

2mn tons of additional demand driven by multi-year capital investment cycles across

infrastructure, reshoring, energy, data center and more which NUE is set to benefit

from both this year over the coming years as it ramps its WV mill in 2027. Combining

this with inventories that we expect remain tighter for longer given domestic

supply/demand dynamics, widening metal spreads and increasing utilization, we

believe there is material upside to consensus estimates and see the potential for

upward revisions following the quarter. Lastly, we expect the improved profitability

to lead to accelerated free cash flow generation which supports increased

shareholder returns. We reiterate our Buy rating and increase our price target to

$303 vs. $275 prior and highlight further takeaways within.

2Q26 Results. NUE reported revenues of $10.4bn, above GSe/FactSet consensus of

$10.0bn/$10.1bn and adj. EBITDA of $2.02bn which was also above GSe/consensus

of $1.90bn/$1.92bn as a result of both higher volumes and margin expansion. Adj.