Nucor earns $1.32 billion, or $5.80 a share, in third quarter on $11.25 billion in sales

Nucor (NYSE: NUE), the steelmaker, reported third-quarter net earnings attributable to its stockholders of $1.32 billion, or $5.80 per diluted share, on net sales of $11.25 billion, according to its earnings release of October 26.

What happened

Net earnings before noncontrolling interests were $1.47 billion and EBITDA was $2.28 billion for the quarter, which ended October 3. The company reported earnings attributable to stockholders of $1.16 billion, or $5.04 per diluted share, in the second quarter, and $607 million, or $2.63 per diluted share, in the third quarter of 2025. Adjusted earnings for the second quarter, which exclude a non-cash benefit of $61 million before tax from the valuation of Nucor's investment in fusion energy company Helion, were $1.11 billion, or $4.84 per share.

Earnings before income taxes and noncontrolling interests by segment, in millions of dollars, were:

Segment	Q3 2026	Q2 2026	Q3 2025
Steel mills	1,788	1,556	793
Steel products	465	353	319
Raw materials	105	146	43
Corporate/eliminations	(491)	(430)	(272)
Total	1,867	1,625	883

Source: Nucor earnings release.

The company said the steel mills segment benefited from higher average selling prices and increased volumes, partly offset by higher costs of products sold. The second-quarter steel mills result had been helped by $130 million of cash refunds tied to earlier raw material procurement costs, which did not recur. Steel products earnings rose on higher volumes and pricing, while raw materials earnings fell on lower pricing and shipments.

Why it matters

Leon Topalian, Nucor's chair and chief executive, said in the release that Nucor had generated about $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders in the first nine months of 2026, supported by what he called "robust demand across key end markets."

Nucor repurchased about 2.03 million shares at an average price of $247.04 in the quarter. It returned about $629 million to stockholders in the third quarter through buybacks and dividends, and about $1.36 billion over nine months. At the end of the quarter it held $3.64 billion in cash and short-term investments, and its $2.25 billion revolving credit facility was undrawn and does not expire until March 2030. The company said its credit ratings are A- at Standard & Poor's, A- at Fitch Ratings and A3 at Moody's, all with stable outlooks.

What to watch

For the fourth quarter, Nucor said it expects earnings "generally in-line with or modestly higher than the third quarter." It expects stable steel mills earnings, with higher realized pricing offset by seasonally lower volumes and higher costs, and slightly lower raw materials earnings on lower realized direct reduced iron pricing.

Nucor scheduled an earnings call for October 27 at 10:00 a.m. ET. A cash dividend of $0.56 per share, declared on September 18, is payable on November 10 to stockholders of record as of September 30. The company's outlook is a forecast and can change.