Highlights

  • Third quarter net earnings attributable to Nucor stockholders were $1.32 billion, or $5.80 per diluted share, on net sales of $11.25 billion.
  • Net earnings before noncontrolling interests were $1.47 billion and EBITDA was $2.28 billion; steel mills segment earnings were $1,788 million.
  • Nucor repurchased approximately 2.03 million shares at an average price of $247.04 and declared a $0.56 per share cash dividend.
  • Management expects fourth quarter earnings to be generally in line with or modestly higher than the third quarter.

Nucor Corporation (NYSE: NUE) shares were trading at USD 272.37 on October 27, 2026, up 5.83%, with a relative volume at time of 2.23. The steel and steel products manufacturer declared a cash dividend of $0.56 per share on September 18, 2026, produced the first heat at its West Virginia sheet mill in September, and reported third quarter 2026 results on October 26, 2026.

Nucor is incorporated in Delaware and has its executive offices in Charlotte, North Carolina. It and its affiliates manufacture steel and steel products at facilities in the United States, Canada and Mexico, including bars, beams, sheet, plate, tubing, joists and deck. Through The David J. Joseph Company and its affiliates, it also handles ferrous and nonferrous metals and processes scrap. It reports steel mills, steel products and raw materials segments, and its fiscal year ends December 31. Management said on the call that it has 33,000 teammates.

Third Quarter 2026 Results

Net earnings attributable to Nucor stockholders were $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026. The company reported $1.16 billion, or $5.04 per diluted share, for the second quarter of 2026 and $607 million, or $2.63 per diluted share, for the third quarter of 2025. Second quarter 2026 results included a non-cash, pre-tax benefit of $61 million related to the increase in the valuation of its investment in Helion, and adjusted net earnings for that quarter were $1.11 billion, or $4.84 per diluted share.

Net sales were $11,249 million, compared with $10,397 million in the second quarter and $8,521 million in the third quarter of 2025. Net earnings before noncontrolling interests were $1.47 billion and EBITDA, a non-GAAP measure, was $2.28 billion. The external average sales price per ton was $1,493.

By segment, earnings before income taxes and noncontrolling interests were $1,788 million in steel mills, $465 million in steel products and $105 million in raw materials. The company said steel mills earnings rose on higher average selling prices and increased volumes, partly offset by higher costs of products sold. Raw materials earnings decreased on lower pricing and shipments.

Cash, Balance Sheet and Capital Returns

At the end of the third quarter, Nucor had $3.64 billion in cash and cash equivalents and short-term investments. Its $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The company reported credit ratings of A-/A-/A3 with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's.

Cash provided by operating activities was $4,522 million for the nine months. Management said free cash flow, a non-GAAP measure, was approximately $2.7 billion through the first nine months.

During the third quarter, Nucor repurchased approximately 2.03 million shares of common stock at an average price of $247.04 per share. It returned approximately $629 million to stockholders in the quarter through share repurchases and dividends, and approximately $1.36 billion in the first nine months. The $0.56 per share dividend is payable on November 10, 2026, and is the 214th consecutive quarterly cash dividend.

Projects and Fourth Quarter Outlook

On the call, management said the first heat at the West Virginia sheet mill was produced in September, that production is expected to ramp in early 2027 toward a 50% utilization target by the end of 2027, and that the second galvanizing line at Nucor Steel Berkeley began production in October. It said fourth quarter costs are expected to increase.

Management said full-year capital expenditures are expected to finish at or slightly below the original $2.5 billion estimate and are expected to decline further in 2027.

For the fourth quarter of 2026, the company expects earnings to be generally in line with or modestly higher than the third quarter. It expects stable earnings in steel mills and steel products and slightly lower earnings in raw materials due to lower realized DRI pricing.