Nucor Posts $1.32 Billion in Earnings, Sees Results Steady or Slightly Higher
Key Facts
Nucor reported net earnings attributable to shareholders of $1.32 billion, or $5.80 per diluted share, in the third quarter of 2026, while net sales totaled $11.25 billion, according to the company’s statement issued through PR Newswire. Earnings were up from $1.16 billion and $5.04 per share in the second quarter. They also exceeded the guidance range the company announced on September 17, which was between $5.55 and $5.65 per share. Earnings in the year-earlier quarter of 2025 were $2.63 per share. Nucor attributed the improvement in its steel mills’ results to higher average selling prices and increased volumes, partly offset by higher costs of products sold.
Quarter over quarter, earnings rose in the steel mills and steel products segments, while raw materials segment earnings declined, the company said. Nucor said higher average selling prices and volumes supported its steel mills, but higher costs of products sold limited the impact. The segments’ differing performance stood out in the quarter’s results, as raw materials earnings did not move in the same direction as those of the steel mills and steel products. The comparison with the second quarter was also affected by the end of $130 million in cash recoveries that had reduced costs of products sold at the steel mills at the time. Those recoveries were tied to costs of purchasing raw materials in prior periods and did not recur in the third quarter.
Second-quarter results also included a non-cash, pre-tax benefit of $61 million, equivalent to $0.20 per diluted share, tied to an increase in the valuation of Nucor’s investment in Helion, according to the company’s earlier guidance. On liquidity, Nucor ended the third quarter with $3.64 billion in cash and cash equivalents and short-term investments. The company also has an undrawn $2.25 billion revolving credit facility that matures in March 2030. These resources provide financial context for the company’s operating plans and shareholder returns. In the first nine months of the year, Chief Executive Leon Topalian said the company generated about $2.7 billion in free cash flow and returned nearly $1.4 billion to shareholders.
Nucor returned about $629 million to shareholders during the third quarter and about $1.36 billion in the first nine months of 2026. The quarter’s activity included repurchases of about 2.03 million shares at an average price of $247.04 per share, according to the results statement. The company declared a cash dividend of $0.56 per share, payable on November 10 to shareholders of record on September 30. It is the company’s 214th consecutive quarterly dividend. Topalian said demand remained strong in key end markets, also citing the first pour at the West Virginia sheet mill in September and the start-up of the second galvanizing line at Nucor Steel Berkeley.
Nucor expects fourth-quarter 2026 earnings to be generally in line with or slightly above the third quarter. By segment, the company expects earnings at its steel mills and steel products businesses to remain steady, with a slight decline in raw materials earnings. The company said its results may be affected by competitive pressure on sales and prices, including import pressure, as well as U.S. and foreign trade policies. It also cited prevailing steel prices, raw material costs and demand among the factors affecting results, noting that demand for many of its products is linked to U.S. nonresidential construction activity. Nucor is scheduled to hold a call to review its third-quarter results and provide a business update on October 27, 2026, at 10:00 a.m. Eastern time.