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 interests of $1.47 billion; EBITDA of $2.28 billion

CHARLOTTE, N.C., Oct. 26, 2026 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, and adjusted net earnings attributable to Nucor stockholders of $1.11 billion, or $4.84 per diluted share, for the second quarter of 2026. Nucor reported consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025.

Second quarter of 2026 results included a non-cash, pre-tax benefit of $61 million ($0.20 per diluted share) related to the increase in the valuation of our investment in Helion, a fusion energy company.

"I want to thank our teammates for delivering another strong quarter and making 2026 the safest summer in Nucor history," said 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. We also achieved important milestones in advancing our growth strategy, including the first heat at our West Virginia sheet mill in September and the recent start-up of our second galvanizing line at Nucor Steel Berkeley. These projects, together with other recent investments, are expanding Nucor's capabilities and strengthening our position in attractive markets. With our diversified portfolio, strong balance sheet and disciplined approach to capital allocation, Nucor is well positioned to deliver long-term shareholder value."

Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

October 3, 2026

July 4, 2026

October 4, 2025

October 3, 2026

October 4, 2025

Steel mills

$

1,788

$

1,556

$

793

$

4,472

$

1,867

Steel products

465

353

319

1,094

999

Raw materials

105

146

43

296

129

Corporate/eliminations

(491)

(430)

(272)

(1,274)

(928)

$

1,867

$

1,625

$

883

$

4,588

$

2,067

Analysis of Third Quarter of 2026 Results Compared to the Second Quarter of 2026
Third quarter earnings increased in the steel mills and steel products segments, while decreasing in the raw materials segment. The increase in the steel mills segment was due to higher average selling prices and increased volumes, partially offset by higher costs of products sold. Second quarter steel mills segment 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. The increase in earnings in the steel products segment was due to higher volumes and higher average realized pricing. Raw materials segment earnings decreased due to lower pricing and shipments.

Corporate/eliminations expense in the third quarter increased due primarily to the absence of the Helion valuation adjustment.

Financial Strength
At the end of the third quarter of 2026, Nucor had $3.64 billion in cash and cash equivalents and short-term investments on hand. The Company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's, respectively.

Commitment to Returning Capital to Stockholders
During the third quarter of 2026, Nucor repurchased approximately 2.03 million shares of its common stock at an average price of $247.04 per share. Nucor returned approximately $629 million to stockholders in the third quarter of 2026 in the form of share repurchases and dividend payments, and approximately $1.36 billion in the first nine months of 2026.

On September 18, 2026, Nucor's Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on November 10, 2026, to stockholders of record as of September 30, 2026 and is Nucor's 214th consecutive quarterly cash dividend.

Fourth Quarter of 2026 Outlook Compared to the Third Quarter of 2026
We expect earnings in the fourth quarter of 2026 to be generally in-line with or modestly higher than the third quarter. In the steel mills segment, we expect stable earnings due to higher realized pricing offset by seasonally lower volumes and higher costs. In the steel products segment, we expect stable earnings on higher realized pricing and seasonally lower volumes. The raw materials segment is expected to have slightly lower earnings due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease in the fourth quarter.

Earnings Conference Call
An earnings call is scheduled for October 27, 2026 at 10:00 a.m. Eastern Time to review Nucor's third quarter of 2026 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.

About Nucor 
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and, beginning in the third quarter of 2026, free cash flow. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.

We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. For the second quarter of 2026, we defined adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders subtracting certain non-cash benefits (in this case, the increase in the value of our investment in Helion), net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share subtracting certain non-cash benefits (in this case, the per diluted share impact of the increase in the value of our investment in Helion), net of tax. We define free cash flow as cash provided by operating activities less capital expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and free cash flow in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.

Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Consolidated Financial Statements

Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)

(In millions, except per share amounts)

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

October 3,
2026

July 4, 2026

October 4,
2025

October 3,
2026

October 4,
2025

Net sales

$

11,249

$

10,397

$

8,521

$

31,142

$

24,807

Costs, expenses and other:

Cost of products sold

8,923

8,363

7,333

25,281

21,791

Marketing, administrative and other expenses

444

405

300

1,227

885

Equity in earnings of unconsolidated affiliates

(9)

(8)

(10)

(24)

(24)

Losses and impairments of assets

17

-

-

32

40

Interest expense (income), net

7

12

15

38

48

9,382

8,772

7,638

26,554

22,740

Earnings before income taxes and noncontrolling
interests

1,867

1,625

883

4,588

2,067

Provision for income taxes

394

345

200

965

452

Net earnings before noncontrolling interests

1,473

1,280

683

3,623

1,615

Earnings attributable to noncontrolling interests

154

124

76

405

249

Net earnings attributable to Nucor stockholders

$

1,319

$

1,156

$

607

$

3,218

$

1,366

Net earnings per share:

Basic

$

5.81

$

5.05

$

2.63

$

14.08

$

5.89

Diluted

$

5.80

$

5.04

$

2.63

$

14.06

$

5.88

Average shares outstanding:

Basic

226.4

228.2

229.9

227.8

231.1

Diluted

226.7

228.5

230.2

228.2

231.4

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

October 3, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

3,467

$

2,260

Short-term investments

173

439

Accounts receivable, net

4,296

3,105

Inventories, net

6,020

5,462

Other current assets

398

499

Total current assets

14,354

11,765

Property, plant and equipment, net

16,103

15,306

Goodwill

4,290

4,297

Other intangible assets, net

2,693

2,880

Other assets

924

856

Total assets

$

38,364

$

35,104

LIABILITIES

Current liabilities:

Short-term debt

$

130

$

122

Current portion of long-term debt and finance lease obligations

579

90

Accounts payable

2,380

1,890

Salaries, wages and related accruals

1,335

882

Accrued expenses and other current liabilities

1,406

1,020

Total current liabilities

5,830

4,004

Long-term debt and finance lease obligations due after one year

6,384

6,909

Deferred credits and other liabilities

2,059

2,067

Total liabilities

14,273

12,980

Commitments and contingencies

EQUITY

Nucor stockholders' equity:

Common stock

152

152

Additional paid-in capital

2,221

2,253

Retained earnings

34,338

31,504

Accumulated other comprehensive loss,
net of income taxes

(222)

(194)

Treasury stock

(13,678)

(12,779)

Total Nucor stockholders' equity

22,811

20,936

Noncontrolling interests

1,280

1,188

Total equity

24,091

22,124

Total liabilities and equity

$

38,364

$

35,104

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Nine Months (39 Weeks) Ended

October 3, 2026

October 4, 2025

Operating activities:

Net earnings before noncontrolling interests

$

3,623

$

1,615

Adjustments:

Depreciation

967

910

Amortization

188

191

Impairment of assets

32

20

Stock-based compensation

129

102

Deferred income taxes

(71)

2

Distributions from affiliates

7

6

Equity in earnings of unconsolidated affiliates

(24)

(24)

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

Accounts receivable

(1,203)

(614)

Inventories

(560)

(295)

Accounts payable

485

296

Federal income taxes

167

177

Salaries, wages and related accruals

458

20

Other operating activities

324

29

Cash provided by operating activities

4,522

2,435

Investing activities:

Capital expenditures

(1,861)

(2,620)

Investment in and advances to affiliates

(2)

(1)

Disposition of plant and equipment

34

42

Purchases of investments

(165)

(872)

Proceeds from the sale of investments

432

938

Divestiture of affiliate

4

-

Other investing activities

23

4

Cash used in investing activities

(1,535)

(2,509)

Financing activities:

Net change in short-term debt

8

(89)

Repayment of long-term debt

(42)

(1,012)

Proceeds from issuance of long-term debt, net of discount

15

997

Bond issuance costs

(1)

(9)

Proceeds from exercise of stock options

19

1

Payment of tax withholdings on certain stock-based compensation

(82)

(32)

Distributions to noncontrolling interests

(314)

(231)

Cash dividends

(386)

(385)

Acquisition of treasury stock

(976)

(600)

Proceeds from government incentives

-

77

Other financing activities

(14)

14

Cash used in financing activities

(1,773)

(1,269)

Effect of exchange rate changes on cash

(7)

6

Increase (decrease) in cash and cash equivalents

1,207

(1,337)

Cash and cash equivalents - beginning of year

2,260

3,558

Cash and cash equivalents - end of nine months

$

3,467

$

2,221

Non-cash investing activity:

Change in accrued plant and equipment purchases

$

6

$

14

Select Financial and Operational Data

(Dollars in millions, tons in thousands, per unit amounts as noted)

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

October
3, 2026

July 4,
2026

% Change

October
4, 2025

Year Ago
% Change

October 3,
2026

October 4,
2025

% Change

Consolidated Financial & Operational
Data

Net Sales

$

11,249

$

10,397

8

%

$

8,521

32

%

$

31,142

$

24,807

26

%

External Average Sales Price per Ton

$

1,493

$

1,367

9

%

$

1,258

19

%

$

1,380

$

1,215

14

%

Sales Tons to External Customers

7,533

7,605

-1

%

6,774

11

%

22,565

20,424

10

%

Pre-Operating & Start-Up Costs

$

124

$

120

3

%

$

103

20

%

$

352

$

408

-14

%

Pre-Operating & Start-Up Costs per
Diluted Share

$

0.42

$

0.40

$

0.34

$

1.17

$

1.34

Number of Days in Period

91

91

91

276

277

Steel Mills Segment Data

Total Shipments

7,231

7,100

2

%

6,428

12

%

21,377

19,365

10

%

Sales Tons to External Customers

5,662

5,659

0

%

4,976

14

%

16,940

15,246

11

%

Percentage of Sales to Internal
Customers

22

%

20

%

23

%

21

%

21

%

External Average Sales Price per Ton

$

1,233

$

1,145

8

%

$

1,038

19

%

$

1,151

$

1,005

15

%

Average Scrap/Scrap Substitute Cost
per Gross Ton

$

421

$

422

0

%

$

391

8

%

$

416

$

396

5

%

Utilization

89

%

91

%

85

%

89

%

83

%

Steel Products Segment Data

Sales Tons to External Customers

1,363

1,285

6

%

1,183

15

%

3,807

3,372

13

%

Average Sales Price per Ton

$

2,576

$

2,415

7

%

$

2,358

9

%

$

2,470

$

2,329

6

%

Tonnage Data (in thousands)

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

October 3,
2026

July 4,
2026

%
Change

October 4,
2025

Year Ago
% Change

October 3,
2026

October 4,
2025

%
Change

Steel mills total shipments:

Sheet

3,259

3,291

-1

%

3,030

8

%

9,944

9,068

10

%

Bars

2,497

2,387

5

%

2,190

14

%

7,192

6,628

9

%

Structural

667

628

6

%

595

12

%

1,944

1,807

8

%

Plate

782

757

3

%

594

32

%

2,186

1,777

23

%

Other

26

37

-30

%

19

37

%

111

85

31

%

7,231

7,100

2

%

6,428

12

%

21,377

19,365

10

%

Sales tons to outside customers:

Steel mills

5,662

5,659

0

%

4,976

14

%

16,940

15,246

11

%

Joist and deck

237

198

20

%

254

-7

%

620

653

-5

%

Rebar fabrication products

341

344

-1

%

356

-4

%

976

909

7

%

Tubular products

375

338

11

%

206

82

%

1,031

719

43

%

Building Systems

74

59

25

%

62

19

%

188

174

8

%

Other steel products

336

346

-3

%

305

10

%

992

917

8

%

Raw materials

508

661

-23

%

615

-17

%

1,818

1,806

1

%

7,533

7,605

-1

%

6,774

11

%

22,565

20,424

10

%

Non-GAAP Financial Measures

Reconciliation of EBITDA (Unaudited)

(In millions)

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

October 3, 2026

July 4, 2026

October 4, 2025

October 3, 2026

October 4, 2025

Net earnings before noncontrolling
interests

$

1,473

$

1,280

$

683

$

3,623

$

1,615

Depreciation

326

320

304

967

910

Amortization

62

63

63

188

191

Losses and impairments of assets

17

-

-

32

40

Interest expense (income), net

7

12

15

38

48

Provision for income taxes

394

345

200

965

452

EBITDA

$

2,279

$

2,020

$

1,265

$

5,813

$

3,256

Reconciliation of Adjusted Net Earnings Attributable to Nucor Stockholders (Unaudited)

(In millions, except per share data)

Three Months (13 Weeks) Ended

July 4, 2026

Diluted EPS

Net earnings attributable to Nucor stockholders

$

1,156

$

5.04

Subtract non-cash benefit, net of tax

46

0.20

Adjusted net earnings attributable to Nucor stockholders

$

1,110

$

4.84

Reconciliation of Free Cash Flow (Unaudited)

(In millions)

Nine Months
(39 Weeks Ended)

October 3, 2026

Cash provided by operating activities

$

4,522

Subtract capital expenditures

(1,861)

Free cash flow

$

2,661

SOURCE Nucor Corporation