Capital expenditures totaled $954 million in Q2, with a full-year CapEx guidance of approximately $3 billion.
Debt to capital ratio was approximately 24% with $2.5 billion in cash at quarter end; next major debt maturity is in 2027.
Nucor generated EBITDA of approximately $1.3 billion and earned $2.60 per diluted share in Q2 2025, a significant improvement over Q1 results.
Raw materials segment pretax earnings were approximately $57 million, a 95% increase over Q1.
Returned $329 million to shareholders in Q2 via dividends and buybacks, totaling $758 million for the first half of 2025.
Second quarter net earnings were $603 million or $2.60 per share, at the midpoint of guidance, compared to $0.77 adjusted EPS in Q1 and $2.68 EPS in Q2 2024.
Steel mills segment pretax earnings were $843 million, more than triple Q1, driven by higher average selling prices and stable volumes.
Steel Products segment pretax earnings were $392 million, up 28% over Q1, marking the best quarter since Q2 2024.
Adjusted EBITDA grew by 17%, and adjusted EPS increased by 29%, reflecting strong margin expansion and earnings growth.
Capital Markets Services grew 7% overall, with Debt Advisory up 27% and Investment Sales up 9%, supported by resilient debt markets and refinancing activity.
Investment Management experienced lower assets under management compared to the prior year due to dispositions but raised $1 billion in private equity capital in Q2.
JLL reported a 10% increase in consolidated revenue for Q2 2025, marking the fifth consecutive quarter of double-digit revenue growth.
Real Estate Management Services saw high single-digit to low double-digit revenue growth, led by Workplace Management and Project Management.
Software and Technology Solutions showed low double-digit revenue growth but faced reduced spend from some large clients.
Adjusted debt-to-EBITDA ratio finished at 2.8x, maintaining A-ratings from all three credit rating agencies.
Adjusted operating ratio was 58.1%, improving 230 basis points versus last year, reflecting a 90 basis point impact from the Brakeperson agreement.
Cash from operations totaled $4.5 billion, up over $500 million versus last year, with $4.3 billion returned to shareholders through share repurchases and dividends.
Freight revenue growth was driven by volume growth adding 375 basis points and price/mix contributing 200 basis points, offset partially by a $100 million decline in fuel surcharge revenue due to lower fuel prices.
Fuel expense declined 8% due to an 11% decrease in fuel prices and improved fuel consumption rate by 2%, setting a second quarter record.
Operating expenses increased only 1% to $3.6 billion despite a 4% increase in volume, with compensation and benefits up 5% due to a $55 million Brakeperson buyout agreement.
Operating revenue was $6.2 billion, up 2% year-over-year, while freight revenue set a second quarter record at $5.8 billion, increasing 4%.
Reported operating income grew to $2.5 billion, a second quarter record, and net income totaled $1.9 billion.
Union Pacific reported second quarter 2025 earnings per share of $3.15, with adjusted EPS of $3.03 excluding unusual items, up 12% versus last year's adjusted results.
ADI segment achieved 33% reported net revenue growth and 10% organic growth, with gross margin up 280 basis points to 22.2%.
Adjusted EBITDA reached a record $210 million, up 20% year-over-year, exceeding the high end of the outlook range.
Adjusted EPS was $0.66, above the high end of the outlook and up from $0.62 in the prior year period.
Gross margin expanded by 120 basis points to 29.3%, driven by margin-accretive activities at ADI and operational efficiencies at Products & Solutions (P&S).
P&S segment delivered 6% net revenue growth and 5% organic growth, with gross margin expanding 160 basis points to 42.9%.
Resideo reported record net revenue of $1.94 billion in Q2 2025, up 22% year-over-year and 8% on an organic basis excluding Snap One acquisition and currency impacts.
Dafinchi