Nucor — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated net sales reached $11.25 billion for the quarter, an 8% increase from $10.40 billion in Q2 2026 and a 32% increase from $8.52 billion in Q3 2025.
• Net earnings attributable to stockholders were $1.32 billion ($5.80 per diluted share), compared to $1.16 billion ($5.04 per diluted share) in Q2 2026 and $607 million ($2.63 per diluted share) in Q3 2025.
• Earnings before income taxes and noncontrolling interests totaled $1.87 billion for the quarter, up from $1.63 billion in Q2 2026 and $883 million in Q3 2025.
• EBITDA was $2.28 billion for the quarter, compared to $2.02 billion in Q2 2026 and $1.27 billion in Q3 2025.
• Free cash flow for the first nine months of 2026 was approximately $2.7 billion, calculated as $4.52 billion in cash provided by operating activities less $1.86 billion in capital expenditures.
• Cash and cash equivalents plus short-term investments stood at $3.64 billion at the end of Q3 2026.
• Short-term debt was $130 million and long-term debt was $6.38 billion as of October 3, 2026.
• The $2.25 billion revolving credit facility remained undrawn.

Guidance and Future Outlook:

• Fourth quarter 2026 earnings are expected to be generally in-line with or modestly higher than the third quarter.
• The Steel Mills segment is projected to have stable earnings driven by higher realized pricing offsetting seasonally lower volumes and higher costs.
• The Steel Products segment is expected to report stable earnings based on higher realized pricing and seasonally lower volumes.
• The Raw Materials segment is forecast to have slightly lower earnings due to lower realized DRI pricing.
• Intersegment profit eliminations are expected to decrease in the fourth quarter.

Business Segments and Product Lines:

• Steel Mills: Earnings increased to $1.79 billion in Q3 2026 from $1.56 billion in Q2 2026 and $793 million in Q3 2025, driven by higher average selling prices and increased volumes, partially offset by higher costs of products sold.
• Steel Products: Earnings rose to $465 million in Q3 2026 from $353 million in Q2 2026 and $319 million in Q3 2025, attributed to higher volumes and higher average realized pricing.
• Raw Materials: Earnings declined to $105 million in Q3 2026 from $146 million in Q2 2026 and $43 million in Q3 2025, due to lower pricing and shipments.
• Corporate/Eliminations: Expenses increased to $491 million in Q3 2026 from $430 million in Q2 2026, primarily due to the absence of the Helion valuation adjustment.
• Operational Milestones: Nucor achieved the first heat at its West Virginia sheet mill in September and started up its second galvanizing line at Nucor Steel Berkeley.
• Tonnage: Total shipments were 7,231 thousand tons in Q3 2026, a 2% increase from Q2 2026 and a 12% increase from Q3 2025. Sales tons to external customers were 7,533 thousand tons.
• Pricing: External average sales price per ton was $1,493 in Q3 2026, up 9% from Q2 2026 and 19% from Q3 2025.

Market and Competitive Landscape:

• Management cited robust demand across key end markets as a driver for the quarter's results.
• Nucor holds 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.
• The company is North America's largest recycler.

Risks and Challenges:

• Forward-looking statements note risks including competitive pressure on sales and pricing, trade policies, and sensitivity to market steel prices and raw material costs.
• Potential challenges include equipment failures, business interruptions, fluctuations in currency rates, and regulatory changes regarding environmental compliance and greenhouse gas emissions.
• The cyclical nature of the steel industry and the availability/cost of electricity and natural gas are identified as factors that could negatively affect operations.

Management Commentary and Tone:

• Leon Topalian, Chair and CEO, expressed confidence, stating 2026 was the "safest summer in Nucor history" and thanking teammates for delivering a strong quarter.
• Management highlighted a disciplined approach to capital allocation and a strong balance sheet as positioning the company to deliver long-term shareholder value.
• The tone reflects confidence in the company's diversified portfolio and growth strategy.

Other Key Points:

• Nucor repurchased approximately 2.03 million shares in Q3 2026 at an average price of $247.04 per share.
• Total capital returned to stockholders in Q3 2026 was approximately $629 million via share repurchases and dividends, totaling $1.36 billion for the first nine months of the year.
• On September 18, 2026, the Board declared a cash dividend of $0.56 per share, payable November 10, 2026, marking the 214th consecutive quarterly cash dividend.
• Q2 2026 results included a non-cash, pre-tax benefit of $61 million ($0.20 per diluted share) related to the valuation increase of an investment in Helion, a fusion energy company.
• Pre-operating and start-up costs were $124 million for the quarter.
• An earnings conference call is scheduled for October 27, 2026, at 10:00 a.m. Eastern Time.