Nucor stock: Q3 profit more than doubles as Q4 outlook holds

Nucor reported a sharp year-over-year increase in third-quarter earnings on October 26, 2026, as higher steel prices and stronger shipments lifted its core businesses. The company's investor-relations release said net earnings attributable to Nucor stockholders reached 1.32 billion US dollars, or 5.80 US dollars per diluted share, compared with 607 million US dollars, or 2.63 US dollars, in the third quarter of 2025.

Nucor Investor Relations reported net sales of 11.25 billion US dollars, up from 8.52 billion US dollars a year earlier. EBITDA, a non-GAAP measure, reached 2.28 billion US dollars versus 1.27 billion US dollars in the year-ago quarter. Nine-month net earnings attributable to stockholders rose to 3.22 billion US dollars from 1.37 billion US dollars.

Steel pricing drives quarterly improvement

The steel mills segment produced earnings before income taxes and noncontrolling interests of 1.79 billion US dollars, up from 793 million US dollars a year earlier. Nucor attributed the improvement to higher average selling prices and increased volumes, partly offset by higher product costs. Steel products earnings increased to 465 million US dollars from 319 million US dollars, supported by higher volumes and realized pricing.

External sales tons reached 7.533 million in the quarter, 11 percent above the year-ago level but 1 percent below the second quarter. The external average sales price per ton rose 19 percent year over year to 1,493 US dollars. Raw-materials earnings increased to 105 million US dollars from 43 million US dollars a year earlier, although they declined sequentially on lower pricing and shipments. The comparison with the second quarter also reflects a 130 million US dollar cash refund for prior-period raw-material procurement costs that did not recur.

Capacity investments shape the outlook

Chief Executive Officer Leon Topalian said robust demand across key end markets had helped Nucor generate approximately 2.7 billion US dollars of free cash flow and return nearly 1.4 billion US dollars to shareholders in the first nine months. The company recorded the first heat at its West Virginia sheet mill in September and started a second galvanizing line at Nucor Steel Berkeley, expanding capacity in targeted markets.

For the fourth quarter, management expects consolidated earnings to be generally in line with or modestly higher than the third quarter. Higher realized pricing is expected to offset seasonally lower volumes and higher costs in steel mills, while steel products earnings are expected to remain stable. Raw-materials earnings are expected to decline slightly because of lower realized direct reduced iron pricing.

Nucor stock traded at 222.70 euros on Lang & Schwarz at 14:09 CET on Friday, November 6, 2026.

Investors can follow the real-time quote of Nucor stock alongside the company's earnings outlook.

Nucor declared a quarterly dividend of 0.56 US dollars per share, payable on November 10, 2026. The payment will mark the company's 214th consecutive quarterly cash dividend, while share repurchases and dividends returned approximately 629 million US dollars during the third quarter.

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More news and analyses on Nucor stock will focus on quarterly execution, steel pricing and the contribution from new capacity.