Nucor posts $1.32 billion in third-quarter earnings, expects similar or slightly higher profit
Key Facts
On October 26, 2026, Nucor reported net earnings attributable to its shareholders of $1.32 billion, or $5.80 per diluted share, in the third quarter ended October 3, with net sales of $11.25 billion. Earnings per share topped the company’s September forecast range of $5.55 to $5.65. Sales rose 32% from the same period last year, when they were $8.521 billion. They also exceeded the second-quarter level of $10.397 billion. Chief Executive Leon Topalian said the results were “supported by strong demand across key end markets.”
Net sales were $11.249 billion in the third quarter, compared with $10.397 billion in the second quarter, an increase of about 8% sequentially. Year over year, sales rose from $8.521 billion, consistent with the 32% growth reported by the company. Net earnings attributable to shareholders were $1.32 billion, while diluted earnings per share reached $5.80. Before the results, the company had forecast earnings per share of $5.55 to $5.65. The figures put the quarter’s performance in the context of annual and quarterly improvement, without including a comparison with analyst estimates.
At its steel mills, earnings rose from the second quarter as average selling prices and volumes increased, but higher costs of products sold limited the improvement. The second quarter also benefited from $130 million in cash recoveries related to costs of purchasing raw materials in prior periods; those recoveries did not recur in the third quarter. In the steel products segment, Nucor attributed higher earnings to increased volumes and average realized prices. By contrast, raw materials earnings fell as prices and shipments declined. The company had flagged similar pressure on the segment in its previous outlook, while then projecting higher steel mill earnings as prices rose and volumes held steady.
Topalian said strong demand in key end markets supported the company’s performance, adding that Nucor generated about $2.7 billion in free cash flow during the first nine months of 2026. The company also cited operational milestones in September, including the first melt at its new sheet mill in West Virginia and the start-up of the second galvanizing line at Nucor Steel Berkeley. These developments show continued work to expand operating capacity alongside financial results. At the end of the third quarter, cash and cash equivalents and short-term investments totaled $3.64 billion. The $2.25 billion revolving credit facility also remained undrawn and runs through March 2030.
Nucor returned about $629 million to shareholders during the quarter through share repurchases and dividends. The company repurchased about 2.03 million shares at an average price of $247.04 per share during the period. In trading on October 23, the company’s shares, listed under the ticker NUE, closed at $258.11. The information provided does not detail the session’s trading range or the stock’s movement after the earnings announcement. The shareholder returns came alongside the liquidity and unused credit facility reported at quarter-end.
For the fourth quarter of 2026, the company expects overall earnings to be similar to or slightly higher than in the third quarter. It expects steel mill earnings to be stable, with higher realized prices likely to offset seasonally lower volumes and higher costs. It also expects steel products earnings to be stable, while forecasting a slight decline in raw materials earnings due to lower realized direct reduced iron prices. The company said raw materials earnings could fall for this reason. Nucor is scheduled to hold its third-quarter earnings call on October 27, 2026, at 10:00 a.m. Eastern Time.