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Nucor cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$829M in Q2 2026 · $1.6B over twelve months

Operating cash flow$1.4B
Capital spending−$571M
Free cash flow+$829M
Cash / net income1.1×
Cash conversion cycle72 days

Analysis

In Q2 2026, Nucor generated $1.4B of operating cash flow and spent $571M on capital projects, leaving free cash flow of $829M.

Over the twelve months to Jul 4, 2026, operating cash flow was $4.4B; the largest uses were capital spending ($2.8B), buybacks ($675M), dividends ($512M); besides operations, cash came from other investing ($355M), net borrowing (+) / repaid (−) ($162M); the cash balance rose by $532M.

Operating cash flow was $1.4B against net income of $1.3B — 1.1× profit, roughly in line with earnings. The largest differences: receivables −$489M, depreciation & amortization +$383M, inventory −$377M.

Its cash conversion cycle was 72 days (receivables 33 + inventory 63 − payables 24).

Free cash flow

Nucor: free cash flow by quarterNucor: free cash flow by quarter$478MQ3 2024−$146MQ4 2024−$495MQ1 2025−$222MQ2 2025$532MQ3 2025−$3.0MQ4 2025$225MQ1 2026$829MQ2 2026
Operating cash flow less capital spending.
Nucor: operating cash flow against capital spendingNucor: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$823MQ3 2024$733M$879MQ4 2024$364M$859MQ1 2025$732M$954MQ2 2025$1.3B$807MQ3 2025$799M$802MQ4 2025$886M$661MQ1 2026$1.4B$571MQ2 2026
Latest (Q2 2026): Operating cash flow $1.4B, Capital spending $571M.

Capital allocation, year by year

Nucor: where the cash came from (up) and went (down), by fiscal yearNucor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $6.2BFY2021: Net borrowing $247MFY2021: Shares issued $145MFY2021: Asset sales $19.4MFY2021: Capital spending −$1.6BFY2021: Acquisitions −$1.4BFY2021: Buybacks −$3.3BFY2021: Dividends −$483M$6.6BFY2021FY2022: Operating cash flow $10.1BFY2022: Net borrowing $906MFY2022: Shares issued $23.0MFY2022: Asset sales $132MFY2022: Capital spending −$1.9BFY2022: Acquisitions −$3.6BFY2022: Buybacks −$2.8BFY2022: Dividends −$534M$11.1BFY2022FY2023: Operating cash flow $7.1BFY2023: Net borrowing −$35.0MFY2023: Shares issued $12.0MFY2023: Asset sales $15.0MFY2023: Capital spending −$2.2BFY2023: Acquisitions −$71.0MFY2023: Buybacks −$1.6BFY2023: Dividends −$515M$7.1BFY2023FY2024: Operating cash flow $4.0BFY2024: Net borrowing $95.0MFY2024: Shares issued $4.0MFY2024: Asset sales $18.0MFY2024: Capital spending −$3.2BFY2024: Acquisitions −$758MFY2024: Buybacks −$2.2BFY2024: Dividends −$522M$4.1BFY2024FY2025: Operating cash flow $3.2BFY2025: Net borrowing $81.0MFY2025: Shares issued $5.0MFY2025: Asset sales $45.0MFY2025: Capital spending −$3.4BFY2025: Acquisitions −$2.0MFY2025: Buybacks −$700MFY2025: Dividends −$512M$3.4BFY2025
Over these 5 years operating cash flow totalled $30.6B; the largest uses were capital spending ($12.4B) and buybacks ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.7B
Debt$7.1B
Net debt$4.4B
Due within a year$66.0M

Nucor funds itself: free cash flow was $1.6B over the last twelve months, and $2.7B of cash and investments stands against $7.1B of debt ($66.0M due within a year, 40.8× covered by cash).

Nucor: debt maturities by year (FY2025)Nucor: debt maturities by year (FY2025)$66.0MYear 1$532MYear 2$553MYear 3$75.0MYear 4$1.0BYear 5$4.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.7B of cash and investments now.

Where the cash came from and went

Nucor: sources (+) and uses (−) of cash, Q2 2026Nucor: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$1.4BCapital spending−$571MBuybacks−$350MCash drawn (+) / kept (−)−$252MDividends−$129MTaxes on employees’ shares−$74.0MPartners−$62.0MOther investing$54.0MNet borrowing (+) / repaid (−)−$39.0MOther financing$12.0MShares issued$10.0MAsset & business sales$7.0M
Nucor: sources (+) and uses (−) of cash, TTM to Q2 2026Nucor: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$4.4BCapital spending−$2.8BBuybacks−$675MCash drawn (+) / kept (−)−$532MDividends−$512MOther investing$355MPartners−$317MNet borrowing (+) / repaid (−)$162MTaxes on employees’ shares−$78.0MAsset & business sales$27.0MExchange rates−$10.0MOther financing−$3.0M

From profit to cash

Nucor: net income to operating cash flow, Q2 2026Nucor: net income to operating cash flow, Q2 2026Net income$1.3BDepreciation & amortization$383MStock-based pay$61.0MDeferred taxes−$27.0MReceivables−$489MInventory−$377MPayables$228MEmployee-related liabilities$298MIncome taxes payable$32.0MOther operating capital$18.0MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202633632472
Q1 202633652475
Q4 202537702681
Q3 202536672776
Q2 202534672874
Q1 202534682775
Q4 202437752785
Q3 202437712583

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$1.4B−$571M—−$350M−$129M−$39.0M$10.0M−$252M$829M
Q1 2026$886M−$661M—−$125M−$129M$8.0M$4.0M$34.0M$225M
Q4 2025$799M−$802M—−$100M−$127M$204M$4.0M−$39.0M−$3.0M
Q3 2025$1.3B−$807M—−$100M−$127M−$26.0M—−$275M$532M
Q2 2025$732M−$954M—−$200M−$129M−$1.0B—$1.2B−$222M
Q1 2025$364M−$859M−$1.0M−$300M−$129M$993M—$402M−$495M
Q4 2024$733M−$879M−$86.0M−$316M−$128M$5.0M$1.0M$705M−$146M
Q3 2024$1.3B−$823M−$563M−$400M−$130M$46.0M—$376M$478M

Nucor: income statement and cash flow

Nucor, Q3 2026: revenue $11.2B (+32% year over year), operating margin 15.2%. The chart follows the revenue to costs, profit and cash.

Nucor: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.