NUCOR CORP Earnings Per Share Disclosure
21. Earnings Per Share
The computations of basic and diluted net earnings per share are as follows (in millions, except per share data):
Year Ended December 31, |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Basic net earnings per share: |
|
|
|
|
|
|
|
|
|
|||
Basic net earnings |
|
$ |
1,744 |
|
|
$ |
2,027 |
|
|
$ |
4,525 |
|
Earnings allocated to participating securities |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
Net earnings available to common stockholders |
|
$ |
1,737 |
|
|
$ |
2,018 |
|
|
$ |
4,508 |
|
Basic average shares outstanding |
|
|
230.7 |
|
|
|
238.3 |
|
|
|
249.8 |
|
Basic net earnings per share |
|
$ |
7.53 |
|
|
$ |
8.47 |
|
|
$ |
18.05 |
|
Diluted net earnings per share: |
|
|
|
|
|
|
|
|
|
|||
Diluted net earnings |
|
$ |
1,744 |
|
|
$ |
2,027 |
|
|
$ |
4,525 |
|
Earnings allocated to participating securities |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
Net earnings available to common stockholders |
|
$ |
1,737 |
|
|
$ |
2,018 |
|
|
$ |
4,508 |
|
Diluted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|||
Basic average shares outstanding |
|
|
230.7 |
|
|
|
238.3 |
|
|
|
249.8 |
|
Dilutive effect of stock options and other |
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
|
|
231.0 |
|
|
|
238.5 |
|
|
|
250.4 |
|
Diluted net earnings per share |
|
$ |
7.52 |
|
|
$ |
8.46 |
|
|
$ |
18.00 |
|
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands):
Year Ended December 31, |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Anti-dilutive stock options: |
|
|
|
|
|
|
|
|
|
|||
Weighted-average shares |
|
|
164 |
|
|
|
35 |
|
|
|
— |
|
Weighted-average exercise price |
|
$ |
147.70 |
|
|
$ |
168.85 |
|
|
$ |
— |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.