Nucor Corporation (NUE) Cash Flow Statement
Where NUE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.23B −18.7% vs 2024
- Capital expenditures
- $3.42B 10.5% of revenue
- Free cash flow
- −$188.0M −0.6% margin
- Returned to shareholders
- $1.21B
- Change in cash
- −$1.30B cash at year-end $2.26B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NUE operating cash flow, capex and free cash flow
NUE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.75B2016 | $3.23B2025 | +7.1%/yr | |
| Capital expenditures | $604.8M2016 | $3.42B2025 | +21.2%/yr | |
| Free cash flow | $1.15B2016 | −$188.0M2025 | — | |
| Free cash flow margin | 7.1%2016 | −0.6%2025 | −7.6 pts | |
| Operating cash flow / net income | 1.942016 | 1.592025 | −0.36 | |
| Stock-based compensation | $56.5M2016 | $133.0M2025 | +10.0%/yr | |
| Dividends paid | $481.1M2016 | $512.0M2025 | +0.7%/yr | |
| Share buybacks (net) | $5.2M2016 | $700.0M2025 | +72.5%/yr | |
| Capex / revenue | 3.7%2016 | 10.5%2025 | +6.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NUE cash flow by activity
NUE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NUE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.04B | $2.32B | $4.91B | $8.08B | $7.12B | $836.0M | $1.37B | $2.48B | $1.38B | $900.4M |
| Depreciation & amortization | $1.48B | $1.36B | $1.17B | $1.06B | $864.6M | $785.5M | $734.7M | $719.6M | $727.1M | $687.1M |
| Stock-based compensation | $133.0M | $132.0M | $130.0M | $137.0M | $135.8M | $73.9M | $90.4M | $73.4M | $64.2M | $56.5M |
| Change in working capital | −$636.0M | $156.0M | $858.0M | $693.0M | −$1.86B | $204.0M | $413.3M | −$983.2M | −$902.9M | $32.7M |
| Other non-cash items | $219.0M | $16.0M | $42.0M | $101.0M | −$29.0M | $797.5M | $200.2M | $103.0M | −$213.5M | $73.3M |
| Cash from operating activities | $3.23B | $3.98B | $7.11B | $10.07B | $6.23B | $2.70B | $2.81B | $2.39B | $1.06B | $1.75B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.42B | −$3.17B | −$2.21B | −$1.95B | −$1.62B | −$1.54B | −$1.48B | −$982.5M | −$448.6M | −$604.8M |
| Investments (net) | $155.0M | −$3.73B | −$2.56B | −$5.70B | $154.8M | −$140.8M | −$278.3M | −$71.4M | $41.0M | $21.8M |
| Acquisitions & other investing | $41.0M | $3.17B | $2.27B | $1.95B | −$1.41B | −$80.3M | −$38.6M | $23.9M | −$511.3M | −$442.1M |
| Cash from investing activities | −$3.23B | −$3.73B | −$2.50B | −$5.70B | −$2.87B | −$1.76B | −$1.79B | −$1.03B | −$918.9M | −$1.03B |
| Financing activities | ||||||||||
| Dividends paid | −$512.0M | −$522.0M | −$515.0M | −$534.0M | −$483.5M | −$491.7M | −$492.1M | −$485.4M | −$485.3M | −$481.1M |
| Share repurchases & issuance (net) | −$700.0M | −$2.22B | −$1.55B | −$2.76B | −$3.28B | −$39.5M | −$298.5M | −$854.0M | −$90.3M | −$5.2M |
| Net borrowing (repayment) | $100.0M | $95.0M | −$35.0M | $909.2M | $246.8M | $1.13B | $4.6M | $493.1M | −$565.1M | −$33.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $11.8M | $16.1M | $24.1M | $0 | $0 |
| Other financing | −$203.0M | −$414.0M | −$489.0M | −$123.2M | −$90.1M | −$324.5M | −$110.5M | −$86.0M | −$101.6M | −$106.8M |
| Cash from financing activities | −$1.31B | −$3.06B | −$2.59B | −$2.51B | −$3.60B | $285.9M | −$880.4M | −$908.2M | −$1.24B | −$626.4M |
| Summary | ||||||||||
| Net change in cash | −$1.30B | −$2.83B | $2.03B | $1.85B | −$246.3M | $1.22B | $135.7M | $449.8M | −$1.10B | $106.5M |
| Cash at end of period | $2.26B | $3.56B | $6.39B | $4.36B | $2.51B | $2.75B | $1.53B | $1.40B | $949.1M | $2.05B |
| Free cash flow | −$188.0M | $806.0M | $4.90B | $8.12B | $4.61B | $1.15B | $1.33B | $1.41B | $606.8M | $1.15B |
| Free cash flow margin | −0.6% | 2.6% | 14.1% | 19.6% | 12.6% | 5.7% | 5.9% | 5.6% | 3.0% | 7.1% |
| Capex / revenue | 10.5% | 10.3% | 6.4% | 4.7% | 4.4% | 7.7% | 6.5% | 3.9% | 2.2% | 3.7% |
| Operating cash flow / net income | 1.59 | 1.72 | 1.45 | 1.25 | 0.87 | 3.23 | 2.05 | 0.96 | 0.76 | 1.94 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.16B | $870.0M | $423.0M | $683.0M | $706.0M | $226.0M | $345.1M | $303.0M | $712.0M | $959.0M | $872.8M | $1.22B |
| Depreciation & amortization | $383.0M | $321.0M | $379.0M | $367.0M | $366.0M | $368.0M | $358.1M | $350.0M | $332.0M | $316.0M | $311.5M | $290.8M |
| Stock-based compensation | $61.0M | $30.0M | $31.0M | $24.0M | $52.0M | $26.0M | $17.7M | $31.0M | $62.0M | $21.0M | $29.1M | $17.5M |
| Change in working capital | −$290.0M | −$378.0M | −$249.0M | $256.0M | −$404.0M | −$239.0M | $25.1M | $513.0M | $412.0M | −$794.0M | $253.9M | $914.5M |
| Other non-cash items | $90.0M | $43.0M | $215.0M | $9.0M | $12.0M | −$17.0M | −$12.6M | $104.0M | −$33.0M | −$42.0M | $53.1M | $19.9M |
| Cash from operating activities | $1.40B | $886.0M | $799.0M | $1.34B | $732.0M | $364.0M | $733.4M | $1.30B | $1.49B | $460.0M | $1.52B | $2.46B |
| Investing activities | ||||||||||||
| Capital expenditures | −$571.0M | −$661.0M | −$802.0M | −$807.0M | −$954.0M | −$859.0M | −$879.1M | −$823.0M | −$801.0M | −$670.0M | −$717.9M | −$439.2M |
| Investments (net) | $40.0M | $185.0M | $89.0M | −$786.0M | −$543.0M | −$1.18B | −$963.8M | −$1.17B | −$710.6M | −$889.7M | −$655.9M | −$460.9M |
| Acquisitions & other investing | $21.0M | $30.0M | −$4.0M | $807.0M | $954.0M | $859.0M | $879.1M | $823.9M | $800.6M | $669.7M | $717.9M | $439.2M |
| Cash from investing activities | −$510.0M | −$446.0M | −$717.0M | −$786.0M | −$543.0M | −$1.18B | −$963.8M | −$1.17B | −$711.0M | −$890.0M | −$655.9M | −$460.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$129.0M | −$129.0M | −$127.0M | −$127.0M | −$129.0M | −$129.0M | −$128.2M | −$130.0M | −$130.0M | −$134.0M | −$126.5M | −$128.1M |
| Share repurchases & issuance (net) | −$350.0M | −$125.0M | −$100.0M | −$100.0M | −$200.0M | −$300.0M | −$315.4M | −$400.0M | −$500.0M | −$1.00B | −$177.2M | −$500.1M |
| Net borrowing (repayment) | −$24.0M | $8.0M | $204.0M | −$26.0M | −$1.01B | $928.0M | $5.5M | $46.0M | — | — | — | $100,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$129.0M | −$226.0M | −$23.0M | −$20.0M | −$75.0M | −$85.0M | −$23.0M | −$26.0M | −$61.0M | −$261.0M | −$44.8M | −$26.9M |
| Cash from financing activities | −$632.0M | −$472.0M | −$46.0M | −$273.0M | −$1.41B | $414.0M | −$461.1M | −$510.0M | −$691.0M | −$1.40B | −$348.5M | −$654.9M |
| Summary | ||||||||||||
| Net change in cash | $252.0M | −$34.0M | $39.0M | $275.0M | −$1.21B | −$402.0M | −$704.8M | −$376.0M | $81.0M | −$1.83B | $518.0M | $1.35B |
| Cash at end of period | $2.48B | $2.23B | $2.26B | $2.22B | $1.95B | $3.16B | $3.56B | $4.26B | $4.64B | $4.56B | $6.39B | $5.87B |
| Free cash flow | $829.0M | $225.0M | −$3.0M | $532.0M | −$222.0M | −$495.0M | −$145.8M | $478.0M | $684.0M | −$210.0M | $802.4M | $2.02B |
| Free cash flow margin | 8.0% | 2.4% | −0.0% | 6.2% | −2.6% | −6.3% | −2.1% | 6.4% | 8.5% | −2.6% | 10.4% | 23.1% |
| Capex / revenue | 5.5% | 7.0% | 10.4% | 9.5% | 11.3% | 11.0% | 12.4% | 11.1% | 9.9% | 8.2% | 9.3% | 5.0% |
| Operating cash flow / net income | 1.21 | 1.02 | 1.89 | 1.96 | 1.04 | 1.61 | 2.13 | 4.29 | 2.09 | 0.48 | 1.74 | 2.02 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NUE cash generation
In fiscal 2025 (ended December 31, 2025), Nucor generated $3.2 billion of cash from operations (down 18.7%) and spent $3.4 billion on capital expenditures, leaving free cash flow of -$188.0 million, −0.6% of revenue. It returned $1.2 billion to shareholders through dividends ($512.0 million) and net share buybacks ($700.0 million). Cash and equivalents fell by $1.3 billion over the year.
Related: NUE income statement, NUE balance sheet, NUE dividend history. See the NUE stock overview for the latest quote and news.
NUE cash flow FAQ
What is Nucor's free cash flow?
Nucor's free cash flow was -$188.0 million in fiscal 2025: $3.2 billion of operating cash flow minus $3.4 billion of capital expenditures It was $806.0 million a year earlier..
How much cash does Nucor generate from operations?
Nucor generated $3.2 billion of cash from operating activities in fiscal 2025, 1.59 times its net income of $2.0 billion.
How much does Nucor spend on capital expenditures?
Nucor spent $3.4 billion on capital expenditures in fiscal 2025, 10.5% of revenue, compared with $3.2 billion the year before.
How much stock does Nucor buy back?
Nucor spent $700.0 million on net share repurchases in fiscal 2025.
How much does Nucor pay in dividends?
Nucor paid $512.0 million in dividends in fiscal 2025.