How did Nucor perform in the third quarter of 2025?

Nucor reported net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, on net sales of $8.52 billion. That compares with $603 million, or $2.60 per diluted share, in the second quarter of 2025 and $250 million, or $1.05 per diluted share, in the third quarter of 2024.

What drove the change in segment earnings from the prior quarter?

Steel mills earnings decreased primarily due to slightly lower volumes and margin compression. Steel products earnings fell because of higher average costs per ton on stable realized pricing and moderately higher volumes. Raw materials earnings declined on lower realized pricing in direct reduced iron and scrap processing.

What is Nucor's outlook for the fourth quarter of 2025?

Nucor expects fourth-quarter 2025 earnings to be lower than the third quarter. Steel mills should see lower overall volumes and lower sheet selling prices, steel products lower volumes, and raw materials lower realized pricing plus planned outages at its direct reduced iron facilities.

How strong is Nucor's balance sheet and how is it returning capital?

Nucor had $2.75 billion in cash, cash equivalents and short-term investments and an undrawn $2.25 billion revolving credit facility at the end of the quarter. Its senior unsecured ratings are A-/A-/A3 with stable outlooks. The company repurchased about 0.7 million shares in the quarter and declared a $0.55 per share dividend payable November 10, 2025, its 210th consecutive quarterly cash dividend.

What does the investor presentation say about capital spending?

The investor presentation furnished as Exhibit 99.2 states that Nucor deployed $807 million of capital expenditures in the third quarter and is revising its full-year 2025 capital expenditure estimate to approximately $3.3 billion. It also notes the company is on track to complete four major growth projects in 2025.

NUE 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed October 27, 2025. Cited figures are marked; the original filing is the authoritative source.

Nucor Corporation (NYSE: NUE) reported third-quarter 2025 results for the quarter ended October 4, 2025, in a news release furnished as Exhibit 99.1 to this Form 8-K dated October 27, 2025.

Net earnings attributable to Nucor stockholders were $607 million^a, or $2.63 per diluted share, compared with $603 million, or $2.60 per diluted share, in the second quarter of 2025 and $250 million, or $1.05 per diluted share, in the third quarter of 2024. Net sales were $8.52 billion and EBITDA was $1.27 billion, a non-GAAP measure. Earnings before income taxes and noncontrolling interests were $793 million in steel mills, $319 million in steel products and $43 million in raw materials.

Management said earnings in the steel mills segment fell from the second quarter primarily on slightly lower volumes and margin compression, while steel products earnings declined on higher average costs per ton. Nucor ended the quarter with $2.75 billion^b in cash, cash equivalents and short-term investments, and its $2.25 billion revolving credit facility undrawn. Moody's upgraded the company's long-term rating to A3 in September 2025.

During the quarter Nucor repurchased about 0.7 million shares at an average price of $140.46^c, and the board declared a $0.55 per share dividend payable November 10, 2025. The company guided fourth-quarter 2025 earnings lower than the third quarter, citing lower overall volumes and lower average sheet selling prices in steel mills, lower volumes in steel products, and lower realized pricing plus planned outages at its direct reduced iron facilities in raw materials. Exhibit 99.2 is an investor presentation for an earnings call on October 28, 2025, which states that capital expenditures for the full year are now being revised to about $3.3 billion.

02—Key points

Key Highlights

Net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, versus $603 million ($2.60) in Q2 2025 and $250 million ($1.05) in Q3 2024.
Net sales of $8.52 billion for the quarter, up from $8.46 billion in Q2 2025 and $7.44 billion in Q3 2024.
EBITDA of $1.27 billion (non-GAAP), compared with $1.30 billion in Q2 2025 and $869 million in Q3 2024.
Steel mills segment pre-tax earnings of $793 million, down from $843 million in Q2 2025; steel products fell to $319 million from $392 million.
Cash, cash equivalents and short-term investments of $2.75 billion; $2.25 billion revolver undrawn and maturing March 2030; Moody's upgraded long-term rating to A3 in September 2025.
Returned nearly $1 billion to shareholders year to date, including about 0.7 million shares repurchased in Q3 at an average $140.46; $506 million remains under the repurchase authorization.
Fourth-quarter 2025 earnings expected to be lower than third quarter, reflecting lower volumes, lower sheet selling prices and planned DRI outages.

03—Questions

Frequently Asked Questions

How did Nucor perform in the third quarter of 2025?
Nucor reported net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, on net sales of $8.52 billion. That compares with $603 million, or $2.60 per diluted share, in the second quarter of 2025 and $250 million, or $1.05 per diluted share, in the third quarter of 2024.
What drove the change in segment earnings from the prior quarter?
Steel mills earnings decreased primarily due to slightly lower volumes and margin compression. Steel products earnings fell because of higher average costs per ton on stable realized pricing and moderately higher volumes. Raw materials earnings declined on lower realized pricing in direct reduced iron and scrap processing.
What is Nucor's outlook for the fourth quarter of 2025?
Nucor expects fourth-quarter 2025 earnings to be lower than the third quarter. Steel mills should see lower overall volumes and lower sheet selling prices, steel products lower volumes, and raw materials lower realized pricing plus planned outages at its direct reduced iron facilities.
How strong is Nucor's balance sheet and how is it returning capital?
Nucor had $2.75 billion in cash, cash equivalents and short-term investments and an undrawn $2.25 billion revolving credit facility at the end of the quarter. Its senior unsecured ratings are A-/A-/A3 with stable outlooks. The company repurchased about 0.7 million shares in the quarter and declared a $0.55 per share dividend payable November 10, 2025, its 210th consecutive quarterly cash dividend.
What does the investor presentation say about capital spending?
The investor presentation furnished as Exhibit 99.2 states that Nucor deployed $807 million of capital expenditures in the third quarter and is revising its full-year 2025 capital expenditure estimate to approximately $3.3 billion. It also notes the company is on track to complete four major growth projects in 2025.

04—Continue

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