Nucor Q3 earnings more than double to $5.80 a share as steel mill profits climb

Nucor's third-quarter profit more than doubled from a year earlier as higher steel prices and volumes lifted its mill business, and the steelmaker expects the fourth quarter to be about the same or slightly better.

Net earnings attributable to stockholders were $1.32 billion, or $5.80 per diluted share, for the quarter ended Oct. 3, the company said Monday in its earnings release filed with the SEC. That compares with $607 million, or $2.63 a share, a year earlier, and $1.16 billion, or $5.04 a share, in the second quarter.

Net sales were $11.25 billion and EBITDA was $2.28 billion.

"Supported by robust demand across key end markets, Nucor has generated approximately $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders through the first nine months of the year," Chair and CEO Leon Topalian said in the release.

Mills drove the gain

Pretax earnings from the steel mills segment rose to $1.788 billion, from $1.556 billion in the second quarter and $793 million a year earlier. Nucor credited higher average selling prices and higher volumes, partly offset by higher costs. Second-quarter mill costs had included $130 million of cash refunds tied to earlier raw material purchases, and those did not repeat.

Steel products earnings also increased, to $465 million. Raw materials earnings fell to $105 million on lower pricing and shipments.

The company noted two milestones: the first heat at its West Virginia sheet mill in September, and the start-up of a second galvanizing line at Nucor Steel Berkeley.

Capital returns and outlook

In the third quarter Nucor bought back about 2.03 million shares at an average price of $247.04. Including dividends, it returned about $629 million to stockholders in the quarter.

For the fourth quarter, Nucor expects earnings "to be generally in-line with or modestly higher than the third quarter." It sees stable results in steel mills and steel products and slightly lower raw materials earnings because of lower DRI pricing.

By the numbers

• Q3 EPS: $5.80, versus $2.63 a year earlier
• Q3 net earnings: $1.32 billion
• Net sales: $11.25 billion
• EBITDA: $2.28 billion
• Q3 shares repurchased: about 2.03 million at $247.04 on average

Sources

1. Nucor Corporation, Form 8-K with third quarter 2026 earnings release, filed Oct. 26, 2026 (accession 0001193125-26-432117)

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