Nucor Reports Results for the Third Quarter of 2026
NUCOR CORP (NUE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 News Release Nucor Reports Results for the Third Quarter of 2026 Third Quarter of 2026 Highlights • Net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share • Net sales of $11.25 billion • Net earnings before noncontrolling interes
How this was made
The 30-second read
Why it matters
The Q3 results show strong earnings growth, significant cash generation, and a continued share repurchase program, which may attract buying interest.
Market read
Nucor's earnings beat and buyback are likely to lift its stock and support the broader steel sector.
What to watch
Raw materials segment earnings fell; future pricing pressure may offset gains.
Nucor Reports Results for the Third Quarter of 2026
Third-quarter net sales, net earnings attributable to Nucor stockholders, diluted EPS and EBITDA increased from both the second quarter of 2026 and the third quarter of 2025. Steel mills and steel products earnings increased, while raw materials earnings declined. The company expects fourth-quarter earnings to be generally in-line with or modestly higher than the third quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months (13 weeks) ended October 3, 2026GAAP | $11.25B | 8 % | 32 % |
| Cost of products sold, three months (13 weeks) ended October 3, 2026GAAP | $8.92B | – | – |
| Marketing, administrative and other expenses, three months (13 weeks) ended October 3, 2026GAAP | $444M | – | – |
| Equity in earnings of unconsolidated affiliates, three months (13 weeks) ended October 3, 2026GAAP | −$9M | – | – |
| Losses and impairments of assets, three months (13 weeks) ended October 3, 2026GAAP | $17M | – | – |
| Interest expense (income), net, three months (13 weeks) ended October 3, 2026GAAP | $7M | – | – |
| Earnings before income taxes and noncontrolling interests, three months (13 weeks) ended October 3, 2026GAAP | $1.87B | – | – |
| Provision for income taxes, three months (13 weeks) ended October 3, 2026GAAP | $394M | – | – |
| Net earnings before noncontrolling interests, three months (13 weeks) ended October 3, 2026GAAP | $1.47B | – | – |
| Net earnings attributable to Nucor stockholders, three months (13 weeks) ended October 3, 2026GAAP | $1.32B | – | – |
| Net earnings per diluted share, three months (13 weeks) ended October 3, 2026GAAP | $ 5.80 | – | – |
| Net earnings per basic share, three months (13 weeks) ended October 3, 2026GAAP | $ 5.81 | – | – |
| EBITDA, three months (13 weeks) ended October 3, 2026non-GAAP | $2.28B | – | – |
| External Average Sales Price per Ton, three months (13 weeks) ended October 3, 2026other | $ 1,493 | 9 % | 19 % |
| Sales Tons to External Customers, three months (13 weeks) ended October 3, 2026other | 7,533 thousand tons | -1 % | 11 % |
| Pre-Operating & Start-Up Costs, three months (13 weeks) ended October 3, 2026other | $124M | 3 % | 20 % |
| Pre-Operating & Start-Up Costs per Diluted Share, three months (13 weeks) ended October 3, 2026other | $ 0.42 | – | – |
| Steel mills earnings before income taxes and noncontrolling interests, three months (13 weeks) ended October 3, 2026other | $1.79B | – | – |
| Steel products earnings before income taxes and noncontrolling interests, three months (13 weeks) ended October 3, 2026other | $465M | – | – |
| Raw materials earnings before income taxes and noncontrolling interests, three months (13 weeks) ended October 3, 2026other | $105M | – | – |
| Corporate/eliminations earnings before income taxes and noncontrolling interests, three months (13 weeks) ended October 3, 2026other | −$491M | – | – |
| Net sales, nine months (39 weeks) ended October 3, 2026GAAP | $31.14B | – | 26 % |
| Net earnings attributable to Nucor stockholders, nine months (39 weeks) ended October 3, 2026GAAP | $3.22B | – | – |
| Net earnings per diluted share, nine months (39 weeks) ended October 3, 2026GAAP | $ 14.06 | – | – |
| EBITDA, nine months (39 weeks) ended October 3, 2026non-GAAP | $5.81B | – | – |
| Cash provided by operating activities, nine months (39 weeks) ended October 3, 2026GAAP | $4.52B | – | – |
| Capital expenditures, nine months (39 weeks) ended October 3, 2026GAAP | −$1.86B | – | – |
| Free cash flow, nine months (39 weeks) ended October 3, 2026non-GAAP | $2.66B | – | – |
| Steel mills total shipments, three months (13 weeks) ended October 3, 2026other | 7,231 thousand tons | 2 % | 12 % |
| Steel mills utilization, three months (13 weeks) ended October 3, 2026other | 89 % | – | – |
| Steel products sales tons to external customers, three months (13 weeks) ended October 3, 2026other | 1,363 thousand tons | 6 % | 15 % |
| Steel products average sales price per ton, three months (13 weeks) ended October 3, 2026other | $ 2,576 | 7 % | 9 % |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter of 2026 outlook
- NoteEarnings are expected to be generally in-line with or modestly higher than the third quarter.
- NoteSteel mills segment earnings are expected to be stable due to higher realized pricing offset by seasonally lower volumes and higher costs.
- NoteSteel products segment earnings are expected to be stable on higher realized pricing and seasonally lower volumes.
- NoteRaw materials segment earnings are expected to be slightly lower due to lower realized DRI pricing.
- NoteIntersegment profit eliminations are expected to decrease in the fourth quarter.
Capital returns
- Nucor repurchased approximately 2.03 million shares of its common stock at an average price of $247.04 per share during the third quarter of 2026.
- Nucor returned approximately $629 million to stockholders in the third quarter of 2026 in the form of share repurchases and dividend payments.
- Nucor returned approximately $1.36 billion to stockholders in the first nine months of 2026.
- Cash dividends were $386 million for the nine months (39 weeks) ended October 3, 2026, compared with $385 million for the nine months (39 weeks) ended October 4, 2025.
- Acquisition of treasury stock was $976 million for the nine months (39 weeks) ended October 3, 2026, compared with $600 million for the nine months (39 weeks) ended October 4, 2025.
- The Board declared a cash dividend of $0.56 per share on September 18, 2026, payable November 10, 2026, to stockholders of record as of September 30, 2026.
- The declared dividend is Nucor's 214th consecutive quarterly cash dividend.
What drove it
- Steel mills earnings increased sequentially due to higher average selling prices and increased volumes, partially offset by higher costs of products sold.
- Second-quarter steel mills cost of products sold was reduced by $130 million in cash refunds associated with prior periods' raw material procurement costs, which did not recur in the third quarter of 2026.
- Steel products earnings increased sequentially due to higher volumes and higher average realized pricing.
- Raw materials earnings decreased sequentially due to lower pricing and shipments.
- Corporate/eliminations expense increased primarily due to the absence of the Helion valuation adjustment.
- The company cited robust demand across key end markets.
- Nucor achieved first heat at its West Virginia sheet mill in September and started up its second galvanizing line at Nucor Steel Berkeley.
Concerns
- Raw materials segment earnings decreased sequentially due to lower pricing and shipments.
- Fourth-quarter raw materials earnings are expected to be slightly lower due to lower realized DRI pricing.
- Fourth-quarter steel mills and steel products volumes are expected to be seasonally lower.
- Fourth-quarter steel mills costs are expected to be higher.
- Third-quarter corporate/eliminations expense increased primarily because the Helion valuation adjustment was absent.
What to watch
- Whether fourth-quarter earnings are generally in-line with or modestly higher than third-quarter earnings.
- The balance between higher realized pricing, seasonally lower volumes and higher costs in the steel mills segment.
- Realized DRI pricing and the resulting raw materials segment earnings trend.
- Ramp-up of the West Virginia sheet mill and the second galvanizing line at Nucor Steel Berkeley.
- Capital deployment following approximately $1.36 billion returned to stockholders in the first nine months of 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $ 3,467 million at October 3, 2026, compared with $ 2,260 million at December 31, 2025.
- Short-term investments were $ 173 million at October 3, 2026, compared with $ 439 million at December 31, 2025.
- Cash and cash equivalents and short-term investments on hand were $3.64 billion at the end of the third quarter of 2026.
- Short-term debt was $ 130 million at October 3, 2026, compared with $ 122 million at December 31, 2025.
- Current portion of long-term debt and finance lease obligations was $ 579 million at October 3, 2026, compared with $ 90 million at December 31, 2025.
- Long-term debt and finance lease obligations due after one year were $ 6,384 million at October 3, 2026, compared with $ 6,909 million at December 31, 2025.
- The $2.25 billion revolving credit facility remained undrawn and does not expire until March 2030.
- Cash used in financing activities was $(1,773) million for the nine months (39 weeks) ended October 3, 2026, compared with $(1,269) million for the nine months (39 weeks) ended October 4, 2025.
Analysis
Nucor reported a strong third quarter of 2026. Net sales were $ 11,249 million, up 32 % from $ 8,521 million in the third quarter of 2025 and up 8 % from $ 10,397 million in the second quarter of 2026. Net earnings attributable to Nucor stockholders were $ 1,319 million, or $ 5.80 per diluted share, versus $ 607 million, or $ 2.63 per diluted share, a year earlier and $ 1,156 million, or $ 5.04 per diluted share, in the prior quarter. EBITDA was $ 2,279 million, compared with $ 1,265 million a year earlier and $ 2,020 million sequentially.
Pricing and volumes supported the period. External Average Sales Price per Ton was $ 1,493, up 19 % year over year and 9 % sequentially, while Sales Tons to External Customers were 7,533 thousand tons, up 11 % year over year but down -1 % from the second quarter. Steel mills total shipments were 7,231 thousand tons, up 12 % from the third quarter of 2025 and 2 % sequentially. Steel products sales tons to external customers increased 15 % year over year and 6 % sequentially, while its average sales price per ton increased 9 % year over year and 7 % sequentially.
Segment profitability improved in steel mills and steel products. Steel mills earnings before income taxes and noncontrolling interests were $ 1,788 million, compared with $ 793 million a year ago and $ 1,556 million in the second quarter. Management attributed the sequential increase to higher average selling prices and volumes, partly offset by higher costs. The second quarter had benefited from $130 million in cash refunds tied to prior-period raw-material procurement costs that did not recur. Steel products earnings were $ 465 million, versus $ 319 million a year ago and $ 353 million sequentially. Raw materials earnings fell sequentially to $ 105 million from $ 146 million because of lower pricing and shipments.
Cash generation and capital returns remained substantial. Cash provided by operating activities was $ 4,522 million for the first nine months, capital expenditures were $(1,861) million, and reported non-GAAP free cash flow was $ 2,661 million. Nucor repurchased approximately 2.03 million shares at an average price of $247.04 per share in the quarter and returned approximately $629 million to stockholders in the quarter. Cash and cash equivalents and short-term investments on hand were $3.64 billion at quarter end, while the $2.25 billion revolving credit facility remained undrawn.
For the fourth quarter, Nucor expects earnings to be generally in-line with or modestly higher than the third quarter. Steel mills and steel products earnings are expected to be stable, with higher realized pricing offset by seasonally lower volumes, and higher costs also expected in steel mills. Raw materials earnings are expected to be slightly lower on lower realized DRI pricing, while intersegment profit eliminations are expected to decrease. The principal reported watchpoints are the durability of pricing, seasonal volume effects, raw-material pricing and execution on recently started growth investments.
Management, verbatim
I want to thank our teammates for delivering another strong quarter and making 2026 the safest summer in Nucor history.
Leon Topalian, Nucor’s Chair and Chief Executive Officer
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.
Leon Topalian, Nucor’s Chair and Chief Executive Officer
With our diversified portfolio, strong balance sheet and disciplined approach to capital allocation, Nucor is well positioned to deliver long-term shareholder value.
Leon Topalian, Nucor’s Chair and Chief Executive Officer
Not in the filing
stated, not guessed- Segment revenue was not reported by the company; the filing reports segment earnings before income taxes and noncontrolling interests rather than segment revenue.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Third-quarter cash provided by operating activities, capital expenditures and free cash flow were not reported; the filing reports these measures for the nine months (39 weeks) ended October 3, 2026.
- Numerical fourth-quarter revenue, gross margin, operating-expense and tax-rate guidance were not reported.
- Previous-period outlook was not provided, so no comparison of actual results with prior guidance is available.
- Adjusted net earnings attributable to Nucor stockholders and adjusted diluted EPS were reported only for the second quarter of 2026, not for the third quarter of 2026.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Nucor is the largest U.S. steel producer and recycler, regularly filing 8‑K earnings releases.
Ticker impact
Nucor reported Q3 2026 earnings of $1.32 B, $5.80 EPS, a $629 M share repurchase and dividend, and gave a modest outlook for Q4.
likely upward pressure as the market prices in the earnings beat and share repurchase.
Quarterly profit exceeded prior quarter, free cash flow strong, and a $247‑average share repurchase price signals confidence.
Market effects
Strengthens outlook for North American steel sector amid robust demand.
May boost sentiment for industrial stocks in the U.S. and Canada.
Limited to steel and materials markets; no broad macro effect.
Counterpoint
Higher input costs could compress margins in Q4 despite current beat.
Key entities
- ExecutiveLeon Topalian
Chair and CEO of Nucor, quoted on the results.
