Nucor earnings rise in Q3 as sales grow 32% to $11.25 billion

Nucor earnings increased to $1.32 billion, or $5.80 per diluted share, in the third quarter of 2026 as net sales rose 32% from a year earlier to $11.25 billion. The steelmaker announced the results on October 26 and forecast fourth-quarter earnings generally in line with or modestly above the third quarter, despite expected seasonal volume declines.

Key Takeaways

• Third-quarter diluted earnings rose to $5.80 per share from $2.63 a year earlier.
• Higher selling prices and volumes supported steel mills and steel products earnings compared with the second quarter.
• Fourth-quarter guidance anticipates pricing support but seasonally lower volumes.

Nucor earnings improve from both comparison periods

For the quarter ended October 3, 2026, net earnings attributable to Nucor stockholders exceeded both the $607 million recorded a year earlier and the $1.16 billion earned in the second quarter of 2026. Diluted earnings per share compared with $2.63 and $5.04, respectively.

Nucor's third-quarter results announcement showed that consolidated sales growth reflected both pricing and shipment gains from a year earlier. The average external sales price per ton increased 19%, while sales tons to external customers rose 11%. Revenue growth therefore reflected more than an increase in steel prices alone.

Steel operations strengthen as raw materials profit falls

Compared with the second quarter, Nucor attributed higher steel mills earnings to increased average selling prices and volumes, partly offset by higher costs of products sold. Steel products earnings also benefited from higher volumes and realized pricing.

The sequential comparison included a cost headwind: second-quarter steel mills results had benefited from $130 million in cash refunds related to prior-period raw material procurement costs. Those refunds did not recur in the third quarter.

Raw materials earnings declined from the second quarter because of lower pricing and shipments. Corporate and elimination expenses increased primarily because the second quarter's benefit from a valuation adjustment to Nucor's Helion investment did not recur.

Fourth-quarter outlook balances pricing and seasonal pressure

Management expects fourth-quarter steel mills earnings to remain stable, with higher realized pricing offset by seasonally lower volumes and higher costs. It also expects stable steel products earnings as stronger pricing offsets seasonal volume declines.

Raw materials earnings are expected to be slightly lower because of reduced realized pricing for direct reduced iron. Nucor also expects intersegment profit eliminations to decrease. These expectations are guidance, not completed results.

Liquidity and shareholder distributions

Nucor ended the quarter with substantial liquidity while continuing share repurchases and dividends. Its $2.25 billion revolving credit facility remained undrawn and is scheduled to expire in March 2030.

Next milestone

Nucor's next scheduled update is its earnings call on October 27, 2026, at 10 a.m. Eastern Time, when management will review the results and provide a business update.

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