Nucor stock: Q3 profit surge keeps fourth-quarter outlook firm

Nucor Corporation reported net earnings attributable to stockholders of USD 1.32 billion for the third quarter ended October 3, 2026, compared with USD 607 million a year earlier. The steelmaker also posted net sales of USD 11.25 billion, up 32 percent year over year, according to its third-quarter results release. Diluted earnings per share increased to USD 5.80 from USD 2.63.

Nucor said stronger average selling prices and higher volumes supported the quarter. External sales tons reached 7.533 million, 11 percent above the year-earlier period, while the external average sales price per ton rose 19 percent to USD 1,493. EBITDA, a non-GAAP measure, increased to USD 2.279 billion from USD 1.265 billion.

Steel Segments Drive Quarterly Gains

The steel mills segment reported earnings before income taxes and noncontrolling interests of USD 1.788 billion, up from USD 793 million in the third quarter of 2025. Nucor attributed the improvement to higher average selling prices and increased volumes, partly offset by higher costs of products sold.

Steel products earnings rose to USD 465 million from USD 319 million as volumes and average realized pricing increased. Raw materials earnings reached USD 105 million, compared with USD 43 million a year earlier, although the segment declined from the second quarter because of lower pricing and shipments. The second-quarter comparison also included USD 130 million in cash refunds linked to earlier raw-material procurement costs.

Chief Executive Officer Leon Topalian said robust demand across key end markets supported the result. He also pointed to the first heat at Nucor's West Virginia sheet mill in September and the start-up of a second galvanizing line at Nucor Steel Berkeley as milestones in the company's capacity expansion.

Fourth-Quarter Guidance Stays Firm

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

The outlook leaves pricing, shipment volumes and project start-up costs as the main near-term variables for investors. Nucor reported USD 124 million in pre-operating and start-up costs in the third quarter, up from USD 103 million a year earlier. The company also generated USD 2.661 billion of free cash flow in the first nine months and returned approximately USD 1.36 billion to shareholders during that period.

Real-time quote of Nucor stock shows the stock traded at EUR 239.45 on Lang & Schwarz at 13:45 Berlin time on Thursday, November 5, 2026.

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More news and analyses on Nucor stock will track the effect of pricing, seasonal volumes and new capacity on coming results.