NUCOR CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
NUE$256.47+2.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net earnings before noncontrolling interests | $2,038 | $2,319 | $4,913 |
| Adjustments: | |||
| Depreciation | 1,226 | 1,094 | 931 |
| Amortization | 254 | 262 | 238 |
| Stock-based compensation | 133 | 132 | 130 |
| Deferred income taxes | 161 | (116) | 21 |
| Distributions from affiliates | 46 | 25 | 34 |
| Equity in earnings of unconsolidated affiliates | (35) | (30) | (13) |
| Losses and impairments of assets | 47 | 137 | — |
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
| Accounts receivable | (428) | 319 | 664 |
| Inventories | (366) | 518 | (75) |
| Accounts payable | 80 | (321) | 361 |
| Federal income taxes | 124 | 97 | 188 |
| Salaries, wages and related accruals | 2 | (385) | (291) |
| Other operating activities | (48) | (72) | 11 |
| Cash provided by operating activities | 3,234 | 3,979 | 7,112 |
| Investing activities: | |||
| Capital expenditures | (3,422) | (3,173) | (2,214) |
| Investment in and advances to affiliates | (1) | — | (35) |
| Sale of business | — | 1 | — |
| Disposition of plant and equipment | 45 | 17 | 15 |
| Acquisitions (net of cash acquired) | (2) | (758) | (71) |
| Purchases of investments | (985) | (1,296) | (1,472) |
| Proceeds from the sale of investments | 1,140 | 1,487 | 1,317 |
| Other investing activities | (1) | (12) | (36) |
| Cash used in investing activities | (3,226) | (3,734) | (2,496) |
| Financing activities: | |||
| Net change in short-term debt | (102) | 105 | (25) |
| Proceeds from issuance of long-term debt, net of discount | 1,217 | — | — |
| Repayment of long-term debt | (1,015) | (10) | (10) |
| Bond issuance costs | (9) | — | — |
| Proceeds from exercise of stock options | 5 | 4 | 12 |
| Payment of tax withholdings on certain stock-based compensation | (32) | (53) | (49) |
| Distributions to noncontrolling interests | (249) | (352) | (435) |
| Cash dividends | (512) | (522) | (515) |
| Acquisition of treasury stock | (700) | (2,217) | (1,554) |
| Proceeds from government incentives | 77 | — | — |
| Other financing activities | 5 | (13) | (17) |
| Cash used in financing activities | (1,315) | (3,058) | (2,593) |
| Effect of exchange rate changes on cash | 9 | (16) | 3 |
| (Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (1,298) | (2,829) | 2,026 |
| Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 3,558 | 6,387 | 4,361 |
| Cash and cash equivalents and restricted cash and cash equivalents - end of year | $2,260 | $3,558 | $6,387 |
| Non-cash investing activity: | |||
| Change in accrued plant and equipment purchases | $(26) | $115 | $1 |
NUCOR CORPORATION AND SUBSIDIARIES
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